Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval of a Bond Ordinance.
Name of Project(s): Joint Meeting Flood Mitigation Phase III
Amount to be Financed: $4,140,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): August 10, 2022
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:3-1 ET SEQ.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), is a member of the Joint Meeting of Essex and Union Counties (the "Jt. Meeting"); and
WHEREAS, the Jt. Meeting desires to undertake Phase III of a flood mitigation facilities project as described in the Bond Ordinance (the "Project"), the cost of which is to be borne and paid by the members and customers of the Jt. Meeting based upon the allocable share of the cost to be borne by each member and each customer; and
WHEREAS, the City desires to make application to the Local Finance Board for its approval of, and an endorsement of its consent upon, as applicable, the Bond Ordinance appropriating the City's allocable share of the cost of the Project in the amount of $4,140,000.00 and authorizing the issuance of $4,140,000.00 principal amount of bonds and/or notes for the Project, specifically pertaining to the: (i) qualification of a bond ordinance, pursuant to N.J.S.A. 40A:3-1 et. seq. (the "Bond Ordinance"); (ii) the issuance of qualified bonds under the Bond Ordinance; and (iii) approval of the maturity schedule therefor pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpos...
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