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FREEPORT AREA SCHOOL DISTRICT SUMMARY NOTICE UNDER

Description:

FREEPORT AREA SCHOOL DISTRICT

 

SUMMARY NOTICE UNDER

LOCAL GOVERNMENT UNIT DEBT ACT

 

Notice is hereby given that the Board of School Directors of the Freeport Area School District will consider at a meeting to be held on Wednesday August 13 2025 at 7:00 PM (or on such date and at such time not later than 30 days from this date of publication as the Board may lawfully determine) in the Audion (Room No. 10) of the Freeport Area High School 625 South Pike Road Sarver PA (or on such other date not later than 30 days from the date of publication of this notice and at such time and place as the Board may lawfully determine) along with such other general business matters as may come before the Board the adoption of a resolution authorizing non-electoral debt in the presently estimated maximum amount of $12000000 and summarized as follows:

 

Article 1 defines certain terms including the Bonds and the Project which consists generally of (a) an initial portion of the costs of the School District’s High School renovation project; and (b) the costs of issuance of the Bonds.

 

Articles 2 and 3 authorize the incurrence of non-electoral debt by the issuance of General Obligation Bonds and establish a sinking fund.

 

Article 4 provides the form maturity amounts interest rates and the terms and provisions for the payment of the Bonds. Articles 5 6 7 and 8 address the Sinking Fund Depository events of default and amendment and discharge of the security documents.

 

Article 9 contains federal income tax covenants; Article 10 securities law covenants.

 

Article 11 provides for the sale of the Bonds establishes certain funds and sets forth certain directions for settlement while Article 12 authorizes other related and necessary actions.

 

The full text of the Resolution as proposed may be examined by any citizen between the hours of 7:30 AM to 3:30 PM on regular school business days at the office of the Secretary Freeport Area School District 621 South Pike Road Sarver PA 16055.

FREEPORT AREA SCHOOL DISTRICT

Mary Dobransky

Secretary

724-295-5141 

382655 (7/31/25)

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Date Added: July 31, 2025
Expiration: 1 Day(s)
   
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