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Ord.
No.
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Adoption
Date
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Description
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|---|---|---|
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48
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12-2-1974
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Authorizing the incurring of nonelectoral
debt by the Township of Montgomery for the purpose of providing funds
for a project consisting of the financing of street and roadway improvements
in the Township of Montgomery, Montgomery County; determining the
amount of debt to be incurred in respect of said project as six hundred
seventy thousand dollars ($670,000.); providing for the evidencing
of such debt in respect of such project by general obligation bonds;
directing the issuance of general obligation bonds, series of 1975,
in the aggregate principal amount of six hundred seventy thousand
dollars ($670,000.); declaring the realistic estimated life of said
project to be fifteen (15) years; authorizing and directing the preparation,
certification and filing with the Department of Community Affairs
of the debt statement required by Section 410 of the Local Government
Unit Debt Act; authorizing and directing the preparation and filing,
if deemed necessary, of any statements required by Section 206 of
the Local Government Unit Debt Act to qualify that portion of the
existing gross lease rental debt of the Township evidenced by outstanding
authority sewer revenue bonds which may be excluded from such gross
lease rental debt as self-liquidating debt for the purposes of establishing
the net lease rental debt of the Township and determining its debt
limit; providing for the date, designation, denomination, registration,
place of payment, numbers, maturity amounts and dates, rates of interest
and other terms in respect of said bonds; adopting a form of bond
and coupon; authorizing the officers of the Township to execute and
the fiscal agent to authenticate said bonds; establishing redemption
features; assuming and agreeing to pay certain taxes if and as levied
on the principal or interest of said bonds; covenanting to pay the
debt service on the bonds and pledging the full faith, honor, credit
and taxing power of the Township for the payment thereof; establishing
a sinking fund in respect of such bonds; providing for a paying agent,
registrar, fiscal agent and sinking fund depositary; restricting investment
of the proceeds of said bonds; accepting the proposal of Butcher and
Singer for the purchase of the bonds; setting forth the form of bond,
coupon and certificate of authentication; setting forth a debt service
schedule; and repealing inconsistent ordinances.
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51
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9-2-1975
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Setting forth the desire of the Township
to increase the debt with the assent of the electors, calling an election
for the purpose of obtaining such assent and approving the content
and form of a notice of election for the purpose of raising the necessary
moneys and capital with which to construct a building to house the
local Fire Department equipment and to serve as an office and station
for the police in the Township of Montgomery and generally, the construction
of a public safety building.
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55
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12-13-1976
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Increasing the indebtedness of Montgomery
Township, County of Montgomery, Pennsylvania, by the issue of a general
obligation note in an amount of one hundred thousand dollars ($100,000.)
for the purpose of constructing a new police building, fixing the
form, number, date, interest and maturity thereof; making a covenant
for the payment of the debt service on the note; providing for the
filing of the required document; providing for the appointment of
a sinking fund depository for the note; and authorizing execution,
sale and delivery thereof.
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55A
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1-3-1977
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Amending Ordinance No. 55 to establish
the term of the notes which are authorized by Ordinance No. 55 to
be a period of five (5) years; to provide for payment of the principal
amount in equal annual installments; and to revise the interest rates
to be a maximum of eight and one-half percent (8 1/2%) per annum.
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65
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5-22-1978
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Increasing the indebtedness of Montgomery
Township, County of Montgomery, Pennsylvania, by the issue of a series
of general obligation notes in an aggregate amount of up to three
hundred thousand dollars ($300,000.) for the purpose of purchasing
road maintenance equipment, refinancing existing debt and funding
road repairs; fixing the form, number, date, interest and maturity
thereof; making a covenant for the payment of the debt service on
the notes; providing for the filing of the required documents; providing
for the appointment of a sinking fund depository for the notes; and
authorizing execution, sale and delivery thereof.
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90
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7-15-1985
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Increasing the indebtedness of the
Township of Montgomery, County of Montgomery, Pennsylvania, by the
issue of a series of the Township's general obligation notes; face
amount of each note in the series shall be up to sixty thousand dollars
($60,000.) with an aggregate indebtedness of up to six hundred thousand
dollars ($600,000.) represented by up to ten (10) notes for sundry
purposes; fixing the form, number, date, interest and maturity thereof;
making a covenant for the payment of the debt service on the note;
providing for the filing of the required document; providing for the
appointment of a sinking fund depository for the note; and authorizing
execution, sale and delivery thereof for the following purposes: site
improvement of the public park known as "FMC Park" and purchase of
real estate on Kenas Road for public park use (referred to as the
"Windlestrae property").
