Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond refunding
Name of Project(s): NHA Housing Authority - Marine Terminal
Amount to be Financed: $60,315,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): November 9, 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 transaction must be completed prior to January 1, 2017 in order for there to be a net savings with the sale of refunding bonds.
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WHEREAS, in 2004, the Newark Housing Authority (the "Housing Authority") issued $200,420,000.00, Port Authority-Port Newark Marine Terminal Additional Rent Backed Bonds, Series 2004 (City of Newark Redevelopment Projects) (the "2004 Bonds"). To secure repayment of the 2004 Bonds issued by the Housing Authority, the City of Newark (the "City") pledged and assigned Annual Payments received from the Port Authority of New York and New Jersey pursuant to a Supplemental Lease Agreement dated October 31, 2002, to the Housing Authority pursuant to a Service Agreement between the City and the Housing Authority, as amended. On February 14, 2007, the Housing Authority issued $168,320,000.00, principal amount of Port Authority-Port Newark Marine Additional Rent Backed Refunding Bonds, Series 2007 to advance refund all or a portion of the Series 2004 maturing on and after January 1, 2014 (the "2007 Bonds") pursuant to a Supplemental Trust Indenture and Amended Service Agreement; and
WHEREAS, the Housing Authority now intends to issue 2016 Refunding Bonds (the "Refunding Bonds") to, inter alia, refund a portio...
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