Presenter
Presented by Mr. Deasy
Title
Resolution adopting an Amendment to the Articles of Incorporation of the Pittsburgh Water and Sewer Authority to extend its term of existence to May 21, 2045.
Body
WHEREAS, the Pittsburgh Water and Sewer Authority (the "Authority") is an authority created by the City of Pittsburgh under the Pennsylvania Municipal Authorities Act, 53 Pa C.S.A. ยง 5601 et seq.; and
WHEREAS, an authority created under the Act may amend its Articles of Incorporation from time to time to increase its term of existence to a date not exceeding (50) years from the date of approval by the Secretary of the Commonwealth of the Articles of Amendment; and
WHEREAS, the Authority's Articles of Incorporation were approved on February 17, 1984, by the Secretary of the Commonwealth; and
WHEREAS, the Authority has, by Resolution of its Board duly adopted on March 14, 2008, approved an amendment (the "Amendment") of its Articles of Incorporation to extend its term of existence to May 21, 2045 in order to ensure that its term covers the duration of certain bond obligations to be issued in June, 2008; and
WHEREAS, Section 5605(b) of the Act also requires the municipality to approve the amendment by resolution.
Be it resolved that the Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The Amendment to extend the term of existence of the Pittsburgh Water and Sewer Authority as set forth in the Resolution adopted by the Authority Board, a certified copy of which is attached hereto as Exhibit A is hereby approved and adopted.
Section 2. The Authority shall comply with the requirements of law regarding execution of the Articles of Amendment and the advertisement and filing thereof with the Secretary of the Commonwealth of Pennsylvania, all in accordance with the provisions of the Act.