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104
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3-14-1988
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Declaring the refunding of 1985 bond
anticipation notes of the Montgomery Township Municipal Sewer Authority
to be a project of the Township for which lease rental debt is to
be incurred; determining to incur lease rental debt in the amount
of two million nine hundred forty thousand dollars ($2,940,000.) in
respect of the project, such debt to be evidenced by bonds to be issued
by the Authority and secured by the Township's guaranty agreement
and rentals payable by the Township under a lease of the Authority's
sewage system; stating the estimated remaining realistic useful lives
of the facilities involved in the system; authorizing certain Township
officers to prepare, certify and file with the Department of Community
Affairs the debt statement required by Section 410 of the Local Government
Unit Debt Act and any statements required by Section 206 of such Debt
Act to qualify the debt incurred as self-liquidating debt; authorizing
the preparation of a borrowing base certificate; specifically approving
amounts of fixed rent and other payments to be made by the Township
under such lease; approving and acknowledging notice of the Authority's
assignment of such rentals to the trustee in respect of the Authority's
bonds; authorizing incidental action; repealing inconsistent prior
ordinances; and approving the form of and authorizing, subject to
receipt of necessary state approvals, execution and delivery of the
guaranty and lease.
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110
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8-14-1989
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Providing for increasing the debt
of the Montgomery Township Board of Supervisors (the "issuer"), County
of Montgomery, Commonwealth of Pennsylvania, in the aggregate principal
amount of four hundred thousand dollars ($400,000.), without the assent
of the electors, for the purpose of providing funds for and toward
capital projects, stating the estimated useful lives of such projects;
determining to evidence such debt by the issuance of a general obligation
promissory note, series of 1989 (the "note"); fixing date, interest
rate and maturity or mandatory redemption date of the note; providing
for prepayment of the note; approving the form of the note and authorizing
the issuance thereof; designating the note as a "qualified tax-exempt
obligation"; covenanting to budget for debt service on said note and
to appropriate and pay amounts for such debt service when due; pledging
the full faith, credit and taxing power of the issuer for said obligation;
appointing a paying agent; establishing a sinking fund and providing
for payment of the note (therefrom); directing the filing of a debt
statement, transcript of proceedings and application for approval;
accepting the negotiated note purchase proposal (the "proposal") of
the Philadelphia National Bank (the "bank") to purchase said note
and awarding it to said purchaser; authorizing the execution and delivery
of the note and of such other documents as may be advisable in connection
with the sale and issuance of the note; repealing and rescinding inconsistent
resolutions.
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126
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11-25-1991
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Declaring a project of the Montgomery
Township Municipal Sewer Authority (the "Authority") consisting of
(1) the payment of a portion of the costs of the construction of an
incinerator and laboratory to be owned by the Hatfield Township Municipal
Authority and (2) the refunding of the Authority's guaranteed sewer
revenue bonds, series of 1988 to be a project for which lease rental
debt is to be incurred by the Township; determining to incur lease
rental debt in an aggregate principal amount not to exceed four million
six hundred twelve thousand eight hundred twenty-one dollars ($4,612,821.)
in respect of the project, such debt to be evidenced by bonds to be
issued by the Authority and secured by the Township's guaranty agreement
and rentals payable by the Township under a lease of the Authority's
sewage system; authorizing certain Township officers to prepare, certify
and file with the Department of Community Affairs the debt statement
required by Section 410 of the Local Government Unit Debt Act[1] and any statements required by Section 206 of such Debt
Act to qualify the debt incurred as self-liquidating debt; authorizing
the preparation of a borrowing base certificate; stating the realistic
estimated useful lives of the facilities relating to the 1991 bonds;
specifically approving amounts of fixed rent and other payments to
be made by the Township under such lease; approving and acknowledging
notice of the Authority's assignment of such rentals to the trustee
in respect of the Authority's 1991 bonds; providing for the budgeting,
appropriation and payment of amounts due under the guaranty agreement
and pledging the Township's full faith, credit and taxing power therefor;
authorizing incidental action; repealing inconsistent prior ordinances;
and approving the form of, and authorizing, subject to receipt of
necessary state approvals, execution and delivery of the guaranty
agreement and lease; and repealing inconsistent ordinances and resolutions.
