Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest and Debt Redemption Charges for the year 2013 (City-wide)
Funding Source: City of Newark Budget
Appropriation Amount: $50,237,263.00
Budget Year: 2013
Contract Period: January 1, 2013 to December 31, 2013
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:
Funds accepted by Resolution #
Operating Agency: All Departments
Two-Thirds vote of full membership required.
Invitation: Director of Office of Management & Budget, December 18, 2012
body
TAR #2
WHEREAS, N.J.S.A. 40A: 4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2013 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution is passed at this meeting to be effective January 1, 2013; and
WHEREAS, 26.25% of the total appropriation in the Budget exclusive of any appropriations made for Debt Service, Capital and Relief Fund Contributions in the 2013 Budget is the sum of $50,237,263.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The following temporary appropriations be made, and that a certified copy of this resolution be transmitted to the Chief Financial Officer for his/her records.
2. The Governing Body by a two-third vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430 Payment on Qualified Bond Principal $6,215,000.00
95440 Interest on Qualified Bond Principal 10,938,442.00
96670 ECIA...
Click here for full text