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REFUNDING BOND ORDINANCE TO FINANCE THE ALLOWABLE COSTS RELATED TO AN ENERGY SAVINGS IMPROVEMENT PROGRAM ("ESIP") UNDERTAKEN IN AND BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $16,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $16,000,000.00 ESIP REFUNDING BONDS OR NOTES OF THE CITY OF NEWARK FOR FINANCING THE COST THEREOF
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NOW THERFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), THAT:
Section 1. The City of Newark, in the County of Essex, New Jersey (the "City"), is hereby authorized to undertake and implement an Energy Savings Improvement Program ("ESIP") pursuant to N.J.S.A. 40A:11-4.6 et seq., to provide certain energy conservation measures and improvements within its existing public facilities and buildings.
Section 2. In order to finance the costs of the Energy Savings Improvement Program, refunding bonds (the "ESIP Refunding Bonds") are hereby authorized to be issued in the aggregate principal amount not to exceed $16,000,000.00 pursuant to N.J.S.A. 40A:11-4.6 (c) (3) and N.J.S.A. 40A:2-52.
Section 3. An aggregate amount not exceeding $800,000.00 to pay the costs of issuing the ESIP Refunding Bonds has been included in the aggregate principal amount of the ESIP Refunding Bonds authorized herein.
Section 4. In anticipation of the issuance of the ESIP Refunding Bonds, negotiable refunding bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. All ESIP refunding bond anticipation notes ("ESIP Notes") issued hereunder shall mature at such times as may be determined by the Chief Financial Officer, provided that no note shall mature later than one year from its date. The ESIP Notes shall bear interest at such rate or rates and be in s...
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