You are here

Ordinance No. 01-2016 - Guaranteeing $19,530,000 in Lancaster Parking Authority Bonds

ORDINANCE AUTHORIZING INCURRING OF LEASE RENTAL DEBT OF THE CITY OF LANCASTER IN AN AMOUNT OF $19,530,000 BY: GUARANTEEING PAYMENT OF PRINCIPAL OF AND INTEREST ON THE PARKING AUTHORITY OF THE CITY OF LANCASTER (THE “AUTHORITY”) GUARANTEED PARKING REVENUE BOND, SERIES OF 2016 (THE “2016 BOND”), ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR THE 2016 PROJECT WHICH INCLUDES: (I) THE ADVANCE REFUNDING OF A PORTION OF THE AUTHORITY’S OUTSTANDING GUARANTEED PARKING REVENUE BONDS, SERIES A OF 2007 (THE “2007A BONDS”) (THE “REFUNDING PROJECT”); (II) CONSTRUCTION OF IMPROVEMENTS TO THE AUTHORITY’S FACILITIES (THE “CAPITAL PROJECT”); AND (III) THE PAYMENT OF THE ISSUANCE COSTS OF THE 2016 BOND (COLLECTIVELY, THE “2016 PROJECT”); AUTHORIZING EXECUTION AND DELIVERY OF A GUARANTY AGREEMENT; FIXING THE AMOUNT OF ANNUAL PAYMENTS OF PRINCIPAL OF AND INTEREST ON THE 2016 BOND GUARANTEED BY THE CITY; AUTHORIZING THE FILING OF THE DEBT STATEMENT, BORROWING BASE CERTIFICATE, TRANSCRIPT OF PROCEEDINGS AND APPLICATION FOR APPROVAL WITH THE PENNSYLVANIA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT; AUTHORIZING THE PREPARATION AND FILING OF AN ENGINEERING OR CONSULTANT’S REPORT WITH RESPECT TO SELF-LIQUIDATING DEBT; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A REIMBURSEMENT AGREEMENT.