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Bill No. 11-2018 - Authorizing the Issuance of General Obligation Bonds for Capital Improvements

AN ORDINANCE AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT OF THE CITY OF LANCASTER, LANCASTER COUNTY, PENNSYLVANIA, BY THE ISSUANCE OF UP TO $ PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES OF 2018 (THE “2018 BONDS”); ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR THE 2018 PROJECT WHICH CONSISTS OF (I) (A) IMPROVEMENTS AND UPGRADES TO THE CITY’S WATER TREATMENT AND DISTRIBUTION FACILITIES, (B) UPGRADES AND IMPROVEMENTS TO THE CITY’S WASTEWATER TREATMENT AND COLLECTION FACILITIES, AND (C) CAPITAL IMPROVEMENTS RELATED TO THE CITY’S STORMWATER FACILITIES, EACH AS SET FORTH ON EXHIBIT A HERETO; (II) THE OTHER CAPITAL PROJECTS SET FORTH ON EXHIBIT A HERETO; (III) OTHER MISCELLANEOUS CAPITAL PROJECTS WHICH MAY, BY RESOLUTION OF THE CITY COUNCIL, OR IN LIEU OF RESOLUTION BY ENACTMENT OF AN ORDINANCE OF THE CITY IN CONNECTION WITH ITS CAPITAL BUDGET, HEREAFTER BE APPROVED; (IV) PAYING CAPITALIZED INTEREST ON THE 2018 BONDS; AND (V) PAYING ISSUANCE COSTS IN CONNECTION WITH THE 2018 BONDS; DETERMINING TO SELL THE 2018 BONDS “”AT A PRIVATE SALE BY NEGOTIATION OR INVITATION; APPROVING THE FORM OF THE 2018 BONDS; AUTHORIZING THE PURCHASE OF BOND INSURANCE FOR THE 2018 BONDS; MAKING A COVENANT FOR THE PAYMENT OF THE DEBT SERVICE ON THE 2018 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 2018 BONDS; APPROVING THE FILING OF ENGINEERING REPORTS WITH RESPECT TO THE SELF-LIQUIDATING DEBT; AND AUTHORIZING EXECUTION, SALE AND DELIVERY THEREOF, AND OTHER NECESSARY ACTION.