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Resolution amending Resolution No. 79 of 2026, to increase the maximum principal reimbursement amount of the approved issuance of General Obligation Bonds while maintaining the approved maximum aggregate principal amount.
(Waiver of Rule 8 Requested)
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WHEREAS, the City of Pittsburgh previously passed Resolution 79 of 2026 (the "Resolution") authorizing the issuance of the City's General Obligation Bonds (the "Bonds") in the maximum aggregate principal amount of Fifty-Six Million Twenty Thousand and 00/100 Dollars ($56,020,000); and
WHEREAS, in Section 20 of the Resolution, the City declared its official intent under Section 1.150-2 of the Treasury Regulations promulgated under the Internal Revenue Code of 1986, as amended, to be reimbursed from proceeds of the Bonds in a maximum principal amount of $10,971,000 for expenditures of the Project described in the Resolution; and
WHEREAS, the City wishes to increase the maximum amount to be reimbursed by $11,639,363 to a maximum principal reimbursement amount of $22,610,363; the maximum aggregate principal amount of the Bonds authorized to be issued is not being changed;
Be it resolved by the Council of the City of Pittsburgh as follows:
Resolution No. 79 of 2026 is hereby amended to read as follows:
RESOLUTION TO AUTHORIZE AND DIRECT THE INCURRING OF NON-ELECTORAL DEBT THROUGH THE ISSUANCE OF ONE OR MORE SERIES OF TAX-EXEMPT GENERAL OBLIGATION BONDS OR NOTES (COLLECTIVELY, "BONDS") OF THE CITY OF PITTSBURGH, PENNSYLVANIA (THE "CITY") IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF FIFTY-SIX MILLION TWENTY THOUSAND AND 00/100 DOLLARS ($56,020,000) FOR THE PURPOSE OF PROVIDING FUNDS FOR AND TOWARD THE COSTS OF (I) FINANCING VARIOUS CAPITAL PROJECTS WITHIN THE CITY (THE "CAPITAL PROJECT"), AND (II) ISSUING THE BONDS, OR ANY OR ALL OF THE SAME; STATING THAT REALISTIC COST ESTIMATES HAVE BEEN OBTAINED FOR THE CAPITAL PROJECT AND STATING THE ESTIMATED REALISTIC USEFUL LIFE THEREOF; DIRECTING THE PROPER ...
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