Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $51,080,000.00
Source of Appropriation: Bonds
Purchaser: Competitive Bidding
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK PROVIDING FOR A SINGLE ISSUE OF QUALIFIED GENERAL OBLIGATION BONDS; AUTHORIZING THE SALE OF UP TO $51,080,000.00 PRINCIPAL AMOUNT OF QUALIFIED GENERAL OBLIGATION BONDS (ECIA PROPERTY ACQUISITION), SERIES 2019; AUTHORIZING ADVERTISEMENT OF A NOTICE OF SALE; AUTHORIZING THE CHIEF FINANCIAL OFFICER TO SELL AND AWARD THE BONDS; DETERMINING THE FORM AND OTHER DETAILS OF THE BONDS; AND AUTHORIZING OTHER MATTERS RELATING THERETO
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") has adopted the Bond Ordinance listed on the attached Appendix A (the "Bond Ordinance") authorizing the issuance of bonds and/or bond anticipation notes of the City for the purpose of financing the acquisition of 16 properties from the Essex County Improvement Authority as described in the Bond Ordinance (the "Project") and paying costs of issuance related thereto; and
WHEREAS, the City has determined to permanently finance a portion of the costs of the Project undertaken pursuant to the Bond Ordinance through the issuance of not to exceed $51,080,000.00 principal amount of general obligation bonds of the City; and
WHEREAS, the City has determined to finance on a short-term basis a portion of the costs of the Project through the issuance of not to exceed $5,500,000.00 principal amount of general obligation bond anticipation notes of the City, such sale and issuance to be authorized by separate resolution to be adopted by the Municipal Council; and
WHEREAS, the City has determined to proceed with a competitive public...
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