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Council reviews multiple capital appropriations; officials cite New Jersey Infrastructure Bank financing and unknown principal forgiveness amounts
Summary
Directors briefed the council on multiple capital ordinances that would use New Jersey Infrastructure Bank financing, including Resilient Hope ($4.5M), Pequonic Water Treatment Plant filters ($15M appropriation within a larger financing plan), Green parks ($4.05M) and Green Street projects ($6.5M).
The Newark Municipal Council reviewed multiple ordinances authorizing capital projects and temporary construction financing, several of which will be financed through the New Jersey Infrastructure Bank (NJIB).
Benjamin Guzman, Director of Finance, said the Resilient Hope project has received Local Finance Board authorization and is ready to proceed; the ordinance appropriates $4,500,000. Guzman and other staff also described a proposed ordinance to appropriate…
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