Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Rescind Resolution #7R6-e adopted on September 5, 2024
Purpose: To rescind the resolution authorizing execution of the CY 2024 Transitional Aid (TA) Loan Agreement
Entity Name: State of New Jersey, Department of Community Affairs, Division of Local Government Services,
Entity Address: 101 South Broad Street, 2nd Floor, P.O. Box 803, Trenton, New Jersey 08625-0803
Contract Amount: $22,000,000.00
Funding Source:
Contract Period: Effective June 28, 2024 through September 30, 2029
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:
Original Resolution 7R6-e adopted on September 5, 2024. This Resolution rescinds the authorization to execute the CY 2024 Transitional Aid Loan Agreement. The rescission is necessary to permit an amendment to the CY 2024 Transitional Aid Loan Agreement. The amendment, which addresses the structural budget and reflects a new repayment timeline, is accomplished by companion Resolution # 25-1169.
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WHEREAS, Resolution 7R6-e adopted on September 5, 2024, by the Municipal Council authorized the City of Newark to execute a Loan Agreement with the State of New Jersey, Department of Community Affairs, Division of Local Government Services, in the amount of Twenty-Two Million Dollars ($22,000,000.00) for Transitional Aid to Localities for CY 2024, with a contract period effective through September 30, 2029; and
WHEREAS, subsequent to the adoption of Resolution 7R6-e adopted on September 5, 2024, the Department of Community Affairs and the City of Newark determined that the Loan Agreement required an amendment in order to properly address the City's structural budget and to establish a revised repayment...
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