Notice is hereby given that the Board of Directors of the Montgomery County Intermediate Unit, Montgomery County, Pennsylvania (the "MCIU") will hold a public meeting for the purpose of considering and acting upon a Resolution authorizing the incurrence of non-electoral debt by the MCIU, and conducting such other business as may come before the Board of Directors. The meeting will be held on Wednesday, September 27, 2017 at 7:00 p.m. at 2 West Lafayette Street, Norristown, PA 19401 in Washington A Conference Room. The following is a summary of the contents of the Resolution which among other things:
1. Authorizes the MCIU to incur non electoral debt pursuant to the Pennsylvania Local Government Unit Debt Act, as codified by the Act of December 19, 1996 (P.L. 1158, No. 177) (the "Act"), and to evidence such indebtedness by the issuance of its Revenue Bonds, Series of 2017 in the aggregate maximum principal amount of up to $11,500,000 (the "Bonds"), the proceeds of which, as well as other available funds of the MCIU, will be used for and towards: (a) the current refunding of all or a portion of the MCIU's outstanding Revenue Bonds, Series of 2012 (the "Prior Bonds"); and (b) paying the costs and expenses related to the issuance of the Bonds;
2. States that the debt to be evidenced by the Bonds is non electoral debt, and that the Bonds, when issued, will be revenue bonds of the MCIU;
3. Directs its officers to prepare and file the debt statement required by Section 8110 of the Act, to execute and deliver the Bonds and take all other actions as may be required by the Act or the Resolution in connection with the issuance of the Bonds;
4. Contains a covenant that the MCIU shall include in its budget for each fiscal year, to the fullest extent allowed under applicable law, the required debt service on the Bonds; that it shall appropriate such amounts from its general revenues (excluding restricted revenues) for the payment of such debt service; that it shall duly and punctually pay or cause to be paid the principal of and interest on the Bonds as and when due; and pledging the full faith and credit of the MCIU for such budgeting, appropriation and payments;
5. Contains the substantial form of Bonds and the terms thereof, including the purchase price of the Bonds, the schedule of principal maturity amounts and dates, the rates of interest and interest payment dates and place of payment and redemption provisions of the Bonds, all of which will be inserted in the Resolution prior to action of the Board of Directors thereon, based upon the accepted proposal for purchase of the Bonds;
6. Authorizes the proper officers of the MCIU to secure municipal bond insurance or other credit enhancement for the Bonds and to execute appropriate documents and agreements in connection therewith, and provides for payment of all costs of financing;
7. Determines, after due consideration and investigation, that a private sale of the Bonds by negotiation is in the best financial interest of the MCIU, and that a purchase proposal (the "Proposal") in connection with the same shall be submitted by RBC Capital Markets, LLC (the "Purchaser") to the MCIU for acceptance at the meeting and authorizes acceptance of the Proposal;
8. Provides for the creation of a Sinking Fund for the Bonds to be known as "Sinking Fund – Revenue Bonds, Series of 2017", and the appointment of a sinking fund depository and paying agent, and authorizes the officers of the MCIU to enter into contracts accordingly;
9. Authorizes the refunding of the Prior Bonds;
10. Authorizes the disbursement and application of the proceeds of the Bonds and other funds; and
11. Contains various other provisions relating to the Bonds, the issuance and sale thereof.
A copy of the proposed Resolution described above may be examined by any citizen in the MCIU office, 2 West Lafayette Street, Norristown, Pennsylvania, on business days during the hours of 9:00 a.m. to 4:00 p.m.
The Resolution currently on file omits certain details, which have not yet been ascertained. These include the minimum and maximum parameters for the purchase price of the Bonds, the parameters for the maturities and interest rates and redemption prices, and a minimum net present value savings amount, all of which will be ascertained from the proposal to be presented at the meeting. These details, when finally ascertained, will be inserted in the Resolution prior to adoption by the Board of Directors. The Resolution may also be amended in such other respects as the Board may deem appropriate.
If the Resolution is adopted, a notice of adoption, including a summary of the omitted details, the amount of the debt incurred and principal amount of the Bonds to be issued, the interest rate or range of interest rates of the Bonds and any other amendments made prior to final passage, will be advertised after the enactment and made available for examination by any citizen in accordance with the Act.
Stan H. Wisler, CFO

Ref# 0003332516-01
PostedSeptember 22, 2017