Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $1,445,000.00
Source of Appropriation: Bonds/Notes
Purchaser: New Jersey Infrastructure Bank
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, DETERMINING THE FORM AND OTHER DETAILS OF ITS NOTE "RELATING TO THE WATER BANK CONSTRUCTION FINANCING PROGRAM OF THE NEW JERSEY INFRASTRUCTURE BANK", TO BE ISSUED IN THE PRINCIPAL AMOUNT OF UP TO $1,445,000.00, AND PROVIDING FOR THE ISSUANCE AND SALE OF SUCH NOTE TO THE NEW JERSEY INFRASTRUCTURE BANK, AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH NOTE BY THE CITY OF NEWARK IN FAVOR OF THE NEW JERSEY INFRASTRUCTURE BANK, ALL PURSUANT TO THE WATER BANK CONSTRUCTION FINANCING PROGRAM OF THE NEW JERSEY INFRASTRUCTURE BANK.
Additional Information:
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WHEREAS, the City of Newark (the "Local Unit"), in the County of Essex, State of New Jersey, has determined that there exists a need within the Local Unit to acquire, construct, renovate or install, as applicable, a project consisting of the Local Unit's allocable share of the 2025 capital improvement projects being undertaken by the Joint Meeting of Essex and Union Counties (the "Joint Meeting"), including, but not limited to, (i) the replacement of the Digester #3 Cover consisting of, but not limited to, the replacement of the steel floating, gas-holding digester tank cover, the replacement of internal piping including sludge inlet, sludge withdrawal and digester gas withdrawal piping and associated pipe supports, and the rehabilitation of sludge and digester gas piping and associated Digester #3 equipment in the Digester Building; (ii) upgrades to Primary Settling Tank #4 consisting of, but not limited to, the replacement of the...
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