Title
Ordinance amending the City of Pittsburgh Code of Ordinances at Title Two: Fiscal; Article I: Administration, by adding a new Chapter 220: Post Issuance Compliance Policies.
Body
WHEREAS, the City of Pittsburgh issues tax-exempt or taxable bonds from time to time, and as an issuer, the City is required to comply with certain tax, securities, and other rules following the issuance of bonds and for the entire period that bonds are outstanding; and
WHEREAS, the City wishes to amend the Code of Ordinances of the City to set forth its policies to ensure compliance with federal tax laws and regulations, securities law disclosure requirements, state law, and other requirements following the issuance of bonds.
The Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The City of Pittsburgh Code of Ordinances is hereby amended at Title Two: Fiscal; Article I: Administration, by adding a new Chapter 220: Post Issuance Compliance Policies, as follows:
CHAPTER 220: - POST ISSUANCE COMPLIANCE POLICIES
? 220.01 - DEFINITIONS
(a) Advance Refunding Bonds - Refunding Bonds the proceeds of which are used to retire Refunded Bonds more than 90 days after the issue date of the Refunding Bonds.
(b) Code - the Internal Revenue Code of 1986, as amended.
(c) Coordinator - the person who shall have overall, final responsibility for implementing the Policies.
(d) GIC - guaranteed investment contract.
(e) IRS - Internal Revenue Service.
(f) Issuer - the City of Pittsburgh.
(g) Policies - the post-issuance compliance policies set forth in this Chapter 220.
(h) Refunded Bonds - bonds that are refunded by other bonds.
(i) Refunding Bonds - bonds that are issued to refund other bonds.
(j) SLGs - United States Treasury Securities - State and Local Government Series.
(k) Tax Certificate - a tax certificate or a non-arbitrage certificate.
(l) Team - the post-issuance compliance team that will work with and report to the Coordinator.
?220.02 - PURPOSE
(...
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