Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Tax Appeal Refunding Notes
Amount to be Financed: $9,675,000.00
Funding Source: Notes/Bonds
Local Finance Board meeting date(s): December 14, 2016
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution making application to the Local Finance Board pursuant to N.J.S.A. 40A:2-51 and 40A:3-1 et seq.
Additional Information:
Ordinance Adopted on First Reading on November 14, 2016
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 approval of, and an endorsement of its consent, as applicable, to: (i) the adoption of a Refunding Bond Ordinance for amounts owed to others for taxes levied in the City; (ii) the approval of a maturity schedule for the refunding of said taxes owed to others and the issuance of Refunding Bonds relating thereto, all pursuant to N.J.S.A. 40A:2-51; and (iii) the qualification of the Refunding Bond Ordinance and the issuance of Qualified Bonds pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose is for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose 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 ...
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