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

2 #13419185.1 168182/002 Special Emergency Notes will be paid by 2022 budget appropriation in the amounts of $144,000 and $100,000, respectively) and (ii) providing for contractually required severance liabilities resulting from the retirement of employees in the amount of $950,000); WHEREAS, pursuant to, and in accordance with, as applicable, (i) the Local Budget Law, specifically N.J.S.A. 40A:4-53(m), (ii) the approval of the Director of Local Government Services of the State of New Jersey provided on November 20, 2020, (iii) an ordinance of the Township duly adopted by the Township Council of the Township on November 24, 2020 (the “Taxable Ordinance”), and (iv) a resolution duly adopted by the Township Council of the Township on November 24, 2020 (the “Taxable Resolution” and together with the Tax-Exempt Ordinances, the Tax-Exempt Resolutions, and the Taxable Ordinance, the “Authorizing Documents”), the Township is also seeking to authorize the sale and issuance of $1,826,408 Special Emergency Notes, Series 2022B (Federally Taxable) (the “Taxable Notes” and together with the Tax-Exempt Notes, the “Notes”); WHEREAS, the Taxable Notes are being issued to refund, on a current basis, a $1,826,408 portion of prior special emergency notes issued in the principal amount of $2,283,010 on December 15, 2021 and maturing on November 11, 2022 (the “Prior Special Emergency Notes”) (the remaining balance of the Prior Special Emergency Notes in the amount of $456,602 will be paid by a 2022 budget appropriation); WHEREAS, the Township, in order to issue the Notes at competitive market rates, seeks to, among other things, authorize the preparation and distribution of a Preliminary Official Statement (as hereinafter defined) and an Official Statement (as hereinafter defined); and WHEREAS, the Township, also seeks to, among other things, authorize the preparation, execution and delivery of, as applicable, the Notes, a Continuing Disclosure Certificate (as hereinafter defined), and any other documents required for the authorization, sale, issuance, execution and delivery of the Notes. BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY as follows: Section 1. The recitals set forth above are incorporated herein as if fully set forth herein. Section 2. The Township is hereby authorized to issue (i)

COUNTY OF ESSEX, STATE OF NEW JERSEY as follows: Section 1. The recitals set forth above are incorporated herein as if fully set forth herein. Section 2. The Township is hereby authorized to issue (i) $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 (ii) $1,826,408 Special Emergency Notes, Series 2022B (Federally Taxable).