Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $30,100,000.00
Source of Appropriation: Bonds/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 REFUNDING NOTES, SERIES 2026B (STATE LOAN REPAYMENT) (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, due to an increase in taxes payable to the County of Essex, New Jersey (the "County"), the City of Newark, in the County of Essex, State of New Jersey (the "City") faced a serious fiscal emergency for its Fiscal Year 2025 budget and requested Fiscal Year 2025 Transitional Aid to Localities ("Transitional Aid") administered by the Division of Local Government Services within the Department of Community Affairs of the State of New Jersey (the "Division"); and
WHEREAS, the Division determined to lend the City $30,000,000.00 in Transitional Aid (the "State Loan") to balance the City's Fiscal Year 2025 budget pursuant to an Amended Loan Agreement between the Division and the City, dated August 11, 2025 (the "Agreement"); and
WHEREAS, pursuant to the terms of the Agreement, the State Loan is due and payable in full to the Division no later than March 3, 2026; and
WHEREAS, the Municipal Council of the City adopted a resolution providing for a $30...
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