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File #: 22-1612    Version: 1 Name: Resolution: Application to Local Finance Board to approve Maturity Schedule
Type: Resolution Status: Adopted
File created: 11/1/2022 In control: Finance
On agenda: 11/14/2022 Final action: 11/14/2022
Title: Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Application to the Local Finance Board for approval of maturity schedule for qualified bonds. Name of Project(s): Various Capital Improvement Projects Amount to be Financed: $35,608,000.00 Funding Source: Bonds Local Finance Board meeting date(s): December 14, 2022 Project Information: (Description/ Project No./ Amount Appropriated/Ordinance No.) RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD TO APPROVE A MATURITY SCHEDULE FOR QUALIFIED BONDS. Additional Information: To permanently finance bond anticipation notes.
Sponsors: Council of the Whole
Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Local Finance Board for approval of maturity schedule for qualified bonds.
Name of Project(s): Various Capital Improvement Projects
Amount to be Financed: $35,608,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): December 14, 2022
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD TO APPROVE A MATURITY SCHEDULE FOR QUALIFIED BONDS.
Additional Information:
To permanently finance bond anticipation notes.
body

WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board (the "LFB") for the approval of the maturity schedule for qualified bonds pursuant to the provisions of N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act for certain bond ordinances previously adopted; and

WHEREAS, the City believes:

(a) it is in the public interest to accomplish such purpose; and

(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City; and

(c) the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and

(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City.

NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:

1. The Municipal Council hereby determines that the maturity schedules heretofore approved by the Local Finan...

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