Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $65,000,000.00
Source of Appropriation: Refunding Bonds
Purchaser:
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK APPROVING THE ISSUANCE OF NOT TO EXCEED $65,000,000.00 PORT AUTHORITY-PORT NEWARK MARINE TERMINAL ADDITIONAL RENT-BACKED REFUNDING BONDS, SERIES 2016 TO BE ISSUED BY THE HOUSING AUTHORITY OF THE CITY OF NEWARK.
Additional Information:
body
WHEREAS, the Housing Authority of the City of Newark (the "Authority") is authorized, pursuant to Section 30 of the Act (N.J.S.,4 40A:12A-30), to issue bonds in such principal amounts as in its opinion shall be necessary to provide sufficient funds for achieving any of its corporate purposes; and
WHEREAS, in 2004, the City of Newark (the "City"), determined to cause the redevelopment of certain parcels of land located within the City through the Authority and the powers granted to it by its designation as a redevelopment entity under both the Act and the Code of the City of Newark, which powers include the power to expend money on redevelopment projects within the City; and
WHEREAS, the Mayor, on behalf of the City and in furtherance of such redevelopment, executed the Eighteenth Supplemental Agreement and the Nineteenth Supplemental Agreement, each dated as of January 1, 2002 (collectively, the "Supplemental Lease Agreement") to the lease agreement by and between the City and the Port Authority of New York and New Jersey (the "Port Authority") and dated October 22, 1947 for the lease of the City's marine and air terminals (as previously amended and supplemented, the "Lease"); and
WHEREAS, to maximize the economic benefits to the City and finance the Initial Project (as defined in the Indenture of Trust...
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