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File #: 2018-0730    Version:
Type: Resolution Status: Passed Finally
File created: 7/16/2018 In control: Committee on Finance and Law
On agenda: 7/17/2018 Final action:
Enactment date: 7/31/2018 Enactment #: 500
Effective date: 7/31/2018    
Title: Resolution to authorize and direct the incurring of Non-Electoral Debt through the issuance of a series of General Obligation Bonds or Notes of the City of Pittsburgh, in the maximum aggregate principal amount of forty million dollars ($40,000,000). (Post Agenda held 7/23/18; Public Hearing held 7/30/18)
Indexes: BOND
Attachments: 1. 2018-0730 VERSION 3, 2. 2018-0730 VERSION 2, 3. 2018-0730, 4. Summary 2018-0730, 5. 2018-0730 VERSION 3
Title
Resolution to authorize and direct the incurring of Non-Electoral Debt through the issuance of a series of General Obligation Bonds or Notes of the City of Pittsburgh, in the maximum aggregate principal amount of forty million dollars ($40,000,000).
(Post Agenda held 7/23/18; Public Hearing held 7/30/18)

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

Section 1.

RESOLUTION TO AUTHORIZE AND DIRECT THE INCURRING OF NON-ELECTORAL DEBT THROUGH THE ISSUANCE OF ONE OR MORE SERIES OF GENERAL OBLIGATION BONDS OR NOTES (HEREINAFTER REFERRED TO AS "BONDS") OF THE CITY OF PITTSBURGH, PENNSYLVANIA (THE "LOCAL GOVERNMENT UNIT") IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF FORTY MILLION DOLLARS ($40,000,000) FOR THE PURPOSE OF PROVIDING FUNDS FOR AND TOWARD THE COSTS OF (I) FINANCING A CAPITAL PROJECT WITHIN THE CITY CONSISTING OF THE ACQUISITION OF REAL PROPERTY INCLUDING A BUILDING SITUATE THEREON LOCATED AT 420 BOULEVARD OF THE ALLIES AND RENOVATIONS AND IMPROVEMENTS TO THE BUILDING (THE "CAPITAL PROJECT"), (II) FINANCING CERTAIN CAPITALIZED INTEREST ON THE BONDS, IF DESIRABLE AND (III) ISSUING THE BONDS OR ANY OR ALL OF THE SAME; STATING THAT REALISTIC COST ESTIMATES HAVE BEEN MADE FOR THE CAPITAL PROJECT; STATING THE ESTIMATED REALISTIC USEFUL LIFE OF THE CAPITAL PROJECT FOR WHICH SAID BONDS ARE ISSUED; 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, SERIES ISSUANCE DATE OF THE BONDS, INTEREST PAYMENT DATES, PROVISIONS FOR REDEMPTION AND STATED MAXIMUM PRINCIPAL MATURITY AMOUNTS AND FIXING THE MAXIMUM RATES OF INTEREST ON SUCH BONDS; AUTHORIZING THE PROPER OFFICERS OF THE LOCAL GOVERNMENT UNIT TO CONTRACT WITH A BANK OR BANK AND TRUST COMPANY FOR ITS SERVICES AS SINKING FUND...

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