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: $35,940,000.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF NOT TO EXCEED $35,940,000.00 PRINCIPAL AMOUNT OF BOND ANTICIPATION NOTES, SERIES 2025F AND 2025G OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY
Additional Information:
body
WHEREAS, the Director of Finance/Chief Financial Officer of City of Newark, in the County of Essex, New Jersey (the "City"), is desirous of selling and issuing up to $35,940,000.00 principal amount of the Issuer's Bond Anticipation Notes, consisting of up to $31,730,000.00 General Capital Improvement Bond Anticipation Notes, Series 2025F (the "Series 2025F Notes"), and up to $4,210,000.00 Bond Anticipation Notes, Series 2025G (Resilient Hope Project) (the "Series 2025G Notes" and, collectively with the Series 2025F Notes, the "Series 2025 Notes"), all pursuant to the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"), the Ordinances (as defined below) and this resolution; and
WHEREAS, the Series 2025 Notes are authorized to be issued pursuant to the following ordinances of the City: (i) in the case of the Series 2025F Notes, Bond Ordinance 6PSF-b September 17, 2025 finally adopted by the Municipal Council of the City on September 17, 2025 ("Ordinance 6PSF-b "), and (ii) in the case of the Series 2025G Notes, Ordinance 6PSF-a finally adopted by the Municipal Council of the City on September 17, 2025 ("Ordinance 6PSF-a September 17, 2025" and, collectively with Ordinance 6PSF-b September 17, 2025, the "Ordinances"), approved and published as requi...
Click here for full text