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PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 7, 2019 CITY of NEWARK, in the County of Essex, New Jersey $51,270,000* QUALIFIED

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PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 7, 2019 CITY of NEWARK, in the County of Essex, New Jersey $51,270,000* QUALIFIED PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 7, 2019 NEW ISSUE RATING: See “Rating” herein. In the opinion of DeCotiis, FitzPatrick, Cole & Giblin, LLP, Bond Counsel, under existing law, interest on the Bonds and Notes and any gains from the sale of the Bonds and Notes are not includable as gross income under the New Jersey Gross Income Tax Act. However, interest on the Bonds and Notes is includable in gross income for Federal income tax purposes. See “TAX MATTERS” herein. CITY OF NEWARK, in the County of Essex, New Jersey $51,270,000* QUALIFIED GENERAL OBLIGATION BONDS (ECIA PROPERTY ACQUISITION), SERIES 2019 (Book-Entry Only) (Non-Callable) (Federally Taxable) (Qualified Under the Municipal Qualified Bond Act, P.L. 1976, C.38, as amended) $5,500,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES (ECIA PROPERTY ACQUISITION), SERIES 2019 (Book-Entry Only) (Non-Callable) (Federally Taxable) Dated: Date of Delivery Due: Bonds: November 1, as shown on inside front cover Notes: February 27, 2020 The $51,270,000* Qualified General Obligation Bonds, Series 2019 (the “Bonds”) and $5,500,000 General Obligation Notes, Series 2019 (the “Notes”) of the City of Newark, County of Essex, New Jersey (the “City”) will be issued by the City to: (i) finance the acquisition of title to 16 properties and buildings and improvements thereon the (“Properties”) owned by the Essex County Improvement Authority (the “Authority”) and (ii) pay certain costs and expenses incidental to the issuance and delivery of the Bonds and Notes. Simultaneously with the issuance of the Bonds and Notes, the Authority will apply a portion of the proceeds of the Bonds and Notes to defease the Authority’s (i) $42,185,000 initial aggregate principal amount of Lease Revenue Bonds (City of Newark Project), Series 2010A issued on December 23, 2010 and (ii) $30,255,000 initial aggregate principal amount of Lease Revenue Bonds (City of Newark Project), Series 2010B issued on December 23, 2010 that are currently outstanding. Such proceeds will be deposited in an escrow account held by The Bank of New York/Mellon, pursuant to an Escrow Deposit Agreement with the Authority to fund the defeasance. Subsequent to the deposit in the escrow account, title to the Properties will be acquired by the City from the Authority. The Bonds will be issued as fully registered Bonds and, when issued, will be registered in the name of and held by Cede & Co., as nominee for The Depository Trust Company (“DTC”). Purchases of the Bonds will be made in book-entry-only form (without certificates) in denominations of $5,000 or any integral multiple of $1,000 in excess thereof. So long as DTC, or its nominee Cede & Co., is the registered owner of the Bonds, payment of the principal of and interest on the Bonds is to be made directly to Cede & Co., which is to remit such payment to DTC participants, which in turn is to remit such payment to the beneficial owners of the Bonds (see “BOOK-ENTRY ONLY SYSTEM” herein). The principal of the Bonds is payable on November 1 in the years set forth on the inside cover page of this Official Statement, and the interest on the Bonds is payable semiannually on each May 1 and November 1, commencing May 1, 2019, to the registered owners thereof at their respective addresses as they appear on the registration books of US Bank, as bond registrar and paying agent (the “Paying Agent”), until the City’s obligation with respect to payment of the principal of the Bonds shall be discharged. Interest shall be computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each. The Notes will be issued as fully registered Notes and, when issued, will be registered in the name of and held by Cede & Co., as nominee for The Depository Trust Company (“DTC”). Purchases of the Notes will be made in book-entry-only form (without certificates) in denominations of $5,000 or any integral multiple of $1,000 in excess thereof. So long as DTC, or its nominee Cede & Co., is the registered owner of the Notes, payment of the principal of and interest on the Notes is to be made directly to Cede & Co., which is to remit such payment to DTC participants, which in turn is to remit such payment to the beneficial owners of the Notes (see “BOOK-ENTRY ONLY SYSTEM” herein). The City will serve