• TOWNSHIP OF STOWE ENACTMENT NO...

TOWNSHIP OF STOWE
ENACTMENT NOTICE UNDER LOCAL GOVERNMENT UNIT
DEBT ACT
Notice is hereby given that the Board of Commissioners of the Township of Stowe (Allegheny County), at a meeting held on October 8, 2019, enacted an ordinance titled and summarized as follows:
AUTHORIZING THE INCURRING OF NONELECTORAL DEBT BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED FOUR MILLION SIX HUNDRED TEN THOUSAND DOLLARS ($4,610,000.00); COVENANTING TO PAY, AND PLEDGING UNLIMITED TAXING POWER OF THE LOCAL GOVERNMENT UNIT FOR THE PAYMENT OF, THE BONDS; AUTHORIZING THE ESTABLISHMENT OF A SINKING FUND AND THE APPOINTMENT OF A SINKING FUND DEPOSITORY; FIXING THE FORM, MAXIMUM INTEREST RATES, MATURITY DATES AND OTHER PROVISIONS FOR THE PAYMENT THEREOF; AUTHORIZING THE ACCEPTANCE OF A PROPOSAL FOR THE PURCHASE OF THE BONDS; AUTHORIZING A FILING OF REQUIRED DOCUMENTS WITH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT; RATIFYING AND DIRECTING CERTAIN ACTIONS OF OFFICERS; AND MAKING CERTAIN OTHER COVENANTS AND PROVISIONS IN RESPECT OF THE BONDS.
The Ordinance was amended from its proposed form during final passage to (i) set the maximum principal amount at $4,610,000 and (ii) attach the maximum debt service and wrap schedules.
The maximum interest rate on the Bonds, once issued, is 6.00%.
The Bonds will be purchased by Piper Jaffray & Co. at a purchase price of not less than 95.00%, inclusive of net original issue discount/premium, if any, together with accrued interest to the date of delivery.
The full text of the Ordinance as enacted may be examined and inspected by any citizen between the hours of 9:00 a.m. to 4:00 p.m., Monday through Friday at the Township Offices at 555 Broadway Avenue, McKees Rocks, PA 15136.
Nicholas Martini
Township Secretary
(412) 331-4050
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PostedOctober 10, 2019