Notice is hereby given that on August 5, 2024, at 7:30 p.m., at the North East Township Building, 10300 W. Main Rd., North East, PA, the officers of the North East Township, Erie County, Pennsylvania, at a meeting to be held within not less than three (3) days nor more than thirty (30) days from the date of publication of the notice, will consider for enactment an Ordinance (the “Ordinance”).
The summary of this Ordinance is a follows:
The Ordinance authorizes the incurrence of lease rental debt to the Pennsylvania Infrastructure Investment Authority, evidenced by the guaranteed revenue note in an amount not to exceed $2,441,314, principal amount to be authorized and issued by North East Water and Sewer Authority (“Authority”) in connection with the construction alterations and improvements to the sewer system facilities, including but not limited to, the Lakeshore Sanitary Sewer Extension located in and about this Township; provides for the payment of associated related costs, fees and expenses; specifies the realistic useful life of the Project; authorizes and directs appropriate officers of the North East Township to take certain actions and to execute certain documents, including a guaranty agreement between the North East Township as Guarantor, the Authority and the Pennsylvania Infrastructure Investment Authority; Approves the form, maximum guaranteed amounts, and sources of payment of the guaranty agreement, and pledges the full faith, credit and taxing power of this Township in support thereof; creates a sinking fund in connection with such guaranty obligations and appoints a sinking fund depository and provides for the repeal of all inconsistent ordinances or parts of ordinances.
A copy of the full text of the proposed Ordinance and Guaranty Agreement approved by this Ordinance may be examined by any citizen in the office of the Secretary of the local government unit at 10300 W Main Street, North East, Pennsylvania, on any business day (except Saturdays and Sundays) between the hours of 8:00 A.M. and 4:30 P.M., prevailing time.
Erica Carlstrom, Secretary
North East Township
10300 W. Main Road
North East, PA 16428
Timothy S. Wachter, Esquire
Knox, McLaughlin, Gornall & Sennett, P.C.
120 W. 10th St.
Erie, PA 16501