Notice is hereby given that the Board of School Directors of North East School District will consider enactment of a resolution on June 17, 2021 at 7:00 p.m. via GoogleMeet, of which this notice is a summary, authorizing 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 “Bonds”) to RBC Capital Markets.
If enacted, the resolution will authorize the sale of the Bonds to the purchaser, will approve the form of the Bonds, fix the rate of interest to be paid, approve the amortization schedule for the payment of interest and principal on the Bonds, pledge the full faith, credit and taxing power of the School District for the payment of the Bonds as a general obligation of the School District, create a sinking fund and authorize the Board of School Directors and the Officers of the School District to take necessary steps to issue the Bonds and to obtain the approval of the Department of Community and Economic Development.
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.
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.
*Preliminary amount subject to change.
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