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Essex County approves ECIA bond financing of up to $13 million to refinance North Star Academy building
Summary
The Board approved an Essex County Improvement Authority plan to issue charter‑school revenue bonds not to exceed $13 million and loan proceeds to NSA Central Avenue LLC to refinance 2009 bonds on a Central Avenue Newark school; commissioners confirmed local finance board approval and recorded one member 'present, not voting'.
The Essex County Board of County Commissioners on Wednesday approved a plan by the Essex County Improvement Authority to issue charter school revenue bonds in an amount not to exceed $13,000,000 and loan the proceeds to NSA Central Avenue LLC to refinance bonds issued in 2009 for a charter school building on Central Avenue in Newark.
Tricia Gasparine, bond counsel for the authority, told the board the proceeds would refinance a balloon payment coming due in December and that the bonds “will be payable solely from loan payments to be received from the…
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