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Resolution to authorize and direct the incurring of Non-Electoral Debt through the issuance of a series of General Obligation Bonds or Notes of the City of Pittsburgh, in the aggregate maximum principal amount of twenty-four million dollars ($24,000,000) consisting of General Obligation Refunding Bonds or Notes, Series of 2016.
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RESOLUTION TO AUTHORIZE AND DIRECT THE INCURRING OF NONELECTORAL DEBT THROUGH THE ISSUANCE OF A SERIES OF GENERAL OBLIGATION BONDS OR NOTES (HEREINAFTER REFERRED TO AS "BONDS") OF THE CITY OF PITTSBURGH, PENNSYLVANIA (THE "LOCAL GOVERNMENT UNIT") IN THE AGGREGATE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF TWENTY-FOUR MILLION DOLLARS ($24,000,000) CONSISTING OF ONE OR MORE SERIES OF BONDS BEING GENERALLY DESIGNATED GENERAL OBLIGATION REFUNDING BONDS, SERIES OF 2016 OR SIMILAR DESIGNATION FOR THE PURPOSE OF PROVIDING FUNDS FOR AND TOWARD THE COSTS OF (I) REFUNDING CERTAIN OF THE LOCAL GOVERNMENT UNIT'S OUTSTANDING GENERAL OBLIGATION BONDS (THE "PRIOR BONDS"), AND (II) ISSUING THE BONDS; STATING THE PURPOSES OF THE REFUNDING; STATING THAT REALISTIC COST ESTIMATES HAVE BEEN MADE FOR THE REFUNDING PROJECT; DESCRIBING THE REMAINING USEFUL LIFE OF PROJECTS PREVIOUSLY FINANCED WITH THE PRIOR BONDS; DIRECTING THE PROPER OFFICERS OF THE LOCAL GOVERNMENT UNIT TO PREPARE, CERTIFY AND FILE THE REQUIRED DEBT STATEMENT AND BORROWING BASE CERTIFICATE; COVENANTING THAT THE LOCAL GOVERNMENT UNIT SHALL INCLUDE THE AMOUNT OF ANNUAL DEBT SERVICE IN ITS BUDGET FOR EACH FISCAL YEAR; PROVIDING FOR FULLY REGISTERED BONDS, SERIES ISSUANCE DATE OF THE BONDS, INTEREST PAYMENT DATES, MAXIMUM PRINCIPAL MATURITY AMOUNTS AND MAXIMUM RATES OF INTEREST AND/OR YIELDS ON SUCH BONDS; AUTHORIZING THE PROPER OFFICERS OF THE LOCAL GOVERNMENT UNIT TO CONTRACT WITH A BANK OR BANK AND TRUST COMPANY FOR ITS SERVICES AS SINKING FUND DEPOSITORY, PAYING AGENT AND REGISTRAR; PROVIDING FOR THE REGISTRATION OF BONDS; PROVIDING FOR THE EXECUTION AND DELIVERY OF THE BONDS AND THE DI...
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