Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $55,000,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser:
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF FY 2016 TAX ANTICIPATION NOTES OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY
Additional Information:
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BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AS FOLLOWS:
SECTION 1. In anticipation of the collection of taxes for the fiscal year that commenced January 1, 2016 whether levied or to be levied in such fiscal year, and in anticipation of other revenues for such fiscal year, the City of Newark, in the County of Essex, New Jersey (the "City") hereby authorizes and determines to issue, from time to time, negotiable Tax Anticipation Notes of the City in an aggregate principal amount not to exceed $55,000,000.00, in accordance with the Local Budget Law (the "Tax Anticipation Notes"). Each such Tax Anticipation Note shall be designated "Tax Anticipation Note, Series 2016A", together with such other designation as may be determined by the Director of Finance of the City. The proceeds of the sale of such Tax Anticipation Notes, unless used to pay outstanding notes issued in anticipation of the collection of taxes of the same fiscal year, shall be applied only to the purposes provided for in the budget or for which taxes are levied or to be levied for such fiscal year, and shall not be applied to any other purpose.
SECTION 2. The amount of Tax Anticipation Notes outstanding at any one time shall not exceed $55,000,000.00, which is within the gross borrowing power (as certified by the Director of Finance), of the Cit...
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