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File #: 2017-1464    Version: 1
Type: Resolution Status: Died due to expiration of legislative council session
File created: 4/28/2017 In control: Committee on Intergovernmental Affairs
On agenda: 5/2/2017 Final action: 12/31/2017
Enactment date: Enactment #:
Effective date:    
Title: Resolution approving the terms of and authorizing the execution and delivery of a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh (The "URA") relating to the administration by the URA and its Board of Directors of the Housing Opportunity Fund (The "Fund"), established by City Council Ordinance Number 37 of 2016, to finance the development and preservation of affordable housing within the City of Pittsburgh; authorizing the assignment to the URA of a portion of the City's public moneys for the purpose of carrying out the public purposes of the URA relative to the provision of housing. (Post Agenda Held, July 18, 2017; Public Hearing Held, July 18, 2017)
Sponsors: Reverend Ricky V. Burgess, R. Daniel Lavelle
Indexes: COOPERATION AGREEMENT/S
title
Resolution approving the terms of and authorizing the execution and delivery of a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh (The "URA") relating to the administration by the URA and its Board of Directors of the Housing Opportunity Fund (The "Fund"), established by City Council Ordinance Number 37 of 2016, to finance the development and preservation of affordable housing within the City of Pittsburgh; authorizing the assignment to the URA of a portion of the City's public moneys for the purpose of carrying out the public purposes of the URA relative to the provision of housing.
(Post Agenda Held, July 18, 2017; Public Hearing Held, July 18, 2017)

body
Be it resolved by the Council of the City of Pittsburgh as follows:

To carry out the public purposes of the URA, including authorizing the administration by the URA of the Housing Opportunity Fund; the payment of debt service on bonds to be issued by the URA in an aggregate principal amount of approximately one hundred million dollars ($100,000,000) for the purpose of funding the Housing Opportunity Fund; authorizing the execution and delivery of an agreement irrevocably directing the Treasurer of the City of Pittsburgh to pay the amounts being assigned by the City directly to the Trustee for the owners of the URA's bonds; providing for the proper officers of the City to take all other required, necessary or desirable related action in connection with said Cooperation Agreement, assignment and irrevocable direction; providing for the severability of provisions of this resolution; providing for the effectiveness of this resolution; and providing for repeal of all inconsistent resolutions or parts of resolutions.

Whereas, the Urban Redevelopment Authority of Pittsburgh, a public body and a body corporate and politic, exercising public powers of the Commonwealth of Pennsylvania as an agency thereof (the "URA"), is organized under the Pennsylvania Urban Redevelopment Law (P.L. ...

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