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File #: 22-0882    Version: 1 Name: Ordinance: Bond Ordinance - Joint Meeting Phase III
Type: Ordinance Status: Adopted
File created: 6/16/2022 In control: Finance
On agenda: 7/13/2022 Final action: 9/8/2022
Title: A BOND ORDINANCE PROVIDING FOR THE LOCAL UNIT'S ALLOCABLE SHARE OF PHASE III OF THE FLOOD MITIGATION PROJECT OF THE JOINT MEETING OF ESSEX AND UNION COUNTIES, BY AND IN THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $4,140,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $4,140,000.00 BONDS OR NOTES TO FINANCE THE COST THEREOF. Deferred 6PSF-g (s) 072622 Deferred 6PSF-b 080322 Deferred 6PSF-b (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
A BOND ORDINANCE PROVIDING FOR THE LOCAL UNIT'S ALLOCABLE SHARE OF PHASE III OF THE FLOOD MITIGATION PROJECT OF THE JOINT MEETING OF ESSEX AND UNION COUNTIES, BY AND IN THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $4,140,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $4,140,000.00 BONDS OR NOTES TO FINANCE THE COST THEREOF.

Deferred 6PSF-g (s) 072622
Deferred 6PSF-b 080322
Deferred 6PSF-b (s) 081622

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NOW, THEREFORE, BE IT ORDAINED AND ENACTED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (NOT LESS THAN TWO-THIRDS OF ALL THE MEMBERS THEREOF AFFIRMATIVELY CONCURRING), THAT:

SECTION 1. The improvements described in Section 3 of this Bond Ordinance are hereby authorized to be undertaken by the Joint Meeting of Essex and Union Counties (the "Joint Meeting") on behalf of the City of Newark, in the County of Essex, State of New Jersey (the "Local Unit"), which Local Unit is a member of the Joint Meeting, as general capital improvements. For the said improvements stated in Section 3, there is hereby appropriated the aggregate sum of $4,140,000.00. Pursuant to the provisions of N.J.S.A. 40A:2-11(c) of the Local Bond Law, N.J.S.A. 40A:2-1 et seq., as amended and supplemented (the "Local Bond Law"), no down payment is required as this Bond Ordinance authorizes bonds and notes to finance environmental infrastructure projects of the Joint Meeting, which are funded by loans from the New Jersey Infrastructure Bank (the "I-Bank") and the State of New Jersey, acting by or through the Department of Environmental Protection.

SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet the $4,140,000.00 appropriation, negotiable bonds of the Local Unit are hereby authorized to be issued in the principal amount of $4,140,000.00 pursuant to, and within all limitations prescribed by, the Local Bond Law. In anticipation of the issuance of said bon...

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