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REFUNDING BOND ORDINANCE PROVIDING FOR THE PAYMENT OF AMOUNTS OWING TO OTHERS FOR TAXES LEVIED IN AND BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $9,675,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $9,675,000.00 BONDS OR NOTES OF THE CITY OF NEWARK FOR FINANCING THE COST THEREOF.
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The City of Newark, in the County of Essex, New Jersey (the "City"), is hereby authorized to pay, and there is hereby appropriated the amount of $9,675,000.00 to pay, or to refund amounts previously authorized and paid by the City, for amounts owed to the owners of various properties for taxes levied in the City (as a result of settlements entered into by the City with such owners or as a result of final judgments of courts of competent jurisdiction entered against the City), as more particularly described on a list of owners and properties available for inspection in the Office of the City Clerk.
Section 2. An aggregate amount not exceeding $250,000.00 for items of expense listed in and permitted under N.J.S.A. 40A:2-51(b) has been included in the aggregate principal amount of refunding bonds authorized herein.
Section 3. In order to finance the purpose described in Section 1 hereof, negotiable refunding bonds are hereby authorized to be issued in the principal amount of $9,675,000 pursuant to the Local Bond Law.
Section 4. In anticipation of the issuance of refunding bonds, negotiable refunding bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. All refunding bond anticipation notes ("notes") issued hereunder shall mature at such times as may be determined by the Chief Financial Officer, provided that no note shall mature later than one year from its date. The notes shall bear interest a...
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