Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of revised maturity schedule
Name of Project(s): Outstanding tax appeal refunding notes and certain outstanding refunding notes
Amount to be Financed:
Funding Source:
Local Finance Board meeting date(s): October 8, 2014
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 AND N.J.S.A. 40A:3-4
Additional Information:
This resolution and LFB application will permit the City of Newark to revise the maturity schedule on the existing Tax Appeal Refunding Notes and other Refunding Notes, so as to realize a savings in the 2014 budget
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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 its approval of proposed revised maturity amortization schedules for certain outstanding tax appeal refunding notes and certain outstanding refunding notes (collectively, the "Refunding Obligations") issued and to be issued from time to time under certain refunding bond ordinances previously adopted by the City (collectively, the "Ordinances"), which maturity amortization schedules have been previously approved by the Local Finance Board under both the Local Bond Law, N.J.S.A. 40A:2-1 et seq., and the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "MQBA") in connection with the Local Finance Board's approval of the issuance thereof under said statutes and in accordance with covenants entered into by the City in connection with past City bond issues entitled to the benefits of the MQBA; and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish suc...
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