Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of Special Emergency Notes.
Name of Project(s): COVID-19 Special Emergency Certification
Amount to be Financed: $25,500,000.00
Funding Source: Special Emergency Notes
Local Finance Board meeting date(s):
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING THE PREPARATION OF A COVID-19 SPECIAL EMERGENCY CERTIFICATION BY THE CHIEF FINANCIAL OFFICER AND AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE DIVISION OF LOCAL GOVERNMENT SERVICES FOR APPROVAL OF A COVID-19 SPECIAL EMERGENCY APPROPRIATION AND EXTENSION OF REPAYMENT SCHEDULE.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has experienced COVID-19 related revenue loss in the current fund in the 2020 budget; and
WHEREAS, P.L. 2020, c.74 provides for the funding of these revenue losses through a COVID-19 Special Emergency Appropriation; and
WHEREAS, in order to qualify for a Special Emergency Appropriation under the provisions of N.J.S.A. 40A:4-53, as amended by P.L. 2020, c.74, pursuant to Local Finance Notice 2020-24 the City must by no later than December 1st (unless extended by the Director of the Division of Local Government Services), make application to the Director of the Division of Local Government Services to obtain an approval of the certification of the special emergency and the resulting deferred charge in advance of the close of the 2020 budget year; and
WHEREAS, the Chief Financial Officer has determined that there is an operational gap attributable to COVID-19 affected revenue in the current fund of the City that needs to be addressed prior to year-end; and
WHEREAS, the City has determined...
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