Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Notes
Purpose: Approving official statement and disclosure agreement for sale
of tax appeal refunding notes, special emergency notes and refunding notes
Amount to be Financed: $14,539,500.00 and $33,440.00.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
Tax Appeal Refunding Notes, Special Emergency Notes and Refunding Notes and Bond Anticipation Notes.
Additional Information:
Rollover of existing Notes related to Tax Appeals, Special Emergencies related to Super Storm Sandy and Refunding of previous Notes in the amount of $14,539,500.00 and Bond Anticipation Notes in an Aggregate amount not to exceed $33,440,000.00 in the event certain maturing notes are not permanently financed. The total Bond Issue would then be $47,979,500.00 if Bond Anticipation Notes are included.
Invitation: Director of Finance, December 3, 2013
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City"), has previously adopted the following ordinances which authorized the issuance of tax appeal refunding notes of the City: Ordinance No. 6PS&FA(S-1) finally adopted by the Municipal Council of the City on December 9, 2008 and Ordinance No. 6PSF-d112211 finally adopted by the Municipal Council of the City on November 22, 2011 (collectively, the "TARN Ordinances"); and
WHEREAS, the Municipal Council of the City has previously adopted the following ordinance and resolution which authorized the issuance of special emergency notes of the City: Ordinance No. 6PSF-g060211 finally adopted by the Municipal Council of the City on June 2, 2011; and Resolution No. 7R1-j 090811 adopted by the Municipal Council of the City on September 8, 2011 (collectively, the "SEN Legislation"); and
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