Resolution of the City of Jersey City, N.J.

Resolution of the City of Jersey City, N.J.City Clerk File No.Agenda No.Approved:TITLE:Res.09-89610. YOCT 2 8 2009RESOLUTION OF THE CITY OF JERSEY CITY ALLOCATINGFIVE MILLION DOLLARS ($5,000,000) OF ITS RECOVERYZONE FACILITY BOND ALLOCATION, WHICH WASALLOCATED TO THE CITY OF JERSEY CITY BY IRS NOTICE2009-50 PURSUANT TO SECTION 1400U OF THE INTERNALREVENUE CODE OF 1986, AS AMENDED, TO THE HUDSONCOUNTY IMPROVEMENT AUTHORITY FOR THE PURPOSESOF ISSUING RECOVERY ZONE FACILITY BONDS TO ASSISTDEPOSITORY TRUST AND CLEARING CORPORATION INFINANCING CERTAIN RELOCATION COSTSWHEREAS, on October -- 2009, the Offce of the Mayor, City of JerseyCity, New Jersey ("City Administration"), the Offce of the County Executive,Hudson County, New Jersey ("County Administration") and the Depository Trustand Clearing Corporation ("DTCC") entered into a Memorandum ofUnderstanding (the "MOU") relating to the relocation by DTCC of 1,600 of itsemployees to a property located at the Newport Office Centre Vi, 570Washington Blvd., Jersey City, New Jersey (the "Property") and setting forth thenature and scope of the incentives to be provided by the City Administration, theCity of Jersey City, the County Administration and the County of Hudson to assistDTC in such relocation, which MOU was acknowledged by resolution of theMunicipal Council of the City of Jersey City (the "City"); andWHEREAS, one of the incentives to be provided by the City and theCounty pursuant to the MOU is the allocation of a portion of each of the City'sand the County's Recovery Zone Facility Bond Allocation under Section 1400U-lof the Internal Revenue Code of 1986, as amended (the "Code") to The HudsonCounty Improvement Authority (the "HCIA") in order for the HClA to issue one ormore series of its Recovery Zone Facility Bonds, the proceeds of which would beused to finance, among other things, capital improvements to the Propertynecessary for DTCC to relocate its employees to and undertake its operations atthe Property; andWHEREAS, the Property is located in the City's "Recovery Zone" pursuantto Sections 1400U-L, 1400U-2 and 1400U-3 of the Code.NOW THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THECITY OF JERSEY CITY AS FOLLOWS:1. The City hereby allocates to the HCIA Five Million Dollars ($5,000,000) of itsRecovery Zone Facility Bond Allocation, which was allocated to the City by IRSNotice 2009-50 under Section 1400U-L of the Code for the purpose of theissuance by the HCIA of one or more series of its Recovery Zone FacilityBonds, the proceeds of which shall be used to finance, among other things,capital improvements to the Property necessary for DTCC to relocate itsemployees to and undertake its opeïeitions at the Property.