Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Cancellation of Emergency Appropriation
Purpose: Cancellation of Emergency Appropriation for Water Utility Fund
Amount to be Financed: $8,571,607.59
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-c FINALLY ADOPTED BY THE MUNICIPAL COUNCIL ON FEBRUARY 3, 2021.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), previously adopted Ordinance 6PSF-c on February 3, 2021, 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 IN THE WATER UTILITY FUND 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 wit funding 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 $8,571,607.59 authorized therein.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNCIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. The cancellation of Ordinance 6PSF-c adopted on February 3, 2021, is hereby authorized and approved, including the cancellation of the $8,571,607.59 appropriation and authorization of special emergency notes and bonds authorized therein.
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