Ordinance No. 1477 2016

authorizing and directing the incurring of non-electoral debt through the issuance of its general obligation note of the City of Coatesville, Chester County, Pennsylvania, in the aggregate principal amount of up to $3,911,000 for the purposes of providing funds for (1) Capital Renovations and improvements for the purpose of reducing energy use for city facilities; (2) Renovations and additions to Coatesville City Hall; and (3) paying the costs of issuing the note; directing the proper officers of the governing body to prepare, certify and file the required debt statement and borrowing base certificate; covenanting that the City shall include the amount of annual debt service in its budget for each fiscal year; setting forth the substantial form of the note; setting forth the stated principal and interest payment dates, redemption provisions, place of payment and other details of the note; stating a covenant as to payment of principal and interest without deduction for certain taxes; providing for the execution of the note; awarding the note at private sale and stating that such private sales is in the best financial interest of the City; appointing a paying agent and sinking fund depositary; establishing a sinking fund; Authorizing and directing the proper officers of the City to certify and to file with the Pennsylvania Department of Community and Economic Development certified copies of the necessary proceedings; covenanting that the proceeds of the note shall not be used in such a manner as to cause the note to be an arbitrage bond under federal tax law provisions; making certain tax representations and designating the note as a “Qualified Tax-Exempt Obligation”; authorizing and directing the proper officers of the City to do all things necessary to carry out the ordinance; authorizing and directing the proper officers of the governing body to pay issuance costs; and repealing all inconsistent ordinances.