as paying agent for the Notes. Interest on the Notes is payable at maturity. Interest shall be computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each. The Bonds are not subject to redemption prior to their stated maturities. The Notes are not subject to redemption prior to their maturity. The Bonds and Notes constitute general obligations of the City, and the full faith and credit and unlimited taxing power of the City are pledged to the payment of the principal of and interest on the Bonds and Notes, without limitation as to rate or amount. The Bonds are also entitled to the benefits of the Municipal Qualified Bond Act, Title 40A of the New Jersey Statutes, Section 40A:3-1,et seq., as amended (the “Municipal Qualified Bond Act”, such bonds being called “Qualified Bonds”). ’s confirmation that request payment for the Bonds and Notes. ’s The Notes are not entitled to the benefits of the Municipal Qualified Bond Act. The Bonds and Notes are not a debt or obligation, legal, moral, or otherwise, of the State of New Jersey, or any county, municipality or political subdivision thereof, other than the City. This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. AN INVESTMENT IN THE BONDS OR NOTES INVOLVES A SIGNIFICANT DEGREE OF RISK. POTENTIAL BONDHOLDERS AND NOTEHOLDERS ARE ADVISED TO READ THE ENTIRE OFFICIAL STATEMENT, INCLUDING THE APPENDICES HERETO. SPECIAL REFERENCE IS MADE TO THE SECTIONS “CITY FINANCIAL CONDITION”, “RISK FACTORS”, AND “CITY FINANCIAL SCHEDULES 2013 BUDGET – 2018 BUDGET” IN APPENDIX A HEREIN FOR A DISCUSSION OF CERTAIN RISK FACTORS WHICH SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE BONDS OR NOTES. The Bonds and Notes are offered when, as and if issued by the City and delivered to the respective purchasers, subject to the approval of legality by DeCotiis, FitzPatrick, Cole & Giblin, LLP, Teaneck, New Jersey, Bond Counsel, and other conditions described herein. Certain legal matters will be passed on for the City by Kenyatta Stewart, Esq., Corporation Counsel. It is expected that the Bonds and the Notes will be available for delivery on or about February 28, 2019. The Bonds and Notes are to be delivered through the facilities of DTC. BID PROPOSALS WILL BE ACCEPTED ON THURSDAY, FEBRUARY 14, 2019, UNTIL 11:00 A.M. FOR THE NOTES AND THURSDAY, FEBRUARY 14, 2019, UNTIL 11:30 A.M. FOR THE BONDS BY ELECTRONIC SUBMISSION VIA PARITY ELECTRONIC BID SYSTEM (“PARITY”) OF i-DEAL LLC (“i-DEAL”) FOR MORE INFORMATION ON HOW TO BID, PLEASE REFER TO THE RESPECTIVE NOTICES OF SALE. This is a Preliminary Official Statement, complete with the exception of the specific information permitted to be omitted by Rule 15c2-12 of the Securities and Exchange Commission. The City has authorized distribution of this Preliminary Official Statement Official Preliminary this of distribution authorized has City The Commission. Exchange and Securities the of 15c2-12 Rule by omitted be to permitted information specific the of exception the with complete Statement, Official Preliminary a is This of seven the earlier within Statement Official a final deliver will City the herein, described Notes and Bonds the of issuance the Upon final. deemed is Statement Official Preliminary this 15c2-12, Rule with accordance In others. and purchasers prospective to business days following such issuance or in order to accompany the Purchaser * Preliminary, subject to change. CITY OF NEWARK In the County of Essex, New Jersey $51,270,000* QUALIFIED GENERAL OBLIGATION BONDS, SERIES 2019 (Book-Entry Only) (Non-Callable) (Federally Taxable) Year Principal Interest (November 1) Amount* Rate Yield CUSIP** 2019 $4,055,000 2020 3,490,000 2021 3,615,000 2022 3,755,000 2023 3,900,000 2024 4,060,000 2025 4,230,000 2026 4,415,000 2027 4,615,000 2028 4,820,000 2029 5,040,000 2030 5,275,000 $5,500,000 GENERAL OBLIGATION NOTES, SERIES 2019 (Book-Entry Only) (Non-Callable) (Federally Taxable) Maturity Principal Interest (February 27) Amount Rate Yield Price CUSIP** 2020 $5,500,000 * Preliminary, subject to change. ** “CUSIP” is a registered trademark of the American Bankers Association. CUSIP numbers are provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP Numbers listed on the cover hereof are being provided solely for the convenience of Bondholders or Noteholders only at the time of issuance of the Bonds and Notes and the City does not make any representations with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specified maturity is subject to being changed after the issuance of the Bonds or Notes as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds and Notes.
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