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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 (COMMUNITY CHARTER SCHOOL OF PATERSON 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 Morris Charter, Inc. (the “Borrower”), the proceeds of which will be utilized to: (1) finance the project (the “Project”) consisting of (i) the acquisition of certain real property consisting of the land and the school facilities built thereon and occupied by Community Charter School of Paterson (the “Charter School”), located at Block 4802, Lots 23 and 24, and commonly known as 2-6 and 8-14 Morris Street in the City of Paterson, Passaic County, New Jersey (collectively, the “Project Facilities”) and (ii) undertaking certain capital improvements at the Project Facilities, (2) funding a debt service reserve fund, and (3) paying certain costs of issuing the Bonds (defined below); and
WHEREAS, the Authority now proposes to issue a maximum of $18,500,000 of tax-exempt Charter School Revenue Bonds (Community Charter School of Paterson 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 an approving governmental unit after a public hearing following reasonable public notice; and
WHEREAS, the Authority posted on its website on August 7, 2024 a public notice of the Project and the Authority conducted a public hearing on August 15, 2024 with respect to the Project.
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.