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: $30,582,031.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE CIRCULATION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE RENEWAL AND NEGOTIATED SALE OF SCHOOL PROMISSORY NOTES, SERIES 2018A OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE AGREEMENT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on August 3, 2017 the principal amount of $30,582,031.00, School Promissory Notes, Series 2017A maturing on August 2, 2018 (the "Prior Notes"); and
WHEREAS, the City's Director of the Department of Finance/Chief Financial Officer and Business Administrator are desirous of issuing and selling School Promissory Notes, Series 2018A, in the aggregate principal amount of not to exceed $30,582,031.00 to refinance the outstanding Prior Notes and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the "Local Bond Law") and the Ordinance, as defined below (the "2018 Notes"); and
WHEREAS, in anticipation of the issuance and sale of the Series 2018 Notes, the City expects to receive an offer to purchase the Series 2018 Notes from the underwriter designated by the City (the "Underwriter") upon such negotiated terms and conditions as set forth in a note purchase agreement (the "Note Purchase Agreement") by and ...
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