You are here

BILL NO. 7-2015

AN ORDINANCE AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT OF THE CITY OF LANCASTER, LANCASTER COUNTY, PENNSYLVANIA, BY THE ISSUANCE OF UP TO [$10,835,000] PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES OF 2016 (FEDERALLY TAXABLE) (THE “2016 BONDS”); ISSUED FOR THE PURPOSE OF PROVIDING FINANCING FOR COSTS OF THE CURRENT REFUNDING OF THE CITY’S OUTSTANDING GENERAL OBLIGATION BONDS, SERIES OF 2006 (FEDERALLY TAXABLE FIXED RATE) (THE “2006 BONDS”) AND PAYING COSTS OF ISSUANCE INCURRED WITH THE 2016 BONDS; APPROVING THE REFUNDING AND AUTHORIZING THE REDEMPTION OF THE OUTSTANDING 2006 BONDS; DETERMINING TO SELL THE 2016 BONDS AT A PRIVATE SALE BY NEGOTIATION OR INVITATION; APPROVING THE FORM OF THE 2016 BONDS; FIXING THE DATE, INTEREST AND MATURITY OF THE 2016 BONDS; MAKING A COVENANT FOR THE PAYMENT OF THE DEBT SERVICE ON THE 2016 BONDS; PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THIS CITY IN SUPPORT OF THE 2016 BONDS; PROVIDING FOR THE FILING OF REQUIRED DOCUMENTS; PROVIDING FOR THE APPOINTMENT OF A SINKING FUND DEPOSITARY FOR THE 2016 BONDS; AND AUTHORIZING EXECUTION, SALE AND DELIVERY THEREOF, AND OTHER NECESSARY ACTIONS.