Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $16,000,000.00
Source of Appropriation: Bonds
Purchaser:
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE ISSUANCE OF ESIP REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $16,000,000.00 FOR THE PURPOSES OF FINANCING THE COSTS OF THE ENERGY SAVINGS IMPROVEMENT PROGRAM AND PROVIDING FOR THE FORM, MATURITY AND OTHER DETAILS OF SAID BONDS; AUTHORIZING A PRELIMINARY OFFICIAL STATEMENT AND AN OFFICIAL STATEMENT; PROVIDING FOR THE SALE OF THE ESIP REFUNDING BONDS; AND APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A CONTINUING DISCLOSURE CERTIFICATE AND A BOND PURCHASE CONTRACT
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") has undertaken the implementation of an energy savings implementation program ("ESIP") pursuant to the provisions of N.J.S.A. 40A:11-4.6 et seq.; and
WHEREAS, N.J.S.A. 40A:11-4.6 authorizes the City to issue refunding bonds pursuant to N.J.S.A. 40A:2-52 et seq. (the "Local Bond Law") for the purpose of financing the costs relating to the implementation of the ESIP; and
WHEREAS, the Local Finance Board, Division of Local Government Services Department of Community Affairs granted its approval for the issuance of such bonds, the maturity schedule, thereof and the issuance of such bonds pursuant to the Municipal Qualified Bond Act on November 12, 2015; and
WHEREAS, in accordance with the Local Bond Law, the Municipal Council of the City did, on February 9, 2016, finally adopt Ordinance No.6PSF-a (S) (15-1955) (the "ESIP Refunding Bond Ordinance") authorizing the issuance by the City of its Re...
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