Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Resolution providing for emergency temporary appropriation
Name of Project(s):
Amount to be Financed: $30,000,000.00
Funding Source: Bonds and/or Bond Anticipation Notes
Local Finance Board meeting date(s): February 12, 2026
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING AN EMERGENCY TEMPORARY APPROPRIATION PURSUANT TO N.J.S.A. 40A:4-20 TO REPAY A LOAN IN THE AMOUNT OF $30,000,000.00 RECEIVED FROM THE DIVISION OF LOCAL GOVERNMENT SERVICES WITHIN THE DEPARTMENT OF COMMUNITY AFFAIRS OF THE STATE OF NEW JERSEY
Additional Information:
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WHEREAS, due to an increase in taxes payable to the County of Essex, New Jersey (the "County"), the City of Newark, in the County of Essex, State of New Jersey (the "City") faced a serious fiscal emergency for its Fiscal Year 2025 budget and requested Fiscal Year 2025 Transitional Aid to Localities ("Transitional Aid") administered by the Division of Local Government Services within the Department of Community Affairs of the State of New Jersey (the "Division"); and
WHEREAS, the Division determined to lend the City $30,000,000.00 in Transitional Aid (the "State Loan") pursuant to an Amended Loan Agreement between the Division and the City, dated August 11, 2025 (the "Agreement"); and
WHEREAS, pursuant to the terms of the Agreement, the State Loan is due and payable to the Division no later than March 3, 2026; and
WHEREAS, the Municipal Council of the City desires to adopt this Resolution providing for a $30,000,000.00 emergency temporary appropriation (the "Emergency Temporary Appropriation") pursuant to N.J.S.A. 40A:4-20 to repay the State Lo...
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