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ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, AUTHORIZING A SPECIAL EMERGENCY APPROPRIATION PURSUANT TO THE PROVISIONS OF N.J.S.A. 40A:4-53 TO FUND CONTRACTUALLY REQUIRED SEVERANCE LIABILITIES.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey, has accrued and to accrue accumulated severance liabilities due to the retirements and layoffs of employees in the City's 2020 budget year; and
WHEREAS, the City is desirous of authorizing the issuance of Special Emergency Notes to fund such severance liabilities; and
WHEREAS, N.J.S.A. 40A:4-53(h) permits a municipality to adopt an ordinance authorizing a Special Emergency Appropriation in order to fund the cost of contractually required severance liabilities resulting from layoff or retirement of employees.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
SECTION 1. To fund the cost of accumulated severance liabilities resulting from retirements and layoffs of employees in fiscal year 2020, there is hereby appropriated the sum of Twenty Million Dollars and Zero Cents ($20,000,000.00) as a Special Emergency Appropriation pursuant to N.J.S.A. 40A:4-53(h).
SECTION 2. For the purpose of financing the Special Emergency Appropriation referred to in Section 1 above, Special Emergency Notes of the City are hereby authorized to be issued in the principal amount of Twenty Million Dollars and Zero Cents ($20,000,000.00), pursuant to N.J.S.A. 40A:4-55. At least one-fifth (1/5) of all such Special Emergency Notes, and the renewals thereof, shall mature and be paid in each year, so that all such Special Emergency Notes shall have matured and have been paid, not later than the last day of the fifth (5th) year following the date of adoption of this ordinance.
SECTION 3. All Special Emergency Notes issued hereunder shall mature at such times as may be determined b...
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