AN ORDINANCE
OF THE BOARD OF SUPERVISORS OF THE TOWNSHIP OF BARRETT, MONROE COUNTY, PENNSYLVANIA, AUTHORIZING AND DIRECTING THE ISSUANCE OF GENERAL OBLIGATION NOTE, SERIES OF 2023 (THE NOTE ) IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,000,000, PURSUANT TO THE LOCAL GOVERNMENT UNIT DEBT ACT OF THE COMMONWEALTH OF PENNSYLVANIA, 53 PA. C.S. CHS. 80-82 (THE ACT); PROVIDING THE PROCEEDS OF THE NOTE SHALL BE USED TO FUND CERTAIN TOWNSHIP IMPROVEMENTS, PURSUANT TO A PROGRAM (THE CAPITAL PROJECTS ), DETERMINING THAT THE SALE OF THE NOTE SHALL BE A PRIVATE SALE BY INVITATION UNDER THE ACT, AND DETERMINING THAT THE NOTE SHALL BE NONELECTORAL DEBT OF THE TOWNSHIP; FIXING THE INTEREST PAYMENT DATES, DENOMINATIONS AND REGISTRATION, TRANSFER AND EXCHANGE PRIVILEGES OF THE NOTE; SETTING FORTH THE MATURITY DATES, PRINCIPAL MATURITIES AND CURRENT INTEREST RATES OF THE NOTE AND ESTABLISHING A REQUIRED SCHEDULE OF PAYMENTS WITH RESPECT TO THE SINKING FUNDS, AS HEREINAFTER ESTABLISHED, IN ORDER TO AMORTIZE THE NOTE; ESTABLISHING THE REDEMPTION PROVISIONS OF THE NOTE, ACCEPTING A PURCHASE AGREEMENT FOR PURCHASE OF THE NOTE; DESIGNATING A PAYING AGENT AND REGISTRAR; MAKING CERTAIN COVENANTS WITH RESPECT TO THE TAX FREE STATUS THEREOF; ESTABLISHING THE SUBSTANTIAL FORM OF THE NOTE; AUTHORIZING EXECUTION AND AUTHENTICATION OF THE NOTE; DESIGNATING A SINKING FUND DEPOSITORY; COVENANTING TO PAY THE PRINCIPAL OF AND INTEREST ON THE NOTE AND PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THE TOWNSHIP TO SUCH PURPOSE; ESTABLISHING A SINKING FUND FOR THE NOTE AND AUTHORIZING AND DIRECTING PAYMENT THEREFROM; SETTING FORTH CERTAIN PROVISIONS WITH RESPECT TO THE INVESTMENT OF MONIES THEREIN; DESIGNATING A SINKING FUND DEPOSITORY; SETTING FORTH CERTAIN RIGHTS OF THE PAYING AGENT AND NOTEHOLDERS IN THE EVENT OF DEFAULT AND OTHER RIGHTS OF THE PARTIES WITH RESPECT TO THE NOTE; PROVIDING FOR THE CIRCUMSTANCES UNDER WHICH THE ORDINANCE MAY BE AMENDED OR MODIFIED; AUTHORIZING AND DIRECTING SPECIFIED OFFICERS OF THE TOWNSHIP TO DO AND PERFORM CERTAIN SPECIFIED, REQUIRED OR APPROPRIATE ACTS; DECLARING THAT THE DEBT TO BE INCURRED IS WITHIN THE LIMITATION IMPOSED BY THE ACT UPON INCURRING OF SUCH DEBT BY THE TOWNSHIP; AUTHORIZING AND DIRECTING PROPER OFFICERS OF THE TOWNSHIP TO DELIVER THE NOTE UPON EXECUTION AND AUTHENTICATION THEREOF, UPON RECEIPT OF PROPER PAYMENT OF THE BALANCE DUE THEREFOR, AND ONLY AFTER SPECIFIED APPROVAL, AS REQUIRED, OF THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT OF THE COMMONWEALTH OF PENNSYLVANIA; SETTING FORTH CERTAIN COVENANTS RELATING TO THE FEDERAL TAX STATUS OF THE NOTE; DIRECTING THE USE OF PROCEEDS; PROVIDING FOR COMPLIANCE WITH SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12; PROVIDING FOR SEVERABILITY OF PROVISIONS OF THE ORDINANCE; PROVIDING FOR REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES SO FAR AS THE SAME SHALL BE INCONSISTENT; PROVIDING WHEN THIS ORDINANCE SHALL BECOME EFFECTIVE.
A copy of the full text of the Ordinance may be examined or inspected by any citizen in the Office of the Executive Secretary/Treasurer, such office being located at 993 Route 390, Cresco, Pennsylvania, on any regular business day between the hours of 8a.m. and 4p.m. prevailing time. It is expected that the principal amount of the Note will be $1,000,000 but the exact principal amount will not be known until the successful bid is presented. Amendments may be made in the Ordinance prior to enactment.
This Notice is given in accordance with the requirements of and in compliance with Section 8003 of the Local Government Unit Debt Act, 53 Pa.C.S.Chs. 80-82.
BARRETT TOWNSHIP
Monroe County, Pennsylvania
Pamela Gardsy
Executive Secretary/Treasurer
Todd Weitzmann
Township Solicitor
P - April 23, 2023
