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File #: 19-1142    Version: 1 Name: Refunding Bond Ordinance Qualified General Improvement Bonds
Type: Ordinance Status: Adopted
File created: 7/2/2019 In control: Finance
On agenda: 7/23/2019 Final action: 10/22/2019
Title: REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE REFUNDING OF QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES 2010A, APPROPRIATING AN AMOUNT NOT TO EXCEED $88,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $88,000,000.00 GENERAL IMPROVEMENT REFUNDING BONDS, SERIES 2020 OF THE CITY FOR FINANCING THE COST THEREOF. Deferred 6PSF-L 080719 Deferred 6PSF-a (s) 082019 Deferred 6PSF-f 090519 Deferred 6PSF-c 091819 Deferred 6PSF-c 100219 Deferred 6PSF-c 101619
Sponsors: Council of the Whole
Code sections: 00 - Bonds
Attachments: 1. 19-1142 certified Ordinance.pdf
Related files: 19-1143, 19-1141, 19-1144
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
10/22/20191 Municipal Council closed on public hearing and adoptedPass Action details Meeting details Not available
10/16/20191 Municipal Council deferred to a special meetingPass Action details Meeting details Not available
10/2/20191 Municipal Council maintained on public hearing and deferredPass Action details Meeting details Video Video
9/18/20191 Municipal Council    Not available Meeting details Video Video
9/5/20191 Municipal Council maintained on public hearing and deferredPass Action details Meeting details Video Video
8/20/20191 Municipal Council maintained on public hearing and deferredPass Action details Meeting details Video Video
8/7/20191 Municipal Council maintained on public hearing and deferred to Special meetingPass Action details Meeting details Not available
7/23/20191 Municipal Council Advanced and adopted on first readingPass Action details Meeting details Not available
Title
REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE REFUNDING OF QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES 2010A, APPROPRIATING AN AMOUNT NOT TO EXCEED $88,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $88,000,000.00 GENERAL IMPROVEMENT REFUNDING BONDS, SERIES 2020 OF THE CITY FOR FINANCING THE COST THEREOF.
Deferred 6PSF-L 080719
Deferred 6PSF-a (s) 082019
Deferred 6PSF-f 090519
Deferred 6PSF-c 091819
Deferred 6PSF-c 100219
Deferred 6PSF-c 101619
body

WHEREAS, on June 16, 2010, the City of Newark, in the County of Essex, New Jersey issued Qualified General Improvement Bonds, Series 2010A in the aggregate principal amount of $120,670,000.00 (the "Series 2010A Bonds"); and

WHEREAS, the Series 2010A Bonds maturing on or after October 1, 2021, to and including 2028, in the amount of $83,170,000.00 (the "Series 2010A Bonds to be Refunded") are subject to redemption on or after October 1, 2020, by the City, in whole at any time or in part from time to time, at the redemption price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption; and

WHEREAS, the City is desirous of issuing general improvement refunding bonds in an amount not to exceed $88,000,000.00 to refund the Series 2010A Bonds to be Refunded.

NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Pursuant to the provisions of N.J.S.A. 40A:2-51(a), the City of Newark, in the County of Essex, New Jersey (the "City"), is hereby authorized to refund all or a portion of the City's $83,170,000.00 Qualified General Improvement Bonds, Series 2010A dated June 16, 2010, maturing on or after each October 1, 2021, to and including 2028 (the "Series 2010A Bonds to be Refunded"), such bonds being subject to optional redemption prior to maturity on or after October 1, 2020, as a whole or in part from time to time, at...

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