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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR BUILDING IMPROVEMENTS AND UPGRADES TO THE GREEN STREET/LINER BUILDINGS IN THE CITY AND APPROPRIATING $2,500,000.00 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $2,375,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE PART OF THE COSTS THEREOF.
DEFERRED 6PSF-d 072220
FAILED 6PSF-b 081920
TWO-THIRDS VOTE OF FULL MEMBERSHIP REQUIRED.
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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 are hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the sum of $2,500,000.00, and including the sum of $125,000.00 as the amount of down payment for the improvement or purpose as required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"). The down payment has been made available by virtue of the provision for down payment or for capital improvement purposes in one or more previously adopted budgets of the City.
Section 2. In order to finance the cost of the improvement or purpose not covered by application of the down payment hereunder, negotiable bonds of the City are hereby authorized to be issued in the principal amount of $2,375,000.00 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 are improvements to portions of the Green Street/Liner Buildings in the City being constructed by the Parking Authority by the City of Newark, floors of which wi...
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