Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $18,000,000.00
Source of Appropriation: Redevelopment Area Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF REDEVELOPMENT AREA BONDS (777 MCCARTER URBAN RENEWAL, LLC PROJECT, SERIES 2023) (FEDERALLY TAXABLE, NON-RECOURSE) OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE FORM, MATURITIES AND OTHER DETAILS OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A MASTER TRUST INDENTURE, A FIRST SUPPLEMENTAL INDENTURE, A PLEDGE AND ASSIGNMENT AGREEMENT AND SUCH OTHER DOCUMENTS AND INSTRUMENTS AS NECESSARY FOR THE ISSUANCE OF SAID BONDS.
Additional Information:
body
WHEREAS, on July 14, 2004, the Municipal Council of the City of Newark (the "City") adopted Resolution 7RBA declaring, inter alia, Block 161, Lot 1.02 (the "Property") as an Area in Need of Redevelopment pursuant to the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State and the acts amendatory thereof and supplemental thereto (the "Redevelopment Law", as codified by N.J.S.A. 40A:12A-1 et seq.); and
WHEREAS, on October 6, 2004, the City adopted Ordinance 6PSF-f adopting the Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan ("Redevelopment Plan"), which has been amended from time to time; and
WHEREAS, on October 6, 2004, the City appointed the Housing Authority of the City of Newark (the "Authority") as the redevelopment entity responsible for implementing the Redevelopment Plan and carrying out redevelopment projects pursuant to the Redevelopment Law; and
WHEREAS, on August 5,...
Click here for full text