Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): 2018 Tax Appeal Refunding
Amount to be Financed: $10,100,000.00
Funding Source: Tax Appeal Refunding Notes
Local Finance Board meeting date(s): October 10, 2018
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51, N.J.S.A. 40A:2-55 AND N.J.S.A. 40A:3-4 AND APPROVING THE SUBMISSION THEREOF FOR ITS REVIEW AND/OR APPROVAL OF A REFUNDING BOND, IN AN AMOUNT OF $10,100,000.00
Additional Information:
body
WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") desires to make application to the Local Finance Board for its review and/or approval of (i) a refunding bond ordinance in the amount of $10,100,000.00 (the "Ordinance") for the purpose of paying amounts owing by the City to the owners of various properties for taxes levied in and by the City as a result of tax appeals pursuant to N.J.S.A. 40A:2-51 and N.J.S.A. 40A:2-55 of the Local Bond Law and N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act, and paying costs of issuance relating thereto, and (ii) the Board's approval of the issuance of such refunding bonds pursuant to N.J.S.A. 40A:2-55 to -57 and such qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act; and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose is for the health, welfare, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose is not unreasonable or exorbitant;...
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