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A BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR GENERAL CAPITAL IMPROVEMENTS FOR THE CITY OF NEWARK AND APPROPRIATING $35,121,000.00 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $33,364,950.00 IN GENERAL CAPITAL IMPROVEMENT BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE PART OF THE COSTS THEREOF.
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BE IT ORDAINED AND ENACTED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
Section 1. The improvements or purposes described in Section 3 of this bond ordinance are hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), as general improvements. For the several improvements or purposes described in Section 3 hereof, there are hereby appropriated the respective sums of money therein stated as the appropriations made for each improvement or purpose, such sums amounting, in the aggregate, to $35,121,000.00, and including the sum of $1,756,050.00 as the aggregate amount of down payments for the improvements or purposes required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"). The aggregate amount of down payments have been made available by virtue of provision for down payment or for capital improvement purposes in one or more previously adopted budgets of the City.
Section 2. In order to finance the cost of the several improvements or purposes not covered by application of the several down payments hereunder, negotiable bonds of the City are hereby authorized to be issued in the aggregate principal amount of $33,364,950.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of ...
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