Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Pequannock Aqueduct Rehabilitation
Amount to be Financed: $22,000,000.00
Funding Source: New Jersey Infrastructure Bank (NJIB)
Local Finance Board meeting date(s):
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 APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A 40A:3-4 IN CONNECTION WITH THE CITY'S NJIB REHABILITATION OF PEQUANNOCK AQUEDUCTS PROJECT.
Additional Information:
Rehabilitation of a Portion of the Pequannock Aqueduct
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board for the Board's approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of the bonds as qualified bonds, pertaining to the City's adoption of a bond ordinance appropriating $22,000,000.00 and providing for the issuance of $22,000,000.00 in bonds or notes for the City's Rehabilitation of Pequannock Aqueducts Project and to provide for the issuance of not to exceed $22,000,000.00 in qualified bonds to the New Jersey Infrastructure Bank and the State of New Jersey in connection with the permanent financing of said Rehabilitation of Pequannock Aqueducts Project; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of the of the City;
(c) the amounts to be expended for said purposes or improvements are not unreasonable or exo...
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