Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Appropriation Resolution for Water Utility Debt Service
Purpose: Provide funds for Debt Service for the Water Utility for 2016
Funding Source: City of Newark/Water Utility
Appropriation Amount: $4,459,561.00
Budget Year: 2016
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Funds accepted by Resolution # N/A
Operating Agency: Water Utility
Two-Thirds vote of full membership required.
body
TAR-#WDS1
WHEREAS, the Local Budget Law (N.J.S.A. 40A:4-19) provides that where any contracts and/or commitment of payments are to be made prior to the final adoption of the budget, temporary appropriations shall be made for the purpose and in the manner and the time provided; and
WHEREAS, this resolution is within the first thirty (30) days of the year 2016; and
WHEREAS, 26.25% of the total appropriation of the 2015 Water Utility Budget exclusive of any appropriations made for interest and debt redemption charges, capital improvement fund and public assistance is $4,459,561.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The following temporary appropriations be made and that a certified copy of this resolution be transmitted to the Chief Financial Officer for her records.
2. The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
Water Utility Debt Service
95430 Qualified Bond Principal ...
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