Notice is hereby given that on June 2, 2025 the Borough Council of the Borough of North East (the “Borough”) enacted an Ordinance that, among other things, authorized the Borough to enter into a Guaranty Agreement among the Borough, the North East Borough Water Authority (the “Authority”) and the Pennsylvania Infrastructure Investment Authority (“Pennvest”) for the Authority’s $4,455,000 Debt Obligation (the “Obligation”) issued to Pennvest. The Guaranty is being entered into in order to guarantee the obligations of the Authority with respect to the payment of principal of, interest and premium, if any, on the Obligation. The Guaranty Agreement will result in the Borough incurring lease rental debt with annual payments (for full years) ranging from $0 (until such time as any the principal of the Obligation is drawn down) to $259,517.76.
A summary of the Ordinance was advertised on May 25, 2025, and the proposed text has been available for examination at the office of the undersigned. No amendments were made to the Ordinance on final enactment.
A complete text of the Ordinance, as finally enacted, may be examined by any citizen in the offices of the Borough, 31 West Main Street, North East, Pennsylvania 16428, Monday through Friday between the hours of 8:00 a.m. and 4:30 p.m. prevailing time on any regular business day. This Notice is given in accordance with the Pennsylvania Local Government Unit Debt Act, as amended.
Patrick Gehrlein
Borough Manager
Previously: Pre-Enactment Notice
Discover more from North East PA Online
Subscribe to get the latest posts sent to your email.