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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING A SUPPLEMENTAL APPROPRIATION OF $20,000,000.00 FOR EVALUATION AND REHABILITATION OF SMALL DIAMETER SEWERS IN AND FOR THE CITY AND APPROPRIATING $20,000,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $20,000,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE SAME.
DEFERRED 6PSF-t (s) 062221
DEFERRED 6PSF-a 070821
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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 THAT:
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 supplemental amount of $20,000,000.00, such sum being in addition to the $20,000,000.00 appropriated therefor by Bond Ordinance 6PSF-c of the City adopted on August 3, 2011 as amended by Bond Ordinance 6PSF-a of the City adopted on March 15, 2017 (collectively, the "Prior Ordinance"). No down payment is required in connection with the improvement or purpose for which obligations are authorized herein as said improvement or purpose is an environmental infrastructure project to be funded by loans from the New Jersey Infrastructure Bank or the State of New Jersey acting by and through the Department of Environmental Protection.
Section 2. In order to finance the additional cost of the improvement or purpose not otherwise provided for hereunder, negotiable bonds or notes are hereby authorized to be issued in the principal amount of $20,000,000.00 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 im...
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