Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $20,000,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING: (A) CITY OFFICIALS TO UNDERTAKE CERTAIN ACTIONS IN CONNECTION WITH THE ISSUANCE AND SALE OF NOT TO EXCEED $20,000,000.00 BOND ANTICIPATION NOTES, SERIES 2023D TO FINANCE A LOAN TO THE NEWARK HOUSING AUTHORITY (THE "AUTHORITY") OR ITS RELATED ENTITIES FOR THE PURPOSE OF ACQUIRING AND MAINTAINING VARIOUS PROPERTIES FOR USE AS AFFORDABLE HOUSING; (B) THE EXECUTION AND DELIVERY OF ONE OR MORE LOAN AGREEMENTS, ONE OR MORE MORTGAGES, ONE OR MORE PLEDGE AND ASSIGNMENT AGREEMENTS, ONE OR MORE ASSIGNMENTS AND ASSUMPTIONS OF FINANCIAL AGREEMENTS, AND ANY OTHER AGREEMENTS AND DOCUMENTS RELATED TO THE LOAN TO THE AUTHORITY OR ITS RELATED ENTITIES; AND (C) THE ASSIGNMENT AND TRANSFER OF ONE OR MORE FINANCIAL AGREEMENTS TO THE AUTHORITY OR ITS RELATED ENTITIES.
Additional Information:
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WHEREAS, the Housing Authority of the City of Newark (the "Authority") has been duly created as a public body corporate and politic of the State of New Jersey (the "State") by an Ordinance of the members of the Municipal Council of the City of Newark (the "City"), in the County of Essex (the "County"), New Jersey (the "State") duly adopted pursuant to and in accordance with all applicable law, including the Local Housing Authorities Law, constituting Chapter 19 of the Pamphlet Laws of 1938 (N.J.S.A. 55:14A-1 et seq.) of the State and the acts amendatory thereof and supplemental thereto, as repealed and replaced by the Local Redevelopment and Housing Law, constituting Chapter 7...
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