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 of Essex and Union Counties
Amount to be Financed: $1,200,000.00
Funding Source: Bonds or Notes
Local Finance Board meeting date(s): January 14, 2015
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution of the City of Newark, in the County of Essex, New Jersey authorizing submission of Financial Addendum Forms to the New Jersey Environmental Infrastructure Trust and making application to the Local Finance Board for $1,200,000.00 for the City's contribution to the Joint Meeting of Essex and Union Counties
Additional Information:
Application to Local Finance Board is due by December 17, 2014
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WHEREAS, applications to the New Jersey Department of Environmental Protection ("NJDEP") and the New Jersey Environmental Infrastructure Trust ("NJEIT") to participate in the NJEIT 2015 Financing Program in conjunction with and as a participating municipality with the Joint Meeting of Essex and Union Counties (the "Joint Meeting") were submitted by the Joint Meeting; and
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") plans to submit one or more Financial Addendum Forms as part of such application process; and
WHEREAS, the Municipal Council of the City desires to adopt a bond ordinance (the "Ordinance") providing for the issuance of one or more series of bonds of the City in order to finance the capital contribution of the City to the Joint Meeting for various water and sewer utility improvements; and
WHEREAS, the City desires to make application to the Local Finance Board for (i) its approval of the adoption of the Ordinance; (ii) its approval of the issuance of its bonds to the New Jersey Department of Environmental Protection and the New...
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