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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