PENN HILLS SCHOOL DISTRICT NOTICE OF SPECIAL MEETING AND SUMMARY NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of the Penn Hills School District will consider, at a special meeting to be held on Monday, August 17, 2015 at 7:00 PM in the in the Board Room of the Linton Middle School, 250 Aster Street, Pittsburgh, PA (or to be held on such date and at such time and place as the Board may determine, not later than 30 days from the publication of this notice), along with such other general business matters as may come before the Board, the adoption of a resolution authorizing non-electoral debt in the presently estimated amount of $20,000,000, and summarized as follows: Article 1 defines certain terms, including the 2015 Bonds, 2015ANotes and the Project, which consists generally of (a) payment of current General Fund expenses of the Local Government Unit as permitted by the Order of the Court of Common Pleas of Allegheny County, pursuant to Sections 8129 and 8130 of the Debt Act, the same constituting an incurrence of unfunded debt under these aforementioned provisions of the Debt Act, (b) payment of the outstanding principal of and accrued interest on the School District's General Obligation Note, dated June 18, 2015, issued to PNC Bank, National Association, (c) the partial refunding, on a current refunding basis, a portion of the Local Government Unit's General Obligation Bonds, Series of 2014, and (d) paying the costs of issuance of the 2015 Bonds and 2015A Notes. Articles 2 and 3 authorize the incurrence of non-electoral debt by the issuance of general obligation bonds and notes and establish a sinking fund. Article 4 provides the form, maturity, amounts, interest rates and the terms and provisions for the payment of the 2015 Bonds and 2015A Notes. 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 2015 Bonds and 2015A Notes, establishes certain funds and sets forth certain directions for settlement, while Article 12 authorizes other related and necessary actions. The full text of the Resolution as proposed may be examined by any citizen between the hours of 9:00 AM to 4:00 PM on regular school business days at the office of the Secretary, Penn Hills School District, 260 Aster Street, Pittsburgh, PA 15235. PENN HILLS SCHOOL DISTRICT 412/793-7000
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