Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Pequannock Water Treatment Rehabilitation Project
Amount to be Financed: $1,000,000.00
Funding Source: NJIB Bonds
Local Finance Board meeting date(s): June 10, 2020
Project Information: Improvement to water treatment plant
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF AN 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 NEW JERSEY INFRASTRUCTURE BANK (NJIB) PEQUANNOCK WATER TREATMENT PLANT REHABILITATION PROJECT.
Additional Information:
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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, (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of the 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 amending Ordinance 6PSF-b August 3, 2011, as amended by Bond Ordinance 6PSF-e September 8, 2016, of the City finally adopted September 8, 2016 to increase the appropriation provided for therein by $1,000,000.00 from $12,650,000.00 to $13,650,000.00 and to increase the bonds and notes authorized therein by $1,000,000.00 from $12,650,000.00 to $13,650,000.00 for the City's Pequannock Water Treatment Plant Rehabilitation Project and to provide for the issuance of an additional $1,000,000.00 in qualified bonds (in addition to the $12,...
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