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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR REHABILITATION OF HOUSING UNITS MANAGED BY THE NEWARK HOUSING AUTHORITY AND OTHER RELATED EXPENSES IN AND FOR THE CITY AND APPROPRIATING $6,000,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $6,000,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE SAME.
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WHEREAS, the Housing Authority of the City of Newark (the "NHA") has been duly created as a public body corporate and politic of the State of New Jersey by an Ordinance of the members of the Municipal Council of the City of Newark in the County of Essex, New Jersey (the "City"), duly adopted pursuant to and in accordance with all applicable law, including the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1 et seq.) (the "Housing Law"); and
WHEREAS, the City and the NHA are desirous of implementing the Path Home Program and to rehabilitate and make available to eligible persons up to two hundred (200) units managed by the NHA and eligible for financial assistance from the federal government (the "Path Home Units"); and
WHEREAS, the City desires to authorize the issuance of its bonds and bond anticipation notes for the purpose of paying a portion of the costs of rehabilitating the Path Home Units.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
Section 1. The improvements or purposes 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"), as general improvements. For the several improvements or purposes described in Section 3 hereof, there are hereby appropriated the respective sums of money therein stated as the appropriations made for each improvement or purpose, such sums amounting in the aggregate to $6,000,000.00. Pursuant to the provisions of N.J.S.A. 40A:12A-37(c)(2) in the Housing ...
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