Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $29,282,031.00
Source of Appropriation: Bond Anticipation Notes
Purchaser:
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT IN CONNECTION WITH THE RENEWAL AND NEGOTIATED SALE OF SCHOOL PROMISSORY NOTES, SERIES 2020 OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE AGREEMENT 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 on August 3, 2017, the principal amount of $30,582,031.00, School Promissory Notes, Series 2017A that matured on August 2, 2018 (the "Original Notes"); and
WHEREAS, the Original Notes have been renewed from time to time including $30,582,031.00 principal amount of School Promissory Notes issued July 30, 2019 and maturing July 29, 2020 (the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer (the "CFO") and Business Administrator are desirous of issuing and selling School Promissory Notes, Series 2020, in the aggregate principal amount of not to exceed $29,282,031.00 (the "Series 2020 Notes" or the "Notes") to refund the outstanding principal amount of Prior Notes (together with a budgetary appropriation of the City in the amount of $1,300,000.00 for the required first paydown) and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the "Local Bond Law") and the Ordinance, as defined below; and
WHEREAS, in anticipation of the issuance and ...
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