Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Authorizing the Refunding of $2,540,000.00 of Redevelopment Refunding Bonds
Purpose: Intent to reimburse the City for project costs from proceeds of debt obligations issue by the City to New Jersey Performing Arts Center (NJPAC)
Amount to be Reimbursed: $2,540,000.00
Source of Appropriation:
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING THE REFUNDING OF $2,540,000.00 AGGREGATE PRINCIPAL AMOUNT OF 2005 REDEVELOPMENT REFUNDING BONDS BY THE NEW JERSEY PERFORMING ARTS CENTER AND AUTHORIZING THE APPOINTMENT OF AN ESCROW AGENT AND VERIFICATION AGENT AND THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT.
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") on February 24, 2005 issued $4,450,000.00 aggregate principal amount of its Redevelopment Refunding Bonds dated February 24, 2005 (the "2005 Redevelopment Refunding Bonds"), of which $2,540,000.00 aggregate principal amount is currently outstanding (the "Bonds to be Refunded"), such Bonds to be Refunded maturing on October 1, 2022 being subject to mandatory redemption prior to maturity on October 1 in the years 2016 to 2022, inclusive, at a redemption price equal to 100% of the principal amount thereof and interest accrued and to accrue thereon to the date fixed for redemption (the "Redemption Date"); and
WHEREAS, the City intended to issue refunding bonds (the "Refunding Bonds") pursuant to the provisions of N.J.S.A. 40A:2-51 and -52 et seq. (the "Local Bond Law") for the purpose of refunding the Bonds to be Refunded to realize three percent (3.00%) net present value debt service savings and adopted a refunding bond ordinanc...
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