Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Tax Anticipation Notes
Purpose: Approving official statement and disclosure agreement for sale
of Tax Anticipation Notes
Amount to be Financed: $55,000,000.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF FY 2016 TAX ANTICIPATION NOTES OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING AND/OR RATIFYING OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
body
WHEREAS, the Municipal Council of the City of Newark, County of Essex, New Jersey (the "City"), has heretofore adopted a resolution authorizing the issuance of Tax Anticipation Notes of the City 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 "Tax Anticipation Notes"); and
WHEREAS, in anticipation of such adoption, the City expects to receive an offer to purchase the Tax Anticipation Notes from such purchaser and/or underwriter as approved by the Director of Finance (the "Underwriter") upon such terms and conditions as set forth in a note purchase agreement (the "Purchase Contract") by and between the City and the Underwriter, the form of which is attached hereto as Exhibit C and incorporated herein by reference; and
WHEREAS, the City wishes to approve the form of the Purchase Contract, with such changes as may be approved by the Director of Finance, upon the advice of the City's Bond Counsel and Fin...
Click here for full text