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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING A SUPPLEMENTAL APPROPRIATION OF $6,500,000.00, FOR REHABILITATION OF WATER MAINS IN AND FOR THE CITY OF NEWARK AND APPROPRIATING $6,500,000.00 THEREFORE, AND PROVIDING FOR THE ISSUANCE OF $6,500,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME.
Deferred to Special 6PSF-d 042016
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), THAT:
Section 1. The improvement or purpose described in Section 3 of this Ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City") as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the supplemental amount of $6,500,000.00, such sum being in addition to the $11,500,000.00, appropriated therefor by Section 3 of Ordinance 6PSF-c of the City finally adopted November 7, 2013. No down payment is required in connection with the improvements or purposes for which obligations are authorized as provided in Section 3 hereof as said purposes are deemed to be self-liquidating and the obligations authorized herein are deductible from the gross debt of the City, as more fully explained in Section 6(f) of this bond ordinance.
Section 2. In order to finance the additional cost of the improvement or purpose not otherwise provided for hereunder, negotiable bonds or notes are hereby authorized to be issued in the principal amount of $6,500,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. (a) The improvement hereby authorized and the purpose for which the bonds or notes are to be issued...
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