Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $120,000,000.00
Source of Appropriation: Notes/Bonds
Purchaser: Essex County Improvement Authority (ECIA)
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK AUTHORIZING THE PRIVATE SALE OF NOT TO EXCEED $120,000,000.00 REFUNDING BONDS AND/OR REFUNDING NOTES OF THE CITY TO THE ESSEX COUNTY IMPROVEMENT AUTHORITY, PROVIDING FOR OTHER DETAILS OF THE SALE AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
body
WHEREAS, on August 27, 2019, pursuant to N.J.S.A. 40A: 4-20, the City of Newark, in the County of Essex, State of New Jersey (the "City") adopted a temporary emergency appropriation resolution in the amount of $120,000,000.00 (the "Temporary Emergency Appropriation"), 7R1-c(S), to pay the costs of replacing 18,000 lead service lines within the City and ancillary costs and costs of issuance relating thereto (the "Project"); and
WHEREAS, on August 27, 2019, the City introduced on first reading a refunding bond ordinance entitled, "REFUNDING BOND ORDINANCE PROVIDING FOR THE FUNDING OF A TEMPORARY EMERGENCY APPROPRIATION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, RELATING TO THE PAYMENT OF THE COSTS OF LEAD SERVICE LINES REPLACEMENT, APPROPRIATING $120,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE $120,000,000.00 REFUNDING BONDS AND/OR NOTES OF THE CITY FOR FINANCING THE COSTS THEREOF" (the "Refunding Bond Ordinance"), 6PSF-h, for the purposes of paying, funding or refunding the Temporary Emergency Appropriation pursuant to N.J.S.A. 40A:2-51; and
WHEREAS, on August 27, 2019, the City adopted Resolution 7R4-(S) authorizing the submission of an application to the Local Finance Board, in ...
Click here for full text