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LEGAL NOTICE CITY OF DUQUESNE Summary of proposed Ordinance authorizing the incurring of non-electoral debt in an aggregate principal amount not to exceed $2,000,000 by the issuance of the City of Duquesne, General Obligation Notes, Federally Taxable Series of 2020. Public Notice is hereby given that on October 13, 2020 at 6:30 p.m. at the Council Chambers, Duquesne City Hall, 12 South Second Street, Duquesne, Pennsylvania 15110, such location to be used if the restrictions related to COVID-19 are lifted, otherwise to be held by Zoom platform and telephone conference call, or at any other properly constituted meeting duly called and held on any date not less than three nor more than 30 days after the date of publication of this Notice, the Council of the City of Duquesne (the City) at a public meeting will consider the adoption of a proposed Ordinance for the incurrance of non-electoral debt pursuant to the Local Government Unit Debt Act (the "Act") and other business. The following is a summary of the proposed Ordinance. PLEASE NOTE, THE CITY INTENDS TO HOLD THE COUNCIL MEETING ON OCTOBER 13, 2020 VIRTUALLY, USING THE ZOOM MEETING PLATFORM AND BY TELEPHONE CONFERENCE CALL. THE CALL IN NUMBER AND ZOOM LOGIN INFORMATION WILL BE POSTED ON THE CITY OF DUQUESNE WEBSITE AT WWW.DUQUESNEPA.US. THE AGENDAS AND OTHER DOCUMENTS WILL ALSO BE LOCATED ON THE WEBSITE. ANY RESIDENT AND TAXPAYER DESIRING TO SPEAK DURING THE PUBLIC COMMENT PORTIONS OF THE VIRTUAL MEETING MUST SUBMIT A WRITTEN REQUEST, INCLUDING HIS/HER NAME AND ADDRESS, TO THE CITY VIA E-MAIL AS LISTED BELOW BY 5 P.M. ON OCTOBER 13, 2020. PERSONS SUBMITTING SUCH REQUESTS WILL BE ACKNOWLEDGED TO SPEAK DURING THE PUBLIC COMMENT PORTIONS OF THE VIRTUAL MEETING IN ACCORDANCE WITH CITY POLICY. The proposed Ordinance recites that it is necessary for the City to borrow a sum not to exceed $2,000,000 through the issuance of its General Obligation Notes, Federally Taxable Series of 2020 (the "Notes") in order to (i) refund prior bonds of the City and (ii) pay the costs and expenses of preparing and issuing the Notes. The proposed Ordinance further provides as follows: Section 1 authorizes the Refunding Project. Section 2 finds that a private sale by negotiation is in the best financial interest of the City. Section 3 sets forth the form of the Purchase Proposal for the Notes and the manner of acceptance of the Purchase Proposal. Section 4 authorizes the incurring of non-electoral debt by the issuance of the Notes designated as the City of Duquesne, Pennsylvania, General Obligation Notes, Federally Taxable Series of 2020, states the maximum principal amount of the Notes and sets forth the maximum interest rates, maximum annual principal amounts, maximum annual debt service and dates of maturity of the Notes. Section 5 directs the filing of the necessary documentation with the Department of Community and Economic Development, including any statements necessary to qualify all or any portion of the Notes for exclusion from the appropriate debt limit as self-liquidating debt or self-supporting debt; and to execute and deliver all necessary documents. Section 6 appoints a paying agent, registrar, and sinking fund depository. Section 7 describes the provisions of the Notes, including dates and denominations. Section 8 describes the Notes, including the method of payment. Section 9 provides for registration of the Notes and describes the manner of exchange and transfer of the Notes. Section 10 describes the manner of execution and authentication of the Notes. Section 11 states that the Notes are a general obligation of the City, pledges the full faith, credit and taxing power of the City for payment of the debt service, makes other covenants required under the Act, and provides for the debt service schedule of the Notes. Section 12 states that the Notes are subject to redemption. Section 13 establishes a Sinking Fund for the Notes. Section 14 appropriates the money received from the issuance of the Notes. Section 15 sets forth the maturities of the Notes. Section 16 sets forth the remaining realistic useful life of the prior project. Section 17 ratifies the advertising of this notice and authorizes publication of a notice of final enactment. Section 18 appoints Note Counsel. Section 19 authorizes the officers of the City to take all necessary action in connection with the issuance of the Notes. Section 20 authorizes the payment of all expenses incurred in connection with the issuance of the Notes. Section 21 authorizes the Preliminary Official Statement and the Official Statement. Section 22 specifies allowable investments. Section 23 sets forth the authorization of officers. Section 24 establishes the form of the Notes. Section 25 establishes a Clearing Account. Section 26 deems the Preliminary Official Statement to be final as of its date. Section 27 provides the City 's continuing disclosure undertaking. Section 28 authorizes the purchase of a municipal bond insurance policy. Section 29 authorizes an Escrow Deposit Agreement. Section 30 sets forth severability provisions. Section 31 repeals all inconsistent ordinances or portions thereof. Section 32 sets forth the effective date of the Ordinance. The full text of the foregoing proposed Ordinance may be examined by any citizen between the hours of 9:00 a.m. and 4:00 p.m. prevailing time, on regular business days at the office of the City Manager, 12 South Second Street, Duquesne, Pennsylvania 15110, if the restrictions related to the COVID-19 pandemic are lifted and the City offices are open. Until such time, citizens may request an electronic copy of the proposed Ordinance by contacting the City Manager's Office. 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 Council meeting. The Council may act on other matters that properly come before the Council. City of Duquesne City Manager's Office Email : dsample@duquesnepa.us
