Section 15908 - Financial report and legal opinion(a) Prior to the enactment of the bond ordinance finally authorizing the issuance of any non-debt revenue bonds, the chief fiscal officer of the city shall file with the council of the city:(1) A financial report signed by the chief fiscal officer supported by appropriate schedules and summaries, containing: (i) a brief description of the project or projects for which the bonds or notes are to be issued;(ii) a statement identifying the sources from which the pledged revenues are to be derived;(iii) a statement that, on the basis of actual, if appropriate, and estimated future annual financial operations of the project or projects from which the pledged project revenues are to be derived, the project or projects will, in the opinion of the chief fiscal officer, yield pledged project revenues over the amortization period of the bonds or notes sufficient to meet the payment or deposit requirements of (A) all expenses of operation, maintenance, repair and replacement of the project, (B) all reserve or special funds required to be established out of such revenues, (C) the principal of and interest on all bonds, as the same shall become due and payable, for which such project revenues are pledged, and (D) any State taxes assumed by the city to be paid on such bonds; and also to provide such surplus requirements as may be fixed by the bond ordinance or prior bond ordinance authorizing any bonds previously issued and at the time outstanding; and(iv) a statement that the project revenues forming the basis for the statement required by clause (iii) comply with the requirements of the definition of project revenues contained in section 2 of this act. The statements and opinion of the chief fiscal officer contained in such financial report with respect to expenses and revenues may be based upon statements or data contained in, and appropriate schedules and summaries may be incorporated by reference to, the final report of the head of the department or agency of the city having jurisdiction over the project involved or, as appropriate, certificates of any registered engineer, registered architect, certified public accountant or other qualified expert who shall have been engaged to compile the relevant data, in which case such final report or certificates shall be attached to the report of the chief fiscal officer.
(b) An opinion of the city solicitor to the effect that, under the bond ordinance as proposed, the holders or registered owners of the bonds to be issued will have no claim upon the taxing power or general revenues of the city nor any lien upon any of the property of the city other than the project revenues pledged therefor.1972, Oct. 18, P.L. 955, No. 234, § 8, imd. effective.