PENN HILLS SCHOOL DISTRICT ENACTMENT NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of Penn Hills School District at a meeting held on April 29, 2020, adopted a Resolution titled and summarized as follows: AUTHORIZING THE INCURRING OF NONELECTORAL DEBT BY THE ISSUANCE OF GENERAL OBLIGATION BONDS IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED THIRTY MILLION DOLLARS ($30,000,000) (THE BONDS) CONSISTING OF GENERAL OBLIGATION BONDS, (FEDERALLY TAXABLE) SERIES A OF 2020, TO ADVANCE REFUND ALL OR A PORTION OF THE OUTSTANDING AMOUNT OF THE SCHOOL DISTRICTS GENERAL OBLIGATION BONDS, SERIES C OF 2012, AND PAY RELATED COSTS OF ISSUANCE, ACCEPTING THE PURCHASE PROPOSAL OF THE BONDS, SETTING FORTH THE PARAMETERS OF THE BOND ISSUE INCLUDING THE CONDITIONS FOR ISSUING THE BONDS, COVENANTING TO PAY, AND PLEDGING TAXING POWER FOR THE PAYMENT OF, THE BONDS TO THE EXTENT PERMITTED BY LAW; ESTABLISHING A SINKING FUND AND APPOINTING A SINKING FUND DEPOSITORY; FIXING THE FORM, INTEREST RATE, MATURITY, REDEMPTION AND OTHER PROVISIONS FOR THE PAYMENT THEREOF; 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 Resolution, which was not amended from its proposed form upon final passage, established a requirement of net present value savings over the current debt service in the aggregate over the current debt service on the School District's General Obligation Bonds, Series C of 2012 to be refunded before acceptance of a proposal for the purchase of the Series A of 2020 Bonds is authorized. The interest rate on the Series of 2020 Bonds will not exceed a maximum annual rate ranging from 5.000% in 2021 to 5.000% in 2042. The Bonds, when awarded will be purchased at no less than 98.00% of the principal amount, less net original issue discount, if any, plus net original issue premium, if any. The full text of the Resolution as proposed may be examined by any citizen between the hours of 8:00 a.m. to 4:00 p.m., Monday through Friday at the Administrative Offices, Penn Hills School District, 260 Aster Street, Pittsburgh, Pennsylvania 15235 Janet Langford Secretary (412) 793-7000