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Type:
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Resolution
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Status:
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Passed
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On agenda:
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1/7/2025
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Final action:
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1/7/2025
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Enactment date:
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1/7/2025
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Enactment #:
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R-25-18
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Title:
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RESOLUTION AUTHORIZING APPROPRIATIONS BETWEEN THE PERIOD OF JANUARY 1, 2025, TO AND ADOPTION OF THE COUNTY OF PASSAIC BUDGET FOR THE PAYMENT OF DEBT SERVICE, PURSUANT TO N.J.S.A. 40A:4-19
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Attachments:
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1. Cover Page
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title
RESOLUTION AUTHORIZING APPROPRIATIONS BETWEEN THE PERIOD OF JANUARY 1, 2025, TO AND ADOPTION OF THE COUNTY OF PASSAIC BUDGET FOR THE PAYMENT OF DEBT SERVICE, PURSUANT TO N.J.S.A. 40A:4-19
body
WHEREAS the County of Passaic (hereafter “County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1, et seq. and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1 the Board of County Commissioners for the County of Passaic (hereafter “Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:4-19, the Board may and, if any contracts, commitments, or payments are to be made prior to the adoption of the budget, by resolution adopted within the first thirty days of the beginning of the fiscal year, make appropriations to provide for the period between the beginning of the fiscal year and the adoption of the budget; and
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:4-19 the Board of County Commissioners of the County of Passaic authorizes the following temporary appropriations for the period beginning January 1, 2025, and the adoption of the County of Passaic Budget for the payment of debt service:
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PAYMENT BOND PRINCIPAL |
45-920 |
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COUNTY COLLEGE BONDS |
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4,400,000.00 |
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STATE AID COLLEGE BONDS |
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2,200,000.00 |
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VOCATIONAL SCHOOL BONDS |
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3,030,000.00 |
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OTHER BONDS |
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19,900,000.00 |
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Total Payment Bond Principal: |
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29,530,000.00 |
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PAYMENT BOND ANTICIPATION NOTES |
45-925 |
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0.00 |
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INTEREST ON BONDS |
45-930 |
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COUNTY COLLEGE BONDS |
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675,000.00 |
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STATE AID COLLEGE BONDS |
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400,000.00 |
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VOCATIONAL SCHOOL BONDS |
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1,200,000.00 |
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OTHER BONDS |
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4,600,000.00 |
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Total Interest On Bonds: |
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6,875,000.00 |
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INTEREST ON NOTES |
45-935 |
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0.00 |
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PASSAIC COUNTY UTILITIES AUTHORITY |
45-936 |
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4,120,000.00 |
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GREEN TRUST LOAN PROGRAM |
45-937 |
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0.00 |
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PCIA LOANS |
45-939 |
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Loan Repayment for Principal and Interest |
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Prosecutor’s Building |
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443,000.00 |
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Preakness Healthcare Center |
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5,400,000.00 |
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Nike Base (DPW Facility) |
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1,375,000.00 |
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Total PCIA Loans: |
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7,218,000.00 |
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TOTAL DEBT SERVICE BUDGET |
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47,743,000.00 |
LET IT BE FURTHER RESOLVED that the Chief Financial Officer, County Administrator, County Counsel, and County Treasurer are authorized to take any and all action to carry out the purposes of this resolution.
RC/md January 7, 2025
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