24-0294
Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Approving loan and escrow agreements for Small Diameter Sewers 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 AUTHORIZING THE EXECUTION AND DELIVERY OF LOAN AGREEMENTS TO BE EXECUTED BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AND EACH OF THE NEW JERSEY INFRASTRUCTURE BANK AND THE STATE OF NEW JERSEY, ACTING BY AND THROUGH THE DEPARTMENT OF ENVIRONMENTAL PROTECTION, AND FURTHER AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT, ALL PURSUANT TO THE STATE FISCAL YEAR 2024 WATER BANK FINANCING PROGRAM FOR FUNDING THE CITY’S SMALL DIAMETER SEWERS EVALUATION AND REHABILITATION PROJECT. Additional Information: To permanently finance interim construction loan financing through NJIB Bonds.
- Committee
- Finance
- Introduced
- February 28, 2024
- On agenda
- March 6, 2024
- Passed
- March 6, 2024