Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement, Disclosure Certificate and Note Purchase Contract for Issuance of Notes
Purpose: Approving official statement and disclosure agreement for sale
of tax appeal refunding notes
Amount to be Financed: $10,100,000.00
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 NEGOTIATED SALE OF $10,100,000.00 TAX APPEAL REFUNDING NOTES, SERIES 2018D, 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:
This resolution must be on the Special Council Meeting of 11/27/18
body
WHEREAS, on November 8, 2018 the Municipal Council of the City of Newark, in the County of Essex, State of New Jersey (the "City") finally adopted Refunding Bond Ordinance which was approved and published as required by law (the "Ordinance"), which Ordinance appropriated the amount of $10,100,000.00 and authorized the issuance of $10,100,000.00 Tax Appeal Refunding Notes to finance the payment of tax appeal refunds owed to others by the City for taxes levied in and by the City and to pay issuance expenses; and
WHEREAS, the City's Director of Finance/Chief Financial Officer and Business Administrator are desirous of issuing $10,100,000.00 Tax Appeal Refunding Notes, Series 2018D (the "Series 2018D Notes") and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the "Local Bond Law") and the Ordinance; and
WHEREAS, in anticipation of the issuance and sale of the Series 2018D Notes, the City expects to receive an offer to purchase the Series 2018D Notes from the underwriter desi...
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