Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $7,775,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser:
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE AND ISSUANCE NOT TO EXCEED $7,775,000.00 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES 2022, OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
These Bond Anticipation Notes are being sold to pay the notes that mature on February 22, 2022.
There will be a principal pay-down of $100,000.00.
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City"), adopted bond ordinance number 6PSF-a(S) on November 27, 2018, and Resolution 7R4-b adopted by the City on February 6, 2019, which authorized the original issuance of bonds or notes of the City to finance the acquisition of sixteen (16) properties (land, buildings and improvements) from the Essex County Improvement Authority (the "ECIA Ordinance"); and
WHEREAS, in February 2019, the City issued its General Capital Improvement Bond Anticipation Notes (ECIA Property Acquisition), Series 2019 in an aggregate principal amount not to exceed $5,500,000.00 (the "2019 Notes"), under the ECIA Ordinance for the purpose of providing for a portion of the costs of acquiring the ECIA Properties as described in the ECIA Ordinance, and paying costs of issuance with respect thereto; and
WHEREAS, the City renewed such 2019 Notes on February 26, 2020 and again on February 23, 2021 the "Series 2021A Notes; and
WHEREAS, such Series 2021A Notes issued on February 23, 2021 mature on February 22, 2022; and
WHEREA...
Click here for full text