06:56 PM UTC
NOTICE OF INTENT TO ADOPT BORROWING RESOLUTION TO THE TAXPAYERS AND RESIDENTS OF AVON GROVE SCHOOL DISTRICT NOTICE IS HEREBY GIVEN that the Board of School Directors of Avon Grove School District, Chester County, Pennsylvania, at a public meeting to be held not less than three nor more than thirty days as calculated from the date of publication of this notice, in accordance with the provisions of the Pennsylvania Local Government Unit Debt Act (the “Act”), proposes and shall adopt a Resolution authorizing, among other things, the incurrence of nonelectoral indebtedness of the School District by the issuance of Avon Grove School District General Obligation Bonds, Series of 2026 (the “Bonds”). The Resolution to be considered and acted upon by the Board at such meeting, among other things, sets forth that proceeds of the Bonds will be used to provide funds for the refunding of all or a portion of the School District’s General Obligation Bonds, Series of 2018 and paying the costs and expenses of issuing the debt. The Borrowing Resolution also determines to accept a proposal for the purchase of the debt, sets forth the parameters and substantial form of the bonds to be issued evidencing the debt, sets forth that the Bonds may be issued in one or more series or subseries, provides covenants related to the payment of debt service and sets forth covenants to create a sinking fund as required by the Act. The Resolution currently on file estimates that the maximum aggregate principal amount of indebtedness to be authorized for the Bonds will be Twenty-Six Million Dollars ($26,000,000), but such amount may be increased or decreased prior to final adoption. A COPY OF THE FULL PROPOSED TEXT OF THE RESOLUTION MAY BE EXAMINED BY ANY CITIZEN AT THE ADMINISTRATIVE OFFICES, AVON GROVE SCHOOL DISTRICT, 375 SOUTH JENNERSVILLE ROAD, WEST GROVE, PENNSYLVANIA, ON ANY BUSINESS DAY, BETWEEN THE HOURS OF 8 A.M. AND 4 P.M., PREVAILING TIME. SAXTON & STUMP, LLC BOND COUNSEL DLN 5/26; 1a