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BILL NO. 16-2015

AN ORDINANCE APPROVING A CERTAIN PROJECT BEING UNDERTAKEN BY THE CITY OF LANCASTER REVITALIZATION IMPROVEMENT ZONE AUTHORITY (THE “AUTHORITY”) CONSISTING OF, INTER ALIA, THE FINANCING OF A CAPITAL PROJECT BY THE AUTHORITY; STATING THE REALISTIC ESTIMATED USEFUL LIFE OF THE PROJECT FOR WHICH THE AUTHORITY’S TAX REVENUE BOND IS ISSUED AND SETTING FORTH THE ESTIMATED COMPLETION DATE FOR THE PROJECT; AUTHORIZING THE INCURRENCE OF LEASE RENTAL DEBT BY THE CITY EVIDENCED BY THE GUARANTY AGREEMENT, AS SUCH TERM IS DEFINED HEREIN, IN CONNECTION WITH SUCH TAX REVENUE BOND BEING ISSUED BY THE AUTHORITY; AUTHORIZING THE PROPER OFFICERS OF THE CITY TO PREPARE, CERTIFY AND FILE WITH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT A DEBT STATEMENT AND BORROWING BASE CERTIFICATE, WITH A CERTIFIED COPY OF THIS ORDINANCE AND PROOFS OF PUBLICATION, AS REQUIRED BY THE LOCAL GOVERNMENT UNIT DEBT ACT, AND TO PAY ANY NECESSARY FILING FEES; APPROVING THE FORM OF GUARANTY AGREEMENT AMONG THE CITY, THE AUTHORITY AND THE BANK, AS SUCH TERM IS DEFINED HEREIN, AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF; STATING THE MAXIMUM ANNUAL AMOUNTS OF PRINCIPAL AND INTEREST TO BE PAID UNDER THE GUARANTY AGREEMENT, COVENANTING THE PAYMENT THEREOF AND PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THE CITY THEREFOR; SETTING FORTH CERTAIN CONDITIONS TO THE EXECUTION AND DELIVERY OF THE GUARANTY AGREEMENT, INCLUDING THE EXECUTION AND DELIVERY BY THE AUTHORITY OF A REIMBURSEMENT AGREEMENT WITH THE CITY; AUTHORIZING THE PROPER OFFICERS OF THE CITY TO TAKE OTHER APPROPRIATE AND INCIDENTAL ACTION; REPEALING ALL ORDINANCES AND RESOLUTIONS INCONSISTENT HEREWITH; AND STATING THE EFFECTIVE DATE.