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AN ORDINANCE OF THE CITY OF NEWARK (THE "CITY"), IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR IMPROVEMENTS AND UPGRADES TO IRONBOUND FIELD A OF THE CITY AND APPROPRIATING $5,000,000.00 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $4,750,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE PART OF THE COSTS THEREOF.
(PUBLIC HEARING NOTICE FOR MARCH 21, 2017)
Deferred 6PSF-b 031517
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BE IT ORDAINED AND ENACTED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:
Section 1. The improvement or purpose described in Section 3 of this bond ordinance are hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), a a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the sum of $5,000,000.00, and including the sum of $250,000.00 as the amount of down payment for the improvement or purpose as required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"). The down payment has been made available by virtue of the provision for down payment or for capital improvement purposes in one or more previously adopted budgets of the City.
Section 2. In order to finance the cost of the improvement or purpose not covered by application of the down payment hereunder, negotiable bonds of the City are hereby authorized to be issued in the principal amount of $4,750,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. The improvement hereby authorized and the purpose for which the bonds are to be issued, the estimated cost of such improvement and the appropriation therefor, the maximum amount of bonds or notes to be issued for the im...
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