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Resolution to authorize and direct the incurring of Non-Electoral Debt through the issuance of a series of General Obligation Refunding Bonds of the City of Pittsburgh, in the maximum aggregate principal amount of One Hundred Sixty One Million Two Hundred Fifty Thousand Dollars ($161,250,000.00).
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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 REFUNDING BONDS AND/OR NOTES (COLLECTIVELY, "BONDS") OF THE CITY OF PITTSBURGH, PENNSYLVANIA (THE "CITY") IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF ONE HUNDRED SIXTY ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($161,250,000.00) FOR THE PURPOSE OF PROVIDING FUNDS FOR AND TOWARD THE COSTS OF FOR THE PURPOSE OF PROVIDING FUNDS FOR AND TOWARD THE COSTS OF (I) REFUNDING CERTAIN OF THE LOCAL GOVERNMENT UNIT'S OUTSTANDING GENERAL OBLIGATION BONDS AND/OR NOTES (THE "PRIOR BONDS"); AND (II) ISSUING, AND INSURING, IF DESIRABLE, THE BONDS, OR ANY OR ALL OF THE SAME; STATING THE PURPOSES OF THE REFUNDING; STATING THAT REALISTIC COST ESTIMATES HAVE BEEN OBTAINED FOR THE REFUNDING PROJECT; DESCRIBING THE REMAINING USEFUL LIFE OF PROJECTS PREVIOUSLY FINANCED WITH THE PRIOR BONDS; 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; FIXING THE FORM, INTEREST RATE, MATURITY, REDEMPTION AND OTHER PROVISIONS FOR THE PAYMENT OF THE BONDS; AUTHORIZING THE PROPER OFFICERS OF THE CITY TO CONTRACT WITH A BANK OR BANK AND TRUST COMPANY FOR ITS SERVICES AS SINKING FUND DEPOSITORY, PAYING AGENT AND REGISTRAR; PROVIDING FOR THE REGISTRATION, TRANSFER AND EXCHANGE OF BONDS; PROVIDING FOR THE EXECUTION, DELIVERY AND AUTHENTICATION OF BONDS AND THE DI...
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