Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $25,128,423.00
Source of Appropriation: Special Emergency Notes
Purchaser: Competitive Sale
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE AND ISSUANCE OF NOT TO EXCEED $25,128,423.00 AGGREGATE PRINCIPAL AMOUNT OF SPECIAL EMERGENCY NOTES (COVID 19) (FEDERALLY TAXABLE), SERIES 2021C OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY.
Additional Information:
Special Emergency Notes for the Operation Deficit in the 2020 Budget Year, as a result of the COVID-19 Public Health Emergency.
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WHEREAS, a public health emergency has been declared by the Governor of the State of New Jersey pursuant to Emergency Health Powers Act (N.J.S.A. 26:13-1 et seq.), in response to the COVID 19 pandemic (the "Public Health Emergency"); and
WHEREAS, as a result of the Public Health Emergency, the City of Newark, in the County of Essex, New Jersey (the "City") has experienced a deficit balance in the City's Current Fund Results of Operations in the 2020 budget year in the amount of $25,128,423.00 (the "Operational Deficit"); and
WHEREAS, the City's Chief Financial Officer has prepared a Certification with respect to the Operational Deficit being directly attributable to the loss of revenues caused by Public Health Emergency (the "Certification"), which Certification has been approved by a majority of the members of the Municipal Council; and
WHEREAS, the City submitted an application, including the Certification, which application was approved by the Municipal Council prior to its submission, to the Director of the Division of Local Government Services ("DLGS") to obtain approval of the Operational...
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