Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Joint Meeting of Essex and Union Counties
Amount to be Financed: $1,350,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): November 7, 2018
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:3-1 ET SEQ.
Additional Information:
body
WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), is a member of the Joint Meeting of Essex and Union Counties (the "Jt. Meeting"); and
WHEREAS, the Jt. Meeting desires to undertake capital improvements to its sewer system (the "Project"), the cost of which is to be paid by the members and customers of the Jt. Meeting based upon the allocable share of the cost to be borne by each member and each customer; and
WHEREAS, the City desires to make an application to the Local Finance Board for its approval of, and an endorsement of its consent upon, as applicable, to the (i) qualification of a bond ordinance which appropriates the City's allocable share of funds to pay the cost of the Project, (ii) the issuance of qualified bonds thereunder and (iii) approval of the maturity schedule therefor pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose is for the health, wealth, convenience, or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabi...
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