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BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, REAPPROPRIATING $2,000,000 OF PROCEEDS OF OBLIGATIONS ISSUED UNDER VARIOUS CITY BOND ORDINANCES (AND ANY RELATED UNSPENT DOWN PAYMENTS) TO NEW CAPITAL PURPOSES.
Deferred 6PSF-a 100312/ Public Hearing Open
Deferred 6PSF-a 101712/Public Hearing Open
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the “City”) has heretofore adopted various bond ordinances, certain of which have been heretofore amended and/or reappropriated (collectively, the “Bond Ordinances”), containing various appropriations and bond authorizations for various capital projects as described therein; and
WHEREAS, prior to the adoption of all or some of said Bond Ordinances, the City had obtained the approval of the Local Finance Board, as a condition to qualification of said Bond Ordinances under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the “MQBA”); and
WHEREAS, certain of the amounts funded under the Bond Ordinances are no longer necessary for the purposes for which such obligations were authorized, and the Municipal Council of the City has determined that it is in the best interest of the City that such amounts be appropriated to and used for other purposes for which bonds may be issued; and
WHEREAS, in connection with various previous applications by the City to the Local Finance Board (including specifically its applications in connection with certain bonds and refunding bonds issued under the MQBA and the School Qualified Bond Act, N.J.S.A. 18A:24-85 et seq.), the Local Finance Board has heretofore conditioned its approvals upon the undertaking by the City that, for the duration of such bond issues, all future capital authorizations shall require approval from the Local Finance Board; and
WHEREAS, pursuant to N.J.S.A. 40A:2-39, the City now wishes to adopt this reappropriation bond ordinance in order to provide for such reappropriation of proceeds of obligations ...
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