Presenter
Presented by Mr. Shields
Title
Resolution of the City Council of the City of Pittsburgh (the “City”) determining to incur lease rental debt in an aggregate principal amount not to exceed four million four hundred and fifty thousand dollars ($4,450,000) by entering into a supporting agreement (the “2005 supporting agreement”) with the Sports & Exhibition Authority of Pittsburgh and Allegheny County (the “authority”) and the County of Allegheny (“County”); determining that such lease rental debt shall be Evidenced by the 2005 supporting agreement by which the city agrees to pay one-half of the debt service on the Sports & Exhibition Authority of Pittsburgh and Allegheny County Auditorium Bonds, refunding series a of 2005 to be issued by the Authority in an aggregate principal amount of up to eight million, nine hundred thousand dollars ($8,900,000); authorizing and directing the proper officers of the city (a) to prepare, to certify and to file the debt statement and borrowing base certificate required by section 8110 of the Pennsylvania local government unit debt act; and (b) to execute, to attest and to deliver, as appropriate, the 2005 supporting agreement among the city, the county and said authority; approving the form of said 2005 supporting agreement; specifying the maximum amounts of the supporting obligation of the City pursuant to said 2005 supporting agreement and the sources of payment of such supporting obligation and pledging the full faith, credit and taxing power of the City in support thereof; providing for proper officers of the City to take all other required, necessary or desirable related action in connection with said project and said 2005 supporting agreement; providing for the effectiveness of this resolution; providing for the severability of provisions of this resolution; and providing for repeal of all inconsistent ordinances or resolutions or parts of ordinances or resolutions.
Body
WHEREAS, the Sports & Exhibit...
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