Chadds Ford Township Board of Supervisors
Public Hearing and Special Meeting
April 12, 2006
M I N U T E S
OFFICIALS
PRESENT: George M. Thorpe, Acting Chairman
Garry
Paul, Supervisor
Douglas
Paul Rauch, Esquire, Bond Attorney
Maryann
D. Furlong, Secretary/Treasurer
CALL TO ORDER
Acting Chairman George Thorpe called
the meeting to order at 8:30 AM. Mr.
Thorpe announced the purpose of the special meeting was to adopt a resolution
and ordinance authorizing the incurrence of debt to fund various capital
projects of the Chadds Ford Township Sewer Authority.
Mr. Thorpe announced the purpose of
the pubic hearing was to take comments on the proposed ordinance, allowing the
Township to guarantee the issuance of lease rental debt on behalf of the Chadds
Ford Sewer Authority for various purposes.
Mr. Thorpe directed that the record reflect no one was in the audience,
thus there was no public comment. The
public hearing portion of the meeting was closed.
RESOLUTION 2006-9
Douglas Paul Rauch, Esquire, a bond attorney retained by the Sewer Authority, reviewed proposed Resolution 2006-9, indicating that provisions of the Internal Revenue Code of 1986, as amended, mandate the Township formally allocate a portion of its tax-exempt obligation to the Sewer Authority. Mr. Thorpe read the entire resolution into the record. A full copy follows.
MOTION TO ADOPT RESOLUTION 2006-9 - ALLOCATION OF TAX-EXEMPT OBLIGATION TO SEWER AUTHORITY
Upon motion and second (Thorpe, Paul) the Supervisors present adopted Resolution 2006-9, irrevocably allocating $1,000,000 of its $5,000,000 limitation of tax-exempt obligations to the Sewer Authority for the purposes stated therein.
ORDINANCE 114
Mr. Rauch explained that the proposed ordinance will authorize the incurrence of lease rental debt under the Debt Act and guarantied by the Township, for the Sewer Authority to use in financing a project of the Authority consisting of:
1.
Various
capital projects including, but not limited to, the renovation and expansion of
the Authority’s sewage treatment plant;
2.
The
current refinancing of certain outstanding indebtedness of the Authority as
evidenced by a loan from the Township to the Authority, specifically the
proceeds of the General Obligation Note Series of 1996, and
3.
The
payment of costs associated with the issuance of a Guaranteed Sewer Revenue
Note – Series of 2006 in the maximum principal amount of $1,000,000.
A legal advertisement appeared in the April 9, 2006
edition of the Delaware County Daily Times as the requisite public notice of
the hearing.
Mr. Thorpe reviewed the entire ordinance for those
present, reading specific portions in their
entirety. A full copy of the ordinance follows.
MOTION TO ADOPT ORDINANCE 114 AUTHORIZING AND DIRECTING THE INCURRENCE OF LEASE RENTAL DEBT
Upon motion and second (Thorpe,
Paul), the Supervisors present adopted Ordinance 114.
Board
of Supervisors Special Meeting
April
12, 2006
Page
Two
There
being no further business, the special meeting was adjourned at 9:10 AM.
Respectfully
submitted,
MARYANN
D. FURLONG,
Township
Secretary