Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $74,476,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE CIRCULATION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE NEGOTIATED SALE AND ISSUANCE OF GENERAL OBLIGATION NOTES, SERIES 2022, OF THE CITY OF NEWARK, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
Authorizing the sale of Notes to "roll-over" maturing Notes previously authorized.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on October 4, 2021, $68,024,550.00 of its General Obligation Notes, Series 2021, consisting of $4,040,000.00 Tax Appeal Refunding Notes, Series 2021D, $53,884,550.00 General Capital Improvement Bond Anticipation Notes, Series 2021E, and $10,140,000.00 Special Emergency Notes, Series 2021F (Federally Taxable), maturing October 5, 2021 (collectively, the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer is desirous of selling and issuing $74,476,000.00 aggregate principal amount of the City's General Obligation Notes, Series 2022, consisting of $33,223,000.00 General Capital Improvement Bond Anticipation Notes, Series 2022C, $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2022D, $2,020,000.00 Tax Appeal Refunding Notes, Series 2022E, and $7,605,000.00 Special Emergency Notes, Series 2022F (Federally Taxable) (collectively, the "Series 2022 Notes") to refund, together with budgetary...
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