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 bond anticipation notes and special emergency notes
Amount to be Financed: $32,368,000.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE “CITY”) AUTHORIZING AND APPROVING (A) THE SALE AND ISSUANCE OF GENERAL CAPITAL IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2026G (TAX-EXEMPT) OF THE CITY, (B) THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION THEREWITH, (C) THE ENTERING INTO AND EXECUTION OF A CONTINUING DISCLOSURE CERTIFICATE IN CONNECTION THEREWITH, AND (D) CITY OFFICIALS TO UNDERTAKE OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City"), has heretofore issued $33,951,000.00 General Capital Improvement Bond Anticipation Notes, Series 2025E (Tax-Exempt) (the “Prior Notes”) on September 24, 2025, which Prior Notes mature on September 23, 2026; and
WHEREAS, the Prior Notes were issued to (i) currently refund a portion of the City’s $30,674,000.00 General Capital Improvement Bond Anticipation Notes, Series 2024C (Tax-Exempt) (the “Series 2024C BAN Notes”) (a $1,583,000.00 principal portion of the Series 2024C BAN Notes was paid by the City with a 2025 budget appropriation), and (ii) temporarily finance various capital improvements in and for the City in the amount of $4,860,000.00, which Series 2024C BAN Notes were issued to currently refund a portion of the City’s $31,628,000.00 General Capital Improvement Bond Anticipation Notes, Series 2023B (the “Series 2023B BAN ...
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