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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE CITY'S SOUTH STREET AND ADAMS STREET DRAINAGE IMPROVEMENTS PROJECT AND OTHER RELATED EXPENSES IN AND FOR THE CITY OF NEWARK AND APPROPRIATING $6,000,000.00 THEREFORE, AND PROVIDING FOR THE ISSUANCE OF $6,000,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME.
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The improvement or purpose described in Section 3 of this Bond Ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the amount of $6,000,000.00. No down payment is required in connection with the authorization of bonds hereunder pursuant to N.J.S.A. 40A:2-11(c) as this ordinance involves an environmental infrastructure project to be funded by loans pursuant to the New Jersey Water Bank Financing Program.
Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds of the City are hereby authorized to be issued in the principal amount of $6,000,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. (a) The improvement hereby authorized and the purpose for which the bonds or notes are to be issued is for drainage improvements at South Street and Adams Street and Miller Street to Avenue C, including, without limitation, roadway reconstruction, sidewalk, curb, ADA improvements, drainage inlets, manholes and pipes, sewer separation along Adams Street and a pump station for Avenue C, and including all work and materials necessary therefore or inci...
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