Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): New Jersey Environmental Infrastructure Trust (NJEIT) Peddie Combined Sewer Overflow
Amount to be Financed: $4,000,000.00
Funding Source: New Jersey Environmental Infrastructure Trust (NJEIT) Bonds
Local Finance Board meeting date(s): August 9, 2017
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE MAKING OF APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 58:11B-9(a), 40A:3-4 AND 40A:2-26(e) IN CONNECTION WITH THE CITY'S IMPROVEMENTS TO THE PEDDIE COMBINED SEWER OVERFLOW FACILITY AND APPROVING THE SUBMISSION THEREOF
Additional Information:
Funds issued by Resolution: Issuing Resolution will be submitted under a separate cover at the same meeting: Legistar# 17-1231
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 the Board's (a) approval pursuant to N.J.S.A. 58:11B-9(a) of the issuance of bonds by the City to the New Jersey Environmental Infrastructure Trust; (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of bonds as qualified bonds; and (c) consent pursuant to N.J.S.A. 40A:2-26(e) to non-conforming maturity schedules, all pertaining to the City's adoption of a bond ordinance to provide for the issuance of up to $4,000,000.00 (Four Million Dollars and Zero Cents) in qualified bonds to the New Jersey Environmental Infrastructure Trust and the State of New Jersey in connection with the permanent financing of the City's improvements to the Peddie Combined Sewer Overflow Facility; and
WHEREAS, the C...
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