Title
Dept/ Agency: Administration/Office of Management and Budget
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest, Debt Redemption Charges, and Capital Improvements for Year 2022.
Funding Source: City Budget
Appropriation Amount: $72,254,430.87
Budget Year: 2022
Contract Period: January 1, 2022 through December 31, 2022
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Funds accepted by Resolution: Not Applicable
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A:4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2022 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution is passed at this meeting to be effective retroactively as of January 1, 2022; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2022 Budget is the sum of $72,254,430.87.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The following temporary appropriations be made and that a certified copy of this Resolution be transmitted to the Chief Financial Officer for his/her records.
2. The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430- Payment on Qualified Bond Principal $22,643,217.30
95440-Interest on Qualified Bond Principal 12,535,917.00
96670-ECIA Bonds Principal 250,000.00
96680-ECIA Bonds Interest 162,517.51
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