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 2020.
Funding Source: 2020 Budget
Appropriation Amount: $76,894,209.13
Budget Year: 2020
Contract Period: January 1, 2020 through December 31, 2020
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 :N/A
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 2020 may be made during December of the pending year and until the Budget is adopted: and
WHEREAS, this Resolution is passed at this meeting to be effective January 1, 2020; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2020 Budget is the sum of $76,894,209.13
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 $26,100,000.00
95440 Interest on Qualified Bond Principal 10,759,575.03
96670 ECIA Bonds Principal 225,000.00
96680 ECIA Bonds Interest 186,733.13
96380 Demolition Bond Loan II 126,387.00
97610 Note ...
Click here for full text