Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing
Purpose: RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY APPROVING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40:48H-6 AND N.J.S.A. 40A:12A-29 AND THE TERMS OF PREVIOUS APPROVALS BY SAID BOARD, RELATING TO THE PROPOSED ISSUANCE OF UP TO $16,000,000 IN MOTOR VEHICLE RENTAL TAX REVENUE BONDS OF THE CITY
Additional Information:
Bond proceeds will be appropriated to fund capital grants in an aggregate amount not to exceed $13,400,000. in support of certain eligible projects.
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WHEREAS, the New Jersey Economic Stimulus Act of 2009, specifically N.J.S.A. 40A: 48H-1, et seq. (the "Municipal Motor Vehicle Rental Tax Law") authorized certain municipalities to impose a tax on the rental of motor vehicles within designated industrial zones within such municipality (the "Rental Tax") and to use the proceeds thereof for certain eligible purposes related to redevelopment purposes, as defined in the Municipal Motor Vehicle Rental Tax Law, specifically N.J.S.A. 40:48H-2.b (the "Eligible Projects"); and
WHEREAS, pursuant to Ordinance 6PSF-i, adopted by the Municipal Council on May 5, 2010 (the "Tax Ordinance"), the City of Newark (the "City") has heretofore authorized the imposition of a tax on certain motor vehicle rental transactions that occur within certain designated industrial zones of the City (the "Rental Tax"); and
WHEREAS, pursuant to and in accordance with the provisions of the Municipal Motor Vehicle Rental Tax Law, specifically N.J.S.A. 40:48H-6, the City is authorized to issue, or cause to be issued, bonds for the purpose of financing Eligible Projects (as defined therein), which bonds may be payable from and secured by Rental Tax proceeds; and
WHEREAS, the City intends to issue its M...
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