Title
Ordinance #202
First Reading
GENERAL OBLIGATION NOTE, SERIES A OF 2010
Body
Ordinance #202
First Reading: March 10, 2010
Second Reading: March 24, 2010
ORDINANCE #202
OF THE
BOARD OF COUNTY COMMISSIONERS
OF THE
COUNTY OF LACKAWANNA, PENNSYLVANIA
AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF LACKAWANNA, PENNSYLVANIA, SETTING FORTH ITS INTENT TO ISSUE A FEDERALLY TAXABLE GENERAL OBLIGATION NOTE, SERIES A OF 2010, OF THE COUNTY IN THE AGGREGATE PRINCIPAL AMOUNT OF THREE MILLION THREE HUNDRED NINETEEN THOUSAND DOLLARS ($3,319,000) PURSUANT TO THE ACT OF THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF PENNSYLVANIA, 53 Pa.C.S. Chapters 80-82, as amended, reenacted and supplemented, KNOWN AS THE LOCAL GOVERNMENT UNIT DEBT ACT (THE "ACT"); FINDING THAT A PRIVATE SALE BY NEGOTIATION IS IN THE BEST FINANCIAL INTERESTS OF THE COUNTY; DETERMINING THAT SUCH 2010 NOTE SHALL EVIDENCE NONELECTORAL DEBT OF THE COUNTY; SPECIFYING THAT SUCH INDEBTEDNESS IS TO BE INCURRED TO PROVIDE FUNDS TO FINANCE A PROJECT OF THE COUNTY WHICH CONSISTS OF: (1) CURRENTLY REFUNDING THE COUNTY’S OUTSTANDING TAXABLE GENERAL OBLIGATION BONDS, SERIES B OF 1999; AND (2) PAYING THE COSTS AND EXPENSES OF ISSUING THE 2010 NOTE; SETTING FORTH THE REASONABLE ESTIMATED USEFUL LIVES OF THE CAPITAL PROJECTS TO BE REFINANCED BY THE 2010 NOTE; ACCEPTING A PROPOSAL FOR THE PURCHASE OF SUCH 2010 NOTE AT PRIVATE SALE BY NEGOTIATION; PROVIDING THAT SUCH 2010 NOTE, WHEN ISSUED, SHALL CONSTITUTE A GENERAL OBLIGATION OF THE COUNTY; FIXING THE DENOMINATION, DATED DATE, INTEREST PAYMENT DATES, INTEREST RATES, REDEMPTION PROVISIONS AND PLACE OF PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH 2010 NOTE; AUTHORIZING SPECIFIED OFFICERS OF THE COUNTY TO CONTRACT WITH THE PAYING AGENT FOR ITS SERVICES IN CONNECTION WITH THE 2010 NOTE; SETTING FORTH THE SUBSTANTIAL FORM OF THE 2010 NOTE EVIDENCING THE DEBT; AUTHORIZING EXECUTION AND ATTESTATION OF SUCH 2010 NOTE; PROVIDING COVENANTS RELATED TO DEBT S...
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