Title
Dept/ Agency: Administration/Office of Management and Budget
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest and Debt Redemption Charges for Year 2019
Funding Source: City Budget
Appropriation Amount: $72,552,541.77
Budget Year: 2019
Contract Period: January 1, 2019 through December 31, 2019
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
Additional Information:
Funds accepted by Resolution None
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A:4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2019 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution, if passed at this Municipal Council meeting, will be effective January 1, 2019; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2019 Budget is the sum of $72,552,541.77
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1 The following temporary appropriations be made and that a certified copy of this Resolution be transmitted to the Chief Financial Officer for his/her records.
2 The Governing Body, by a two-thirds vote of its full membership, hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430 Payment on Qualified Bond Principal $23,480,000.00
95440 Interest on Qualified Bond Principal 9,964,852.00
96670 ECIA Bonds Principal 3,665,000.00
96680 ECIA Bonds Interest 3,465,283.13
96380 Demolition Bond L...
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