Title
AN ORDINANCE OF THE CITY OF NEWARK (THE "CITY"), IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR FUNDING OF THE RIVERFRONT PARK EXPANSION AND IMPROVEMENTS IN AND BY THE CITY AND APPROPRIATING $41,550,000.00, THEREFORE INCLUDING GRANTS EXPECTED TO BE RECEIVED BY THE CITY IN THE AMOUNT OF $16,550,000.00 AND PROVIDING FOR THE ISSUANCE OF $25,000,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK, NEW JERSEY, TO FINANCE PART OF THE COSTS THEREOF.
Sponsors: Chaneyfield Jenkins/ Osborne
Deferred 6PSF-c 050416
Deferred 6PSF-b 051816
Body
BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, 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 Bond 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 sum of $41,550,000.00 including the following grants expected to be received by the City: a Hazardous Discharge Site Remediation Fund ("HDSRF") grant in the amount of $1,900,000; a Green Acres Grant in the amount of $2,500,000.00; an Essex County Open Space Trust Fund Grant in the amount of $150,000.00; and a NJDEP National Resource Damages Settlement in the amount of $12,000,000.00 (collectively, the "Grants"). No down payment is being appropriated hereto pursuant to the provisions of N.J.S.A. 40A:2-11(c).
Section 2. In order to finance the cost of the improvement or purpose described herein, negotiable bonds or notes are hereby authorized to be issued in the principal amount of $25,000,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds or notes, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond ...
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