Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for Combined Sewer Overflow Solids/Floatables Control Facilities; Screening Facilities at Clay Street Outfall and Freeman Street Outfall; Construction of end of pipe netting; rehabilitation by cured-in-place pipe of approximately 6,154 linear feet of brick combined sewers
Amount to be financed: $15,000,000.00
Source of Appropriation: Bonds
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Combined Sewer Overflow Solids/Floatables Control Facilities; Screening facilities at Clay Street Outfall and Freeman Street Outfall - $2,500,000.00
Sewer utility improvements, including but limited to, rehabilitation by cured-in-place pipe of approximately 6,154 linear feet of brick combined sewers - $12,500,000.00
Additional Information:
Invitation: Acting Finance Director, March 18, 2014
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "Local Unit"), has determined that there exists a need within the Local Unit to acquire, construct, renovate or install the Project (the "Project") as defined in each of that certain Loan Agreement (the "Trust Loan Agreement") to be entered into by and between the Local Unit and the New Jersey Environmental Infrastructure Trust (the "Trust") and that certain Loan Agreement (the "Fund Loan Agreement", and together with the Trust Loan Agreement, the "Loan Agreements") to be entered into by and between the Local Unit and the State of New Jersey, acting by and through the New Jersey Department of Environmental Protection (the "State"), all pursuant to the New Jersey Environmental Infrastructure Trust Financing Program (the "Program"); and
WHEREAS, the Local Unit may be entitled to some principal forgiveness on one or more loans (which may not be confirmed until escrow closing), there are 2 sep...
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