PENN HILLS SCHOOL DISTRICT ENACTMENT NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of Penn Hills School District, at a special meeting held on August 17, 2015, adopted a Resolution titled and summarized as follows: AUTHORIZING THE INCURRING OF NONELECTORAL DEBT BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES OF 2015 (THE "2015 BONDS) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED TWENTY ONE MILLION DOLLARS ($21,000,000) AND GENERAL OBLIGATION NOTES, SERIES A OF 2015 (THE "2015A NOTES") IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION DOLLARS ($3,000,000); COVENANTING TO PAY, AND PLEDGING ALL AVAILABLE TAXING POWER OF THE LOCAL GOVERNMENT UNIT FOR THE PAYMENT OF, THE OBLIGATIONS; ESTABLISHING A SINKING FUND AND APPOINTING A SINKING FUND DEPOSITORY; FIXING THE FORM, MAXIMUM INTEREST RATES, MATURITY DATES AND OTHER PROVISIONS FOR THE PAYMENT THEREOF; AUTHORIZING THE ACCEPTANCE OF A PROPOSAL FOR THE PURCHASE OF THE OBLIGATIONS; AUTHORIZING A FILING OF REQUIRED DOCUMENTS WITH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT; RATIFYING AND DIRECTING CERTAIN ACTIONS OF OFFICERS; AND MAKING CERTAIN OTHER COVENANTS AND PROVISIONS IN RESPECT OF THE OBLIGATIONS. The Resolution was amended from its proposed form upon final passage to update the not-to-exceed amount, attach the maximum debt service schedules, increase the not to exceed amounts and insert provisions requiring filing of certificate of non-completion. The maximum interest rate on the Obligations, once issued, is 6.00%. The Notes will be purchased by PNC Capital Markets LLC at a purchase price of not less than 97.00%, inclusive of net original issue discount/premium, if any, together with accrued interest to the date of delivery. 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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