Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for Small Diameter Sewer Project
Amount to be Financed: $20,547,036.00
Source of Appropriation: New Jersey Infrastructure Bank
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING THE FORM AND OTHER DETAILS OF NOT EXCEEDING $20,547,036.00 QULAIFIED BONDS OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AND PROVIDING FOR THEIR SALE TO THE NEW JERSEY INFRASTRUCTRE BANK AND THE STATE OF NEW JERSEY, ACTING BY AND THROUGH THE DEPARTMENT OF ENVIRONMENTAL PROTECTION, PURSUANT TO THE STATE FISCAL YEAR 2024 NEW JERSEY WATER BANK FINANCING PROGRAM FOR FUNDING THE CITY'S SMALL DIAMETER SEWER EVALUATION AND REHABILITATION PROJECT.
Additional Information:
To permanently finance temporary construction loans through the NJIB.
body
WHEREAS, the City of Newark (the "Local Unit"), in the County of Essex, New Jersey, determined that there existed a need within the Local Unit for the City's Small Diameter Sewers Evaluation and Rehabilitation project (the "Project"), as said Project is more particularly defined in each of that certain Loan Agreement (the "I-Bank Loan Agreement") to be entered into by and between the Local Unit and the New Jersey Infrastructure Bank (the "I-Bank") and that certain Loan Agreement (the "Fund Loan Agreement", and together with the I-Bank Loan Agreement, the "Loan Agreements") to be entered into by and between the Local Unit and the State of New Jersey, acting by and through the New Jersey Department of Environmental Protection (the "State"), all pursuant to the State Fiscal Year 2024 New Jersey Water Bank Financing Program (the "Program"); and
WHEREAS, the Local Unit has determined to permanently finance the acquisition, construction, renovation or installation of the Project with the...
Click here for full text