TOWNSHIP OF NORTH CORNWALL
LEBANON COUNTY, PENNSYLVANIA
NOTICE OF MEETING FOR THE PURPOSE OF CONSIDERATION OF PROPOSED ORDINANCE AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT
NOTICE IS HEREBY GIVEN that the Board of Supervisors (the “Board of Supervisors”) of the Township of North Cornwall, Lebanon County, Pennsylvania (the “Township”), proposes to enact, at a public meeting to be held not less than three (3) days nor more than thirty (30) days as calculated from the date of advertisement of this Notice, an ordinance (the “Ordinance”) authorizing, among other things, the incurrence of nonelectoral indebtedness of the Township.
The caption and summary of such proposed Ordinance being as follows:
AN ORDINANCE OF THE BOARD OF SUPERVISORS OF THE TOWNSHIP OF NORTH CORNWALL, LEBANON COUNTY, PENNSYLVANIA, SETTING FORTH ITS INTENT TO ISSUE ONE OR MORE SERIES OF GENERAL OBLIGATION BONDS OF THE TOWNSHIP IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED Five Million Five Hundred Thousand Dollars ($5,500,000) PURSUANT TO THE ACT OF THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF PENNSYLVANIA, KNOWN AS THE LOCAL GOVERNMENT UNIT DEBT ACT, 53 PAC.S., CHAPTERS 80-82, AS AMENDED AND SUPPLEMENTED (THE “ACT”); FINDING THAT A PRIVATE SALE BY NEGOTIATION IS IN THE BEST FINANCIAL INTERESTS OF THE TOWNSHIP; DETERMINING THAT SUCH BONDS SHALL EVIDENCE NONELECTORAL DEBT OF THE TOWNSHIP; SPECIFYING THAT SUCH INDEBTEDNESS BE INCURRED TO PROVIDE FUNDS FOR A PROJECT OF THE TOWNSHIP WHICH INCLUDES, AMONG OTHER THINGS: (1) THE DESIGN, ACQUISITION, CONSTRUCTION AND INSTALLATION of a new wet well, a new below grade valve vault, and a new building to house the pump controls and electrical equipment; (2) the completion of other related capital improvements to the Township’s wastewater collection and transportation system; AND (3) the PAYMENT OF THE costs and expenses of issuance of the BONDS; SETTING FORTH THE REASONABLE ESTIMATED USEFUL LIVES OF THE CAPITAL PROJECTS THAT ARE TO BE FINANCED BY THE BONDS; ACCEPTING A PROPOSAL FOR THE PURCHASE OF SUCH BONDS AT PRIVATE SALE BY NEGOTIATION; PROVIDING THAT SUCH BONDS, WHEN ISSUED, SHALL CONSTITUTE A GENERAL OBLIGATION OF THE TOWNSHIP; FIXING THE DENOMINATIONS, DATED DATE, INTEREST PAYMENT DATES, MATURITY DATES, INTEREST RATES, REDEMPTION PROVISIONS, MANDATORY REDEMPTION PROVISIONS (IF APPLICABLE) AND PLACE OF PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS; AUTHORIZING SPECIFIED OFFICERS OF THE TOWNSHIP TO CONTRACT WITH THE PAYING AGENT FOR ITS SERVICES IN CONNECTION WITH THE BONDS; SETTING FORTH THE SUBSTANTIAL FORM OF THE BONDS EVIDENCING THE DEBT; AUTHORIZING EXECUTION AND ATTESTATION OF SUCH BONDS; PROVIDING COVENANTS RELATED TO DEBT SERVICE APPLICABLE TO SUCH BONDS TO THE EXTENT REQUIRED BY THE ACT AND PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THE TOWNSHIP IN SUPPORT THEREOF; CREATING A SINKING FUND IN CONNECTION WITH SUCH BONDS, TO THE EXTENT REQUIRED BY THE ACT; DESIGNATING THE PAYING AGENT TO BE THE SINKING FUND DEPOSITARY; PROVIDING A COVENANT TO INSURE PROMPT AND FULL PAYMENT FOR SUCH BONDS WHEN DUE; SETTING FORTH REGISTRATION AND TRANSFER PROVISIONS WITH RESPECT TO SUCH BONDS; AUTHORIZING THE EXECUTION OF ONE OR MORE INVESTMENT AGREEMENTS