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File #: 2011-2245    Version:
Type: Ordinance Status: Passed Finally
File created: 11/1/2011 In control: Committee on Finance and Law
On agenda: Final action: 12/13/2011
Enactment date: 12/13/2011 Enactment #: 29
Effective date: 12/14/2011    
Title: Ordinance supplementing the Pittsburgh City Code Title Two-Fiscal, Article I-Administration by adding Chapter 202-Debt Management Policy to ensure responsible issuance and management of City debt.
Sponsors: William Peduto, Darlene M. Harris, Douglas Shields
Indexes: PGH. CODE ORDINANCES TITLE 02 - FISCAL
Attachments: 1. 2011-2245.doc, 2. 2011-2245 VERSION 2.doc, 3. 2011-2245 VERSION 3.doc
TITLE
Ordinance supplementing the Pittsburgh City Code Title Two-Fiscal, Article I-Administration by adding Chapter 202-Debt Management Policy to ensure responsible issuance and management of City debt.
BODY
Be it resolved by Council of the City of Pittsburgh as follows:

Section 1. The Pittsburgh City Code Title Two-Fiscal, Article I-Administration is hereby supplemented by adding Chapter 202-Debt Management Policy to ensure responsible issuance and management of City debt, as follows:

CHAPTER 202: DEBT MANAGEMENT POLICY

§ 202.01 DEFINITIONS

(a) BAN - Bond Anticipation Notes

(b) CAPITAL PROJECT-any project funded by public monies in partial or whole, or proposed to be funded by public monies in partial or whole, to build, restore, retain, rehabilitate, purchase or repurchase any equipment, property, facility, infrastructure, vehicle, hardware for information technology, park facility, or building and otherwise consistent with LGUDA.

(c) EMMA - Electronic Municipal Market Access

(d) GFOA - Government Finance Officers Association

(e) LGUDA - Local Government Unit Debt Act, 53 Pa. C.S. § 8001 et seq.

(f) MSRB - Municipal Securities Rulemaking Board

(g) SEC - Federal Securities and Exchange Commission

(h) TIC - True Interest Cost

(i) TRAN - Tax or Revenue Anticipation Notes

(j) URA - The Urban Redevelopment Authority of the City of Pittsburgh

§ 202.02 FINANCIAL ADVISOR

(a) City Council shall have the ability to enter into a contract with a certified financial advisor when needed consistent with existing authority, who shall provide professional assistance and analysis of any prospective debt issue.


(b) The Council Financial Advisor shall not be associated with, or be a beneficiary in any manner, regarding the issuance that is being analyzed and shall comply with all applicable law.

§202.03 AUTHORITY, SCOPE AND OBJECTIVES

(a) Introduction

1. The City of Pittsburgh (the City) shall have the ability t...

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