Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $15,000,000.00
Source of Appropriation: Bonds/Notes
Purchaser: U.S. Bank National Association
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY ACTING AS REDEVELOPMENT ENTITY AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF MASS TRANSIT ACCESS TAX REVENUE BONDS/PROJECT NOTES (MULBERRY PEDESTRIAN BRIDGE REDEVELOPMENT PROJECT) (CITY SECURED); PROVIDING FOR THE FORM AND OTHER DETAILS OF SAID BONDS/PROJECT NOTES; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE FORMS OF A TRUST INDENTURE AND A PLEDGE AND ASSIGNMENT AGREEMENT; AND DELEGATING THE APPROVAL OF PURCHASE AGREEMENTS AND SUBSIDY AGREEMENTS, AS APPLICABLE.
Additional Information:
These Notes in the amount of $15 Million is part of the total project cost not to exceed $110 Million, as previously authorized.
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WHEREAS, the P.L. 2019, c. 289 specifically N.J.S.A. 40:48C-1.7, et seq., (the "Mass Transit Access Parking Tax Law") authorized municipalities of a certain population to impose a 3.5% tax within such municipality (the "Mass Transit Access Tax") and to use the proceeds therefrom for the exclusive purposes of financing and funding capital improvements for pedestrian access to mass transit stations, See N.J.S.A. 40:48C-1.7(b), (the "Eligible Project"); and
WHEREAS, pursuant to Ordinance 6PSF-e, adopted by the Municipal Council on March 24, 2020 (the "Mass Transit Access Tax Ordinance"), the City of Newark (the "City") of the City has heretofore authorized the imposition of a 3.5% Mass Transit Access Tax on fees generated from the parking, garaging and storing of motor vehicles, subject to certain exemptions and exceptions; and
WHEREA...
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