BY SPECIFIED OFFICERS OF THE TOWNSHIP (IF APPLICABLE) AND THE PURCHASE OF CERTAIN U.S. TREASURY OBLIGATIONS OR ANY OTHER SECURITIES OR INVESTMENTS IN CONNECTION WITH THE PROJECT; AUTHORIZING AND DIRECTING SPECIFIED OFFICERS OF THE TOWNSHIP TO DO, TO TAKE AND TO PERFORM CERTAIN SPECIFIED, REQUIRED, NECESSARY OR APPROPRIATE ACTS TO EFFECT THE ISSUANCE OF THE BONDS, INCLUDING, WITHOUT LIMITATION, THE PREPARATION OF A DEBT STATEMENT AND BORROWING BASE CERTIFICATE, AND THE FILING OF SPECIFIED DOCUMENTS WITH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT, ALL AS REQUIRED BY THE ACT; DECLARING THAT THE DEBT TO BE EVIDENCED BY SUCH BONDS, TOGETHER WITH ALL OTHER INDEBTEDNESS OF THE TOWNSHIP, WILL NOT BE IN EXCESS OF ANY APPLICABLE LIMITATION IMPOSED BY THE ACT; AUTHORIZING PROPER OFFICERS OF THE TOWNSHIP TO DELIVER THE BONDS UPON THE APPROVAL OF THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT; SETTING FORTH CERTAIN COVENANTS PRECLUDING THE TOWNSHIP FROM TAKING ACTIONS WHICH WOULD CAUSE THE BONDS TO BECOME “ARBITRAGE BONDS” OR “PRIVATE ACTIVITY BONDS,” AS THOSE TERMS ARE USED IN THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND APPLICABLE REGULATIONS PROMULGATED THEREUNDER, IF APPLICABLE TO A SERIES OF BONDS; DESIGNATING THE BONDS AS “QUALIFIED TAX-EXEMPT OBLIGATIONS” UNDER SECTION 265(b) OF THE CODE; AUTHORIZING THE PURCHASE OF BOND INSURANCE (IF APPLICABLE); SETTING FORTH THE PROVISIONS, IF ANY, REQUIRED TO BE INCLUDED BY THE BOND INSURER; AUTHORIZING THE EXECUTION OF A CONTINUING DISCLOSURE CERTIFICATE AND COVENANTING TO COMPLY WITH THE PROVISIONS THEREOF; PROVIDING WHEN THIS ORDINANCE SHALL BECOME EFFECTIVE; PROVIDING FOR SEVERABILITY OF PROVISIONS; AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES INSOFAR AS THE SAME SHALL BE INCONSISTENT HEREWITH.
A copy of the full proposed text of the Ordinance described above evidencing the nonelectoral debt proposed to be incurred by the Township may be examined by any citizen at the office of the Township Secretary, located at the Township Municipal Building, 330 South 18th Street, Lebanon, Pennsylvania. The Township’s public office hours are Monday through Friday between the hours of 8:00 a.m. and 4:00 p.m. prevailing time.
The Ordinance currently on file will be completed by the insertion of certain information and may be amended upon final enactment by the Board of Supervisors, as the Board of Supervisors may deem necessary or appropriate.
The Ordinance currently on file, among other things, estimates the principal amount of nonelectoral debt to be incurred by the Township to be $5,500,000, but such amount may be increased or decreased prior to final enactment.
If the Ordinance is enacted, a Notice of Enactment, including a summary of any omitted details and any amendments made on final enactment will be advertised after enactment and posted in accordance with the provisions of the Act of the General Assembly of the Commonwealth, 53 Pa.C.S. Chapters 80-82, as amended, reenacted and supplemented, from time to time, known as the Local Government Unit Debt Act (the “Act”). This Notice is published in compliance with the Act.
Township of North Cornwall
Lebanon County, Pennsylvania
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