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Resolution of the County of Allegheny authorizing the issuance of tax and revenue anticipation notes in the aggregate principal amount of $45,000,000; providing for the date, interest rate, maturity date and place of payment in respect of the notes; accepting a proposal for the purchase of the notes; providing for the security of the notes; authorizing the proper officers to execute and deliver the notes; authorizing and directing the preparation, certification and filing of the proceedings with the Department of Community and Economic Development; appointing a paying agent and registrar; approving a form of note; and repealing inconsistent resolutions.
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Whereas, the County of Allegheny, Pennsylvania (the "Issuer"), has determined to incur temporary indebtedness in anticipation of the receipt of taxes and other current revenues in accordance with the provisions of the Pennsylvania Local Government Unit Debt Act, as amended (53 Pa. C.S. ยง8001, et seq.) (the "Act"), such indebtedness to be evidenced by its Tax and Revenue Anticipation Notes, Series of 2008 (the "Notes") in the principal amount of $45,000,000 (the "Approved Principal Amount"); and
Whereas, a proposal (the "Proposal") dated December ___, 2007, has been submitted by ______________________________ (the "Purchaser"), for the purchase of the Notes in the Approved Principal Amount at a purchase price equal to the principal amount thereof and such Notes to bear interest at a rate not to exceed 6.0% per annum (the "Approved Interest Rate"), computed on the basis of a 360-day year, and to mature on December 31, 2008; and
Whereas, the Approved Principal Amount is not greater than the amount by which working capital expenditures will exceed available amounts for those expenditures (determined without regard to the proceeds of the Notes) during the period in which the Notes are outstanding, all as determined under the Treasury Regulations promulgated under the United States Internal Revenu...
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