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 Year 2014
Funding Source: City of Newark Budget
Appropriation Amount: $55,839,061.00
Budget Year: 2014
Contract Period: January 1, 2014 through March 31, 2014
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 # n/a
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A: 4-19 provides that Temporary Appropriations for all Interest and Debt Redemption Charges for Year 2014 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, 2014; 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 $55,839,061.00.
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-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations.
(i) MUNICIPAL DEBT SERVICE
95430 Payment on Qualified Bond Principal $14,715,000.00
95440 Interest on Qualified Bond Principal 9,553,000.00
96670 ECIA Bonds Principal 3,920,000.00
96680 ECIA Bonds Interest 4,782,000.00
97380 Business Personal Property Tax
Replacement School 1,112,407.00
96820 Demolition Bond Loan 109,904.00
96830 Demolition Bond Loan II 126,250.00
97430 Note Principal 3,020,000.00
97440 Note Interest 1,086,000.00
94140 Newark Housing Authority Bonds 1,280,000.00
94150 Newark Housing Authority Interest 3,782,000.00
95680 Special Emergency Note Interest 207,000.00
95650 Interest on Notes 699,000.00
95370 Interest on Tax Appeals 118,125.00
95790 Refund of Tax Appeals 525,000.00
TOTAL MUNICIPAL DEBT SERVICE $45,035,686.00
(ii) CAPITAL
95280 Capital Improvements $39,375.00
TOTAL CAPITAL IMPROVEMENT $39,375.00
(iii) LOCAL DISTRICT SCHOOL PURPOSE
95570 Payment Qualified Bond Principal 7,685,000.00
95580 Payment Qualified Bonds Interest 3,079,000.00
TOTAL SCHOOL DEBT SERVICE $10,764,000.00
TOTAL DEBT SERVICE $55,839,061.00
3. This action will take effect on January 1, 2014.
4. A copy of this resolution shall be immediately filed with the Director of the Division of Local Government Services by the City Clerk of the City of Newark.
STATEMENT
This Resolution hereby authorizes the City of Newark to provide funds for all Interest Debt Redemption Charges for Year 2014.