Title
AN 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(m) AND 55 AND THE ISSUANCE OF SPECIAL EMERGENCY NOTES TO FUND AN OPERATIONAL DEFICIT IN REVENUES IN THE WATER UTILITY FUND, AS A RESULT OF A DECLARED PUBLIC HEALTH EMERGENCY.
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WHEREAS, a Public Health Emergency has been declared by the Governor of the State of New Jersey pursuant to Emergency Health Powers Act (N.J.S.A. 26:13-1 et seq.) in response to the COVID-19 pandemic (the "Public Health Emergency"); and
WHEREAS, as a result of the Public Health Emergency, the City of Newark, in the County of Essex, New Jersey (the "City") has experienced a deficit balance in the City's Water Utility Fund Results of Operations in the 2020 budget year in the amount of $8,571,607.59 (the "Water Utility Operational Deficit"); and
WHEREAS, the City's Chief Financial Officer has prepared a certification with respect to the Water Utility Operational Deficit being directly attributable to the Public Health Emergency (the "Certification"), which the Certification has been approved by a majority of the members of the Municipal Council; and
WHEREAS, concurrently herewith, the City has submitted an Application, including the Certification, which Application has been approved by the Municipal Council prior to its submission, to the Director of the Division of Local Government Services ("DLGS") to obtain approval of the Water Utility Operational Deficit and the Special Emergency Appropriation related thereto; and
WHEREAS, if approved by the Director of the DLGS, N.J.S.A. 40A:4-53(m) permits a municipality to finally adopt an ordinance authorizing a Special Emergency Appropriation in order to fund the Water Utility Operational Deficit of the City; and
WHEREAS, the City is desirous of funding the Water Utility Operational Deficit throu...
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