Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Emergency Temporary Appropriation - Refunding Bonds
Amount to be Financed: $30,100,000.00
Funding Source: Bonds and/or Bond Anticipation Notes
Local Finance Board meeting date(s): February 12, 2026
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE "CITY") AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD (A) PURSUANT TO N.J.S.A. 40A:2-51 AND N.J.S.A. 40A:2-55 IN CONNECTION WITH THE ISSUANCE OF NOT TO EXCEED $30,100,000.00 AGGREGATE PRINCIPAL AMOUNT OF REFUNDING BONDS AND/OR REFUNDING NOTES TO FUND AN EMERGENCY TEMPORARY APPROPRIATION TO REPAY A LOAN IN THE AMOUNT OF $30,000,000.00 RECEIVED FROM THE DIVISION OF LOCAL GOVERNMENT SERVICES WITHIN THE DEPARTMENT OF COMMUNITY AFFAIRS OF THE STATE OF NEW JERSEY, AND (B) FOR THE APPROVAL OF A REFUNDING BOND ORDINANCE OF THE CITY PURSUANT TO THE PROVISIONS OF THE MUNICIPAL QUALIFIED BOND ACT, N.J.S.A. 40A:3-1 ET SEQ. (THE "ACT")
Additional Information:
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, State of New Jersey (the "City"), desires to submit an application to the Local Finance Board within the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey (the "Local Finance Board") requesting it to approve (i) the issuance of refunding bonds and/or refunding notes in an aggregate principal amount not to exceed $30,100,000.00 (the "Refunding Obligation s"), (ii) the final adoption of the refunding bond ordinance related thereto, all in accordance with N.J.S.A. 40A:2-1 et seq...
Click here for full text