PUBLIC NOTICE CONNEAUT SCHOOL DISTRICT ENACTMENT NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of Conneaut School District at a regular meeting held on September 11, 2013, adopted a Resolution titled and summarized as follows: AN ORDINANCE AUTHORIZING THE INCURRING OF NONELECTORAL DEBT TO FINANCE THE COST OF THE CURRENT REFUNDING OF THE STATE PUBLIC SCHOOL BUILDING AUTHORITY, SCHOOL REVENUE BONDS (CONNEAUT SCHOOL DISTRICT PROJECT) SERIES OF 2003 AND ADVANCE REFUNDING OF THE STATE PUBLIC SCHOOL BUILDING AUTHORITY, SCHOOL REVENUE BONDS (CONNEAUT SCHOOL DISTRICT PROJECT) SERIES OF 2004 FOR THE ISSUANCE OF A GENERAL OBLIGATION NOTE IN THE AMOUNT NOT TO EXCEED SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000), ESTABLISHING THE FORM AND TERMS OF THE NOTE; COVENANTING TO PAY DEBT SERVICE ON THE NOTE AND PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER TO THE EXTENT PERMITTED BY LAW FOR THE PAYMENT THEREOF; AUTHORIZING THE EXECUTION SALE AND DELIVERY OF THE NOTE AND THE PREPARATION AND FILING OF A DEBT STATEMENT, BORROWING BASE CERTIFICATE, AND A TRANSCRIPT OF THE PROCEEDINGS FOR THE ISSUANCE OF THE NOTE; ESTABLISHING A SINKING FUND; APPOINTING A SINKING FUND DEPOSITORY; AWARDING THE SALE OF THE NOTE TO THE PURCHASER THEREOF; FIXING THE FORM, INTEREST RATE, MATURITY, REDEMPTION AND OTHER PROVISIONS FOR THE PAYMENT THEREOF; DIRECTING CERTAIN ACTIONS OF OFFICERS SETTING FORTH COVENANTS, AND REPEALING CONFLICTING ORDINANCES. The Resolution was amended from its proposed form upon final passage to provide provisions regarding the required minimum refunding savings net of cost of issuance. The interest rate on the Note is fixed at a not to exceed rate of 3.000% for with a final maturity of November 1, 2019. PNC Bank, National Association has committed to purchase the Note at 100% of the par amount resulting in a purchase price of up to, but not to exceed $7,500,000. The full text of the Resolution as adopted may be examined by any citizen between the hours of 8:00 a.m. and 4:30 p.m., prevailing local time, Monday through Friday at the Administrative Office, 219 West School Drive, Linesville, Pennsylvania 16424-8609. Kara D. Onorato, Board Secretary (814) 683-5900 09/15/13
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