Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of Qualified Refunding Bond Ordinances
Name of Project(s): Qualified General, School and Water Utility Refunding Bonds, Series 2020
Amount to be Financed: $123,500,000.00
Funding Source: Qualified Bonds
Local Finance Board meeting date(s): August 14, 2019
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, MAKING AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 ET SEQ., N.J.S.A. 40A:3-1 ET SEQ. AND N.J.S.A. 18A:24-85 ET SEQ.
Additional Information:
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WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), desires to make application to the Local Finance Board for its approval of, and endorsement of its consent, as applicable, to (i) the adoption of refunding bond ordinances to refund callable Qualified General Improvement Bonds, Series 2010A, Qualified School Bonds, Series 2010C and Qualified Water Utility Bonds, Series 2010D, (ii) the approval of maturity schedules of the three (3) series of refunding bonds related thereto, all pursuant to N.J.S.A. 40A:2-51 et seq., N.J.S.A. 40A:3-1 et seq. and N.J.S.A. 18A:24-85 et seq., as applicable, and (iii) the qualification of general improvement refunding bond ordinance, the water utility refunding bond ordinance and school bond refunding bond ordinance and the issuance of qualified bonds pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40:A3-4, and N.J.S.A. 18A:24-85 et seq., as applicable; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose is for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose are n...
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