Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $56,673,000.00
Source of Appropriation: Bonds
Purchaser:
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
Permanent Financing of Bond Anticipation Notes
Additional Information:
body
RESOLUTION OF THE CITY OF NEWARK PROVIDING FOR A SINGLE AND COMBINED ISSUE OF QUALIFIED GENERAL IMPROVEMENT BONDS AND AN ISSUE OF QUALIFIED SCHOOL BONDS; AUTHORIZING THE SALE OF $51,553,000 PRINCIPAL AMOUNT OF QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES 2015A AND $5,120,000 PRINCIPAL AMOUNT OF QUALIFIED SCHOOL BONDS, SERIES 2015B; AUTHORIZING ADVERTISEMENT OF A NOTICE OF SALE; AUTHORIZING THE ACTING CHIEF FINANCIAL OFFICER TO SELL AND AWARD THE BONDS; DETERMINING THE FORM AND OTHER DETAILS OF THE BONDS; AND AUTHORIZING OTHER MATTERS RELATING THERETO
WHEREAS, the City of Newark, in the County of Essex , New Jersey (the "City"), has adopted the Bond Ordinances listed on the attached Appendix A-1 and Appendix A-2 (collectively, the "Bond Ordinances") authorizing the issuance of obligations of the City for the purpose of financing the various general capital and school projects described in the Bond Ordinances; and
WHEREAS, the Municipal Council has determined to finance permanently a portion of the costs of (a) the general capital projects by the issuance of $51,553,000 principal amount of Qualified General Improvement Bonds, Series 2015A pursuant to the Bond Ordinances listed in Appendix A-1 and (b) the school projects by the issuance of $5,120,000 principal amount of Qualified School Bonds, Series 2015B pursuant to the Bond Ordinance listed in Appendix A-2; and
WHEREAS, in accordance with the Municipal Qualified Bond Act (N.J.S.A. 40A:3-1 et seq.), on April 22, 2015, the Local Finance Board in the Divisi...
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