Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $36,698,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Competitive Bidding
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF $31,628,000.00 PRINCIPAL AMOUNT OF GENERAL CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2023B AND $5,070,000.00 PRINCIPAL AMOUNT OF SPECIAL EMERGENCY NOTES, SERIES 2023C (FEDERALLY TAXABLE) OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on September 30, 2022, $39,233,000.00 of its General Obligation Notes, Series 2022, consisting of $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2022D, and $7,605,000.00 Special Emergency Notes, Series 2022F (Federally Taxable), maturing September 29, 2023 (collectively, the "Prior Notes"); and
WHEREAS, the City's Acting Director of Finance/Chief Financial Officer is desirous of selling and issuing $36,698,000.00 principal amount of the Issuer's General Obligation Notes, Series 2023, consisting of $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2023B (the "Series 2023B Notes"), and $5,070,000.00 Special Emergency Notes, Series 2023C (Federally Taxable) (the "Series 2023C Notes" and, collectively with the Series 2023B Notes, the "Series 2023 Notes") to refund, together with budgetary appropriations of the City, the Prior Notes, all pursuant to the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"), the Local Budget Law, N.J.S.A. 40A:4-1 et seq. (the "Local Budget Law"), the Ordinances (as def...
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