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File #: 22-1402    Version: 1 Name: Ordinance: Bond Ordinance - JMEUC
Type: Ordinance Status: Adopted
File created: 9/28/2022 In control: Finance
On agenda: 10/19/2022 Final action: 11/14/2022
Title: A BOND ORDINANCE FUNDING AN EMERGENCY APPROPRIATION PROVIDING FOR THE LOCAL UNIT'S ALLOCABLE SHARE OF THE UNFUNDED PORTION OF PHASE I OF THE FLOOD MITIGATION FACILITIES 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 (THE "LOCAL UNIT"); APPROPRIATING $2,305,000.00 AND AUTHORIZING THE ISSUANCE OF $2,305,000.00 BONDS OR NOTES TO FINANCE THE COST THEREOF. Deferred 6PSF-c 110222
Sponsors: Council of the Whole
Title
A BOND ORDINANCE FUNDING AN EMERGENCY APPROPRIATION PROVIDING FOR THE LOCAL UNIT'S ALLOCABLE SHARE OF THE UNFUNDED PORTION OF PHASE I OF THE FLOOD MITIGATION FACILITIES 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 (THE "LOCAL UNIT"); APPROPRIATING $2,305,000.00 AND AUTHORIZING THE ISSUANCE OF $2,305,000.00 BONDS OR NOTES TO FINANCE THE COST THEREOF.
Deferred 6PSF-c 110222

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NOW, THEREFORE. BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, 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") as general improvements. For the said improvements stated in Section 3, there is hereby appropriated the amount of $2,305,000.00. 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 obligations for environmental infrastructure projects 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 $2,305,000.00 appropriation, negotiable bonds of the Local Unit are hereby authorized to be issued in the principal amount of $2,305,000.00 pursuant to, and within all limitations prescribed by, the Local Bond Law. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Local Unit in a principal amount not exceeding $2,305,000.00 are hereby authorized to be issued pursuant to, and...

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