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REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE REFUNDING OF ALL OR A PORTION OF THE CITY’S GENERAL OBLIGATION REFUNDING BONDS (PENSION REFUNDING), SERIES 2003 (FEDERALLY TAXABLE) AND ALL OR A PORTION OF THE CITY’S GENERAL OBLIGATION BONDS, SERIES 2003, HERETOFORE ISSUED TO FUND CERTAIN PENSION LIABILITIES AND TO FINANCE AND/OR REFINANCE VARIOUS CAPITAL IMPROVEMENTS, APPROPRIATING AN AMOUNT NOT EXCEEDING $68,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $68,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE CITY OF NEWARK FOR FINANCING THE COST THEREOF.
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WHEREAS, pursuant to the Local Bond Law (N.J.S.A. 40A:2-1 et seq.), the City of Newark, in the County of Essex, New Jersey (the “City”) has heretofore issued $40,747,035.25 aggregate principal amount of General Obligation Refunding Bonds (Pension Refunding), Series 2003 (Federally Taxable), dated April 1, 2003 (the “Taxable Bonds”) and $82,552,000 aggregate principal amount of General Obligation Bonds, Series 2003, dated July 15, 2003 (the “Tax-Exempt Bonds”) providing for the funding of certain pension liabilities and the financing and refinancing of various capital improvements of the City; and
WHEREAS, the Municipal Council has determined that it is in the best interests of the City to refund all or a portion of the outstanding Taxable Bonds and Tax-Exempt Bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:
Section 1. The City of Newark, in the County of Essex, New Jersey (the “City”) is hereby authorized (a) to refund all or part of the Taxable Bonds maturing on April 1, 2021, and/or all or part of the Tax-Exempt Bonds maturing on July 15 in the years 2013 through 2018 (collectively, the “Bonds to Be Refunded”); and (b) to provide for the payment of the costs of issuin...
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