Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $11,741,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser:
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF NOT TO EXCEED $11,741,000.00, AGGREGATE PRINCIPAL AMOUNT OF TAX APPEAL REFUNDING NOTES AND REFUNDING NOTES OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
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WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City"), has previously adopted the following ordinances which authorized the issuance of tax appeal refunding notes of the City: Ordinance 6PS&Fa(S-1) finally adopted by the Municipal Council on December 9, 2008, Ordinance 6PSF-d finally adopted by the Municipal Council on November 22, 2011, Ordinance 6PSF-e finally adopted by the Municipal Council on October 15, 2014 and Ordinance 6PSF-d finally adopted by the Municipal Council on October 21, 2015 (collectively, the "TARN Ordinances"); and
WHEREAS, the Municipal Council of the City has previously adopted the following ordinance which authorized the issuance of refunding notes of the City: Ordinance 6PFSF-d(S) finally adopted by the Municipal Council on July 23, 2013 (the "Refunding Ordinance"); and
WHEREAS, the City intends to issue its Tax Appeal Refunding Notes in one or more series, and on a tax-exempt and/or taxable basis in an aggregate amount not to exceed $10,548,000.00 (collectively, the "2016 TARNS" or "Series 2016B Notes") under the TARN Ordinances for the purpose of (i) refunding a portion of the City's $13,833,000.00 Tax Appeal Refunding Notes, Series 2015B, which were issued on December...
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