Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of amending school bond ordinance
Name of Project(s): School Improvement Bonds
Amount to be Financed: $30,582,031.00
Funding Source: Bonds
Local Finance Board meeting date(s): October 10, 2019
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 AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:3-4, PARTICULARLY SUBSECTIONS (b), (c) AND (d), AND APPROVING THE SUBMISSION THEREOF
Additional Information:
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WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), desires to make application to the Local Finance Board (the "LFB") for the approval of (i) the adoption of a bond ordinance amending a previously adopted qualified school bond ordinance (the "Prior Ordinance") to reallocate amounts appropriated and authorized for the various purposes set forth in the Prior Ordinance (the "Amendatory Bond Ordinance"), and (ii) the issuance of qualified bonds pursuant to the Prior Ordinance as amended by the Amendatory Bond Ordinance and the approval of the maturity schedule therefor, both (i) and (ii) pursuant to the provisions of N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial...
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