Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Notes
Purpose: Approving official statement and disclosure agreement for sale
of bond anticipation notes
Amount to be Financed: $5,500,000.00
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF NOT TO EXCEED $5,500,000.00 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES (ECIA PROPERTY ACQUISITION), SERIES 2019 OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY
Additional Information:
This resolution is in conjunction with Legistar #19-0070
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City"), has adopted Bond Ordinance 6PSF-a(S) on November 27, 2018 which authorized the issuance of bonds or notes of the City to finance the acquisition of 16 properties (land, buildings and improvements) from the Essex County Improvement Authority (the "Ordinance"); and
WHEREAS, the City intends to issue its General Obligation Bond Anticipation Notes (ECIA Property Acquisition), Series 2019 in an aggregate principal amount not to exceed $5,500,000.00 (the "General Obligation Notes" or "Notes") under the Ordinance for the purpose of providing for a portion of the costs of acquiring the ECIA Properties as described in the Ordinance, and paying costs of issuance with respect thereto; and
WHEREAS, the City has determined to authorize the offering and sale of the General Obligation Notes by competitive sale through electronic bids on Parity (defined therein) pursuant to the terms and conditions of the attached Notice of Sale (the "Notice of Sale") described herein; and
WHEREAS, in connection with the offering...
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