title
Resolution authorizing the issuance of a Tax and Revenue Anticipation Note in the maximum principal amount of $109,029,624; providing for the date, interest rate, maturity date, place of payment and prepayment provisions in respect of the note; accepting the proposal of Mellon Bank, n.a. for the purchase and financing of the note; providing for the security of the note; authorizing the proper officers to execute and deliver the note; authorizing and directing the preparation, certification and filing of the proceedings with the Department of Community and Economic Development; providing for a paying agent; setting forth a form of note; and repealing inconsistent resolutions.
body
WHEREAS, Allegheny County, Pennsylvania (the “Issuer”) has determined to borrow money during the fiscal year beginning January 1, 2003, in amounts not exceeding One Hundred Nine Million Twenty-Nine Thousand Six Hundred Twenty-four Dollars ($109,029,624) at any one time outstanding in anticipation of the receipt of taxes and other current revenues, such borrowing to be evidenced by its tax and revenue anticipation note or notes (the “Note”) in a principal amount up to $109,029,624 at any one time outstanding (the “Approved Principal Amount”), provided that the principal amount of the Note outstanding shall satisfy the limitations of Section 8122 of the Local Government Unit Debt Act, as amended (53 Pa.C.S. §8001, et seq.; the “Act”); and
WHEREAS, a proposal (the “Proposal”) has been submitted by Mellon Bank, N.A., for the purchase and funding of the Note in the Approved Principal Amount at a purchase price equal to the principal amount thereof, such Note to bear interest as follows (the “Approved Interest Rate”):
(a) in the event a draw hereunder is repaid before the close of the banking day on which the draw occurred, no interest shall be payable thereon. For purposes of this provision, the term “banking day” shall mean that period from 8:30 a.m. to 5:00 p.m. on any singl...
Click here for full text