[Adopted 9-18-1986 by Ord. No. 545]
The governmental unit hereby approves the Bond
Pool Program to be undertaken by the Authority and determines that
it is desirable for the welfare of the people of the governmental
unit that the Bond Pool Program be available as an alternative method
of financing for capital projects of the governmental unit. The governmental
unit is not obligated to enter into any financing under the Bond Pool
Program, nor is the governmental unit in any way limited in issuing
bonds or entering into any other financing arrangements.
The governmental unit hereby delegates to the
Authority, pursuant to the Intergovernmental Cooperation Act,[1] its power to raise capital along with other governmental
units on a pooled basis through the Bond Pool Program for the benefit
of all the cooperating governmental units. This delegation is not
exclusive, and the governmental unit may enter into arrangements with,
or delegate powers to, other governmental units pursuant to other
cooperative financing arrangements.
[1]
Editor's Note: See 53 P.S. Section 481 et
seq.
In furtherance of the delegation set forth in Section 35-9 hereof, the governmental unit shall enter into an intergovernmental cooperation agreement with the Authority and certain other governmental units, such intergovernmental cooperation agreement to be substantially in the form presented to this meeting with such changes as may be acceptable to the officers of the governmental unit executing such intergovernmental cooperation agreement. The President or Vice President of the Board of Commissioners is hereby authorized and directed to execute the intergovernmental cooperation agreement on behalf of the governmental unit, and the Secretary or Assistant Secretary of the governmental unit is authorized and directed to attest such signatures and affix thereto the Seal of the governmental unit.
As required by the Intergovernmental Cooperation
Act,[1] the following matters are specifically found and determined:
A.
The conditions of the agreement are set forth in the intergovernmental cooperation agreement referred to in Section 35-10.
B.
The agreement shall remain in effect so long as any
bonds remain outstanding under the Bond Pool Program.
C.
The purpose and objective of the Bond Pool Program
is to delegate to the Authority the power to raise capital on a pooled
basis for the benefit of all the cooperating governmental units and
to provide financing at a cost which is lower than if each governmental
unit undertook a separate financing.
D.
The Bond Pool Program will be financed by the issuance
of bonds by the Authority in an aggregate principal amount not to
exceed $575,000,000.
E.
The bonds will be issued by the Authority, and a trustee
for bondholders will hold the proceeds of the bonds until applied
to projects for the benefit of governmental units.
F.
Under the Bond Pool Program, property, real or personal,
shall be acquired, managed or disposed of by the Authority and/or
the governmental units as required to effectuate the financing of
projects for the benefit of the governmental units.
[1]
Editor's Note: See 53 P.S. Section 481 et
seq.
The foregoing action of the Board of Commissioners
shall not in any way obligate the governmental unit for payment of
the principal of, or interest on, the bonds issued by the Authority,
nor shall the faith and credit nor the taxing power of the governmental
unit be pledged for such payment.
The proper officers of the governmental unit
are hereby authorized and directed to take all such action; to execute,
deliver, file and/or record all such documents; to publish all notices;
and to otherwise comply with the provisions of this article in the
name and on behalf of the governmental unit.
