Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Resolution providing for emergency temporary appropriation
Name of Project(s):
Amount to be Financed: $17,000,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): May 11, 2016
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION PROVIDING FOR AN EMERGENCY TEMPORARY APPROPRIATION PURSUANT TO N.J.S.A. 40A:4-20 FOR AMOUNTS OWED TO HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY
Additional Information:
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WHEREAS, emergent conditions have arisen with respect to the payment by the City of Newark, in the County of Essex, New Jersey (the "City"), of amounts owed by the City to Horizon Blue Cross Blue Shield of New Jersey ("Horizon BCBSNJ") in the amount of $17,000,000.00 (the "Payment") as a result of past due premium amounts for the years 2011 and 2012 and other related amounts due under Horizon BCBSNJ benefit programs for employees and retirees in the years 2013 and 2014 and for which no adequate provision has been made in the 2016 Temporary Appropriation Budget for aforesaid purpose; and
WHEREAS, N.J.S.A. 40A:4-20 provides for the creation of an emergency temporary appropriation for the purpose above mentioned; and
WHEREAS, the total emergency temporary appropriation resolutions adopted in fiscal year 2016, pursuant to the provisions of Chapter 96, P.L. 1951 (N.J.S. 40A:4-20), including this resolution, total $118,242,200.24; and
WHEREAS, the Payment constitutes full payment by the City for past due premium amounts from 2013 and 2014 under policies of insurance with Horizon BCBSNJ (the "Policies") and callable amounts for employees and retirees under the 2011 and 2012 Policies and such amounts are purposes for which appropriations may lawfully be made by the City for the p...
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