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A BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (THE "CITY"), APPROVING AND AUTHORIZING THE ACQUISITION OF LAND, BUILDINGS AND IMPROVEMENTS SITUATE THEREON FROM THE ESSEX COUNTY IMPROVEMENT AUTHORITY, APPROPRIATING $61,000,000.00 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $61,000,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE COSTS THEREOF.
PUBLIC HEARING TO BE HELD ON NOVEMBER 27, 2018
Deferred 6PSF-f 110818
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The acquisition of the title to the 16 properties including the land, buildings and improvements situate thereon from the Essex County Improvement Authority, as set forth in Section 3 hereof, is hereby authorized and approved by the City (as hereinafter defined). Such improvement or purpose described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the sum of $61,000,000.00, said sum being inclusive of all appropriations made heretofore. Pursuant to the provision of N.J.S.A. 40A:2-7(d) and -11(c) of the Local Bond Law, constituting Chapter 169 of the Public Laws of 1960 of the State of New Jersey, as amended and supplemented (the "Local Bond Law"), the City has requested the consent of the Local Finance Board in the Division of Local Government Services, Department of Community Affairs (the "Local Finance Board"), to the waiver of the five percent (5%) down payment requirement. Therefore, no down payment is provided for herein.
Section 2. For the financing of the cost of the improvement or purpose set forth in Section 3 hereof, negotiable bonds of the City are hereby authorized to be issued in the principal amount of $61,000,000.00 pursuant to the Local Bond Law. I...
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