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Council approves financing resolution for Annunciation Orthodox School
Summary
The council approved a resolution to authorize financing by the Newark Higher Education Finance Corporation for the benefit of Annunciation Orthodox School following a staff presentation by Ted Christensen.
The Newark City Council voted to approve a resolution authorizing financing by the Newark Higher Education Finance Corporation for the benefit of Annunciation Orthodox School. Ted Christensen spoke to the council about the financing structure prior to the vote; Councilmember Jennifer Hill moved approval, Mayor Pro Tem Christopher Raines seconded and the motion passed unanimously.
The resolution authorizes the finance corporation to proceed with arrangements benefitting the school; no dollar amount or loan specifics were included in the minutes. The action was recorded as a formal council resolution and requires any implementing paperwork to follow the city’s standard administrative process.
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