Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Cancellation of Ordinance and the appropriation
Purpose: To cancel appropriation and authorization of Special Emergency Notes.
Amount to be Financed: $25,128,423.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
Resolution of the City of Newark, in the County of Essex, New Jersey authorizing the cancellation of Ordinance 6PSF-a, adopted by the Municipal Council on December 29, 2020.
Additional Information:
Special Emergency Notes will not be necessary as the City of Newark received American Rescue Plan Funds.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), previously adopted Ordinance 6PSF-a on December 29, 2020 entitled "AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING A SPECIAL EMERGENCY APPROPRIATION PURSUANT TO THE PROVISIONS OF N.J.S.A. 40A:4-53(m) AND 55 AND THE ISSUANCE OF SPECIAL EMERGENCY NOTES TO FUND AN OPERATIONAL DEFICIT IN REVENUES AS A RESULT OF A DECLARED PUBLIC HEALTH EMERGENCY." (the "Ordinance"); and
WHEREAS, the Ordinance and the approvals thereof by the Local Finance Board in the Department of Community Affairs, State of New Jersey (the "LFB") contemplated the financing of the project authorized by the Ordinance, to provide funding for the Operational Deficit through the adoption of a Special Emergency Appropriation; and
WHEREAS, the City desires to authorize the cancellation of the Ordinance and the appropriation and authorization in the amount of $25,128,423.00 authorized therein.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNCIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
1. The cancellation of Ordinance 6PSF-a adopted on December 29, 2020 is hereby authorized and approved, including the can...
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