Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of City-Secured Bonds
Amount to be Financed: $12,000,000.00
Source of Appropriation: Bond Anticipation Notes
Purchaser: Open Market
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION DETERMINING CERTAIN MATTERS IN CONNECTION WITH THE SALE OF $6,000,000.00 PRINCIPAL AMOUNT OF BOND ANTICIPATION NOTES, SERIES 2025C (PATH HOME PROGRAM) AND $6,000,000.00 PRINCIPAL AMOUNT OF SPECIAL EMERGENCY NOTES, SERIES 2025D OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY
Additional Information:
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WHEREAS, the Director of Finance/Chief Financial Officer of City of Newark, in the County of Essex, New Jersey (the "City"), is desirous of selling and issuing $12,000,000.00 principal amount of the Issuer's General Obligation Notes, Series 2025, consisting of $6,000,000.00 Bond Anticipation Notes, Series 2025C (Path Home Program) (the "Series 2025C Notes"), and $6,000,000.00 Special Emergency Notes, Series 2025D (the "Series 2025D Notes" and, collectively with the Series 2025C Notes, the "Series 2025 Notes"), all pursuant to the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the "Local Bond Law"), the Local Budget Law, N.J.S.A. 40A:4-1 et seq. (the "Local Budget Law"), the Ordinances (as defined below) and this resolution; and
WHEREAS, the Series 2025 Notes are authorized to be issued pursuant to the following ordinances of the City: (i) in the case of the Series 2025C Notes, Bond Ordinance 6PSF-a finally adopted by the Municipal Council of the City on March 19, 2025 ("Ordinance 6PSF-a"), and (ii) in the case of the Series 2025D Notes, Ordinance 6PSF-d finally adopted by the Municipal Council of the City on February 19, 2025 ("Ordinance 6PSF-d" and, collectively with Ordinance 6PSF-a March 19, 2025, the "...
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