BOROUGH OF BOLIVAR, COUNTY OF WESTMORELAND AND
COMMONWEALTH OF PENNSYLVANIA
ORDINANCE NO. 2 OF 2022
AN ORDINANCE INCREASING THE INDEBTEDNESS OF BOLIVAR BOROUGH
WESTMORELAND COUNTY, PENNSYLVANIA, BY THE ISSUE OF A GENERAL
OBLIGATION NOTE IN THE AMOUNT OF $93,000.00 FOR THE PURCHASE OF A TRUCK AND EQUIPMENT ACCESSORIES, FIXING THE FORM, NUMBER, DATE,
INTEREST, AND MATURITY THEREOF, MAKING A COVENANT FOR THE PAYMENT OF THE DEBT SERVICE ON THE NOTE; PROVIDING FOR THE FILING OF THE REQUIREED DOCUMENT; PROVIDING FOR THE APPOINTMENT OF A SINKING FUND DEPOSITORY FOR THE NOTE; AND AUTHORIZING EXECUTION, SALE AND DELIVERY THEREOF.

Whereas, it is necessary that the indebtedness of the Borough of Bolivar, Westmoreland County, Pennsylvania be increased for the purchase of a truck and equipment accessories, and

Whereas, the local government unit has received preliminary realistic cost estimates from review of the public bids obtained by the Commonwealth Department of General Services, Costars Program indicating the sum of $93,000.00 will be needed to purchase the truck and equipment accessories; and

Whereas, the proposed increase of debt, together with its nonelectoral indebtedness and its lease rental indebtedness presently outstanding, will not cause the limitations of Bolivar Borough debt incurring power, pursuant to constitutional and statutory authority to be exceeded;

NOW THEREFORE, BE IT ORDAINED AND ENACTED by the Borough of Bolivar, Westmoreland County, Pennsylvania, and it is hereby ordained and enacted by the authority of same as follows:

SECTION 1. That the aggregate principal amount of the Note of the Borough of Bolivar, Westmoreland County, Pennsylvania, proposed to be issued is $93,000.00, same to be issued for the foregoing purpose and same to be incurred as nonelectoral debt.
SECTION 2. The period of useful life of the improvements for which this obligation is to be issued is estimated to be in excess of 10 years.

SECTION 3. Said indebtedness shall be evidenced by one general obligation Note, in fully registered form, in the sum of $93,000.00, dated and bearing interest from the earliest date of possible issue of said Note under the statutory time requirements as set forth in the Act of the General Assembly of the Commonwealth of Pennsylvania approved the 25th day of April, 1978,
being Act 52 of 1978 Session and known as the Local Government Unit Debt Act, at the rate of 3.2% per annum, payable on the unpaid balance of said Note on January 3, 2022 during the term of said Note, together with interest on overdue principal, and to the extent permitted by law, on overdue interest, at the rate of 3.2% per annum (computed on the basis of 365 days to
the year) until paid, which Note shall mature in installments on the annual anniversary date of said Note as follows:

SEE ATTACHED EXHIBIT "A"
The local government unit reserves the right to anticipate any or all installments of principal or any payment of interest at any time prior to the respective payments dates thereof, without notice or penalty.

The principal and interest of said Note shall be payable at the office of the sinking fund depository selected for the Note as hereinafter provided.

SECTION 4. The said Note is hereby declared to be a general obligation of the Borough of Bolivar, Westmoreland County, Pennsylvania. The local government unit hereby covenants that it shall include the amount of debt service on the Note for each fiscal year in which such sums are payable in its budget for that year; shall appropriate such amounts to the payment of such debt services; and shall duly and punctually pay or cause to be paid the principal of the Note and the interest thereon at the dates and places and in the manner stated in the Note according to the true intent and meaning thereof, and for such proper budgeting, appropriation, and payment, the full faith, credit and taxing powers of the Borough of Bolivar, Westmoreland County is hereby irrevocably pledged. The amounts which the local government unit hereby covenants to pay in each of the following fiscal
years on the basis of an interest rate of 3.2% are s follows:

SEE ATTACHED EXHIBIT "A"

SECTION 5. The form of said Note shall be substantially as set forth in the attached Exhibit B.

SECTION 6. The said Note shall be executed in the name and under the corporate seal of the Borough of Bolivar by the President of the Council and attested to by the Secretary. The Secretary or any Supervisor is hereby authorized and directed to deliver said Note to S & T Bank and receive payment therefore on behalf of Bolivar Borough. the Secretary of Bolivar Borough is authorized and directed to prepare, verify and file the debt statement required by Section 8110 of the Act and to take other
necessary action, including, if necessary or desirable, any statements required to qualify any portion of the debt from the appropriate debt limit as self-liquidating or subsidized debt.

SECTION 7. S & T Bank is hereby designated as the Sinking Fund Depository for the obligation herein authorized, and there is hereby created and established a Sinking Fund, to be known as "Sinking Fund 2022 General Obligation Note" for the payment of the principal and interest thereon which shall be deposited into the Sinking Fund no later than the date upon which the same become due and payable.

The Treasurer shall deposit into the Sinking Fund, which shall be maintained until such obligation is paid in full, sufficient amounts for payment of principal and interest on the obligation no later than the date upon which such payments shall become due. The Sinking Fund Depository shall, as and when said payments are due, without further action by the local government unit, withdraw available monies in the Sinking Fund and apply said monies to payment of principal and interest on the obligation.

SECTION 8. The Council of Bolivar Borough are hereby authorized to contract with S & T Bank for its services as Sinking Fund Depository for the Note and paying agent for the same.

SECTION 9. In compliance with Section 8161 of the Act, the Supervisors of Bolivar Borough have determined that a private sale by negotiation rather than public sale is in the best financial interest of the local government unit. Therefore, the general obligation Note in the amount of $93,000.00, herein
authorized to be issued and sold as hereby awarded and sold to S & T Bank in accordance with its proposal to purchase the said Note at par; provided the said Note is dated the delivery thereof to S & T Bank and is substantially in the form set forth in this Ordinance as Exhibit N, and further provided that
the proceedings have been approved by the Department of Community and Economic Development if such approval is required under the provision of the Act.

SECTION 10. The action of the proper officers and the advertising of a summary of this Ordinance as required by law in the Indiana Gazette, a newspaper of general circulation, is ratified and confirmed. The advertisement in said paper of the enactment of the ordinance is hereby directed within fifteen (15) days following the day of final enactment.

SECTION 11. All ordinances or parts of ordinances not in accord with this Ordinance are hereby repealed insofar as they conflict herewith.

ORDAINED AND ENACTED this 3rd day of January, 2022

Lewis McLaughlin
LEWIS McLAUGHLIN, President

Attest By

PATRICIA BETTS,

Secretary

MAYORS APPROVAL OR VETO
X I approve Ordinance # 2 of 2022
I veto Ordinance # 2 of 2022 for the following reason(s) ______________________
_________________________________________________________________________
Dated January 3, 2022

Clark Baird
Mayor