Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $7,875,000.00
Source of Appropriation: Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE AND ISSUANCE NOT TO EXCEED $7,875,000.00 IN AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES 2021 OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
This resolution will allow the City of Newark to rollover the maturing $5.5 Million notes sold to re-acquire properties from the Essex County Improvement Authority, as well as fund Capital Improvements.
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WHEREAS, the Municipal Council adopted bond ordinance 6PSF-a(s) on November 27, 2018 and resolution 7R4-b adopted on February 6, 2019, which authorized the original issuance of bonds or notes of the City to finance the acquisition of sixteen (16) properties (land, buildings and improvements)("ECIA Properties") from the Essex County Improvement Authority (the "ECIA Ordinance"); and
WHEREAS, in February 2019, the City issued its General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition), Series 2019 in an aggregate principal amount not to exceed $5,500,000.00 (the "2019 Notes") under the ECIA Ordinance for the purpose of providing for a portion of the costs of acquiring the ECIA Properties as described in the ECIA Ordinance, and paying costs of issuance with respect thereto; and
WHEREAS, the City renewed such 2019 Notes on February 26, 2020 (the "2020 Notes") and such 2020 Notes mature February 24, 2021; and
WHEREAS, the City adopted bond ordinance 6PSF-b on November 5, 2020, which bond ordinance authori...
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