Title
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, STATE OF NEW JERSEY, APPROPRIATING $10,100,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $10,100,000.00 REFUNDING BONDS OR NOTES OF THE CITY FOR FINANCING THE COST THEREOF.
Deferred 6PSF-d 101118
Deferred 6PSF-c 102418
body
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, THAT:
Section 1. The City is hereby authorized to pay and fund, and there is hereby appropriated an aggregate amount not exceeding $10,100,000.00 for amounts owing by the City to owners of various properties for taxes levied in and by the City, as more particularly described on a list of owners and properties now available for inspection in the Office of the City Clerk.
Section 2. An aggregate amount not exceeding $206,889.74 for items of expense listed in and permitted under N.J.S.A. 40A:2-51(b) has been included in the appropriation authorized herein and in the aggregate principal amount of the refunding bonds authorized herein.
Section 3. In order to finance the purposes described in Sections 1 and 2 hereof, negotiable refunding bonds are hereby authorized to be issued in the aggregate principal amount of $10,100,000.00 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 (the "Notes") issued hereunder shall mature at such times as may be determined by the Chief Financial Officer, provided that the Notes shall not mature later than one (1) year from their date. The Notes shall bear interest at such rate or rates and be in such form as may be determined by the Chief Fina...
Click here for full text