Title
REFUNDING BOND ORDINANCE PROVIDING FOR THE FUNDING OF A TEMPORARY EMERGENCY APPROPRIATION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, FOR THE REFUNDING OF THE OUTSTANDING ESSEX COUNTY IMPROVEMENT AUTHORITY LEASE REVENUE BONDS, SERIES 2010A AND SERIES 2010B, APPROPRIATING $67,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $67,000,000.00 REFUNDING BONDS OR NOTES OF THE CITY FOR FINANCING THE COST THEREOF.
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WHEREAS, pursuant to the Local Budget Law, specifically N.J.S.A. 40A:4-20, the City of Newark, in the County of Essex, State of New Jersey (the "City"), as a result of the Municipal Council's adoption, on July 11, 2018, of a resolution entitled "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 ("ECIA") TO REACQUIRE TITLE TO PREVIOUSLY OWNED CITY LANDS, BUILDINGS AND IMPROVEMENTS" has heretofore authorized an emergency temporary appropriation in the amount of $67,000,000.00 ("Emergency Temporary Appropriation") to fund the payment of amounts necessary to refund (the "Refunding") the outstanding Lease Revenue Bonds of the Essex County Improvement Authority, 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; and
WHEREAS, the Refunding will terminate the interest of the Essex County Improvement Authority ("ECIA") in the leased premises that are subject to the Lease Purchase Agreement with ECIA and will enable the City to reacquire title to such lands/buildings/improvements previously owned by the City; and
WHEREAS, the City has determined that it is in the best interests of the City to pay, fund or refund the Emergency Temporary Appropriation in the amount of $67,000,000.00 through the issuance by the Cit...
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