North East PA Online

For North East Township and North East Borough

North East School District Authorizes Increase in Non-electoral Debt

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North East School District In accordance with the provisions of the Local Government Unit Debt Act, the Act of December 19, 1996, notice is hereby given that on June 16, 2016, at a public meeting duly called and held in accordance with the provisions of applicable law, at 7:00 p.m., local time, at the Elementary Center Board Room, 50 East Division Street, North East, PA, the Directors of the North East School District (the “School District”), finally enacted a Resolution authorizing an increase in the non-electoral debt of North East School District, Erie County, Pennsylvania, by authorizing and approving the issuance and sale of $5,910,000 General Obligation Bonds, Series of 2016 (the “Bonds”) for the purpose of providing funds for the current refunding of all of the outstanding School District’s General Obligation Bonds, Series of 2005, General Obligation Bonds, Series of 2006 and to pay the costs of issuance of the Bonds.

The Bonds were sold at private negotiated sale to RBC Capital Markets, LLC. The price bid for the Bonds was $5,852,326.45. The range of interest rates for the Bonds is 0.630% for bonds maturing in 2016; 0.85% for bonds maturing in 2017; 1.03% for bonds maturing in 2018; 1.50% for bonds maturing in 2019 through 2021; 2.00% for bonds maturing in 2022 through 2026; 2.10% for bonds maturing in 2027. On final enactment, the amount of the issue was decreased from $5,980,000 to $5,910,000 and the refunding of the outstanding General Obligation Bonds, Series of 2005 was added as a purpose.

The final text of the Resolution as enacted may be examined by any citizen in the office of the Board Secretary of the Board of School Directors of the North East School District, 50 East Division Street, North East, PA, between the hours of 8:30 a.m. and 3:30 p.m. on any business day. Jeffrey Fox, Business Administrator and Board Secretary Board of School Directors North East School District Knox McLaughlin Gornall & Sennett, P.C. 120 West 10th Street Erie, PA 16501

North East PA Online – What is non electoral debt?

For a full explanation of non electoral debt along with reference materials, you can refer to the end of our article from last year when the school district issued $10 million in general obligation bonds.

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