66-19 West Orange_NJIB_ Joint Meeting Form Sale and Agreements Resolution (Project 1 of 2019).pdf

-2- WHEREAS, it is the desire of the Township to authorize, execute, attest and deliver the Note to the I-Bank pursuant to the terms of the Local Bond Law of the State of New Jersey, constituting Chapter 2 of Title 40A of the Revised Statutes of the State of New Jersey (the "Local Bond Law"), and other applicable law; and WHEREAS, Section 28 of the Local Bond Law allows for the sale of the Note to the I- Bank without any public offering, and N.J.S.A. 58:11B-9 allows for the sale of the Note to the I- Bank without any public offering, all under the terms and conditions set forth therein. NOW, THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, AS FOLLOWS: Section 1. In accordance with Section 28 of the Local Bond Law and N.J.S.A. 58:11B-9, the Township hereby authorizes the issuance, sale and award of the Note in accordance with the provisions hereof. The obligation represented by the Note has been appropriated and authorized by Bond Ordinance #2556-18 of the Township entitled, "Bond Ordinance Providing for the Local Unit's Allocable Share of Capital Improvement Projects for the Joint Meeting of Essex and Union Counties, by and in the Township of West Orange, in the County of Essex, New Jersey; Appropriating $1,570,000 Therefor and Authorizing the Issuance of $1,570,000 Bonds or Notes of the Local Unit to Finance the Cost Thereof", and finally adopted by the Township at a meeting duly called and held on November 27, 2018, at which time a quorum was present and acted throughout, all pursuant to the terms of the Local Bond Law and other applicable law. Section 2. The Chief Financial Officer of the Township (the "Chief Financial Officer") is hereby authorized to determine, in accordance with the Local Bond Law and pursuant to the terms and conditions hereof, (i) the final principal amount of the Note (subject to the maximum limitation set forth in Section 4(a) hereof) and (ii) the dated date of the Note. Section 3. Any determination made by the Chief Financial Officer pursuant to the terms hereof shall be conclusively evidenced by the execution and attestation of the Note by the parties authorized pursuant to Section 4(h) hereof. Section 4. The Township hereby determines that certain terms of the Note shall be as follows: (a) the principal amount of the Note to be issued shall be an amount not to

rsuant to Section 4(h) hereof. Section 4. The Township hereby determines that certain terms of the Note shall be as follows: (a) the principal amount of the Note to be issued shall be an amount not to exceed $1,570,000; (b) the maturity of the Note shall be as determined by the I-Bank; (c) the interest rate of the Note shall be as determined by the I-Bank; (d) the purchase price for the Note shall be par; (e) the Note shall be subject to prepayment prior to its stated maturity in accordance with the terms and conditions of the Note;