Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for Phase 1 of the City's Lead Service Line Replacement Program
Amount to be Financed: $13,000,000.00
Source of Appropriation: Notes/Bonds
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, DETERMINING THE FORM AND OTHER DETAILS OF ITS NOTES RELATING TO THE CONSTRUCTION FINANCING LOAN PROGRAM OF THE NEW JERSEY INFRASTRUCTURE BANK, TO BE ISSUED IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $13,000,000.00, AND PROVIDING FOR THE ISSUANCE AND SALE OF SUCH NOTES TO THE NEW JERSEY INFRASTRUCTURE BANK, AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH NOTES BY THE CITY OF NEWARK IN FAVOR OF THE NEW JERSEY INFRASTRUCTURE BANK, ALL PURSUANT TO THE NEW JERSEY INFRASTRUCTURE BANK CONSTRUCTION FINANCING PROGRAM AND IN CONNECTION WITH PHASE 1 OF THE CITY'S LEAD SERVICE LINE REPLACEMENT PROGRAM
Additional Information:
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WHEREAS, the City of Newark (the "Local Unit"), in the County of Essex, New Jersey, has determined that there exists a need within the Local Unit to construct Phase 1 of the Local Unit's lead service line replacement project (the "Project"), and it is the desire of the Local Unit to obtain financing for such Project through participation in the environmental infrastructure financing program (the "Environmental Infrastructure Financing Program") of the New Jersey Infrastructure Bank formerly known as the New Jersey Environmental Infrastructure Trust ("I-Bank"); and
WHEREAS, the Local Unit adopted Ordinance 6PSF-d on August 8, 2018, (the "Lead Service Lines Bond Ordinance"), authorizing the Local Unit to issue its bonds and notes in the principal amount of $75,000,000.00, to finance the replacement of lead service lines in the Local Unit; and
WHEREAS, at a hearing of the L...
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