Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for the Peddie CSO Project
Amount to be Financed: $3,772,074.00
Source of Appropriation: New Jersey Infrastructure Bank
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A PROJECT AGREEMENT TO BE EXECUTED BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AND THE STATE OF NEW JERSEY, ACTING BY AND THROUGH THE DEPARTMENT OF ENVIRONMENTAL PROTECTION, ALL PURSUANT TO THE STATE FISCAL YEAR 2025 WATER BANK FINANCING PROGRAM FOR FUNDING THE CITY'S IMPROVEMENTS TO THE PEDDIE CSO PROJECT
Additional Information:
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WHEREAS, the City of Newark (the "Local Unit"), in the County of Essex, New Jersey, determined that there existed a need within the Local Unit for the City's Improvements to the Peddie CSO project (the "Project"), as said Project is more particularly defined in that certain Project Agreement (the "Project Agreement") to be entered into by and between the Local Unit and the State of New Jersey, acting by and through the New Jersey Department of Environmental Protection (the "State"), all pursuant to the State Fiscal Year 2025 New Jersey Water Bank Financing Program (the "Program");
WHEREAS, the Local Unit has determined to finance the acquisition, construction, renovation or installation of the Project with the proceeds of a 100% principal forgiveness loan to be made by the State pursuant to the Project Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, as follows:
1. The Project Agreement is hereby authorized to be executed and delivered on behalf of the Local Unit by either the Mayor or the Chief Financial Officer in substantially the form attached hereto as Exh...
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