Title
REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE REFUNDING OF QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES 2010A, APPROPRIATING AN AMOUNT NOT TO EXCEED $88,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $88,000,000.00 GENERAL IMPROVEMENT REFUNDING BONDS, SERIES 2020 OF THE CITY FOR FINANCING THE COST THEREOF.
Deferred 6PSF-L 080719
Deferred 6PSF-a (s) 082019
Deferred 6PSF-f 090519
Deferred 6PSF-c 091819
Deferred 6PSF-c 100219
Deferred 6PSF-c 101619
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WHEREAS, on June 16, 2010, the City of Newark, in the County of Essex, New Jersey issued Qualified General Improvement Bonds, Series 2010A in the aggregate principal amount of $120,670,000.00 (the "Series 2010A Bonds"); and
WHEREAS, the Series 2010A Bonds maturing on or after October 1, 2021, to and including 2028, in the amount of $83,170,000.00 (the "Series 2010A Bonds to be Refunded") are subject to redemption on or after October 1, 2020, by the City, in whole at any time or in part from time to time, at the redemption price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption; and
WHEREAS, the City is desirous of issuing general improvement refunding bonds in an amount not to exceed $88,000,000.00 to refund the Series 2010A Bonds to be Refunded.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Pursuant to the provisions of N.J.S.A. 40A:2-51(a), the City of Newark, in the County of Essex, New Jersey (the "City"), is hereby authorized to refund all or a portion of the City's $83,170,000.00 Qualified General Improvement Bonds, Series 2010A dated June 16, 2010, maturing on or after each October 1, 2021, to and including 2028 (the "Series 2010A Bonds to be Refunded"), such bonds being subject to optional redemption prior to maturity on or after October 1, 2020, as a whole or in part from time to time, at...
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