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Ordinance No. 14-2016 - Lancaster City 2016A Capital Improvement Bonds

AN ORDINANCE AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT OF THE CITY OF LANCASTER, LANCASTER COUNTY, PENNSYLVANIA, BY THE ISSUANCE OF $11,560,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES A OF 2016; ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF VARIOUS CITY FACILITIES AND INFRASTRUCTURE, PAYING CAPITALIZED INTEREST ON THE BONDS AND PAYING THE COSTS OF ISSUING AND INSURING THE BONDS; DETERMINING TO SELL THE SERIES A OF 2016A BONDS (THE “2016A BONDS”) AT A PRIVATE SALE BY INVITATION; APPROVING THE FORM OF THE 2016A BONDS; FIXING THE NUMBER, DATE, INTEREST RATES AND MATURITIES OF THE 2016A BONDS; MAKING A COVENANT FOR THE PAYMENT OF THE DEBT SERVICE ON THE 2016A BONDS; PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THIS CITY IN SUPPORT OF SUCH BONDS; PROVIDING FOR THE FILING OF REQUIRED DOCUMENTS; PROVIDING FOR THE APPOINTMENT OF A SINKING FUND DEPOSITARY FOR THE 2016A BONDS; AND AUTHORIZING EXECUTION, SALE AND DELIVERY THEREOF, AND OTHER NECESSARY ACTION.