Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of ESIP Refunding Bond Ordinance
Name of Project(s): Energy Savings Improvement Program ("ESIP")
Amount to be Financed: $16,000,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): November 12, 2015
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution to approve LFB Application to Local Finance Board for the ESIP Refunding Bond Ordinance of $16,000,000.00 (Legistar #:15-1955)
Additional Information:
Deadline to submit application to LFB is October 21, 2015.
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board (the "Board") for the Board's approval of (i) the adoption of a refunding bond ordinance to finance the allowable costs related to the implementation of an Energy Savings Improvement Program ("ESIP") pursuant to the provisions of N.J.S.A. 40A:11-4.6 et seq. and 40A:-2-52,-55, and (ii) the approval of the maturity schedule for the refunding bonds to be issued to finance the allowable costs of the ESIP pursuant to N.J.S.A. 40A:2-58 and N.J.S.A. 40A:3-4, as applicable, and (iii) the issuance of qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act, and the Local Bond Law to pay amounts owing to others for tax levied in the City, as applicable; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the...
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