Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Expressing intent to finance Phase 1 of Lead Service Line Replacement Program by Local Improvement Assessment.
Purpose: Implement a special assessment for Lead Service Line Replacement Program
Program Period: 8-year period from the beginning of Phase 1
Additional Information:
Resolution of the City of Newark expressing the intention that the cost of construction of Phase 1 of The Lead Service Line Replacement Program should be financed by local improvement assessments and to undertake and finance said water supply facilities and directing the provisions of notice thereof
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") finally adopted Bond Ordinance Number 6PSF-d on August 8, 2018 (the "Lead Service Lines Bond Ordinance"), authorizing the City to issue its bonds and notes in the principal amount of $75,000,000.00 for the replacement of lead service lines in the City; and
WHEREAS, the lead service lines connect to the City's water distribution system, but are owned by the property owner; and
WHEREAS, prior to the adoption of the Lead Service Lines Bond Ordinance, the City had filed an application with the New Jersey Infrastructure Bank and the New Jersey Department of Environmental Protection under the State Water Bank Financing Program for the financing of Phase I of the lead service line replacement program ("Phase I of the Lead Service Line Replacement Program"); and
WHEREAS, at a hearing of the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey (the "Local Finance Board") held on September 12, 2018, the Local Finance Board approved the City's application for Municipal Qualified Bond Act approval for the Lead Service Lines Bond Ordinance, but conditioned this approval on the C...
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