Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $110,000,000.00
Source of Appropriation: Mass Transit Access Tax Revenue Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
SUPPLEMENTAL RESOLUTION OF THE CITY OF NEWARK ACTING AS REDEVELOPMENT ENTITY PROVIDING FOR THE ISSUANCE AND SALE OF MASS TRANSIT ACCESS TAX REVENUE BONDS (MULBERRY PEDESTRIAN BRIDGE REDEVELOPMENT PROJECT) (CITY SECURED); APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE AND RATIFYING AND CONFIRMING THE ADOPTION OF A BOND RESOLUTION ON NOVEMBER 9, 2021.
Additional Information:
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WHEREAS, the P.L. 2019, c. 289 specifically N.J.S.A. 40:48C-1.7 et seq. (the "Mass Transit Access Parking Tax Law") authorized municipalities of a certain population to impose a 3.5% tax within such municipality (the "Mass Transit Access Tax") and to use the proceeds therefrom for the exclusive purposes of financing and funding capital improvements for pedestrian access to mass transit stations (see N.J.S.A. 40:48C-1.7(b), (the "Eligible Project"); and
WHEREAS, pursuant to Ordinance 6PSF-e, adopted by Municipal Council on March 24, 2020 (the "Mass Transit Access Tax Ordinance"), the City of Newark (the "City") has heretofore authorized the imposition of a 3.5% Mass Transit Access Tax on fees generated from the parking, garaging and storing of motor vehicles, subject to certain exemptions and exceptions; and
WHEREAS, pursuant to and in accordance with the provisions of the Mass Transit Access Parking Tax Law, specifically N.J.S.A. 40:48C-1.7(b), and the provisions of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., (the "Local Redevelopment and Housing Law" or the "LR...
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