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File #: 2020-0336    Version: 1
Type: Resolution Status: Passed Finally
File created: 5/8/2020 In control: Committee on Finance and Law
On agenda: 5/12/2020 Final action: 5/26/2020
Enactment date: 5/26/2020 Enactment #: 234
Effective date: 5/27/2020    
Title: Resolution amending Resolution #183 of 2020, entitled "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) by replacing the entirety of Resolution 183 with new language, in order to conform to state and federal laws.
Indexes: BOND
Attachments: 1. 2020-0336-Cover Ltr 2020 Bond Debt Letter, 2. Summary 2020-0336, 3. 2020-0336-Cumulative Redline City of Pittsburgh - Refunding Debt Ordinance - 2020, 4. 2020-0336 Proof of Publication - 2020 City of Pittsburgh (4834-6697-8748 v1)
title
Resolution amending Resolution #183 of 2020, entitled "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) by replacing the entirety of Resolution 183 with new language, in order to conform to state and federal laws.

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

Section 1. Resolution amending Resolution #183 of 2020, entitled "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) by replacing the entirety of Resolution 183 with new language, in order to conform to state and federal laws, shall now read as follows:


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 O...

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