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LEGAL NOTICE CITY OF PITTSBURGH, ALLEGHENY COUNTY, PENNSYLVANIA SUMMARY OF A PROPOSED RESOLUTION AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT PUBLIC NOTICE is hereby given that the City Council of the City of Pittsburgh, Allegheny County (the Local Government Unit) will consider, at a public meeting to be held on Wednesday, February 11, 2020, at 10:00 A.M., at the Council Chamber, 5th Floor, City-County Building, 414 Grant St., Pittsburgh 15219 (or on such other date, not later than 30 days from the date of publication of this notice, and at such time and place, as the Board may lawfully determine), the adoption of a Resolution (the Resolution) authorizing, among other things, the incurrence of nonelectoral debt pursuant to the Local Government Unit Debt Act (the Act) in an aggregate principal amount estimated not to exceed $52,400,000 through the issuance and sale of its General Obligation Bonds, Series of 2020 (collectively, the Bonds). The proposed Resolution contains provisions setting forth, among others, the following: (a) authorization of the issuance of the Bonds in the form of nonelectoral debt to finance the undertaking of a project (the Project) which consists of: (i) financing the acquisition and/or construction of various capital projects within the City of Pittsburgh, including but not limited to, improvements to roads, bridges, sidewalks and other transportation projects, flood control projects, parks and recreation facilities and other facilities of the Local Government Unit (collectively the Capital Project), and (ii) to pay the costs of issuing and insuring, if desirable, the Bonds or any or all of the same; (b) that the Bonds will be issued as general obligation bonds; (c) covenants relating to payment and security of the Bonds; (d) provisions for the sale of the Bonds and the finding that a private sale by negotiation is in the best financial interests of the Local Government Unit; (e) the substantial form, denominations, numbers, date, maturity dates, interest rates, yields, interest payment dates, registration, payment and redemption provisions of the Bonds; (f) the creation of sinking and clearing funds; (g) authorization for the acquisition of bond insurance or other credit enhancement; (h) authorization for, and direction to, the officers of the Local Government Unit to execute certain documents and perform certain required, necessary or appropriate acts; (i) ratification and/or authorization and approval of the preliminary and final official statements; (j) covenants relating to compliance with securities laws and federal income tax laws; (k) declarations with respect to the costs of the Project and its useful life; (l) authorization for the filing with the Department of Community and Economic Development of a debt statement and such other documents as are required under the Act; and (m) repealing any conflicting provisions of other Resolutions. The full text of this proposed Resolution may be examined by any citizen at the office of the City Clerk at the City-County Building, Room 510, 414 Grant St., Pittsburgh 15219, between the hours of 8:00 A.M. and 4:00 P.M., on regular business days prior to its final enactment. This notice is given pursuant to the Sunshine Act and Section 8003 of the Act. The Council may also take action on other matters which may properly come before the meeting. CITY OF PITTSBURGH By: Brenda F. Pree, City Clerk 412-255-2138
