Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $27,982,031.00
Source of Appropriation: Bond Anticipation Notes
Purchaser:
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE RENEWAL AND NEGOTIATED SALE OF SCHOOL PROMISSORY NOTES, SERIES 2021C OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore originally issued on August 3, 2017 the principal amount of $30,582,031.00 School Promissory Notes, Series 2017A that matured on August 2, 2018 (the "Original Notes"); and
WHEREAS, the Original Notes have been renewed from time to time including $29,282,031.00 principal amount of School Promissory Notes, Series 2020 issued July 28, 2020 and maturing July 27, 2021 (the "2020 Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer (CFO) and Business Administrator are desirous of issuing and selling School Promissory Notes, Series 2021C, in the aggregate principal amount not to exceed $27,982,031.00 (the "Series 2021 Notes" or the "Notes"), to refund the outstanding principal amount of the 2020 Prior Notes (together with a budgetary appropriation of the City in the amount of $1,300,000.00 for the required second pay down) and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the "Local Bond Law") and the Ordinance, as defined below; and
WHEREAS, in anticipation of the issuance and...
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