Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Application to Local Finance Board for approval of bond ordinance Name of Project(s): Qualified Refunding Bonds Amount to be Financed: $31,000,000.00 Funding Source: Bonds Local Finance Board meeting date(s): December 11, 2024 Project Information: (Description/ Project No./ Amount Appropriated/Ordinance No.) RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD (I) PURSUANT TO N.J.S.A. §40A:2-51 AND N.J.S.A. §40A:2-55 (AND N.J.S.A. §18A:7A-46.3 AND N.J.S.A. §18A:7A-46.4 IN THE CASE OF THE SCHOOL BONDS) IN CONNECTION WITH THE ISSUANCE OF NOT TO EXCEED $31,000,000.00 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, CONSISTING OF (A) NOT TO EXCEED $29,000,000.00 GENERAL IMPROVEMENT REFUNDING BONDS, SERIES 2025A AND (B) NOT TO EXCEED $2,000,000.00 SCHOOL REFUNDING BONDS, SERIES 2025B OF THE CITY, (II) FOR THE APPROVAL OF A REFUNDING BOND ORDINANCE OF THE CITY PURSUANT TO THE PROVISIONS OF THE MUNICIPAL QUALIFIED BOND ACT, N.J.S.A. 40A:3-1 ET SEQ. (THE “ACT”), AND (III) FOR THE APPROVAL OF THE ISSUANCE OF REFUNDING BONDS AS QUALIFIED BONDS UNDER THE PROVISIONS OF THE ACT Additional Information: