Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Establishing a Dedicated Trust Fund
Purpose: Requesting approval of the Local Finance Board for a Dedicated Trust by Rider for the Open Space and Recreational Trust Fund and to appropriate the revenue for the purpose to which said revenue is dedicated.
Trust Account Name: Open Space and Recreational Trust Fund
Account Number:
Funding Source: One Cent per $100.00 of assessed valuation of real property
Additional Information:
Ordinance 6PSF-F 111714, Established Open Space and Recreational Trust Fund
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WHEREAS, permission is required of the Director of the Division of Local Government Services for approval to establish a Dedicated Trust by Rider of revenues received by a municipality when the revenue is not a subject to reasonable accurate estimates in advance; and
WHEREAS, Ordinance 6PSF-F-111714 amends and supplement Title X, Finance and Taxation, of the Revised General Ordinances of the City of Newark, New Jersey (2000), as amended and supplemented, to add new Chapter 9 entitled "Open Space and Recreational Trust Fund" which also provides for the operating costs to administer this act; and
WHEREAS, N.J.S.A. 40A:4-39 provides the dedicated revenues anticipated from the Open Space and Recreational Trust Fund are hereby anticipated as revenue and are hereby appropriated for the purpose to which said revenue is dedicated by statute or other legal requirement; and
WHEREAS, N.J.S.A. 40A:4-39 also provides that the Director of the Division of Local Government Services may approve expenditures of monies by dedication by rider.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL
OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his designee, the Acting Director of Finance, is hereby authorized by the Municipal Council of the City of Ne...
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