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REFUNDING BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE REFUNDING OF ALL OR A PORTION OF ITS OUTSTANDING GENERAL OBLIGATION BONDS CONSISTING OF (A) QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES 2015A AND (B) QUALIFIED SCHOOL BONDS, SERIES 2015B AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $31,000,000.00 AGGREGATE PRINCIPAL AMOUNT OF QUALIFIED GENERAL OBLIGATION REFUNDING BONDS, CONSISTING OF (A) NOT TO EXCEED $29,000,000.00 QUALIFIED GENERAL IMPROVEMENT REFUNDING BONDS AND (B) NOT TO EXCEED $2,000,000.00 QUALIFIED SCHOOL REFUNDING BONDS OF THE CITY PURSUANT TO THE PROVISIONS OF THE MUNICIPAL QUALIFIED BOND ACT TO EFFECT SUCH REFUNDING AND APPROPRIATING THE PROCEEDS THEREFOR AND FINANCING THE COST THEREOF.
Deferred 6PSF-i 120424
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WHEREAS, pursuant to the provisions of the Local Bond Law of the State of New Jersey, N.J.S.A. 40A:2-1 et seq., as amended and supplemented (the "Local Bond Law"), and in the case of the hereinafter defined 2015B Bonds, the provisions of Title 18A, Education, of the New Jersey Statutes (the "School Law"), including, specifically N.J.S.A. 18A:7A-46.3 and N.J.S.A. 18A:7A-46.4, the City of Newark, in the County of Essex, State of New Jersey (the "City"), previously issued $56,673,000.00 General Obligation Bonds on June 23, 2015, consisting of (i) $51,553,000.00 Qualified General Improvement Bonds, Series 2015A (qualified under the Municipal Qualified Bond Act) (the "2015A Bonds") and (ii) $5,120,000.00 Qualified School Bonds, Series 2015B (qualified under the Municipal Qualified Bond Act; additionally secured under the New Jersey School Bond Reserve Act) (the "2015B Bonds" and together with the 2015A Bonds, the "Original Bonds"); and
WHEREAS, a (i) $27,678,000.00 outstanding principal portion of the 2015A Bonds maturing on July 15 in the years 2026 through 2029, inclusive (collectively, the "2015A Refunded Bonds") are subject to redemption prior to their respective maturity ...
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