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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AMENDING BOND ORDINANCE 6PSF-A(S) ADOPTED ON JUNE 22, 2021, TO COMBINE A PORTION OF THE $38,409,000.00 APPROPRIATION AND $36,488,550.00 AUTHORIZATION FOR THE ISSUANCE OF GENERAL CAPITAL IMPROVEMENT BONDS AND NOTES OF THE CITY OF NEWARK FOR TWO (2) LIBRARY CAPITAL PROJECTS CONTAINED THEREIN.
Deferred 6PSF-a (s) 081622
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WHEREAS, the City of Newark (the "City") previously adopted Bond Ordinance 6PSF-a(S) on June 22, 2021 (the "Original Ordinance"), in accordance with the provisions of the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law") and the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "Municipal Qualified Bond Act" and together with the Local Bond Law, the "Acts"), providing for various capital projects and appropriating $38,409,000.00 therefor and authorizing the issuance of $36,488,550.00 qualified general capital improvement bonds or notes of the City to finance part of the costs thereof; and
WHEREAS, the City finds it necessary to combine the amounts appropriated and authorized by the Original Ordinance for the two (2) Library projects; and
WHEREAS, the City now desires to amend in its entirety Section 3(b)(1) and (2) of the Original Ordinance to combine the appropriated and authorized amounts to the two (2) Library capital projects and purposes set forth therein.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
Section 1. Section 3 of the Original Ordinance is hereby amended in part to read as follows:
Section 3. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the maximum amount of bonds or notes to be issued for each improvement and the period of usefulness of each improvement are as follows:
(b) Library
1. Purpose: Improve...
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