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93-16
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5-3-1993
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Providing for refinancing the debt
of Montgomery Township (the "issuer"), County of Montgomery, Commonwealth
of Pennsylvania, in the aggregate amount of two hundred ninety-five
thousand two hundred ninety-two dollars and forty-seven cents ($295,292.47)
without the assent of the electors, for the purpose of providing funds
for and toward capital projects (see Section 2), stating the estimated
useful lives of such projects; determining to evidence such debt by
the issuance of a general obligation promissory note, series of 1993
(the "note"); fixing date, interest rate and maturity or mandatory
redemption date of the note; providing for prepayment of the note;
approving the form of the note and authorizing the issuance thereof;
designating the note as a "qualified tax-exempt obligation"; covenanting
to budget for debt service on said note and to appropriate and pay
amounts for such debt service when due; pledging the full faith, credit
and taxing power of the issuer for said obligation; appointing a paying
agent; establishing a sinking fund and providing for payment of the
note (therefrom); directing the filing of a debt statement, transcript
of proceedings and application for approval; accepting the negotiated
note purchase proposal (the "proposal") of the Philadelphia National
Bank (the "bank") to purchase said note and awarding it to said purchaser;
authorizing the execution and delivery of the note and of such other
documents as may be advisable in connection with the sale and issuance
of the note; repealing and rescinding inconsistent resolutions.
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93-30
|
12-8-1993
|
Authorizing and directing the incurring
of nonelectoral debt through the issuance of general obligation bonds,
Series of 1993, of the Township of Montgomery, Montgomery County,
Pennsylvania, in the aggregate principal amount of two million two
hundred twenty-five thousand dollars ($2,225,000.) for the purpose
of providing funds to pay the costs of construction and equipping
of a new Township building and pay the cost of issuing the bonds,
or any or all of the same, stating that realistic cost estimates have
been made for the project and authorizing the payment of costs of
other capital projects upon appropriate amendment hereto; stating
the realistic estimated useful life of the project for which said
bonds are issued; directing the proper officers of the governing body
to prepare, certify and file the required debt statement and borrowing
base certificate; covenanting that the Township shall include the
amount of annual debt service in its budget for each fiscal year;
providing for fully registered bonds, date of the bonds, interest
payment dates, provisions for redemption and stated principal maturity
amounts and fixing the rates of interest on such bonds; authorizing
the proper officers of the Township to contract with a bank or bank
and trust company for its services as sinking fund depositary, paying
agent and registrar and stating a covenant as to payment of principal
and interest without deduction for certain taxes; providing for the
registration, transfer and exchange of bonds; providing for facsimile
signatures and seal and authentication; approving the form of the
bonds, paying agent's authentication certificate and assignment and
providing for CUSIP numbers to be printed on the bonds; providing
for temporary bonds; awarding such bonds at private invited sale and
stating that such private invited sale is in the best financial interest
of the Township; creating a sinking fund; authorizing and directing
the proper officers of the Township to certify and to file with the
Pennsylvania Department of Community Affairs certified copies of the
necessary proceedings; covenanting that the proceeds of the bonds
shall not be used in such a manner as to cause the bonds to be arbitrage
bonds under Federal Tax Law provisions and designating the bonds as
"qualified tax-exempt obligations;" approving the content and form
of a preliminary official statement and authorizing the distribution
thereof and authorizing the preparation, execution and delivery of
an official statement; authorizing and directing the proper officers
of the Township to do all things necessary to carry out the ordinance
and to pay financing costs; and repealing all inconsistent ordinances.
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99-115
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8-9-1999
|
An ordinance increasing the nonelectoral
indebtedness of Township of Montgomery, Montgomery County, Pennsylvania,
by the issuance of a $703,508 general obligation note, series of 1999
for and toward financing certain capital projects; fixing the form,
date, interest rate and maturity thereof; making a covenant for the
payment of the debt service on the note; providing for the filing
of the required documents; providing for the appointment of a sinking
fund depositary for the note; and authorizing the execution, sale
and delivery of the note and other necessary action.
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99-116
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9-13-1999
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An ordinance increasing the indebtedness
of Montgomery Township, Montgomery County, Pennsylvania, by the issue
of a general obligation note in the amount of $1,500,000 for sundry
purposes; fixing the form, number, date, interest, and maturity thereof;
making a covenant for the payment of the debt service on the note;
providing for the filing of the required document; and authorizing
execution, sale and delivery thereof.
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99-120
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10-25-1999
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An ordinance amending Ordinance No.
99-116 which authorized increasing the indebtedness of Montgomery
Township by the issuance of a general obligation note in the amount
of $1,500,000; such amendment shall authorize the creation of a sinking
fund, appointment of a bank as a sinking fund depository, and authorization
of Township officials to contract for the services of the sinking
fund depository.
