Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement, Note Purchase Agreement and Continuing Disclosure Certificate for Issuance of Notes
Purpose: Approving official statement, note purchase agreement, and continuing disclosure certificate for sale of bond anticipation notes.
Amount to be Financed: $49,082,000.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE CIRCULATION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE RENEWAL AND NEGOTIATED SALE OF $49,082,000.00 GENERAL OBLIGATION NOTES, SERIES 2018, OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
The sale of these bond anticipation notes is for the renewal of existing bond anticipation notes which mature on October 11, 2018 and November 30, 2018.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued (i) on October 12, 2017 the principal amount of $33,147,564.61 Bond Anticipation Notes, Series 2017, maturing October 11, 2018 and (ii) on December 1, 2017 aggregate principal amount of $22,813,000.00 General Obligation Notes, Series 2017, consisting of $18,063,000.00 Tax Appeal Refunding Notes, Series 2017A, and $4,750,000.00 General Improvement Bond Anticipation Notes, Series 2017B, maturing November 30, 2018 ((i) and (ii) collectively, the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer and Business Administrator are desirous of issuing and selling General Obligation Notes, Series 2018, consisting of $11,185,000.00 Tax Appeal Refunding Notes, Series 2018B and $37,897,000.00 General Capital Improvement Bond Anticipati...
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