Title
AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AMENDING ORDINANCE 6PSF-b ADOPTED AUGUST 3, 2011, AS AMENDED BY ORDINANCE 6PSF-e ADOPTED SEPTEMBER 8, 2016, PROVIDING FOR IMPROVEMENTS TO THE PEQUANNOCK WATER TREATMENT PLANT AND OTHER RELATED EXPENSES IN AND FOR THE CITY OF NEWARK AND APPROPRIATING $13,650,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $13,650,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME.
body
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
Bond Ordinance of the City of Newark, in the County of Essex, New Jersey, 6PSF-b adopted August 3, 2011, as amended by Bond Ordinance 6PSF-e adopted September 8, 2016 (collectively, the "Prior Ordinances"), is hereby amended in full to read as follows:
Section 1. The improvement or purpose described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the amount of $13,650,000.00 (representing an increase of $1,000,000.00 from the Prior Ordinances). No down payment is required in connection with the improvement or purpose for which obligations are authorized as provided in Section 3 hereof as said purpose is deemed to be self-liquidating and the obligations authorized herein are deductible from the gross debt of the City, as more fully explained in Section 6(d) of this bond ordinance.
Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $13,650,000.00 (representing an increase of $1,000,000.00 from the Prior Ordinances) pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to...
Click here for full text