File #: 12-2234    Version: 1 Name: File#12-2234 TAR2-Interest and Debt Redemption Charges
Type: Resolution Status: Adopted
File created: 11/18/2012 In control: Administration
On agenda: 12/19/2012 Final action: 12/19/2012
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
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 Bonds Principal                               2,625,000.00      
 
      96680      ECIA Bonds Interest                              5,233,179.00
 
      97380  Business Personal Property Tax
        Replacement School                              1,142,635.00
 
96820  Demolition Bond Loan                              109,904.00
 
96830      Demolition Bond Loan II                              126,250.00
 
97430  Note Principal                                    2,035,000.00
 
97440  Note Interest                                    1,503,460.00
 
94140      Newark Housing Authority Bonds                        1,195,000.00
 
94150      Newark Housing Authority Interest                  3,046,944.00
 
95680      Special Emergency Note Interest                        266,994.00
 
95650  Interest on Notes                                    1,200,000.00
 
95370  Interest on Tax Appeals                              118,125.00
 
95790  Refund of Tax Appeals                              262,500.00
      
            
      TOTAL MUNICIPAL DEBT SERVICE                        $36,018,433.00
 
(2)      CAPITAL
 
      95280      Capital Improvements                              $39,375.00
 
 
(3)      LOCAL DISTRICT SCHOOL PURPOSE
 
      95570      Payment Qualified Bond Principal                        10,130,000.00
      
      95580      Payment Qualified Bonds Interest                        4,049,455.00
 
      
      TOTAL SCHOOL DEBT SERVICE                        $14,179,455.00
TOTAL DEBT SERVICE                                          $50,237,263.00
      
            
STATEMENT
 
The purpose of this Resolution is to provide funds for Debt Service for 2013 (City-wide).