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BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE CITY OF NEWARK'S CAPITAL CONTRIBUTION TO THE JOINT MEETING OF ESSEX AND UNION COUNTIES AND APPROPRIATING $1,200,000.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $1,200,000.00 IN BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE SAME.
Sponsors: Chaneyfield Jenkins/ Crump
Deferred 6PSF-f 010715
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BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:
Section 1. The improvement and purpose described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City") as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the sum of money therein stated as the appropriation made for the improvement or purpose, such sum amounting to $1,200,000. No down payment is required in connection with the authorization of bonds and notes pursuant to N.J.S.A. 40A:2-11(c) as this bond ordinance authorizes obligations in accordance with N.J.S.A. 40A:2-7(d).
Section 2. In order to finance the cost of the improvement or purpose provided for hereunder, negotiable bonds of the City are hereby authorized to be issued in the principal amount of $1,200,000 pursuant to the Local Bond Law. In anticipation of the issuance of said bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Each bond anticipation note issued pursuant to this Bond Ordinance shall be dated on or about the date of its issuance and shall be payable not more than one year from its date, shall bear interest at a rate per annum as may be hereafter determined within the limitations prescribed by law and may be renewed from time to t...
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