Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $35,598,000.00
Source of Appropriation: Bonds
Purchaser: Open Market
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK PROVIDING FOR A SINGLE AND COMBINED ISSUE OF QUALIFIED GENERAL CAPITAL IMPROVEMENT BONDS; AUTHORIZING THE SALE OF UP TO $35,598,000.00 PRINCIPAL AMOUNT OF QUALIFIED GENERAL CAPITAL IMPROVEMENT BONDS, SERIES 2023; 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:
To permanently finance outstanding Bond Anticipation Notes.
body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") has adopted the Bond Ordinances listed on the attached Appendix A (the "Bond Ordinances") authorizing the issuance of obligations of the City for the purpose of financing the various general capital improvement projects described in the Bond Ordinances; and
WHEREAS, the City has determined to permanently finance a portion of the costs of the projects undertaken, pursuant to the Bond Ordinance through the issuance of not to exceed Thirty-Five Million Five Hundred Ninety-Eight Thousand Dollars and Zero Cents ($35,598,000.00) principal amount of general obligation bonds of the City; and
WHEREAS, the City has determined to proceed with a competitive public sale of said bonds for the purposes authorized in the Bond Ordinance; and
WHEREAS, in accordance with the Municipal Qualified Bond Act (N.J.S.A. 40A:3-1 et seq.), on December 14, 2022, the Local Finance Board in the Division of Local Government Services of the Department of Community Affairs of the State ...
Click here for full text