Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of refunding bond ordinance
Name of Project(s):
Amount to be Financed: $68,000,000.00
Funding Source: Capital Fund
Local Finance Board meeting date(s): September 19, 2012
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
2003 Pension Refunding Bonds (Taxable) -Early Retirement Pension Obligations
And 2003 General Obligation Capital Improvements
Ordinance 6PSFA(S) 102312
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RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, MAKING APPLICATION TO THE LOCAL FINANCE BOARD FOR APPROVAL OF A REFUNDING BOND ORDINANCE PURSUANT TO N.J.S.A. 40A:2-51, N.J.S.A. 40A:3-4 AND N.J.S.A. 40A:3-11
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City") desires to make application to the Local Finance Board for (i) its review and consent to the adoption by the City of a refunding bond ordinance (the "Ordinance") providing for the issuance of one or more series of general obligation refunding bonds of the City (the "Refunding Bonds") in order to refund various bonds of the City; and (ii) its approval of the proposed maturity schedules for such series of Refunding Bonds to be issued in the form of "qualified bonds" under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "MQBA"); and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish such purposes;
(b) such purposes are in compliance with the requirements of the MQBA;
(c) said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
(d) the amounts to be expended for said purposes or improvements are not unreasonable or ...
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