Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Lead Service Line Replacement Program
Amount to be Financed: $75,000,000.00
Funding Source: New Jersey Infrastructure Bank
Local Finance Board meeting date(s): August 8, 2018
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 LEAD SERVICE LINE REPLACEMENT PROGRAM AND APPROVING THE SUBMISSION THEREOF
Additional Information:
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 Infrastructure Bank (f/k/a 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 $75,000,000 in qualified bonds to the New Jersey Infrastructure Bank and the State of New Jersey in connection with the permanent financing of the City's lead service line replacement program.
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose or improvements are not unr...
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