Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of Bond Ordinance.
Name of Project(s): Joint Meeting Flood Mitigation Phases II(b)-VI
Amount to be Financed: $5,690,000.00
Funding Source: NJIB Bonds
Local Finance Board Meeting Date(s): March 8, 2023 and April 12, 2023
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.):
RESOLUTION OF THE CITY OF NEWARK, NEW JERSEY, MAKING APPLICATION TO THE LOCAL FINANCE BOARD, PURSUANT TO N.J.S.A. 40A:3-1 et seq.
Additional Information:
This Application covers the costs of overruns in Phase II, as well as the costs associated with Phases III-VI.
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WHEREAS, the City of Newark, New Jersey (the "City"), is a member of the Joint Meeting of Essex and Union Counties (the "Joint Meeting"); and
WHEREAS, the Joint Meeting desires to undertake additional costs of Phases II through VI of the flood mitigation facilities project as described in the Bond Ordinance (the "Project"), the cost of which is to be borne and paid by the members and customers of the Joint Meeting based upon the allocable share of the cost to be borne by each member and each customer; and
WHEREAS, the City desires to make application to the Local Finance Board for its approval of, and an endorsement of its consent upon, as applicable, the Bond Ordinance appropriating the City's allocable share of the cost of the Project in the amount of Five Million Six Hundred Thousand Dollars and Zero Cents ($5,690,000.00) and authorizing the issuance of Five Million Six Hundred Thousand Dollars and Zero Cents ($5,690,000.00) principal amount of bonds and/or notes for the Project, specifically pertaining to the: (i) qualification of a bond ordinance, pursuant to N.J.S.A. 40A:3-1 et seq. (the "Bond...
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