Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of Bond Ordinance
Name of Project(s): Riverfront Park Open Space
Amount to be Financed: $25,000,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): April 13, 2016
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD; PURSUANT TO N.J.S.A. 40A:2-11(c) AND N.J.S.A 40A:3-4 AND APPROVING THE SUBMISSION THEREOF.
Additional Information:
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board (the "LFB") for the LFB's approval of (i) the issuance of Open Space Riverfront Park Bonds by the City, (ii) a waiver of down payment pursuant to N.J.S.A. 40A:2-11(c), and (iii) the issuance of qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The application to the Local Finance Board is hereby approved (the "Application"), and the Chief Financial Officer and ...
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