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Resolution of the Mayor and Council of Princeton Determining the Form and Other Details of Not Exceeding $6,934,000 Bonds of Princeton, in the County of Mercer, New Jersey, and Providing for Their Sale to the New Jersey Infrastructure Bank and Further Authorizing the Execution of Various Agreements, All Pursuant to the New Jersey Infrastructure Bank Transportation Infrastructure Financing Program
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WHEREAS, Princeton, in the County of Mercer, New Jersey (the "Local Unit"), has determined that there exists a need within the Local Unit to provide for various improvements to Witherspoon Street, including all work and materials necessary therefor and incidental thereto (the "Project"), as defined in that certain Loan Agreement (the "Loan Agreement") to be entered into by and between the Local Unit and the New Jersey Infrastructure Bank (the "I-Bank"), pursuant to the New Jersey Transportation Infrastructure Financing Program (the "Program");
WHEREAS, the Local Unit has determined to finance or refinance the acquisition, construction, improvement, repair or reconstruction of the Project with the proceeds of a loan to be made by the I-Bank (the "Loan") pursuant to the Loan Agreement;
WHEREAS, to evidence and secure the Loan, the I-Bank requires the Local Unit to authorize, execute, attest and deliver the Local Unit's Bonds, to the I-Bank (the "Local Unit Bond") in an aggregate principal amount not to exceed $6,934,000, 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"), other applicable law and the Loan Agreement; and
WHEREAS, Section 27(a)(2) of the Local Bond Law allows for the sale of the Local Unit Bond to the I-Bank without any public offering, and N.J.S.A. 58:11B-9(a) allows for the sale of the Local Unit Bond to the I-Bank without any public offering, all pursuant to the terms and conditions set forth herein; and
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