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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE CONSTRUCTION OF THE RESILIENT HOPE PROJECT IN AND FOR THE CITY AND APPROPRIATING $4,500,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $4,210,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE SAME
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), 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 sum of $4,500,000.00, including the sum of $290,000.00 expected to be received for said purpose as a grant from the New Jersey Department of Community Affairs pursuant to the Newark Homeless Housing 2024 program. Pursuant to N.J.S.A. 40A:2-11(c), no down payment is required as this bond ordinance involves a project to be funded by a State grant.
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 $4,210,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. (a) The improvements hereby authorized and the purposes for which the bonds or notes are to be issued is the construction of the City's Resilient Hope project consisting of three (3) community buildings and six (6) residential buildings to be located at 112-118, 120-122 and 124 North Munn Avenue in the City, and including all work and materials necessary therefor or incidental th...
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