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Transaction Overview

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
$160,000,000*
STATE LEASE REVENUE BONDS (OFFSHORE WIND PORT PROJECT)
2023 SERIES A (FEDERALLY TAXABLE) (GREEN BONDS – CLIMATE BOND CERTIFIED)

 

Estimated Size: $160,000,000*
Security: The 2023 Series A Bonds are special, limited obligations of the Authority payable solely from the Pledged Property (as defined in the Preliminary Official Statement) applicable to the 2023 Series A Bonds, including, without limitation, Basic Rent Payment Obligations (as defined in the hereinafter defined Indenture) to be paid by the State of New Jersey (the “State”) under the NJWP Project Lease (as defined in the Preliminary Official Statement) for the NJWP Project (as defined in the Preliminary Official Statement) financed by the 2023 Series A Bonds. NOTWITHSTANDING THE PLEDGE EFFECTED BY THE INDENTURE (AS DEFINED IN THE PRELIMINARY OFFICIAL STATEMENT) OR ANY PROVISION OF THE INDENTURE, THE COST AND EXPENSE OF THE PAYMENT AND PERFORMANCE BY THE STATE OF NEW JERSEY OF ITS BASIC RENT PAYMENT OBLIGATIONS UNDER THE NJWP PROJECT LEASE IN ANY FISCAL YEAR SHALL BE SUBJECT TO AND DEPENDENT UPON APPROPRIATIONS BEING MADE FROM TIME TO TIME BY THE NEW JERSEY STATE LEGISLATURE (THE “STATE LEGISLATURE”) FOR THE NJWP PROJECT LEASE IN SUCH FISCAL YEAR IN AN AMOUNT SUFFICIENT TO PAY THE STATE’S BASIC RENT PAYMENT OBLIGATIONS WITH RESPECT TO THE NJWP PROJECT FOR SUCH FISCAL YEAR. THE STATE LEGISLATURE HAS NO LEGAL OBLIGATION TO MAKE ANY SUCH APPROPRIATIONS.
Structure: Serial Bonds*
Expected Delivery Date: January 26, 2023*
Interest Payment Dates: March 1 and September 1 of each year, commencing September 1, 2023
Optional Redemption: The 2023 Series A Bonds are subject to redemption prior to maturity as provided in the Preliminary Official Statement. See “THE 2023 SERIES A BONDS — Redemption Provisions” in the Preliminary Official Statement.
Denominations: $5,000 or any integral multiple thereof.
Principal Due: March 1, as set forth on the inside front cover of the Preliminary Official Statement.
Ratings: See “RATINGS” in the Preliminary Official Statement.
Tax Status: Federally Taxable**
Preliminary Official Statement PDF:

*Preliminary, subject to change.

** Interest on the 2023 Series A Bonds will be includable in gross income of the holders thereof for Federal income tax purposes in accordance with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”). In the opinion of M. Jeremy Ostow, Bond Counsel to the Authority, Bond Counsel is of the opinion that, under existing laws of the State of New Jersey (the “State”), interest on the 2023 Series A Bonds and any gain realized on the sale of the 2023 Series A Bonds are not includable in gross income under the New Jersey Gross Income Tax Act, as amended. See “TAX MATTERS” in the Preliminary Official Statement.


Last Updated: Friday, 01/13/23