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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING THE PROVISION OF A SUBSIDY BY THE CITY TO: (A) FUND DEFICIENCIES IN A DEBT SERVICE RESERVE FUND ESTABLISHED FOR AN AMOUNT NOT TO EXCEED $110,000,000.00 MASS TRANSIT ACCESS TAX REVENUE BONDS (MULBERRY PEDESTRIAN BRIDGE REDEVELOPMENT PROJECT) (CITY SECURED) ISSUED TO FINANCE PROJECT COSTS FOR THE MULBERRY PEDESTRIAN BRIDGE REDEVELOPMENT PROJECT; AND (B) PAY THE PRINCIPAL OF AND INTEREST ON AN AMOUNT NOT TO EXCEED $15,000,000.00 OF PROJECT NOTES WHEN DUE AND OWING ISSUED TO PROVIDE FUNDS TO PAY PRELIMINARY AND SOFT COSTS FOR SUCH PROJECT, TO PROVIDE ADDITIONAL SECURITY THEREFOR, AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE SUBSIDY AGREEMENTS IN CONNECTION THEREWITH.
Deferred 6PSF-b 100621
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WHEREAS, the Local Redevelopment and Housing Law of the State of New Jersey, N.J.S.A. 40A:12A-1 et seq. (the "Act" or "Redevelopment Law") authorizes municipalities to determine whether certain parcels of land located in the municipality constitute areas in need of redevelopment; and
WHEREAS, the Act confers certain contract, planning and financial powers upon a redevelopment entity, as defined in Section 3 of the Act, in order to implement redevelopment plans adopted pursuant thereto; and
WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") has elected to exercise these redevelopment entity powers directly, as permitted by Section 4 of the Act; and
WHEREAS, the City's Municipal Council by the adoption of ordinances has approved redevelopment plans, including the Downtown Core Redevelopment Plan, as amended and the Living Downtown Redevelopment Plan, as amended (collectively, the "Redevelopment Plan"), which include all or a portion of the Mulberry Pedestrian Bridge Project (the "Redevelopment Project"); and
WHEREAS, the cost of the Redevelopment Project is approximatel...
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