Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: An application to Local Finance Board for approval
of Special Emergency Notes related to COVID-19.
Name of Project(s): Special Emergency Notes
Amount to be Financed: Not to exceed $7,000,000.00
Funding Source: Special Emergency Notes
Local Finance Board meeting date(s):
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
A RESOLUTION AUTHORIZING THE PREPARATION OF A COVID-19 SPECIAL EMERGENCY CERTIFICATION BY THE CHIEF FINANCIAL OFFICER AND AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE DIVISION OF LOCAL GOVERNMENT SERVICES FOR APPROVAL OF A SEWER UTILITY FUND COVID-19 SPECIAL EMERGENCY APPROPRIATION AND EXTENSION OF REPAYMENT SCHEDULE.
Additional Information:
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has experienced COVID-19 related revenue loss in the 2020 budget year sewer utility fund; and
WHEREAS, P.L. 2020, c.74 provides for the funding of these revenue losses through a COVID-19 Special Emergency Appropriation; and
WHEREAS, in order to qualify for a Special Emergency Appropriation under the provisions of N.J.S.A. 40A:4-53, as amended by P.L. 2020, c.74, pursuant to Local Finance Notice 2020-24 the City must by no later than December 1 (unless extended by the Director of the Division of Local Government Services), make application to the Director of the Division of Local Government Services to obtain an approval of the Certification of the Special Emergency and the resulting deferred charge in advance of the close of the 2020 budget year; and
WHEREAS, the Chief Financial Officer has determined that there is an operational gap attributable to COVID-19 affected revenue in the sewer utility fund of the City that needs to be addre...
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