Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $5,300,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF $5,300,000.00 PRINCIPAL AMOUNT OF GENERAL CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES (ECIA PROPERTY ACQUISITION) (FEDERALLY TAXABLE), SERIES 2023A OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
To pay maturing Bond Anticipation Note and renew for one (1) year.
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WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City"), finally adopted bond ordinance number 6PSF-a(S) on November 27, 2018, which authorized the issuance of bonds or notes of the City to finance the acquisition of 16 properties (land, buildings and improvements) from the Essex County Improvement Authority (the "Ordinance"); and
WHEREAS, the City currently has outstanding under the Ordinance $5,400,000.00 of its General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition) (Federally Taxable), Series 2022A, maturing on February 17, 2023 (the "2022A Notes") and the City desires to authorize the issuance of $5,300,000.00 of its General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition) (Federally Taxable), Series 2023A (the "2023A Notes") for the purpose of providing for a portion of the funds necessary to currently refund and pay the 2022A Notes at their maturity; and
WHEREAS, the City has determined to authorize the offering and sale of the 2023A Notes by competitive sale pursuant to the terms and conditions of the attached Notice of Sale (the "Notice of Sale") desc...
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