Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Notes
Purpose: Approving official statement and disclosure agreement for sale
of bond anticipation notes and special emergency notes.
Amount to be Financed: $33,209,000.00
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 CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2024C (TAX-EXEMPT) AND SPECIAL EMERGENCY NOTES, SERIES 2024D (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 WITH RESPECT TO SAID NOTES, 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"), has heretofore issued $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2023B (the "Prior BAN Notes") and $5,070,000.00 Special Emergency Notes, Series 2023C (Federally Taxable) (the "Prior SEN Notes" and together with the Prior BAN Notes, the "Prior Notes") on September 28, 2023, which Prior Notes mature on September 27, 2024; and
WHEREAS, the Prior BAN Notes were issued to currently refund the City's General Capital Improvement Bond Anticipation Notes, Series 2022D (the "Series 2022D BAN Notes"), which Series 2022D BAN Notes were issued to currently refund a portion of the City's General Capital Bond Anticipation Notes, Series 2021E (the "Original BAN Notes"), which Original BAN Notes, along with amounts ...
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