Title
REFUNDING BOND ORDINANCE PROVIDING FOR THE FUNDING OF A TEMPORARY EMERGENCY APPROPRIATION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, RELATING TO THE PAYMENT OF THE COSTS OF LEAD SERVICE LINES REPLACEMENT, APPROPRIATING $120,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE $120,000,000.00 REFUNDING BONDS AND/OR NOTES OF THE CITY FOR FINANCING THE COSTS THEREOF.
Deferred 6PSF-m 090519
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WHEREAS, pursuant to the Local Budget Law, specifically N.J.S.A. 40A:4-20, the City of Newark, in the County of Essex, State of New Jersey (the "City"), as a result of the Municipal Council's adoption, of a resolution entitled "RESOLUTION PROVIDING FOR AN EMERGENCY TEMPORARY APPROPRIATION IN THE AMOUNT OF $120,000,000 PURSUANT TO N.J.S.A. 40A:4-20 TO ACCOMPLISH THE REPLACEMENT OF LEAD SERVICE LINES WITHIN THE CITY ON AN EMERGENCY BASIS" has heretofore authorized an emergency temporary appropriation in the amount of $120,000,000 ("Emergency Temporary Appropriation") to fund, on an emergency basis, the payment of the costs relating to the replacement of the lead service lines within the City from the water main in the street to the meter inside the structure and all work and materials necessary therefor and relating thereto; and
WHEREAS, the City has determined that it is in the best interests of the City to pay, fund or refund the Emergency Temporary Appropriation in the amount of $120,000,000 through the issuance by the City of its refunding bonds and/or notes in an aggregate principal amount of $120,000,000 pursuant to the provisions of N.J.S.A. 40A:2-51(a) and this refunding bond ordinance (the "Refunding").
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
Section 1. The City of Newark, in the County of Essex, State of New Jersey (the "City"), is hereby authorized, and there is hereby appropriated the amount not to exceed $120,000,000 to refund the Emergency Tempora...
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