Title
REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE FUNDING OF A TEMPORARY EMERGENCY APPROPRIATION OF THE CITY TO FUND PAYMENTS TO HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY AND APPROPRIATING AN AMOUNT NOT EXCEEDING $17,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $17,000,000.00 REFUNDING BONDS OR NOTES OF THE CITY FOR FINANCING THE COST THEREOF.
Deferred 6PSF-f 050416
Deferred 6PSF-c 051816
body
WHEREAS, pursuant to the Local Budget Law, specifically N.J.S.A. 40A:4-20, the City of Newark, in the County of Essex, New Jersey (the "City"), by the Municipal Council's adoption on April 20, 2016, of a resolution entitled "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", has heretofore authorized an emergency temporary appropriation in the amount of $17,000,000.00 with respect to the payment of costs in connection with past due premiums and callable amounts owed by the City to Horizon Blue Cross Blue Shield of New Jersey (the "Temporary Emergency Appropriation"); and
WHEREAS, the City has determined that it is in the best interests of the City to pay, fund or refund the Temporary Emergency Appropriation through the issuance by the City of its refunding bonds or notes in an aggregate principal amount of up to $17,000,000.00, as provided in this refunding bond ordinance.
THEREFORE, 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 City of Newark, in the County of Essex, New Jersey (the "City") is hereby authorized to refund all or a part of the City's Temporary Emergency Appropriation and to provide for the payment of costs of issuance.
Section 2. In order to finance the cost of the...
Click here for full text