Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Notes
Purpose: Approving official statement and disclosure agreement for sale
of school promissory notes
Amount to be Financed: $30,582,031.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE RENEWAL AND COMPETITIVE SALE OF SCHOOL PROMISSORY NOTES, SERIES 2019 OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTICE OF SALE WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on (i) August 3, 2017 the principal amount of $30,582,031.00 School Promissory Notes, Series 2017A maturing August 2, 2018 (the "Original Notes") and on (ii) August 1, 2018 the $30,582,031.00 principal amount of School Promissory Notes, Series 2018A maturing July 31, 2019 (the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer is desirous of selling and issuing School Promissory Notes, Series 2019, in the aggregate principal amount not to exceed $30,582,031.00 to refinance the outstanding Prior Notes and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the "Local Bond Law") and the Ordinance, as defined below (the "2019 Notes"); and
WHEREAS, the City expects to sell the 2019 Notes on a competitive basis pursuant to a Notice of Sale, the form of which is presented at this meeting and is on file in the Office of the City Clerk and incorporated herein by reference, and City wishes to approve the form of the same; and
WHEREAS, the City inte...
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