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File #: 17-1231    Version: 1 Name: NJEIT Bond Ordinance - Peddie CSO
Type: Ordinance Status: Adopted
File created: 6/16/2017 In control: Finance
On agenda: 7/12/2017 Final action: 9/7/2017
Title: AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR IMPROVEMENTS TO THE PEDDIE COMBINED SEWER OVERFLOW FACILITY AND APPROPRIATING $4,000,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $4,000,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME. Deferred 6PSF-c 080217
Sponsors: Council of the Whole
Attachments: 1. certified ordinance.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
9/7/20171 Municipal Council closed on public hearing and adoptedPass Action details Meeting details Video Video
8/2/20171 Municipal Council maintained on public hearing and deferredPass Action details Meeting details Not available
7/12/20171 Municipal Council Advanced and adopted on first readingPass Action details Meeting details Video Video
TITLE
AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR IMPROVEMENTS TO THE PEDDIE COMBINED SEWER OVERFLOW FACILITY AND APPROPRIATING $4,000,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $4,000,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME.
Deferred 6PSF-c 080217
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY 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 amount of $4,000,000.00. No down payment is required in connection with the improvement or purpose for which obligations are authorized as provided in Section 3 hereof as said purpose is deemed to be self-liquidating and the obligations authorized herein are deductible from the gross debt of the City, as more fully explained in Section 6(f) of this bond ordinance.

Section 2. In order to finance the cost of the improvement or purpose not otherwise provided for hereunder, negotiable bonds or notes are hereby authorized to be issued in the principal amount of $4,000,000.00 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. (a) The improvement hereby authorized and the purpose for which the bonds or notes are to be issued is for the planning, design and construction of a netting facility at the Peddie Combined Sewer Overflow Facility, and including all work and materials necessary therefor or incidental thereto.

(b) The estimated maximum amount of bonds or notes to be iss...

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