Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Joint Meeting Flood Mitigation
Amount to be Financed: $ 2,705,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): July 8, 2020
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:3-1 ET SEQ.
Additional Information:
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WHEREAS, The City of Newark, in the County of Essex, New Jersey (the "City"), is a member of the Joint Meeting of Essex and Union Counties (the "Jt. Meeting"); and
WHEREAS, the Joint Meeting desires to undertake a flood mitigation facilities project in two (2) phases (the "Project"), the cost of which is to be paid by the members and customers of the Joint Meeting based upon the allocable share of the cost to be borne by each member and each customer; and
WHEREAS, the City desires to make application to the Local Finance Board for its approval of, and an endorsement of its consent upon, as applicable, the Bond Ordinance appropriating the City's allocable share of the cost of the Project and authorizing the issuance of bonds and notes for the Project specifically pertaining to the: (i) qualification of a bond ordinance pursuant to N.J.S.A. 40A:3-1 et. seq. (the "Bond Ordinance"); (ii) the issuance of qualified bonds under the Bond Ordinance; and (iii) approval of the maturity schedule therefor pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose; and
(b) said purpose is for the health, wealth, convenience or betterment of the inhabit...
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