AN ACT TO AMEND THE NEWARK CITY CHARTER RELATING TO THE CITY’S ABILITY TO BORROW MONEY AND INCUR INDEBTEDNESS.

This Act amends the City of Newark Charter. Specifically, this Act increases the amount the City can borrow for municipal improvements that are directly assessed against adjoining owners of property from $500,000 to $1,000,000. This Act also exempts any short or long-term debt incurred from receipt of government revolving loan funds from the special referendum requirements set forth in the City Charter. This would allow Council to approve such borrowing directly and would eliminate the cost and time associated with holding a referendum.