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Title:
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Bill 21
AN ORDINANCE OF COUNCIL OF THE CITY OF ALLENTOWN, LEHIGH COUNTY, PENNSYLVANIA (THE “CITY”), AUTHORIZING AND DIRECTING THE ISSUANCE OF A REVENUE NOTE, SERIES OF 2020, AS PERMITTED BY AND PURSUANT TO THE LOCAL GOVERNMENT UNIT DEBT ACT, 53 PA. C.S. § 8001 et seq., AS AMENDED AND SUPPLEMENTED, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $7,035,000, WITH THE PROCEEDS THEREOF TO BE APPLIED FOR AND TOWARD THE FOLLOWING PROJECTS, EACH A PROJECT AS DEFINED IN THE DEBT ACT, INCLUDING, BUT NOT LIMITED TO, (I) THE CURRENT REFUNDING OF THE CITY’S OUTSTANDING SPECIAL REVENUE NOTE, SERIES OF 2016 (THE “REFUNDED NOTE” AND AS A PROJECT (THE “REFUNDING PROJECT”), (II) FINANCING THE ACQUISITION AND CONSTRUCTION OF CERTAIN IMPROVEMENTS TO THE CITY'S SEWER SYSTEM PURSUANT TO THE TERMS OF A CONCESSION LEASE AGREEMENT, DATED MAY 1, 2013, BETWEEN THE CITY AND THE LEHIGH COUNTY AUTHORITY (THE “CAPITAL PROJECT”), (III) FUNDING CAPITALIZED INTEREST ON THE CAPITAL PROJECT, (IV) FUNDING A DEB...
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