Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $31,000,000.00
Source of Appropriation: Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $31,000,000.00 AGGREGATE PRINCIPAL AMOUNT OF QUALIFIED GENERAL OBLIGATION REFUNDING BONDS, CONSISTING OF (A) NOT TO EXCEED $29,000,000.00 QUALIFIED GENERAL IMPROVEMENT REFUNDING BONDS, SERIES 2025A AND (B) NOT TO EXCEED $2,000,000.00 QUALIFIED SCHOOL REFUNDING BONDS, SERIES 2025B OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE "CITY") PURSUANT TO THE PROVISIONS OF THE MUNICIPAL QUALIFIED BOND ACT OF THE CITY, AUTHORIZED BY A REFUNDING BOND ORDINANCE FINALLY ADOPTED BY THE MUNICIPAL COUNCIL OF THE CITY ON DECEMBER 18, 2024, TO REFUND CERTAIN OUTSTANDING BONDS OF THE CITY ISSUED IN 2015, AND PROVIDING FOR THE FORM AND OTHER DETAILS WITH RESPECT TO THE SALE AND ISSUANCE OF SAID REFUNDING BONDS
Additional Information:
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WHEREAS, pursuant to the provisions of the Local Bond Law of the State of New Jersey, N.J.S.A. 40A:2-1 et seq., as amended and supplemented (the "Local Bond Law"), and in the case of the hereinafter defined 2015B Bonds, the provisions of Title 18A, Education, of the New Jersey Statutes (the "School Law"), including, specifically N.J.S.A. 18A:7A-46.3 and N.J.S.A. 18A:7A-46.4, the City of Newark, in the County of Essex, State of New Jersey (the "City") previously issued $56,673,000.00 General Obligation Bonds on June 23, 2015, consisting of (i) $51,553,000.00 Qualified General Improvement Bonds, Series 2015A (Qualified under the Municipal Qualified Bond Act) (the "2015A Bonds") and (ii) $5,120,000.00 Qualified School Bonds, Series 2015B (Qualified under the Municipal Quali...
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