Presenter
Presented by Mr. Hertzberg
AS AMENDED
Title
Resolution authorizing a borrowing in anticipation of current taxes and current revenues and the issuance of Tax and Revenue Anticipation Notes; authorizing the execution of a credit agreement and a security agreement; establishing the form of such notes; approving and accepting a commitment letter of PNC Bank, National Association, National City Bank of Pennsylvania and Citizens Bank of Pennsylvania to purchase the notes; awarding and authorizing the negotiated sale thereof to said banks; providing security for such notes; making certain covenants in respect of such notes; authorizing and directing certain officials to deliver a certificate as to taxes and revenues to be collected, to cause to be made the filings required by law, to execute and deliver the notes, to restrict the use of the proceeds of the notes; creating a sinking fund; creating an interest reserve; and to take such other actions as may be necessary or desirable.
Body
WHEREAS, the Local Government Unit Debt Act of the Commonwealth of Pennsylvania (the "Act") empowers and authorizes a local government unit to borrow money from time to time in any fiscal year in anticipation of the receipt of current taxes or current revenues or both and to evidence said indebtedness by tax and revenue anticipation notes; and
WHEREAS, PNC Bank, National Association, National City Bank of Pennsylvania and Citizens Bank of Pennsylvania (collectively, the "Banks") have submitted to the City of Pittsburgh a commitment letter and a form of Non-Revolving Tax and Revenue Anticipation Credit Facility Credit Agreement by and among the City, the Banks and PNC Bank, National Association, as Agent (the "Credit Agreement") pursuant to which the Banks will purchase the City's Tax and Revenue Anticipation Notes, Series of 2005 and the City desires, by the adoption of this Resolution by the affirmative vote of a majority of the members of the City Council now h...
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