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02-159-A
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9-23-2002
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An ordinance increasing the indebtedness
of Montgomery Township, Montgomery County, Pennsylvania, by the issue
of a general obligation note in the amount of $725,000 for sundry
purposes; fixing the form, number, date, interest, and maturity thereof;
making a covenant for the payment of the debt service on the note;
providing for the filing of the required document; and authorizing
execution, sale and delivery thereof.
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02-159-B
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9-23-2002
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An ordinance increasing the indebtedness
of Montgomery Township, Montgomery County, Pennsylvania, by the issue
of a general obligation note in the amount of $175,000 for sundry
purposes; fixing the form, number, date, interest, and maturity thereof;
making a covenant for the payment of the debt service on the note;
providing for the filing of the required document; and authorizing
execution, sale and delivery thereof.
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10-246
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11-8-2010
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An ordinance of the Board of Supervisors
of the Township of Montgomery, Montgomery County, Pennsylvania, authorizing
and approving a project of the Authority (hereinafter defined); authorizing
and directing the incurrence of lease rental debt, in the maximum
aggregate principal amount of $8,770,000 pursuant to the Local Government
Unit Debt Act 53 Pa.C.S.A. § 8001 et seq. (The “Debt Act”);
determining that such debt shall be incurred under the Debt Act as
lease rental debt to be evidenced by a guaranty agreement of the Township
securing guaranteed sewer revenue bonds, series of 2010 (the “2010
bonds”), to be issued by Montgomery Township Municipal Sewer
Authority (the “Authority”) to finance a project of the
Authority consisting of: (1) the refunding of the Authority’s
guaranteed sewer revenue bonds, series of 2005; (2) the establishment
of necessary reserves and other funds under the indenture (to the
extent available); and (3) the payment of the costs associated with
the issuance of the 2010 bonds; briefly describing the project for
which such debt is to be incurred; authorizing and directing the proper
officers of this Township: (a) to prepare, to certify and to file
the debt statement and borrowing base certificate required by Section
8110 of the Debt Act; (b) to the extent feasible, to cause to be prepared
and filed, statements required by Section 8026 of the Debt Act which
are necessary to qualify all of such lease rental debt for exclusion
from the appropriate debt limits as self-liquidating debt; (c) to
execute, to attest, to seal and to deliver, as appropriate, a guaranty
agreement, a sixth supplemental lease and a continuing disclosure
agreement; specifying the amount of the guaranty obligation of this
Township pursuant to such guaranty agreement and the sources of payment
of such guaranty obligations; authorizing the proper officers of this
Township to take all other required, necessary or desirable related
action in connection with such project and the execution and delivery
of the guaranty agreement, the sixth supplemental lease and the continuing
disclosure agreement; providing for the effectiveness of this ordinance;
providing for the severability of provisions of this ordinance; and
providing for the repeal of all inconsistent ordinances or resolutions
or parts of ordinances or resolutions.
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12-254
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1-23-2012
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An ordinance increasing the indebtedness
of Montgomery Township for open space and recreation land acquisition,
by authorizing the issuance of a general obligation note in the amount
of $5,500,000 for sundry purposes at a private sale; fixing the form,
number, date, interest, and maturity thereof; making a covenant for
the payment of the debt service on the note; creating a sinking fund;
providing for the filing of the required document; and authorizing
execution, sale and delivery thereof.
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13-271
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2-25-2013
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An ordinance authorizing the incurrence
by the Township of Montgomery of nonelectoral debt by the issuance
of general obligation bonds, Series of 2013, in the aggregate principal
amount of $8,745,000 for the purpose of providing funds to finance
a capital project, currently refund a portion of the Township's general
obligation note, Series of 2012, and to pay the costs of issuing the
bonds; authorizing the preparation of a debt statement and other documentation;
providing for the current refunding of the debt being refunded; covenanting
to create a sinking fund and to budget, appropriate and pay debt service
on the bonds; pledging the full faith, credit and taxing power of
the Township for the prompt and full payment of the bonds; setting
forth the substantial form of the bonds; setting forth the stated
principal maturity or sinking fund redemption dates and amounts, interest
rates and interest payment dates, place of payment, sinking fund provisions
and other details of the bonds; approving the content and form of
a preliminary official statement and authorizing the distribution
thereof and authorizing the preparation, execution and delivery of
an official statement; authorizing the execution of a paying agent
agreement and a continuing disclosure agreement or supplement; finding
that a private negotiated sale of the bonds is in the best financial
interest of the Township; accepting a proposal for the purchase of
the bonds; appointing a paying agent and sinking fund depository;
and authorizing other necessary action.
