Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond sale
Name of Project(s): Various
Amount to be Financed: $48,607,000.00
Funding Source: Bonds/Capital
Local Finance Board meeting date(s): November 13, 2013
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
To permanently finance Bond Anticipation Notes
Additional Information:
No Action Taken 7R5-a (as) 102313
body
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD; PURSUANT TO N.J.S.A. 40A:3-4, N.J.S.A. 40A:3-11 AND N.J.S.A. 40A:2-26(e).
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City") desires to make application to the Local Finance Board for (i) its approval of the proposed maturity schedules for one or more series of Bonds to be issued under one or more bond ordinances (the "Ordinances") heretofore adopted by the City, in the form of "qualified bonds" under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "MQBA"), and (ii) its approval of non-conforming maturity schedules for such Bonds pursuant to N.J.S.A. 40A:2-26(e), all in connection with a proposed issuance of not to exceed $48,607,000.00 in Qualified General Improvement Bonds; and
WHEREAS, in connection with various previous applications by the City to the Local Finance Board (including specifically its applications in connection with certain bonds and refunding bonds issued under the MQBA, and the School Qualified Bond Act, N.J.S.A. 18A:24-85 et seq.,) the Local Finance Board has heretofore conditioned its approvals upon the undertaking by the City that, for the duration of such bond issues, all future capital authorizations shall require approval from the Local Finance Board; and
WHEREAS,...
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