Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $5,100,000.00
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 CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2025A (ECIA PROPERTY ACQUISITION) (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 TAXABLE 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 $5,200,000.00 General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition) (Federally Taxable), Series 2024A (the "Prior Taxable Notes") on February 15, 2024, which Prior Taxable Notes mature on February 14, 2025; and
WHEREAS, the Prior Taxable Notes were issued to currently refund a portion of the City's General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition) (Federally Taxable), Series 2023A and to pay costs associated with the issuance of the Prior Taxable Notes, which Prior Taxable Notes were originally issued on February 28, 2019 to refinance the acquisition of title to several properties and buildings, including the improvements thereon, owned by the Essex County Improvement Authority, and to pay certain costs and expenses incidental to the issuance and delivery of such notes; a...
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