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15-290
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11-23-2015
|
An ordinance that approves certain capital projects; authorizes
a borrowing by Montgomery Township from Montgomery County and the
issuance of a promissory note, 2015 Series, in the maximum principal
amount of $536,651.72; approves the substantial form of the 2015 note
and approves the execution of the 2015 note and delivery of the 2015
note to the county; authorizes execution and delivery of all other
necessary documents; states the amortization schedule for the 2015
note; states that the Township is obligated to make payments on the
2015 note only from funds if and to the extent appropriated for the
then-current fiscal year of the Township; authorizes any payments
made on the 2015 note to be made as directed by the Delaware Valley
Regional Finance Authority which has been appointed as collection
agent for the county; authorizes advertisement of enactment; and repeals
inconsistent ordinances.
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16-300
|
9-12-2016
|
An ordinance authorizing the incurrence by the Township of Montgomery
of nonelectoral debt by the issuance of general obligation bonds,
Series of 2016 in an aggregate principal amount not to exceed $10,000,000
for the purpose of providing funds for and towards financing a refinancing
program relating to the Township's general obligation bonds, Series
of 2013 and paying the costs of issuing the bonds; authorizing the
preparation of a debt statement and other documentation; providing
for the advance refunding of the identified refunded bonds and authorizing
one of more escrow agreements for such purpose; covenanting to create
a sinking fund and to budget, appropriate and pay debt service on
the bonds; pledging full faith, credit and taxing power of the Township
for the prompt and full payment of the bonds; setting forth the substantial
form of the bonds; setting forth the stated principal maturity or
sinking fund redemption dates and maximum principal maturity amounts,
maximum interest rates and interest payment dates, place of payment,
sinking fund provisions and other details of the bonds; approving
the content and form of one or more preliminary official statements
and authorizing the distribution thereof and authorizing the preparation,
execution and delivery of one or more official statements; authorizing
the execution of one or more paying agent agreements and continuing
disclosure agreements or supplements; finding that a private negotiated
sale of the bonds is in the best financial interest of the Township;
accepting a proposal for the purchase of the bonds within certain
parameters; appointing a paying agent and sinking fund depository;
and authorizing other necessary action.
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20-317
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12-14-2020
|
An ordinance that authorizes the incurrence of nonelectoral,
general obligation debt by the Township of Montgomery, Montgomery
County, Pennsylvania (the "participant") pursuant to the issuance
of the general obligation notes, 2021 series (collectively, the "participant
note") in the aggregate principal amount of $ 7, 847, 000 and approves
certain refunding projects; approves the negotiated sale of the participant
note to the Delaware Valley Regional Finance Authority; approves the
substantial forms of the loan documents and authorizes execution and
delivery of all necessary documents; states the amortization schedule
and maximum annual debt service payments; authorizes and awards a
transaction under a qualified interest rate management agreement and
authorizes and directs a filing to the Department of Community and
Economic Development; pledges the full faith, credit, and taxing power
of the participant for the timely repayment of the participant note,
including the periodic payments due under the qualified interest rate
management agreement; covenants to pay any termination charges; creates
a sinking fund and appoints a sinking fund depository; authorizes
the application to the Department of Community and Economic Development
for approval of the issuance of the participant note; authorizes advertisement
of enactment; and repeals inconsistent ordinances.
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21-324
|
8-23-2021
|
an ordinance that authorizes the incurrence of nonelectoral,
general obligation debt by the Township of Montgomery, Montgomery
County, Pennsylvania (the "participant") pursuant to the issuance
of the general obligation notes, 2021 A series (collectively, the
"participant note") in the aggregate principal amount of $15,000,000
and approves certain capital projects; approves the negotiated sale
of the participant note to the Delaware Valley Regional Finance Authority;
approves the substantial forms of the loan documents and authorizes
execution and delivery of all necessary documents; states the amortization
schedule and maximum annual debt service payments; authorizes and
awards a transaction under a qualified interest rate management agreement
and authorizes and directs a filing to the Department of Community
and Economic Development; pledges the full faith, credit, and taxing
power of the participant for the timely repayment of the participant
note, including the periodic payments due under the qualified interest
rate management agreement; covenants to pay any termination charges;
creates a sinking fund and appoints a sinking fund depository; authorizes
the application to the Department of Community and Economic Development
for approval of the issuance of the participant note; authorizes advertisement
of enactment; and repeals inconsistent ordinances.
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[1]
Editor's Note: See 53 P.S. § 6780-1
et seq.
