Legal Notices

SOUDERTON AREA SCHOOL DISTRICT (Montgomery and Bucks Counties, Pennsylvania) NOTICE OF ADOPTION OF RESOLUTION AUTHORIZING THE INCURRENCE OF NON-ELECTORAL DEBT NOTICE IS GIVEN that the Board of School Directors of the SOUDERTON AREA SCHOOL DISTRICT, Montgomery and Bucks Counties, Pennsylvania (the “School Districtâ€?), at a meeting duly called and held on May 27, 2021, adopted a resolution (the “Resolutionâ€?) authorizing the incurrence of non-electoral debt by the School District through the issuance of its general obligation bonds, in one or more series, in the maximum aggregate principal amount not to exceed $11,000,000 (the “Bondsâ€?). The proceeds of the Bonds, as well as other available funds of the School District, will be used for purposes of: (i) the acquisition and construction of renovations and improvements to existing school facilities of the School District, including, but not limited to, roof replacement at the Indian Crest Middle School, upgrading electrical systems at the Indian Valley Middle School, and heating, ventilation and air conditioning system improvements at the Franconia Elementary School; and (ii) paying the costs and expenses related to the issuance of the Bonds (collectively, the “Projectâ€?); The Resolution approves the sale of the Bonds and accepts a proposal (the “Proposalâ€?) from PFM Financial Advisors LLC (the “Financial Advisorâ€?) for the purchase of the Bonds subject to the execution of a contract for the purchase of the Bonds by a qualified municipal Bond underwriting firm (the “Purchaserâ€?) pursuant to an invited, competitive sale process orchestrated by the Financial Advisor under which the Bonds would be awarded to the Purchaser having submitted the lowest true interest cost for the Bonds, the results of which bidding process will be summarized on a report presented to the School District by the Financial Advisor. The purchase price for the Bonds, exclusive of original issue discount or premium, should not be less than 95.0% nor more than 125.0% of the par of the Bonds to be issued. Pursuant to the terms of the Resolution and the purchase proposal, the Bonds will bear interest at rates not to exceed 5.0%, mature on September 1, 2022, and thereafter on September 1 of each year through September 1, 2034 inclusive, in varying maximum principal amounts ranging from $5,000 to $1,285,000. A summary of the Resolution was advertised on May 18, 2021. The proposed text of the Resolution was available for inspection at the Business Office of the School District, in accordance with the requirements of the Pennsylvania Local Government Unit Debt Act, as codified by the Act of December 19, 1996, (P.L. 1158, No. 177) (the “Actâ€?). Prior to final adoption of the Resolution, the proposed Resolution previously on file at the Administrative Office of the School District was amended and completed: (i) to identify the estimated useful life of the Project as not less than fifteen years, (ii) to establish $11,000,000 as the maximum aggregate principal amount (net original discount) of the Bonds, (iii) to identify U.S. Bank National Association as the paying agent, and (iv) to provide that the maximum principal amounts and the maximum interest rate of the Bonds shall not exceed those stated in the Resolution. The full text of the Resolution described above may be examined by any citizen in the Business Office of the School District located at 760 Lower State Road, Souderton, PA on business days during the hours of 8:00 a.m. to 4:00 p.m. This Notice is given in accordance with the requirements of and in compliance with Section 8003 the Act. Brian Pawling, Secretary of the Board of School Directors Souderton Area School District Lan-June 4-1a