Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Newark Housing Authority Police Precinct Bonds
Amount to be Financed: $67,000,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): April 13, 2016
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK AUTHORIZING THE SUBMISSION OF A JOINT APPLICATION WITH THE NEWARK HOUSING AUTHORITY TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:5A-6
Additional Information:
This resolution is in conjunction with Legistar File 16-0550 - Ordinance to approve Refunding Bond
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WHEREAS, the Housing Authority of the City of Newark (the "Housing Authority") has undertaken a capital project entailing the acquisition of land located in the South Ward of the City of Newark (the "City") and the construction of a state-of-the-art police facility (the "Project") used, occupied and operated by the Police Department of the City pursuant to a Use, Occupancy and Capital Grant Agreement entered into between the City and the Housing Authority (the "Capital Grant Agreement"); and
WHEREAS, the Housing Authority issued its bonds in 2009 to finance the Project (the "2009 Bonds"), the debt service on such 2009 Bonds being paid for by the City pursuant to the terms of the Capital Grant Agreement; and
WHEREAS, the Housing Authority intends to issue refunding bonds to refinance the outstanding callable 2009 Bonds maturing on or after December 1, 2020 through and including 2038 on December 1, 2019 (the "Housing Authority Refunding Bonds"), and, in connection therewith, to apply to the New Jersey Local Finance Board for various approvals and/or findings in connection therewith; and
WHEREAS, to se...
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