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File #: 19-1143    Version: Name: Refunding Bond Ordinance Qualified School 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 CERTAIN QUALIFIED SCHOOL BONDS, SERIES 2010C, OF THE CITY, APPROPRIATING AN AMOUNT NOT TO EXCEED $30,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $30,000,000.00 SCHOOL REFUNDING BONDS, SERIES 2020, OF THE CITY FOR FINANCING THE COST THEREOF. Deferred 6PSF-m 080719 Deferred 6PSF-b (s) 082019 Deferred 6PSF-g 090519 Deferred 6PSF-d 091819 Deferred 6PSF-d 100219 Deferred 6PSF-d 101619
Sponsors: Council of the Whole
Attachments: 1. 19-1143 certified Ordinance.pdf
Related files: 19-1141, 19-1144, 19-1142
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
10/22/20192 Municipal Council closed on public hearing and adoptedPass Action details Meeting details Video Video
10/16/20192 Municipal Council deferred to a special meetingPass Action details Meeting details Video Video
10/2/20192 Municipal Council    Not available Meeting details Video Video
9/18/20192 Municipal Council    Not available Meeting details Video Video
9/5/20192 Municipal Council maintained on public hearing and deferredPass Action details Meeting details Not available
9/5/20191   maintained on public hearing and deferred  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 Video Video
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 CERTAIN QUALIFIED SCHOOL BONDS, SERIES 2010C, OF THE CITY, APPROPRIATING AN AMOUNT NOT TO EXCEED $30,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $30,000,000.00 SCHOOL REFUNDING BONDS, SERIES 2020, OF THE CITY FOR FINANCING THE COST THEREOF.
Deferred 6PSF-m 080719
Deferred 6PSF-b (s) 082019
Deferred 6PSF-g 090519
Deferred 6PSF-d 091819
Deferred 6PSF-d 100219
Deferred 6PSF-d 101619
body

WHEREAS, on June 16, 2010, the City of Newark, in the County of Essex, New Jersey, issued aggregate principal amount $43,917,000.00 Qualified School Bonds, Series 2010C (the "Series 2010C Bonds"); and

WHEREAS, the City is desirous of refunding all or a portion of such Series 2010C Bonds maturing on or after October 1, 2021, through and including 2025 in the aggregate principal amount of $27,877,000.00 (the "Series 2010C Bonds to be Refunded") through the issuance of $30,000,000.00 aggregate principal amount of School Refunding Bonds, Series 2020.

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 $27,877,000.00 aggregate principal amount of Qualified School Bonds, Series 2010C, dated June 16, 2010, maturing on or after October 1, 2021, through and including 2025 (the "Series 2010C Bonds to be Refunded"), such bonds being subject to optional redemption prior to maturity on or after October 1, 2020, as a whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest to the date of redemption.

Section 2. For the purposes described in Section 1 he...

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