Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Bond Refunding
Amount to be Financed: $123,500,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): July 8, 2020
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 ET SEQ., AND N.J.S.A. 40A:3-1 ET SEQ.
Additional Information:
Refunding will give the City much-needed savings in 2020 and 2021.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make application to the Local Finance Board for its approval of: (i) a current refunding of the outstanding callable Qualified General Improvement Bonds, Series 2010A, Qualified School Bonds, Series 2010C and Qualified Water Utility Bonds, Series 2010D maturing on and after October 1, 2021 on October 1, 2020 (collectively, the "Series 2010 Bonds to be Refunded"); and (ii) the approval of maturity schedules for the three (3) series of refunding bonds related thereto, all pursuant to N.J.S.A. 40A:2-51 et seq., and N.J.S.A. 40A:3-1 et seq., reflecting upfront not less than 3% net present value savings in years 2020 and 2021. The qualification of the general improvement refunding bond ordinance, the water utility refunding bond ordinance and school bond refunding bond ordinance, the maturity schedules therefor and the issuance of qualified bonds pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4 in a forward delivery transaction were previously approved by the Local Finance Board by resolution duly adopted at a meeting held on October 9, 2019 and the Local Finance B...
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