Title
Dept/ Agency: Finance
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval
Of Bond Ordinance
Name of Project(s): NJEIT 2014 Fiscal Year Financing
Amount to be Financed: $43,000,000.00
Funding Source: New Jersey Environmental Infrastructure Trust (NJEIT)
Local Finance Board meeting date(s):
Additional Information:
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RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 58:11B-9(a), N.J.S.A. 40A:2-7(d), N.J.S.A. 40A:2-11, N.J.S.A. 40A:2-26(e), N.J.S.A. 40A:2-47(b) AND N.J.S.A. 40A:3-4 AND PREVIOUS APPROVALS OF THE BOARD
WHEREAS, the City has submitted applications to the New Jersey Department of Environmental Protection ("NJDEP") and the New Jersey Environmental Infrastructure Trust ("NJEIT") to participate in the NJEIT FY 2014 Financing Program; and
WHEREAS, the City has decided to adopt two ordinances (collectively, the "Ordinances") to finance certain capital projects under the NJEIT FY 2014 Financing Program; and
WHEREAS, the City wishes to amend the purposes of a prior ordinance of the City; and
WHEREAS, the City desires to make application to the Local Finance Board for approval of the Ordinances; 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 Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (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, the City desires to make app...
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