Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $17,000,000.00
Source of Appropriation: Refunding Bonds
Purchaser: Powell Capital Markets, Inc.
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
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WHEREAS, on April 20, 2016 the City of Newark, in the County of Essex, State of New Jersey (the "City") adopted a resolution authorizing a temporary emergency appropriation for the purposes of paying past due amounts owed by the City to Horizon Blue Cross/Blue Shield; and
WHEREAS, the City is authorized to issue refunding bonds pursuant to the provisions of N.J.S.A. 40A:2-51 et seq. (the "Local Bond Law") for the purpose of funding, financing or refinancing a temporary emergency appropriation; and
WHEREAS, on May 11, 2016, the Local Finance Board, Division of Local Government Services State Department of Community Affairs (the "Local Finance Board") granted its approval for the adoption of the refunding Bond Ordinance, approval and issuance of such bonds and the maturity schedule therefor and the issuance of such bonds pursuant to the Municipal Qualified Bond Act, N.J.S.A 40A:3-1 et seq.; and
WHEREAS, in accordance with the Local Bond Law, the Municipal Council of the City did, on May 26, 2016, finally adopt Ordinance 6PSF-b(S) (the "Refunding Bond Ordinance") authorizing the issuance by the City of its refunding bonds in an amount not to exceed $17,000,000.00; and
WHEREAS, in accordance with the Local Bond Law, specifically, N.J.S.A. 40A:2-52 et seq., the City now desires to authorize and approve the issuance and sale of the General Obligation Refunding Bonds pursuant to the Refunding Bond Ordinance in the aggregate principal amount not to exceed $17,000,000.00 (the "General Obligation Refunding Bonds") and to provide...
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