Presenter
Presented by Mr. Shields
AS AMENDED BY SUBSTITUTE
Title
Resolution: (a) authorizing and directing issuance of two separate series of General Obligation Bonds (collectively, the “Bonds”) pursuant to the Act of the General Assembly of the Commonwealth of Pennsylvania known as the Local Government Unit Debt Act: (i) Series A of 2005 (the “Series A Bonds”), in the aggregate principal amount of One Hundred Sixteen Million Eight Hundred Sixty Thousand Dollars ($116,860,000).
Body
with the proceeds to provide funds (1) to advance refund a portion of the City's outstanding General Obligation Bonds, Series A of 1995 and Series A, B and C of 1997, and (2) for the costs and expenses of issuing the Series A Bonds, and (ii) Series B of 2005 (the “Series B Bonds”), in the aggregate principal amount of Seventy Eight Million One Hundred Thirty Five Thousand Dollars ($78,135,000), with the proceeds to provide funds (1) to currently refund a portion of the City's outstanding General Obligation Bonds, Series B of 1995 and Series D of 1998 and (2) for the costs and expenses of issuing the Series B Bonds; (b) finding a private sale of the Bonds by negotiation to be in the best financial interests of the City; (c) approving the Bond Purchase Agreement; (d) providing that the Bonds shall be general obligations and shall constitute nonelectoral debt of the City; (e) fixing the substantial form, denomination, number, date, maturity dates, interest rates, interest payment dates, and registration provisions of the Bonds and place of payment of principal of and interest on the Bonds; (f) authorizing execution of the Bonds and authentication thereof; (g) authorizing the execution of an escrow agreement for the refunded bonds and appointing the escrow agent; (h) providing covenants related to payment of debt service on the Bonds and continuing disclosure; (i) creating a sinking fund; (j) appointing a paying agent, registrar, transfer agent, sinking fund depository a...
Click here for full text