Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval
of Bond Ordinance
Name of Project(s): 2013 Amending Bond Ordinance
Amount to be Financed: $6,391,861.22
Funding Source: Bonds
Local Finance Board meeting date(s):
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
Amends Ordinances No. 6s&FA(S-2) 102307 (the "2007 Original Ordinance) and No. 6PSF-A 090209 (the "2009 Amending Ordinance")
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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. 40A:3-4 AND PREVIOUS APPROVALS OF THE BOARD
WHEREAS, on October 23, 2007, the Council of the City finally adopted Bond Ordinance No. 6S&FA(S-2)102307 (the "2007 Original Ordinance"), which was amended on September 2, 2009 by Bond Ordinance No. 6PSF-a090209 (the "2009 Amending Ordinance", and together with the 2007 Original Ordinance, the "2007 Ordinance"); and
WHEREAS, the Local Finance Board has heretofore heard and approved the City's applications with respect to the 2007 Ordinance; and
WHEREAS, the City has heretofore issued certain bonds and notes (collectively, the "Obligations") to finance certain of the purposes authorized by the Ordinance; and
WHEREAS, certain of the appropriations of the 2007 Ordinance, both funded and unfunded, remain unspent and are no longer necessary for the purposes for which the 2007 Ordinance was approved; and
WHEREAS, the City has decided to adopt an Ordinance (the "2013 Amending Ordinance" and together with the 2007 Ordinance, the "Ordinances") to (i) amend certain of the purposes, bond and note authorizations and appropriations under the 2007 Ordinance to new capital projects and (ii) reappropriate certain proceeds of obligations previously issued ...
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