Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for participation in the Electronic Tax Sale Pilot Program
Name of Project(s): Electronic Standard and Accelerated Tax Sale
Amount to be Financed: Amount not to exceed $150,000.00
Funding Source: City of Newark, Division of Revenue Collections
Local Finance Board meeting date(s): To be determined
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
The City previously participated in an Electronic Tax Sale Pilot Program in 2016.
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WHEREAS, N.J.S.A. 54:5-19.1 authorizes electronic tax sales pursuant to rules and regulations to be promulgated by the Director of the Division of Local Government Services; and
WHEREAS, the Director of the Division of Local Government Services has promulgated rules and regulations for pilot programs; and
WHEREAS, the Director of the Division of Local Government Services has approved NJTaxLieninvestors.com and RealAuction.com to conduct pilot programs; and
WHEREAS, the City of Newark desires to submit an application for participation in the pilot program for an Electronic Tax Sale; and
WHEREAS, an Electronic Tax Sale is innovative and provides a greater pool of potential lien buyers, thus creating the environment for a more complete tax sale process; and
WHEREAS, the Business Administrator and the Chief Financial Officer deem it necessary, and in the best interest of time, volume and expediency with the assistance of the Tax Collector, to conduct an Electronic Accelerated Tax Sale on or before December 31, 2017, with the approval of the Director of the Division of Local Government Services.
NOW, THEREFORE, BE IT RESOLVED, BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Tax Collector is hereby authorized to complete an applic...
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