Presenter
Presented by Ms. Rudiak
Title
Resolution to authorize and direct the incurring of Non-Electoral Debt through the issuance of two series of General Obligation Bonds or Notes of the City of Pittsburgh, in the aggregate maximum principal amount of sixty-five million two hundred eighty-five thousand dollars ($65,285,000) consisting of Taxable General Obligation Refunding Bonds, Series A of 2014 and General Obligation Refunding Bonds, Series B of 2014.
Body
RESOLUTION TO AUTHORIZE AND DIRECT THE INCURRING OF NONELECTORAL DEBT THROUGH THE ISSUANCE OF TWO SERIES OF GENERAL OBLIGATION BONDS OR NOTES OF THE CITY OF PITTSBURGH, PENNSYLVANIA (THE "LOCAL GOVERNMENT UNIT") IN THE AGGREGATE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF SIXTY-FIVE MILLION TWO HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($65,285,000) CONSISTING OF TWO SERIES OF BONDS: TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES A OF 2014 AND GENERAL OBLIGATION REFUNDING BONDS, SERIES B OF 2014 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, AND (II) ISSUING AND INSURING THE BONDS, OR ANY OR ALL OF THE SAME; STATING THE PURPOSES OF THE REFUNDING; STATING THAT REALISTIC COST ESTIMATES HAVE BEEN MADE FOR THE PROJECT; DESCRIBING CERTAIN PRIOR PROJECTS AND STATING THE REMAINING USEFUL LIFE THEREOF; 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, DATE OF THE BONDS, INTEREST PAYMENT DATES, AND STATED MAXIMUM PRINCIPAL MATURITY AMOUNTS AND FIXING THE MAXIMUM RATES OF INTEREST AND/OR YIELDS ON SUCH BONDS AND PROVIDING FOR BOOK-ENTRY ONLY BONDS; AUTHORIZING THE PROPER OFFICERS OF THE LOCAL GOVERNMENT UNIT TO CONTRACT WITH A BANK OR BANK AND TRUST COM...
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