Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Preliminary/Official Statement and Disclosure Agreement for Issuance of Notes
Purpose: Approving Official Statement and Disclosure Agreement for sale
of Bond Anticipation Notes and Special Emergency Notes.
Amount to be Financed: Not to exceed $64,774,000.00
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 NEGOTIATED SALE AND ISSUANCE OF GENERAL OBLIGATION NOTES, SERIES 2020, OF THE CITY, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND NOTE PURCHASE CONTRACT WITH RESPECT TO SAID NOTES, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH.
Additional Information:
$42,399,000.00 Note Rollover
$17,000,000.00 Special Emergency Notes
$2,375,000.00 General Capital Improvements
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has heretofore issued on October 8, 2019 the principal amount of $37,897,000.00 General Capital Improvement Bond Anticipation Notes, Series 2019, maturing October 7, 2020 and aggregate principal amount of $11,523,000.00 Tax Appeal Refunding Notes, Series 2019, also maturing October 7, 2020 (collectively, the "Prior Notes"); and
WHEREAS, the City's Director of Finance/Chief Financial Officer is desirous of selling and issuing a $42,399,000.00 General Obligation Notes, Series 2020, consisting of $6,060,000.00 Tax Appeal Refunding Notes, Series 2020 and $36,339,000.00 General Capital Improvement Bond Anticipation Notes, Series 2020 (collectively, the "Renewal Series 2020 Notes") to refund, together with budgetary appropriations of the City, the Prior Notes and are authorized to do so pursuant to the Local Bond Law, specifically N.J.S.A. 40A:2-28 (the ...
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