Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $49,420,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
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 RENEWAL AND COMPETITIVE SALE OF $49,420,000.00 GENERAL OBLIGATION NOTES, SERIES 2019, OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTICE OF SALE WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued (i) on October 10, 2018, the principal amount of $49,082,000.00 General Obligation Notes, Series 2018, maturing October 9, 2019 consisting of $11,185,000.00 Tax Appeal Refunding Notes, Series 2018B and $37,897,000.00 General Capital Improvement Bond Anticipation Notes, Series 2018C and (ii) on December 21, 2018, aggregate principal amount of $10,100,000.00 Tax Appeal Refunding Notes, Series 2018D, maturing December 20, 2019 ((i) and (ii) collectively, the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer and Business Administrator are desirous of issuing and selling General Obligation Notes, Series 2019, consisting of $11,523,000.00 Tax Appeal Refunding Notes, Series 2019 (the "Series 2019 TARN Notes") and $37,897,000.00 General Capital Improvement Bond Anticipation Notes, Series 2019 (the "Series 2019 GO Notes"), in the aggregate principal amount of $49,420,000.00, to refund a portion of the outstanding Prior Notes and are authorized to do so pursuant to the Local Bond L...
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