266-22 Resolution Authorizing Certain Actions for Notes (tax-exempt and taxable notes).pdf

#13419185.1 168182/002 TOWNSHIP OF WEST ORANGE RESOLUTION NUMBER 266-22 RESOLUTION OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING TOWNSHIP OFFICIALS TO UNDERTAKE CERTAIN ACTIONS IN CONNECTION WITH THE ISSUANCE AND SALE OF (A) $51,559,136 GENERAL OBLIGATION NOTES, SERIES 2022A (TAX-EXEMPT) CONSISTING OF $45,301,136 BOND ANTICIPATION NOTES, $4,476,000 OPEN SPACE TRUST FUND NOTES AND $1,782,000 SPECIAL EMERGENCY NOTES AND (B) $1,826,408 SPECIAL EMERGENCY NOTES, SERIES 2022B (FEDERALLY TAXABLE) WHEREAS, pursuant to, and in accordance with, as applicable, (i) 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”), (ii) the Local Budget Law of the State of New Jersey, N.J.S.A. 40A:4-1 et seq., as amended and supplemented (the “Local Budget Law”), (iii) various bond ordinances and special emergency ordinances duly adopted by the Township Council of the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”), approved by the Mayor, and published as required by law (the “Tax-Exempt Ordinances”), and (iv) special emergency resolutions duly adopted by the Township Council of the Township and published as required by law (the “Tax-Exempt Resolutions”), the Township is seeking to authorize the sale and issuance of $51,559,136 General Obligation Notes, Series 2022A (Tax-Exempt) consisting of $45,301,136 Bond Anticipation Notes (the “Bond Anticipation Notes”), $4,476,000 Open Space Trust Fund Notes (the “Open Space Notes”) and $1,782,000 Special Emergency Notes (the “Special Emergency Notes” and together with the Bond Anticipation Notes and the Open Space Notes, the “Tax-Exempt Notes”); WHEREAS, the Bond Anticipation Notes are being issued to (i) refund, on a current basis, prior bond anticipation notes issued in the principal amount of (a) $13,000,000 on November 12, 2021 and maturing on November 11, 2022 and (b) $20,670,786 on December 15, 2021 and maturing on November 11, 2022 (collectively, the “Prior Bond Anticipation Notes”) and (ii) temporarily finance various capital improvements and acquisitions in the amount of $11,630,350; WHEREAS, the Open Space Notes are being issued to refund, on a current basis, prior open space trust fund notes issued in the principal amount of $4,476,000 on December 15, 2021 and maturing on November

EREAS, the Open Space Notes are being issued to refund, on a current basis, prior open space trust fund notes issued in the principal amount of $4,476,000 on December 15, 2021 and maturing on November 11, 2022; WHEREAS, the Special Emergency Notes are being issued to (i) refund, on a current basis, (a) a $432,000 portion of prior special emergency notes issued in the principal amount of $576,000 on December 15, 2021 and maturing on November 11, 2022, (b) a $400,000 portion of prior special emergency notes issued in the principal amount of $500,000 on December 17, 2021 and maturing on November 11, 2022 (collectively, the “Prior Special Emergency Notes”) (the remaining balance of the Prior