North East School District Directors Authorize Bonds Totaling $16 Million, Increasing Non-Electoral Debt

North East School District In accordance with the provisions of the Local Government Unit Debt Act, No. 177 of 1996, approved December 19, 1996, notice is hereby given that on June 17, 2021, at a public meeting duly called and held in accordance with the provisions of applicable law at 7:00 p.m., in the Boardroom of the North East Elementary Center, 50 East Division Street, North East, Pennsylvania, the Directors of the North East 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 in an amount not to exceed $16,000,000 General Obligation Bonds, Series A of 2021 and General Obligation Bonds, Series B of 2021.

The proceeds to be derived by the School District from the issuance and sale of the Series A Bonds will be used to provide the School District with the funds required to refund, on a current refunding basis, the outstanding School District’s General Obligation Bonds, Series of 2015, and a portion of the outstanding School District’s General Obligation Bonds, Series of 2016 and to pay all costs and expenses incurred by the School District in connection with the issuance and sale of the Series A Bonds.

The Series B Bonds will be used to provide the School District with the funds required to finance various capital improvements to School District facilities including, but not limited to, renovations to the North East Elementary Center including HVAC, mechanical systems, windows, lighting, roofing and interior renovations, and renovations to School District exterior athletic facilities and pay all costs and expenses incurred by the School District in connection with the issuance and sale of the Series B Bonds.

The Bonds will be sold at private negotiated sale to RBC Capital Markets. The price bid for the Bonds was not less than 95% nor more than 125%, of the aggregate maturing principal amount of the Bonds including underwriter’s discount and net original issue discount and premium but exclusive of accrued interest. The maximum interest rate for the Bonds is 5.00%.

A copy of the full text of the proposed Resolution may be examined by any citizen in the office of the Secretary of the Board of School Directors of the North East School District, 50 East Division Street, North East, Pennsylvania, between the hours of 8:30 a.m. and 4:30 p.m. on any business day.

Jeff Fox, Board Secretary North East School District
50 East Division Street
North East, PA 16428

Knox McLaughlin Gornall & Sennett, P.C.
120 West 10th St.
Erie, PA 16501

For reference:
Introduction to the local government unit debt act
Local Government Unit Debt Act, No. 177 of 1996