NOTICE IS HEREBY GIVEN that the Council (the “Council”) of the Borough of Moosic, Lackawanna County, Pennsylvania (the “Borough), at a meeting of the Council held on September 12, 2023, enacted an ordinance (the “Ordinance”) authorizing the incurrence of nonelectoral debt and the issuance of its General Obligation Note, Series of 2023 in the principal amount of $1,500,000 (the “Note”).
The Note was sold by private sale by negotiation to The Fidelity Deposit and Discount Bank (also known as Fidelity Bank), Scranton, Pennsylvania (the “Purchaser”), at par, bearing interest at a maximum tax-exempt interest rate of 7.000% per annum, or, if taxable, a maximum interest rate of 8.860% per annum.
The Note is a general obligation of the Borough and its officers are directed to do all acts necessary and proper for the issuance and securing of said Note.
Notice is given that the Ordinance reflects the acceptance by the Borough of the Purchaser’s proposal for the purchase of the Note (the “Proposal”) and the acceptance of the terms and conditions of the Proposal. The Proposal was received by the Council and accepted on behalf of the Borough.
Notice is also given that no amendments were made to the Ordinance on file during final enactment.
The final text of the Ordinance as enacted may be examined by any citizen at the office of the Secretary of the Borough, located at the Moosic Borough Municipal Building, 715 Main Street, Moosic, PA 18507, on regular business days (Monday through Friday) between the hours of 8:30 a.m. and 4:00 p.m. prevailing time.
This notice is published in compliance with the Act of December 19, 1996 (53 Pa.C.S. Chapters 80-82), as reenacted, amended, and supplemented, known as the Local Government Unit Debt Act.
Secretary Borough of Moosic Lackawanna County, Pennsylvania