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BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, ON BEHALF OF THE STATE-OPERATED SCHOOL DISTRICT OF THE CITY OF NEWARK, PROVIDING FOR VARIOUS SCHOOL CAPITAL PROJECTS AND APPROPRIATING $30,582,031.00 THEREFOR, AND PROVIDING FOR THE ISSUANCE OF $30,582,031.00 OF SCHOOL QUALIFIED BONDS OR NOTES OF THE CITY OF NEWARK TO FINANCE THE COSTS THEREOF
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WHEREAS, the State-Operated School District of the City of Newark in the County of Essex (the "City") is a legally constituted school district and corporate entity under the laws of the State of New Jersey (the "School District") and currently organized pursuant to the provisions of the Public Laws of 1987, Chapter 399, N.J.S.A. 18A:7A-34 et seq. (the "State Take-Over Act"); and
WHEREAS, the State Take-Over Act requires the School District to submit its capital financing proposals to the Capital Projects Control Board to review the financing of any capital project proposed by the State District Superintendent of the School District; and
WHEREAS, the Capital Projects Control Board met several times to discuss the financing of various capital improvements to be undertaken by the School District in conjunction with the New Jersey Schools Construction Corporation, pursuant to the requirements of the Educational Facilities Construction and Financing Act, N.J.S.A. 18A:7G-1 et seq. (the "Facilities Act"); and
WHEREAS, the State Take-Over Act requires the Municipal Council of the City of Newark in the County of Essex, New Jersey (the "Council") to issue bonds or notes pursuant to the provisions of the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law") and the School Qualified Bond Act, N.J.S.A. 18A:24-85 et seq. (the "School Qualified Bond Act" and together with the Local Bond Law, the "Acts") to finance the school capital projects set forth in Section 3 hereof (the "School Projects") in an amount not to exceed $30,582,031.00; and
WHEREAS, a copy of the resolu...
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