Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Rescind External Transfer of Funds #1 for the Water Utility
Purpose: Rescind External Transfer of Funds #1 for the Water Utility
Amount Transferred: $ 281,375.00
Transferred From: Water Supply
Transferred To: Water Supply
Additional Information:
Rescind Resolution # 7R1-f 120314
Two-Thirds vote of full membership required.
body
RR #1
WHEREAS, the Township of West Milford has successfully appealed the assessment of the City of Newark's Watershed Properties located in the Township of West Milford; and
WHEREAS, the City of Newark has filed an appeal in the Tax Court; and
WHEREAS, it is in the best interest of the City of Newark to pay the taxes to avoid potential tax interest liability if its appeal is unsuccessful; and
WHEREAS, a review and analysis of External Transfer of Funds #1 for the Water Utility has disclosed that it is necessary to rescind Resolution 7R1-f, adopted by the Municipal Council on December 3, 2014 to address this issue.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY; THAT
- Resolution # 7R1-f 120314 be and is hereby rescinded.
STATEMENT
This Resolution is rescinding a prior resolution that transferred Water Utility Funds, as the funds previously identified as available were required due to the loss of a tax appeal.