Title
REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY (THE "CITY") PROVIDING FOR THE REFUNDING OF CERTAIN GENERAL OBLIGATION WATER UTILITY BONDS AND GENERAL OBLIGATION WATER UTILITY REFUNDING BONDS OF THE CITY, BOTH SERIES 2005, APPROPRIATING AN AMOUNT NOT TO EXCEED $11,500,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $11,500,000.00 WATER UTILITY REFUNDING BONDS, SERIES 2016 OF THE CITY FOR FINANCING THE COST THEREOF.
Public Hearing will be held on December 16, 2015.
Body
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) THAT:
Section 1. Pursuant to the provisions of N.J.S.A. 40A:2-51(a), the City of Newark, in the County of Essex, New Jersey (the "City"), is hereby authorized to refund all or a portion of the City's (A) $7,737,000.00 General Obligation Water Utility Bonds, dated January 15, 2005, of which $4,950,000.00 aggregate principal amount is currently outstanding and serially maturing on each December 1 in the years 2016 through 2029, inclusive, and such bonds being subject to optional redemption prior to maturity on or after December 1, 2014, as a whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest to the date of redemption; and B) $23,160,000.00 General Obligation Water Utility Refunding Bonds, dated February 24, 2005, of which $5,945,000.00 aggregate principal amount is currently outstanding and (i) serially maturing on each October 1 in the years 2016 and 2017, inclusive, and such bonds being subject to optional redemption prior to maturity on or after October 1, 2015, as a whole at any time or in part at any time, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest to the date of re...
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