Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Local Finance Board for approval of a bond ordinance.
Name of Project(s): Pequannock Water Treatment Project
Amount to be Financed: $23,000,000.00
Funding Source: NJIB Bonds
Local Finance Board meeting date(s): March 10, 2021 and April 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 PROCESS AND OPERATIONAL UPGRADES AT THE PEQUANNOCK WATER TREATMENT PLANT PROJECT AND APPROVING THE SUBMISSION THEREOF.
Additional Information:
body
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 (f/k/a New Jersey Environmental Infrastructure Trust); (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 bond ordinance to provide for the issuance of up to $23,000,000.00, in qualified bonds in connection with the permanent financing of the City's Process and Operational upgrades at the Pequannock Water Treatment Plant project.
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 the City;
(c) the amounts ...
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