Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $27,982,000.00
Source of Appropriation: Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK PROVIDING FOR THE ISSUANCE OF SCHOOL BONDS; AUTHORIZING THE SALE OF $27,982,000.00 PRINCIPAL AMOUNT OF SCHOOL BONDS, SERIES 2022 (THE "BONDS"); AUTHORIZING ADVERTISEMENT OF A NOTICE OF SALE; AUTHORIZING THE CHIEF FINANCIAL OFFICER TO SELL AND AWARD THE BONDS; DETERMINING THE FORM AND OTHER DETAILS OF THE BONDS; AND AUTHORIZING OTHER MATTERS RELATING THERETO.
Additional Information:
Sale of bonds to permanently finance outstanding Bond Anticipation Notes maturing in July 2022.
This will enable the City of Newark to take advantage of Debt Service Assistance under the Schools Qualified Bond Act.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), has adopted the Bond Ordinance listed on the attached Appendix A (the "Bond Ordinance") authorizing the issuance of obligations of the City for the purpose of financing various school projects on behalf of the City of Newark School District; and
WHEREAS, the City originally issued School Promissory Notes, Series 2017A on August 3, 2017, in the principal amount of $30,582,031.00 (the "Notes") to finance various school projects as described in the Bond Ordinance; and
WHEREAS, the Notes have been renewed from time to time and were last issued on July 26, 2021, in the principal amount of $27,982,031.00 (after application of required pay downs in 2020 and 2021 in the total amount of $2,600,000.00 pursuant to the provisions of N.J.S.A. 40A:2-8.1(a)(3), which notes mature July 25, 2022 (the "Prior Notes"); and...
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