Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): ECIA Refunding Bonds
Amount to be Financed: $61,000,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): November 14, 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:2-7(d) and -11(c) AND N.J.S.A. 40A:3-4 AND APPROVING THE SUBMISSION THEREOF
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 (the "Board") for its review and/or approval of the adoption of a bond ordinance in the amount of $61,000,000.00 (the "Ordinance") for the purpose of acquiring title to 16 properties and the buildings and improvements thereon, owned by the Essex County Improvement Authority, including paying costs of issuance related thereto, requiring approvals relating to (i) a waiver of down payment pursuant to N.J.S.A. 40A:2-7(d) and -11(c) of the Local Bond Law, (ii) a bond ordinance pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act, and (iii) the issuance of such refunding bonds as 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; and
(d) the proposal is an efficient and feasible means of providing services for the needs...
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