GREATER JOHNSTOWN SCHOOL DISTRICT ENACTMENT NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of the Greater Johnstown School District, at a meeting held on November 12, 2014, adopted a Resolution titled and summarized as follows: AUTHORIZING THE INCURRING OF NONELECTORAL DEBT BY THE ISSUANCE OF GENERAL OBLIGATION DEBT IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED OF FIVE MILLION FOUR HUNDRED NINETY THOUSAND DOLLARS ($5,490,000), CONSISTING OF FEDERALLY TAXABLE QUALIFIED ZONE ACADEMY GENERAL OBLIGATION BONDS (TAX CREDIT BONDS), SERIES OF 2014; COVENANTING TO PAY, AND PLEDGING THE TAXING POWER TO THE EXTENT PERMITTED BY LAW FOR THE PAYMENT OF THE BONDS; ESTABLISHING A SINKING FUND AND APPOINTING A SINKING FUND DEPOSITORY; FIXING THE FORM, INTEREST RATE, MATURITY, REDEMPTION AND OTHER PROVISIONS FOR THE PAYMENT THEREOF; ACCEPTING 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; IRREVOCABLY ELECTING TO DESIGNATE THE BONDS WITHIN THE MEANING OF SECTION 54E OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED AND MAKING CERTAIN OTHER COVENANTS AND PROVISIONS IN RESPECT OF THE BONDS. The Resolution was amended from its proposed form upon final passage to update the maximum par amount of the Bonds, to update the federal income tax related covenants and to attach the maximum debt service schedules. The interest rates on the Bonds range from not to exceed 3.00% in 2015 to not to exceed 3.00% in 2037. The Bonds were purchased at not less than 95% of the principal amount, inclusive of original issue discount, plus accrued interest, by RBC Capital Markets, LLC. The full text of the Resolution as adopted may be examined by any citizen between the hours of 8:00 AM to 3:00 PM on regular school business days at the office of the Secretary, Greater Johnstown School District, Administration Building, 1091 Broad Street, Johnstown, PA 15906. JOHNSTOWN SCHOOL DISTRICT John Zahorchak 814-533-5670
↧