Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $68,000,000
Source of Appropriation:
Purchaser: TD Securities (USA) LLC
Additional Information:
Invitation: Finance Director, December 4, 2012
body
RESOLUTION DETERMINING THE FORM AND OTHER DETAILS OF GENERAL OBLIGATION REFUNDING BONDS OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AND PROVIDING FOR THE SALE AND THE DELIVERY OF SUCH GENERAL OBLIGATION REFUNDING BONDS TO TD SECURITIES (USA) LLC.
BE IT RESOLVED 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. (a) Qualified General Obligation Refunding Bonds, in an amount not exceeding $68,000,000 which shall be issued in three separate series of bonds, consisting of Qualified General Improvement Refunding Bonds, Series 2012A (the "Series A Refunding Bonds"), Qualified General Improvement Refunding Bonds, Series 2012B (Federally Taxable) (the "Series B Refunding Bonds") and Qualified Pension Refunding Bonds, Series 2012C (Federally Taxable) (the "Series C Refunding Bonds", and together with the Series B Refunding Bonds, the "Taxable Refunding Bonds"). The Series A Refunding Bonds and the Taxable Refunding Bonds of the City of Newark, in the County of Essex, New Jersey (the "City") are hereby authorized to be issued and sold as "Refunding Bonds" (or sometimes referred to herein as the "Bonds").
(b) In order to effectuate the Refunding Plan (defined herein), the Mayor or Director of Finance shall determine the actual aggregate principal amount of the Refunding Bonds to be issued (including the principal amount of each of the Series A Refunding Bonds, the Series B Refunding Bonds and the Series C Refunding Bonds); provided that such determination shall be cons...
Click here for full text