Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Lead Service Line Replacement Program
Amount to be Financed: $40,000,000.00
Funding Source: New Jersey Infrastructure Bank
Local Finance Board meeting date(s): June 10, 2020
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 58:11B-9(a), 40A:3-4 AND 40A:2-26(e) IN CONNECTION WITH THE ISSUANCE OF $40,000,000.00 OF THE CITY'S BONDS AS QUALIFIED BONDS FOR THE NJIB LEAD SERVICE LINE REPLACEMENT PROJECT.
Additional Information:
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make supplemental application to the Local Finance Board for the Board's: (a) approval pursuant to N.J.S.A. 58:11B-9(a) of the issuance of bonds by the City to the New Jersey Infrastructure Bank, (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of the bonds as qualified bonds, and (c) consent pursuant to N.J.S.A. 40A:2-26(e) to non-conforming maturity schedules, all pertaining to the City's issuance of up to $40,000,000.00 in qualified bonds pursuant to a refunding bond ordinance heretofore approved by the Local Finance Board on September 11, 2019, pursuant to N.J.S.A. 40A:2-51 et seq. for the refunding of a $120,000,000.00 emergency temporary appropriation adopted by the City for the replacement of lead service lines within the City from the water main in the street to the meter inside the structure and all work and equipment necessary therefor and relating thereto; and
WHEREAS, the City believes:
(a) it is in the public interest to acco...
Click here for full text