Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing
Purpose: Resolution of the City of Newark providing for an issue of Qualified General Obligation Open Space Bonds (Riverfront Park) and authorizing the sale of $25,000,000.00 principal amount of Qualified General Obligation Open Space Bonds, Series 2016
Additional Information:
body
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 obligations of the City for the purpose of financing the Riverfront Park Open Space Project (the "Project") described in the Bond Ordinance; and
WHEREAS, the Municipal Council has determined to permanently finance (a) a portion of the costs of the Project through the issuance of $25,000,000 aggregate principal amount of Qualified General Obligation Open Space Bonds, Series 2016 (Riverfront Park) (the "Bonds") pursuant to the Bond Ordinance listed in Appendix A and (b) to pay the costs incurred in connection with the issuance of the Bonds; and
WHEREAS, in accordance with the Municipal Qualified Bond Act (N.J.S.A. 40A:3-1 et seq.), on May 11, 2016, the Local Finance Board in the Division of Local Government Services of the Department of Community Affairs of the State of New Jersey approved adoption of the Bond Ordinance, endorsed its consent upon the Bond Ordinance and approved the issuance of the Bonds as "Qualified Bonds" under said Act; and
WHEREAS, the Municipal Council has determined to proceed with the public sale of said Bonds for the purpose authorized in the Bond Ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY(not less than a majority of the full membership of the Municipal Council affirmatively concurring),THAT...
Click here for full text