Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: Refunding of Callable Lease Revenue Bonds, Series 2010A and Series 2010B
Funding Source: Essex County Improvement Authority Lease Revenue Bonds
Appropriation Amount: $67,000,000.00
Budget Year: 2018
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
Additional Information:
Operating Agency: Department of Finance
Two-Thirds vote of full membership required
Deferred 7R1-f 062018
body
TE # 36
RESOLUTION PROVIDING FOR AN EMERGENCY TEMPORARY APPROPRIATION PURSUANT TO N.J.S.A. 40A:4-20 TO ACCOMPLISH THE REFUNDING OF THE OUTSTANDING LEASE REVENUE BONDS, SERIES 2010A AND SERIES 2010B, OF THE ESSEX COUNTY IMPROVEMENT AUTHORITY TO REACQUIRE TITLE TO PREVIOUSLY OWNED CITY LANDS, BUILDINGS AND IMPROVEMENTS
WHEREAS, emergent conditions have arisen with respect to the payment by the City of Newark, in the County of Essex, New Jersey (the "City"), of the amount of $67,000,000.00 which is necessary to accomplish the refunding on November 1, 2018 (the "Refunding") of the outstanding Essex County Improvement Authority Lease Revenue Bonds, Series 2010A and Series 2010B in the aggregate principal amount of $59,960,000.00 maturing on and after November 1, 2018 to and including November 1, 2030 (the "Refunded Bonds"), such Refunded Bonds being originally issued December 23, 2010; and
WHEREAS, the Refunding will terminate the Lease Purchase Agreement (the "Lease Purchase Agreement") dated as of December 1, 2010 by and between the City and the Essex County Improvement Authority ("ECIA"), including the ECIA's right, title and interest in and to the Leased Premises subj...
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