Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Horizon Blue Cross Blue Shield of New Jersey Payment
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 OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 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 for its review and or approval of: (i) a refunding bond ordinance (the "Ordinance") for the purpose of funding a temporary emergency appropriation for amounts owing by the City for past due insurance premiums to Horizon Blue Cross Blue Shield of New Jersey pursuant to N.J.S.A. 40A:2-51 in the Local Bond Law and N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act, and; (ii) the Board's approval of 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 that:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose is for the health, welfare, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose is 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 ...
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