Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Issuance and sale of redevelopment area bonds
Purpose: Authorizing and providing for the issuance and sale of redevelopment area bonds (PSE&G Project, Series 2017) in the aggregate principal amount not to exceed $25,000,000.00, for the financing of redevelopment projects within the City of Newark pursuant to the Bond Ordinance, this resolution, a Trust Indenture by and between the City and to be determined trustee (the "Trust Indenture"), the Pledge and Assignment Agreement by and between the City and a to be named trustee (the "Pledge Agreement
Additional Information:
Ordinance 6PSF-d adopted on May 18, 2016
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WHEREAS, the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1 et seq.) as amended and supplemented (the "Redevelopment Law") promotes the social and economic improvement of the State and its several municipalities, in part, by providing a process for the redevelopment, rehabilitation and improvement of commercial and industrial facilities; and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment Area Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of 2001 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Bond Law", as codified in N.J.S.A. 40A:12A-64 et seq.), specifically N.J.S.A. 40A:12A-66(a), the City is authorized to provide for tax abatement within a redevelopment area and for payments in lieu of taxes ("PILOTS") in accordance with certain applicable provisions of the Long Term Tax Exemption Law, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplement thereto (the "Long Term Tax Law", as codified in N.J.S.A. 40A:20-1 et seq. and together with the Redevelopment Law and the Redevelopment Bond Law, the "Acts"); and
WHEREAS, pursuan...
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