Details for NOTICE IS GIVEN
NOTICE IS GIVEN that the Board of Supervisors of Shippensburg Township, Cumberland County, Pennsylvania (the "Township"), at a meeting of the Board of Supervisors duly called and held on December 27, 2018, enacted Ordinance No. 2018-07 (the "Ordinance") authorizing the increase of indebtedness of the Township by directing the issuance of a General Obligation Note in the maximum principal amount of $210,000.00 (the "Note") to be issued to ACNB Bank (the "Bank"), pursuant to the Local Government Unit Debt Act (the "Act"), which Note will be issued for the purchase of a parcel of real estate, and all related expenses and cost of issuance (the "Project"). The Bank is purchasing the Note at private sale, at par, being 100% of the principal amount thereof, with a maximum purchase price of $210,000.00 at a bank qualified tax-exempt fixed interest rate of 3.50% for the initial seven (7) years, then floating at 79% of the Wall Street Journal Prime Rate, with a floor of 2.00% and a ceiling of 5.25% for the remaining thirteen (13) years. Interest and principal payments are to be made quarterly. The Note is a general obligation of the Township and its officers are directed to do all acts necessary and proper for the issuance and securing of said Note. The caption and summary of the Ordinance being as follows: AN ORDINANCE AUTHORIZING AND APPROVING THE INDEBTEDNESS OF SHIPPENSBURG TOWNSHIP, CUMBERLAND COUNTY, PENNSYLVANIA (THE "TOWNSHIP") BY DIRECTING THE ISSUANCE OF A GENERAL OBLIGATION NOTE IN THE MAXIMUM PRINCIPAL AMOUNT OF TWO HUNDRED AND TEN THOUSAND DOLLARS ($210,000.00) TO BE ISSUED TO ACNB BANK (the "PURCHASER"), PURSUANT TO THE LOCAL GOVERNMENT UNIT DEBT ACT, TO PROVIDE FUNDS FOR THE PURCHASE OF A PARCEL OF REAL ESTATE, AND ALL RELATED EXPENSES AND COST OF ISSUANCE (HEREINAFTER THE "PROJECT"); ACCEPTING A CERTAIN PROPOSAL FOR THE PURCHASE OF SUCH NOTE, (THE "COMMITMENT LETTER" WHICH TERM INCLUDES ANY AMENDMENT THERETO, RESTATEMENT OR REISSUANCE THEREOF HEREAFTER MADE) AT PRIVATE SALE WHICH COMMITMENT LETTER IS HEREBY ACCEPTED AND APPROVED; RESTATING THE REALISTIC USEFUL LIFE OF SAID PROJECT; AUTHORIZING AND DIRECTING APPROPRIATE OFFICERS OF THE TOWNSHIP TO TAKE CERTAIN ACTIONS AND TO EXECUTE CERTAIN DOCUMENTS REQUIRED BY THE PENNSYLVANIA LOCAL GOVERNMENT UNIT DEBT ACT; APPROVING THE SUBSTANTIAL FORM, MAXIMUM PRINCIPAL AMOUNTS, DATE, INTEREST MATURITY, AND SOURCES OF PAYMENT OF SAID OBLIGATION, SECURED BY THE GENERAL TAXES AND OTHER GENERAL REVENUES OF THE TOWNSHIP AND PLEDGING THE FULL FAITH, CREDIT, AND TAXING POWER OF THIS TOWNSHIP IN SUPPORT THEREOF; APPOINTING A PAYING AGENT AND SINKING FUND DEPOSITORY; MAKING CERTAIN COVENANTS WITH RESPECT THERETO AS REQUIRED BY THE DEBT ACT AND THE PENNSYLVANIA CONSTITUTION; AND PROVIDING FOR REPEAL OF ALL INCONSISTENT ORDINANCES OR PARTS OF ORDINANCES; AND PROVIDING WHEN THIS ORDINANCE SHALL BECOME EFFECTIVE. The form of the Debt Obligation may be examined by any citizen, at the office of the Secretary of the Township of Shippensburg at 81 Walnut Bottom Road, Shippensburg, Pennsylvania, 17257, on any regular business day between the hours of 9:00 a.m. and 1:00 pm. prevailing time. Prior to final passage, Exhibit A of the Ordinance was amended to clarify: the upset rate language upon the occurrence of an Event of Taxability; that the obligation is a bank-qualified, tax exempt obligation; that the Note is Series 2019 Note; that interest is computed on the basis of twelve 30 day months; and that the interest rate is based on the Wall Street Journal Prime Rate. The debt service payments to be made by the Township pursuant to the aforesaid Ordinance and Debt Obligation are Twenty Eight quarterly payments of approximately Three Thousand Six Hundred Twelve Dollars and Eighty Four Cents ($3,612.84) and Fifty-Three quarterly payments of approximately Four Thousand Sixteen Dollars and Forty Three Cents ($4,016.43). This Notice is given in accordance with the requirements of and in compliance with Section 8003 of the Act. BY ORDER OF THE BOARD OF SUPERVISORS OF THE TOWNSHIP OF SHIPPENSBURG, CUMBERLAND COUNTY, PENNSYLVANIA.