Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: Tax Appeals (All Wards)
Funding Source: City of Newark
Appropriation Amount: $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents)
Budget Year: 2017
Contract Period: 2017
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
This resolution coincides with a Refunding Bond Ordinance to approve the issuance of the Bonds (Legistar 17-1389) and an Application to the Local Finance Board for approval of bond ordinance (Legistar 17-1388), which will be introduced at the same meeting.
Funds accepted by Resolution # N/A
Operating Agency: Department of Finance
Two-Thirds vote of full membership required.
body
TE-#41
WHEREAS, conditions have arisen with respect to the payment by the City of Newark, in the County of Essex, State of New Jersey (the "City"), of amounts owed in the amount of $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents) to others for taxes levied in and by the City as a result of settlements approved by the City on7R5-a 101916,7R4-b 122116, 7R4-c 122116, 7R4-d 122116 7R4-b(S/AS) 011017, 7R4-b 020117, 7R4-a 030117, 7R4-a(S) 052317, 7R4a 071217, and on August 2, 2017 (the "Payment") and for which no adequate provision has been made in the 2017 Temporary Budget for aforesaid purpose; and
WHEREAS, N.J.S.A. 40A:4-20 provides for the creation of an emergency temporary appropriation for the purpose above mentioned; and
WHEREAS, the total emergency temporary appropriation resolutions adopted in fiscal year 2017 to date, pursuant to the provisions of Chapter 96, P.L. 1951 (N.J.S. 40A:4-2...
Click here for full text