Consenting to the Issuance of Refunding Bonds by the JCMUA, and Authorizing Other Actions in Connection Therewith
Resolution of the City of Jersey City, N.J. File No. Res. 19-938 Agenda No. 10.12 Approved: Dec 18 2019 OF THE CITY OF JERSEY CITY RESOLUTIONCONSENTING TO THE ISSUANCE OF BONDS BY THE JERSEY CITY MUNICIPALREFUNDING UTILITIES AUTHORITY, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH COUNCIL offered and moved adoption of the following resolution: WHEREAS, on January 28, 1998, the Jersey City Municipal Utilities Authority (the “Authority”), a public body corporate and politic of the State of New Jersey organized pursuant to the Municipal and County Utilities Authorities Law (N.J.S.A. 40:14B-1 et. seq.) (the “Act”), adopted a resolution entitled, “Resolution Authorizing the Issuance of Revenue Bonds of the Jersey City Municipal Utilities Authority”, as previously amended and supplemented from time to time (the “General Bond Resolution”); and WHEREAS, pursuant the General Bond Resolution, a Supplemental Water Bond Resolution and a Supplemental Sewer Bond Resolution, each adopted September 22, 2011, the Authority issued $61,765,000 principal amount of Revenue Bonds, Series 2011, on October 28, 2011 (the “2011 Bonds”); and WHEREAS, the Authority desires to refund, on an advance refunding basis, all or a portion of the $22,830,000 outstanding principal amount of the callable 2011 Bonds, maturing on or after October 15, 2022, through the issuance of refunding bonds (the “Authority Refunding Bonds”); and WHEREAS, in accordance with current market conditions, the Authority Refunding Bonds are estimated to produce a net present value savings of approximately $1,200,000 over the term; and WHEREAS, the City of Jersey City (the “City”) and the Authority have entered into (i) a Service Contract with respect to the Sewer System on December 1, 1985, as amended by Amendment No.
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