This Township authorizes and requests the Authority to undertake
and to complete the acquisition and construction of the project.
This Township determines that the Authority shall incur debt,
which shall be lease rental debt of this Township pursuant to the
Act, to acquire and construct the project.
Such debt will constitute lease rental debt of this Township
pursuant to the Act; shall be in the aggregate principal amount of
$4,800,000; shall be evidenced by certain obligations to be issued
by the Authority under the Municipal Authorities Act and shall consist
of a series of guaranteed sewer project notes, to be designated as
"Guaranteed Sewer Project Notes, Series of 1990," dated as of July
1, 1990, (the "notes"), which notes shall have the benefit of and
shall be secured by the guaranty obligations of this Township pursuant
to the guaranty agreement (hereinafter mentioned and identified).
This Township specifies that the realistic useful life of the
project is at least 30 years.
The guaranty agreement shall be substantially in the form presented
to this meeting, which form is approved, and a copy of the guaranty
agreement, in the form so presented to this meeting and so approved,
shall be filed with the Secretary of this Township and shall be made
available for inspection at reasonable times by interested persons
requesting such inspection.
The Chairman or Vice Chairman of the Board of Supervisors and the Secretary, respectively, of this Township, as appropriate, are authorized and directed to prepare and to file appropriate statements required by Article
II of the Act that are necessary to qualify all or any portion of the lease rental debt of this Township that is subject to exclusion as self-liquidating debt for exclusion from the appropriate debt limit as self-liquidating debt.
The Chairman or Vice Chairman of the Board of Supervisors and the Secretary of this Township, as applicable, are authorized and directed to execute, to attest and to deliver the guaranty agreement in behalf of this Township, substantially in the form approved in §
112-17; subject, however, to applicable provisions of the Act.
The Chairman or Vice Chairman of the Board of Supervisors and
the Secretary of this Township are authorized and directed to make
application to the Department for approval with respect to the guaranty
agreement, as required by Section 411(b) of the Act; and in connection
with such application, this Township shall pay to the Department the
filing fee as required by Section 803 of the Act, as amended, the
payment of which filing fee is authorized and approved.
The maximum guaranty obligations of this Township, as set forth in §
112-22, shall be payable from the tax and other general revenues of this Township.
This Township hereby irrevocably allocates to the Authority,
a subordinate entity, as that phrase is used in Subsection 148(f)(4)(c)(iv)
of the Internal Revenue Code of 1986, as amended (the "code"), of
this Township the small-issue rebate exemption inuring to this Township
under the code to the extent of the $4,800,000 aggregate principal
amount of the notes in the 1990 calendar year. This Township hereby
declares that such allocation bears a reasonable relationship to the
benefits received by this Township from the Authority in connection
with the project.
Proper officers of this Township are authorized and directed
to execute all documents and to do all other acts as may be necessary
and proper to carry out the intent and purpose of this article and
the undertakings of this Township under the guaranty agreement.
Reference in this article to specified officers of this Township
shall include and shall be construed to include if and as applicable
their respective successors in office.
This article shall become effective in accordance with provisions
of the Act.