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REFUNDING BOND ORDINANCE PROVIDING FOR PAYMENT OF AMOUNTS OWING TO OTHERS FOR TAXES LEVIED IN AND BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $8,420,000.00 THEREFORE AND AUTHORIZING THE ISSUANCE OF $8,420,000.00 BONDS OR NOTES OF THE CITY OF NEWARK FOR FINANCING THE COST THEREOF.
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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 to pay an aggregate amount not exceeding $8,420,000.00 for amounts owed by the City to the owners of various properties for taxes levied in the City, as more particularly described on the List of Owners and Properties involved in Tax Appeals available for inspection in the Office of the City Clerk, which list is hereby incorporated by reference as if set forth at length herein, and which amounts are due and owing from the City on or before December 31, 2014.
Section 2. An aggregate amount not exceeding $360,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-51(b) has been included in the aggregate principal amount of refunding bonds authorized herein.
Section 3. In order to finance the cost of the project described in Section 1 hereof, negotiable refunding bonds are hereby authorized to be issued in the principal amount of $8,420,000.00 pursuant to the Local Bond Law.
Section 4. In anticipation of the issuance of the refunding bonds, negotiable anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. All refunding bond anticipation notes issued hereunder shall mature at such times as may be determined by the Chief Financial Officer or the Acting Director of Finance, provided that no note shal...
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