BOROUGH OF BRENTWOOD SUMMARY NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Borough Council of the Borough of Brentwood will consider, at a meeting to be held on Monday, September 23, 2019 in the Council Chambers located on the second floor of the Brentwood Municipal Building, 3624 Brownsville Road, Brentwood, PA 15227, at 7:30 p.m. (or at such other time and date, properly advertised, as the Borough Council may determine, no later than thirty (30) days following publication of this notice), together with such other business as may come before the Board, the enactment of an Ordinance authorizing nonelectoral debt in the presently estimated maximum amount of $9,000,000. The Ordinance is summarized as follows: Article 1 defines certain terms, including the Bonds and the Project, which consists generally of: (a) the current refunding of (i) all or a portion of the Borough's outstanding General Obligation Bonds, Series of 2012 and (ii) all or a portion of the Borough's outstanding General Obligation Bonds, Series of 2015; and (b) the payment of the costs of issuing the Bonds. Articles 2 and 3 authorize the incurrence of nonelectoral debt by the issuance of General Obligation Bonds, establish a sinking fund and pledge the full faith, credit and taxing power of the Borough to the payment of the Bonds. Article 4 provides the form, maturity amounts, interest rates and the terms and provisions for the payment of the Bonds. Articles 5, 6, 7 and 8 address the Sinking Fund Depository, events of default, and amendment and discharge of the security documents. Article 9 contains federal income tax covenants; Article 10, securities law covenants. Article 11 provides for the sale of the Bonds, establishes certain funds and sets forth certain directions for Settlement, while Article 12 authorizes other related and necessary actions. The full text of the Ordinance as proposed may be examined and inspected by any citizen between the hours of 9:00 a.m. to 3:00 p.m., Monday through Friday at the Borough Municipal Building, 3624 Brownsville Road, Brentwood, PA 15227. George Zboyovsky Borough Manager 412-884-1500 x112
↧