Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance.
Name of Project(s): NJIB - Small Sewers Rehabilitation
Amount to be Financed: $20,000,000.00
Funding Source: Bonds/Notes
Local Finance Board meeting date(s): June 9, 2021 and July 14, 2021
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 58:11B-9(a), 40A:3-4 AND 40A:2-26(e) IN CONNECTION WITH THE CITY'S SMALL DIAMETER SEWER EVALUATION AND REHABILITATION PROJECT AND APPROVING THE SUBMISSION THEREOF.
Additional Information:
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WHEREAS, the City Of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board for the Board's (a) approval pursuant to N.J.S.A. 58:11B-9(a) of the issuance of bonds by the City to the New Jersey Infrastructure Bank, (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of bonds as qualified bonds and (c) consent pursuant to N.J.S.A. 40A:2-26(e) to non-conforming maturity schedules, all pertaining to the City's adoption of a supplemental appropriation bond ordinance providing for the issuance of an additional $20,000,000.00 in qualified bonds to the New Jersey Infrastructure Bank and the State of New Jersey in connection with the permanent financing of the City's small diameter sewer evaluation and rehabilitation project; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of...
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