NOTICE is hereby given that on June 16, 2025 at 7:00 p.m., the Board of Supervisors of Willistown Township will hold a public meeting at the Willistown Township Administration Building located at 688 Sugartown Road, Malvern, PA 19355, at which it will consider the enactment of and may enact an ordinance (the “Ordinance”) to provide funds for and towards: (i) a capital project consisting of the development and design of a property for use as the Township’s new public works facility; (ii) funding the Township’s sewer improvement program; (iii) funding a deposit to a capitalized interest fund and (iv) paying related costs and expenses of issuance of the Bonds (collectively, the “Project”). The Ordinance is summarized as follows:
- An authorization for the Township to incur nonelectoral debt pursuant to the Local Government Unit Debt Act of the Commonwealth of Pennsylvania (the "Act") through the issuance of one or more series of General Obligation Bonds, Series of 2025, in an aggregate principal amount currently estimated not to exceed Fourteen Million Five Hundred Thousand Dollars ($14,500,000) (the "Bonds") to finance the Project
- Statements that the debt to be evidenced by the General Obligation Bonds is nonelectoral debt, and that the Bonds, when issued, will be general obligations of the Township.
- An authorization for the Chair or Vice Chair of the Governing Body and the Secretary of the Governing Body to prepare and file the debt statement required by Section 8110 of the Act, the Borrowing Base Certificate, exclusion proceedings if applicable, and authorization for the appropriate officers to execute the Bonds and to take all other actions as may be required by the Act or Ordinance in connection with the execution, issuance and delivery of the Bonds.
- Covenants by the Township as required by the Act that the Township shall include in its budget for each fiscal year the amount of the debt service on the Bonds for each fiscal year; that it shall appropriate sufficient amounts from its general revenues for payment of the debt service; that it shall duly and punctually pay or cause to be paid the principal of and interest on the Bonds as and when due; and that it shall pledge the full faith, credit and taxing power of the Township for such budgeting, appropriation and payment.
- The substantial form of the Bonds to be issued, the schedule of maximum principal maturity amounts and dates, rates of interest and interest payment dates and place of payment.
- A covenant that the principal and interest on the Bonds are payable without deduction for certain taxes.
- A determination that after due consideration and investigation a private sale by negotiation is in the best financial interest of the Township.
- An authorization to award the Bonds in one or more series to Stifel, Nicolaus & Company, Incorporated within the parameters set forth in a purchase contract presented at the meetin
- A statement that a separate Sinking Fund to be known as "Sinking Fund – Township of Willistown General Obligation Bonds, Series of 2025" shall be established.
- An authorization for the proper officers of the Township to contract with a bank or bank and trust company for services as sinking fund depositary and paying agent
- An authorization for the Secretary of the Township to certify and to file with the Pennsylvania Department of Community and Economic Development certified copies of all necessary proceedings.
- A covenant that the proceeds of the Bonds shall not be used in a manner that would cause the Bonds to be arbitrage Bonds under the United States Internal Revenue Code, as amended and representations with respect to certain other tax matters.
- Approval of the Preliminary Official Statement and authorization for the preparation, execution and delivery of it, as the case may be, and an Official Statement.
- Authorizing continuing disclosure to financial markets of certain financial information concerning the Township.
- Providing for various other matters relating to the Bonds and the execution and delivery thereof.
Omissions from the Ordinance, as proposed, including price paid and range of interest rates, as well as any amendments thereto, will be supplied at the time of enactment of the Ordinance if the Township shall determine to proceed.
The full text of the Ordinance may be obtained by contacting the Township’s administrative offices Monday through Thursday, 9:00 a.m. to 5:00 p.m. or Friday, 8:00 a.m. to 12:00 p.m. at (610) 647-5300. Those individuals with disabilities that require ADA accommodations for effective participation in the meeting should also contact the Township at (610) 647-5300.
