Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $33,951,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE "CITY") AUTHORIZING AND APPROVING (A) THE SALE AND ISSUANCE OF GENERAL CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2025E (TAX-EXEMPT) OF THE CITY, (B) THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION THEREWITH, (C) THE ENTERING INTO AND EXECUTION OF A CONTINUING DISCLOSURE CERTIFICATE WITH RESPECT TO SAID NOTES, AND (D) CITY OFFICIALS TO UNDERTAKE OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City"), has heretofore issued $30,674,000.00 General Capital Improvement Bond Anticipation Notes, Series 2024C (Tax-Exempt) (the "Prior Notes") and $2,535,000.00 Special Emergency Notes, Series 2024D (Federally Taxable) (the "Prior SEN Notes") on September 26, 2024, which Prior Notes and Prior SEN Notes mature on September 25, 2025; and
WHEREAS, the Prior Notes were issued to currently refund a portion of the City's $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2023B (the "Series 2023B BAN Notes") (a $954,000.00 principal portion of the Series 2023B BAN Notes was paid by the City with a 2024 budget appropriation), which Series 2023B BAN Notes were issued to currently refund the City's General Capital Improvement Bond Anticipation Notes, Series 2022D (the "Series 2022D BAN Notes"), which Series 2022D BAN Notes were issued to currently refund a portion of the City's General Capital Improvement Bond Anticipa...
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