Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation Resolution for Sewer Utility Debt Service
Purpose: Provide funds for the operating expenses of the Sewer Utility for 2013
Funding Source: City of Newark/Sewer Utility
Appropriation Amount: $ 7,028,538.00
Budget Year: 2013
Contract Period: 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:
All Wards
Funds accepted by Resolution #
Operating Agency: Sewer Utility
Two-Thirds vote of full membership required.
body
TAR-#SDS1
WHEREAS, the Local Budget Law (N.J.S.A. 40A:4-19) provides that where any contracts and/or commitment of payments are to be made prior to the final adoption of the budget, temporary appropriations shall be made for the purpose and in the manner and the time provided; and
WHEREAS, this resolution is within the first thirty (30) days of the year 2013; and
WHEREAS, 26.25% of the total appropriation of the 2012 Sewer Utility Budget exclusive of any appropriations made for interest and debt redemption charges, capital improvement fund and public assistance is $7,028,538.00.
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 her records.
2. The Governing Body by two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
Sewer Utility Debt Service
96520 Principal-Trust Loan $5,423,606.00
96530 Interest Trust Loan 1,604,932.00
TOTAL DEBT SERVICE $7,028,538.00
3. This action will take effect on January 1, 2013.
4. A copy of this resolution shall be filed with the Director of the Division of Local Government Services by the City Clerk of the City of Newark.
STATEMENT
The purpose of this Resolution authorizes an amendment to the City's temporary budget by making the following temporary appropriations:
Sewer Utility Debt Service
96520 Principal-Trust Loan $ 5,423,606.00
96530 Interest Trust Loan 1,604,932.00
TOTAL DEBT SERVICE $7,028,538.00