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Ordinance No. 3-2016

AN ORDINANCE AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT OF THE CITY OF LANCASTER, LANCASTER COUNTY, PENNSYLVANIA, BY THE ISSUANCE OF $118,820,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES OF 2016; ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR THE ADVANCE REFUNDING OF A PORTION OF THE CITY OF LANCASTER GENERAL OBLIGATION BONDS, SERIES OF 2007 AND PAYING THE COSTS OF ISSUING AND INSURING THE BONDS; DETERMINING TO SELL THE SERIES OF 2016 BONDS (THE “2016 BONDS”) AT A PRIVATE SALE BY INVITATION; APPROVING THE FORM OF THE SERIES OF 2016 BONDS; FIXING THE NUMBER, DATE, INTEREST AND MATURITIES 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 SUCH 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 ACTION.