Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $68,024,550.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE CIRCULATION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE NEGOTIATED SALE AND ISSUANCE OF GENERAL OBLIGATION NOTES, SERIES 2021, OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
$48,961,000.00 Renewed Series 2021 Notes and $19,063,550.00 New General Capital Series 2021 Notes.
No Action Taken 7R4-b (s) 081721
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on October 6, 2020 the principal amount of $36,339,000.00 General Capital Improvement Bond Anticipation Notes, Series 2020C, maturing October 5, 2021, aggregate principal amount of $6,060,000.00 Tax Appeal Refunding Notes, Series 2020B (the "SENS") maturing October 5, 2021, and $12,675,000.00 principal amount of Special Emergency Notes, Series 2020D (Federally Taxable), also maturing October 5, 2021 (collectively, the "Prior Notes"); and
WHEREAS, the City's Director of the Department of Finance/Chief Financial Officer is desirous of selling and issuing principal amount of $48,961,000.00 General Obligation Notes, Series 2021, consisting of $4,040,000.00 Tax Appeal Refunding Notes, Series 2021D, $34,781,000.00 General Capital Improvement Bond Anticipation Notes, Series 2021E and $10,140,000.00 Special Emergency Notes, Series 2021F (Federally Taxable) (collectively, the "Renewed Seri...
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