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Council pre-meeting previews $30 million emergency appropriation and refunding plan
Summary
City staff told the council a $30 million loan recorded in 2025 requires an emergency temporary appropriation and a refunding-bond ordinance; staff said the city intends to sell assets first but is preparing a borrowing fallback to meet a March 3, 2026 payment date and will seek local finance board approval Feb. 12.
City officials told the Newark Municipal Council at its Jan. 6 pre-meeting that the city must declare an emergency temporary appropriation to account for a $30 million loan and pursue refunding bonds to repay the state.
"The first item ... is for the amount of $30,000,000," Finance Director Guzman said, describing a 2025 loan tied to the county tax levy with a payment date of March 3, 2026. He said the appropriation would allow the city to budget the…
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