Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $50,800,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE "CITY") AUTHORIZING AND APPROVING (A) THE SALE AND ISSUANCE OF GENERAL OBLIGATION NOTES, SERIES 2026, CONSISTING OF (I) BOND ANTICIPATION NOTES, SERIES 2026C (NHA AFFORDABLE HOUSING LOANS) (TAX-EXEMPT), (II) SPECIAL EMERGENCY NOTES, SERIES 2026D (TAX-EXEMPT), (III) BOND ANTICIPATION NOTES, SERIES 2026E (PATH HOME PROGRAM) (TAX-EXEMPT), AND (IV) SPECIAL EMERGENCY NOTES, SERIES 2025F (FEDERALLY TAXABLE) OF THE CITY, (B) THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION THEREWITH, (C) THE ENTERING INTO AND EXECUTION OF A CONTINUING DISCLOSURE CERTIFICATE IN CONNECTION THEREWITH, AND (D) CITY OFFICIALS TO UNDERTAKE OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City"), (a) has heretofore issued (i) $20,000,000.00 Bond Anticipation Notes, Series 2025B (NHA Affordable Housing Loans) (the "Prior NHA BAN Notes") on May 8, 2025, which Prior NHA BAN Notes mature on May 7, 2026, (ii) $6,000,000.00 Special Emergency Notes, Series 2025D (the "Prior SEN Notes") on June 4, 2025, which Prior SEN Notes mature on June 3, 2026, and (iii) $6,000,000.00 Bond Anticipation Notes, Series 2025C (Path Home Program) (the "Prior Path Home BAN Notes" and together with the Prior NHA BAN Notes, the "Prior BAN Notes") on June 4, 2025, which Prior Path Home BAN Notes mature on June 3, 2026 (the Prior BAN Notes together w...
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