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File #: 22-0632    Version: 1 Name: Ordinance to Amend General Improvement Authorizations
Type: Ordinance Status: Adopted
File created: 4/22/2022 In control: Finance
On agenda: 7/13/2022 Final action: 9/8/2022
Title: 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
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
9/8/20221 Municipal Council Closed on Public Hearing and AdoptedPass Action details Meeting details Video Video
8/16/20221 Municipal Council Maintained on Public Hearing and DeferredPass Action details Meeting details Video Video
8/3/20221 Municipal Council Maintained on Public Hearing and Deferred to Special MeetingPass Action details Meeting details Video Video
7/26/20221 Municipal Council Maintained on Public Hearing and Deferred to Special MeetingPass Action details Meeting details Video Video
7/13/20221 Municipal Council Advanced and Adopted on First Reading asPass Action details Meeting details Not available
Title
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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