Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Tax Appeal Refunding Notes
Amount to be Financed: $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents
Funding Source: Bonds/Notes
Local Finance Board meeting date(s): August 9, 2017
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51, N.J.S.A. 40A:2-55 AND N.J.S.A. 40A:3-4 AND APPROVING THE SUBMISSION THEREOF
Additional Information:
This resolution coincides with a Refunding Bond Ordinance to approve the issuance of the Bonds (Legistar 17-1389) and the Temporary Emergency Appropriation (Legistar 17-1373) will be introduced at the same meeting.
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City"), desires to make application to the Local Finance Board ("Board") for its review and/or approval of (i) a refunding bond ordinance in the amount of $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents) (the "Ordinance"), for the purpose of funding a temporary emergency appropriation for amounts owed by the City to taxpayers as a result of successful tax appeals; pursuant to N.J.S.A. 40A:2-51 and N.J.S.A. 40A:2-55 of the Local Bond Law and N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act, including costs of issuance relating thereto, and (ii) the Board's approval of the issuance of such refunding bonds; pursuant to N.J.S.A. 40A:2-55 to 57 and such qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act; and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish such purpose;
(...
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