7R6-b(s)
Action: ( X ) Ratifying ( X ) Authorizing ( ) Amending
Type of Service: Loan Agreement
Purpose: To authorize the execution of the CY 2024 Transitional Aid (TA)
Loan Agreement, as amended, and to provide for additional loan support
for CY 2025
Entity Name: State of New Jersey, Department of Community Affairs,
Division of Local Government Services
Entity Address: 101 South Broad Street, 2nd Floor, P.O. Box 803,
Trenton, New Jersey 08625-0803
Loan Amount: $22,000,000.00 (CY 2024) and $30,000,000.00 (CY
2025
Contract Period: Effective June 28, 2024 through September 30, 2031,
and subject to terms of repayment as set forth in the Agreement
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
This resolution reflects amendments to the CY 2024 Transitional Aid Loan
Agreement extending the repayment period and establishes the terms of a
new $30,000,000 Transitional Aid Loan for CY 2025.
7R8
Municipal Council and City Clerk
7R8-a(s)
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Municipal Budget for the City of Newark,
New Jersey
Purpose: Introduction
Amount: $970,180,790.27
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
The Public Hearing will be held after September 24, 2025.
COMMUNICATIONS
8-a(s)
ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF
ESSEX, STATE OF NEW JERSEY, AUTHORIZING SPECIAL
EMERGENCY APPROPRIATION PURSUANT TO THE PROVISIONS
OF N.J.S.A. 40A:4-53 TO FUND CONTRACTUALLY REQUIRED
SEVERANCE LIABILITIES.
A
ADJOURNMENT