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 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.
1. The full text of the Ordinance, in final form, may be examined or inspected by any citizen in the Office of the Executive Secretary/Treasurer, such office being located in the Municipal building located at 933 Route 390, Cresco, Pennsylvania, on any regular business day between the hours of 8 a.m. and 4 p.m. prevailing time. At final passage the Ordinance, as initially advertised, was modified and amended in the following particulars:
(a) The aggregate principal amount of the Note was established at $1,000,000 and the Debt Service Schedule of the Note was inserted.
(b) The Debt Service Schedule for the Note was adopted with a fixed interest rate of 4.35% from December 1, 2023 through and including December 1, 2028; thereafter the Note shall bear interest at a variable rate capped at 4.85% to the final maturity of December 1, 2043.
2. The Note will be sold at par to First Keystone Community Bank pursuant to its written proposal accepted by the Ordinance.
This Notice is given in accordance with requirements of and in compliance with Section 8003 of the Local Government Unit Debt Act of the Commonwealth of Pennsylvania, as codified by the Act of December 19, 1996, P.L. 1158, No. 177.
BARRETT TOWNSHIP
Monroe County, Pennsylvania
Pamela Gardsy
Executive Secretary/Treasurer
Todd Weitzmann
Township Solicitor
