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Legal Notice
LEGAL NOTICE
 
SHALER AREA SCHOOL DISTRICT
ALLEGHENY COUNTY
COMMONWEALTH OF PENNSYLVANIA
 
SUMMARY OF PROPOSED RESOLUTION AUTHORIZING THE INCURRING OF NON-ELECTORAL DEBT BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, (FEDERALLY TAXABLE) SERIES A OF 2021, AND GENERAL OBLIGATION BONDS, (FEDERALLY TAXABLE) SERIES B OF 2021 IN A COMBINED ESTIMATED AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000.
 
            Public notice is hereby given that on October 20, 2021 at 7:15 p.m. a public meeting of the Board of Directors (the “Board”) of the Shaler Area School District (the “District”), will be held at Shaler Area Middle School Library, 1810 Mt. Royal Blvd., Glenshaw, PA 15116, or in the alternative at a meeting of the Board not less than three (3) nor more than thirty (30) days from the date of advertisement of this notice, at which meeting the Board will consider the adoption of a proposed Resolution for the incurrence of non-electoral debt pursuant to the Local Governmental Unit Debt Act (the “Act”).  The following is a summary of the proposed Resolution.  
 
            Section 1 authorizes and states that it is necessary for the District to borrow funds through the issuance of its General Obligation Bonds, (Federally Taxable) Series A of 2021, and its General Obligation Bonds, (Federally Taxable) Series B of 2021 (the “Bonds”), in order to (i) refund prior debt of the District; (ii) pay for various capital projects of the District; and (iii) pay the costs and expenses of preparing, issuing and marketing the Bonds.  Section 2 finds that a private sale by negotiation is in the best financial interest of the District.  Section 3 describes the proposal for the purchase of the Bonds and authorizes the approval thereof.  Section 4 authorizes the incurring of non-electoral debt by the issuance of the Bonds designated as Shaler Area School District, Allegheny County, Pennsylvania, General Obligation Bonds, (Federally Taxable) Series A of 2021, and its General Obligation Bonds, (Federally Taxable) Series B of 2021, and states the maximum aggregate principal amount thereof.  Section 5 directs the filing of the necessary documentation with the Department of Community and Economic Development.  Section 6 appoints a Paying Agent, Registrar, and Sinking Fund Depository.  Section 7 describes the provisions of the Bonds, including dates and denominations.  Section 8 describes the Bonds, including the method of payment.  Section 9 provides for the registration of the Bonds and describes the manner of exchange and transfer of the Bonds.  Section 10 prescribes the manner of execution and authentication of the Bonds.  Section 11 states that the Bonds are general obligations of the Shaler Area School District, Allegheny County, Pennsylvania, pledges the full faith, credit and taxing power of the District for payment of the debt service, makes other covenants as required under the Act, and provides for the debt service schedule of the Bonds.  Section 12 states the dates under which the Bonds are subject to redemption, the redemption prices and the redemption procedure.  Section 13 establishes a Sinking Fund for the Bonds.  Section 14 appropriates the money received from the sale of the Bonds and sets forth the estimated useful lives of the Projects and the remaining estimated useful lives of the projects financed by the prior bonds.  Section 15 describes the maturities of the Bonds.  Section 16 authorizes the refunding of the prior bonds and the appointment of an Escrow Agent.  Section 17 ratifies the advertising of this notice and authorizes publication of a notice of enactment.  Section 18 appoints Bond Counsel.  Section 19 authorizes the officers of the Board to take all necessary action in connection with the issuance of the Bonds.  Section 20 authorizes the payment of all expenses incurred in connection with the issuance of the Bonds.  Section 21 specifies allowable investments.  Section 22 provides for substitution of officers.  Section 23 establishes the form of the Bonds.  Section 24 establishes a Clearing Account.  Section 25 sets forth book-entry form of the Bonds.  Section 26 approves the Preliminary Official Statement and authorizes the approval of the final Official Statement.  Section 27 authorizes the execution and delivery of a Continuing Disclosure Certificate.  Section 28 approves the purchase of a policy of municipal bond insurance.  Section 29 sets forth severability provisions.  Section 30 repeals all inconsistent resolutions or portions thereof.  Section 31 sets forth an effective date.
 
            THE BOARD MEETING WILL BE HELD VIA A REMOTE MEETING PLATFORM AND IN PERSON.  ANY PARTICIPANTS WISHING TO ATTEND THE MEETING IN PERSON MUST SIGN UP ON THE DISTRICT WEBSITE AT www.sasd.k12.pa.us ON MONDAY, OCTOBER 18, 2021.  INFORMATION REGARDING THE SPECIFICS OF THE REMOTE PLATFORM WILL BE POSTED TO THE DISTRICT WEBSITE , www.sasd.k12.pa.us, ON MONDAY, OCTOBER 18, 2021. 
 
            The full text of the Resolution as proposed may be examined by any citizen between the hours of 9:00 a.m. to 4:00 p.m. on regular school business days at the Administrative Offices, Shaler Area School District, 1800 Mt. Royal Blvd, Glenshaw, PA 15116.  Citizens may also request an electronic copy of the proposed Resolution by contacting the School District’s Board Secretary.  This Notice is given pursuant to Section 8003 of the Act.  Pursuant to Act 20 of 1993, a reasonable period for public comment will be made available during the Board meeting.  The Board may also take action on other matters which may properly come before the meeting.
 
                                                                        SHALER AREA SCHOOL DISTRICT
                                                                        Ms. Sherri L. Ludwig, CPA
                                                                        Board Secretary
                                                                        Director of Business Affairs
                                                                        [email protected]
 
 
 
 
 
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1800 Mt. Royal Boulevard     Glenshaw, PA. 15116     P 412-492-1200     F 412-492-1236
1800 Mt. Royal Boulevard Glenshaw, PA. 15116 P 412-492-1200 F 412-492-1236
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