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The original item was published from 3/10/2022 11:00:41 AM to 3/10/2022 11:00:58 AM.

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Posted on: March 10, 2022

[ARCHIVED] Ordinance 1728 - Authorizing the Incurrence OF Nonelectoral Debt

NOTICE IS HEREBY GIVEN that at a public meeting held on Monday, March 7, 2022 the Board of Commissioners of the Township of Upper Moreland (the “Township”) enacted an ordinance (the “Ordinance”) authorizing the incurrence of nonelectoral debt by the Township in the aggregate principal amount of $3,000,000 through the issuance of its General Obligation Bonds, Series of 2022 (the “Bonds”), for the purpose of financing a capital improvement program consisting of (i) the acquisition of land with a structure thereon and the demolishment of said structure; (ii) the possible purchase of certain other property and equipment; (iii) various capital improvements of the Township; and (iv) the costs and expenses of issuing the Bonds.  To read full details of the "Enactment" click here.

Authorizing the incurrence of nonelectoral debt of the Township of Upper Moreland by the issuance of $3,000,000 General Obligation Bonds, Series of 2022, for the purpose of providing funds for and towards financing various capital projects; authorizing the preparation and filing of a debt statement and other documentation; covenanting to create a sinking fund and to budget, appropriate and pay debt service on the bonds and pledging the full faith, credit and taxing power of the Township for the bonds; setting forth the substantial form of bond; setting forth the stated principal maturity amounts and dates, interest rates and interest payment dates, place of payment, sinking fund provisions and other details of the bonds; authorizing the execution of a supplement to an existing continuing disclosure agreement; finding that a private invited competitive sale of the bonds is in the best financial interest of the Township and accepting a proposal for the purchase of the bonds; appointing a paying agent and sinking fund depository; and authorizing other necessary action.  To read full details of Ordinance 1728, click here.

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