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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIVERY OF AN AMENDMENT TO THE USE, OCCUPANCY AND CAPITAL GRANT AGREEMENT WITH THE HOUSING AUTHORITY OF THE CITY OF NEWARK, NEW JERSEY RELATING TO THE ISSUANCE OF CITY SECURED POLICE FACILITY REVENUE REFUNDING BONDS OF THE HOUSING AUTHORITY AND AUTHORIZING A PUBLIC HEARING THEREON AND PUBLICATION THEREOF.
Deferred to Special 6PSF-c 042016
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WHEREAS, the Housing Authority of the City of Newark (the "Authority" or "Housing Authority") has been created by an ordinance of the City of Newark, in the County of Essex (the "City"), State of New Jersey, duly adopted by the Municipal Council of the City on March 23, 1938, as a public body corporate and politic of the State of New Jersey, pursuant to the provisions of the Act (as hereinafter defined); and
WHEREAS, the Authority undertook a capital project entailing the acquisition of Land (as defined in the hereinafter defined Capital Grant Agreement) located in Block 2688 and generally bounded by Bergen Street, Clinton Avenue and Hunterdon Street in the South Ward of the City and the construction thereon of a state-of-the-art Police headquarters and an Office of Emergency Management (collectively, the "Police Facility") and other associated facilities, amenities and improvements (collectively, the "South Ward Project"), such Police Facility to be used, occupied, and operated by the Department of Public Safety of the City, pursuant to a Use, Occupancy and Capital Grant Agreement (the "Capital Grant Agreement") entered into by and between the City and the Authority; and
WHEREAS, the Authority, as redevelopment entity, issued its $68,000,000.00, City-Secured Police Facility Revenue Bonds, Series 2009A (South Ward Police Facility) (the "2009 A Bonds") pursuant to the provisions of the Local Authorities Fiscal Control Law, N.J.S.A. 40A:5A-1 et seq...
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