City of Newark - File #: 17-1389

• File #: 17-1389
• Version: 3
• Name: Tax Appeal Refunding Bond Ordiance
• Type: Ordinance
• Status: Adopted
• File created: 7/18/2017
• In control: Finance
• On agenda: 9/7/2017
• Final action: 10/4/2017
• Title: REFUNDING BOND ORDINANCE PROVIDING FOR THE PAYMENT OF AMOUNTS OWING TO OTHERS FOR TAXES LEVIED IN AND BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (the "CITY"), APPROPRIATING $10,800,000.00 (TEN MILLION EIGHT HUNDRED THOUSAND DOLLARS AND ZERO CENTS) THEREFOR AND AUTHORIZING THE ISSUANCE OF $10,800,000.00 (TEN MILLION EIGHT HUNDRED THOUSAND DOLLARS AND ZERO CENTS) BONDS OR NOTES OF THE CITY FOR FINANCING THE COST THEREOF.
• Sponsors: Council of the Whole
• Related files: 17-1373, 17-1388

Date	Ver.	Action By	Action	Result
10/4/2017	3	Municipal Council	Close on Public Hearing and Adopt	Pass
9/20/2017	2	Municipal Council	Maintained on Public Hearing and Adopted as Amended	Pass
9/20/2017	2	Municipal Council	Motion to Amend	Pass
9/7/2017	1	Municipal Council	Amend and advance to first reading	Pass
9/7/2017	1	Municipal Council	Adopt on First Reading	Pass

Title
REFUNDING BOND ORDINANCE PROVIDING FOR THE PAYMENT OF AMOUNTS OWING TO OTHERS FOR TAXES LEVIED IN AND BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (the "CITY"), APPROPRIATING $10,800,000.00 (TEN MILLION EIGHT HUNDRED THOUSAND DOLLARS AND ZERO CENTS) THEREFOR AND AUTHORIZING THE ISSUANCE OF $10,800,000.00 (TEN MILLION EIGHT HUNDRED THOUSAND DOLLARS AND ZERO CENTS) BONDS OR NOTES OF THE CITY FOR FINANCING THE COST THEREOF.

Body
WHEREAS, pursuant to the Local Budget Law, specifically N.J.S.A. 40A:4-20, the City of Newark, in the County of Essex, State of New Jersey (the "City"), by the Municipal Council's adoption, on September 7, 2017, of a resolution numbered 7R1-i(as) entitled "RESOLUTION PROVIDING FOR AN EMERGENCY TEMPORARY APPROPRIATION PURSUANT TO N.J.S.A. 40A:4-20 FOR AMOUNTS OWING TO OTHERS FOR TAXES LEVIED IN THE CITY OF NEWARK", has heretofore authorized an emergency temporary appropriation in the amount of $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents) with respect to the payment of amounts owing to others for taxes previously levied in and by the City (the "Temporary Emergency Appropriation"); and

WHEREAS, the City has determined that it is in the best interests of the City to pay, fund or refund the Temporary Emergency Appropriation in the amount of $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents) and to pay the costs of issuance related thereto through the issuance by the City of its Refunding Bonds or notes in an aggregate principal amount of up to $10,800,000.00 (Ten Million Eight Hundred Thousand Dollars and Zero Cents) as provided in this refunding bond ordinance.

NOW, THEREFORE BE IT ORDAINED AND ENACTED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, THAT:

Section 1. The City of Newark, in the County of Essex, State of New Jersey (the "City"), is hereby authorized to pay, and there is hereby appropriated the amou...