Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of refunding bond ordinances
Name of Project(s): Redevelopment Refunding Bonds Series 2016 and Water Utility Refunding Bonds Series 2016
Amount to be financed: $14,200,000.00
Funding Source: Refunding Bonds
Local Finance Board meeting date(s): December 9, 2015
Project Information: (Description/ Project No. / Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51(a) et seq. AND N.J.S.A 40A:3-4 AND APPROVING THE SUBMISSION THEREOF
Additional Information:
Water Utility Refunding Bond Ordinance $11, 5000, 00.00
Redevelopment Refunding Bond Ordinance $2,700,000.00
Body
WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), desires to make application to the Local Finance Board (the "Board") for the Board's approval of (i) the adoption of two (2) refunding bond ordinances which authorize the issuance of refunding bonds to refund various issues of redevelopment refunding, general obligation refunding water utility and general obligation water utility bonds previously issued by the City, pursuant to the provisions of N.J.S.A. 40A:2-51(a) et seq., (ii) the approval of the maturity schedule for the refunding bonds pursuant to N.J.S.A. 40A:2-58 and N.J.S.A. 40A:3-4, as applicable, and (iii) the issuance of qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act, and the Local Bond Law; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said pur...
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