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RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF PASSAIC, NEW JERSEY APPROVING THE ISSUANCE OF CHARTER SCHOOL REVENUE BONDS (PATERSON CHARTER SCHOOL FOR SCIENCE & TECHNOLOGY PROJECT) SERIES 2024 PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
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WHEREAS, the COUNTY OF PASSAIC, New Jersey (the “County”), pursuant to the Improvement Authorities Law of the State of New Jersey (the “State”), constituting Chapter 183 of the Pamphlet Laws of the State of 1960, as amended and supplemented (N.J.S.A. 40:37A-44 et seq.) (the “Act”), has heretofore duly created a body corporate and politic known as Passaic County Improvement Authority (the “Authority”); and
WHEREAS, the Authority has determined, among other things, to proceed with the financing of the costs of a project consisting of a loan to the not-for-profit corporation known as Silk City Education Alliance, Inc. (the “Borrower”), the proceeds of which will be utilized to finance the project (the “Project”) consisting of (1) the acquisition of (a) certain real property consisting of the land and the school facilities built thereon and occupied by Paterson Charter School for Science & Technology (the “Charter School”), located at Block 7104, Lot 9, 10, 12, 13, 16, 17, 18 19 and Block 6704, Lot 1, and commonly known as 276 Wabash Avenue, and 196 West Railway Avenue each in the City of Paterson, Passaic County, New Jersey and (b) certain real property consisting of land and an ancillary facility built thereon located at Block 7104, Lot 8, and commonly known as 262-266 Wabash Avenue in the City of Paterson, Passaic County, New Jersey (collectively, the “Project Facilities”), (2) undertaking certain capital improvements at the Project Facilities, (3) funding a debt service reserve fund and repair and replacement fund, and (4) paying certain costs of issuing the Bonds (defined below); and
WHEREAS, the Authority now proposes to issue a maximum of $34,000,000 of tax-exempt Charter School Revenue Bonds (Paterson Charter School For Science & Technology Project) Series 2024 (the “Bonds”); and
WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, the issue of Bonds must be approved by the Applicable Elected Representative(s) of the Authority.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Passaic as follows:
Section 1. In accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, we, the duly elected officials of Passaic County, as the Applicable Elected Representatives of the County, do hereby approve the issuance of the Bonds for the Project.
Section 2. This resolution shall take effect immediately.