SUMMARY NOTICE OF ORDER
UNDER THE LOCAL AUTHORITY DEBT ACT
Notice is hereby given that the Sandy Township Board of Supervisors will consider, at a meeting to be held on Monday, March 21, 2022 at 7:00 p.m. at the Sandy Township Municipal Building located at 1094 Chestnut Avenue, DuBois, PA 15801 (or such other date, time and place as the Board of Supervisors may lawfully announce and hold a meeting within a maximum period of thirty (30) days from the date hereof), as well as any other matter that may be submitted to council, the promulgation of an ordinance authorizing rental indebtedness of an estimated maximum amount of $3,300,000, and summarized as follows:
The Order authorizes the formation of a lease debt in the form of a security agreement to be delivered in connection with the issuance by the Municipal Authority of Sandy Township (the “Authority”), to NexTier Bank, of its Guaranteed Revenue Note in an amount not to exceed $3,300,000, for the purpose of (i) reimbursing, for debt service savings, the Authority’s Guaranteed Water Revenue Obligation, Series of 2011 (ii) undertake various capital expenditures for the Sandy Township Municipal Authority Sanitary Sewer System, and (iii) pay related costs, fees and expenses (the “Project”); specifies the realistic useful life of the project; authorizes and directs the competent officers of the Township to take certain actions and execute certain documents, including the guarantee; approves the form, maximum guaranteed amounts and sources of payment of the guarantee agreement, and commits the full faith, credit and taxing power of the Municipality in support thereof and commits the revenues received from the Authority in support thereof; provides for the repeal of all inconsistent orders or parts of orders.
The full text of the ordinance as proposed may be viewed by any citizen between 8:30 a.m. and 4:30 p.m., Monday through Friday, at the Sandy Township Municipal Building located at 1094 Chestnut Avenue, DuBois, PA 15801.