FOR BOARD CONSIDERATION THIS EVENING:

Authorization to advertise a Local Government Unit Debt Act Ordinance for a Pennsylvania Infrastructure Bank Loan (PIB) Loan

As part of the MSA Thruway Project, the Township is obtaining a Pennsylvania Infrastructure Bank (PIB) Loan. Under the MSA Thruway Financing Agreement approved by the Board, the Developer of Cranberry Springs is responsible for reimbursing the Township for PIB Loan Payments. The Township has secured a $5,000,000 Letter of Credit from the Developer to ensure compliance with their obligation for the PIB Loan. The PIB Loan requires action by the Board on an ordinance for a filing under the Local Government Unit Debt Act. The Board will be asked to consider the following motion this evening:

Motion to approve the determination that it is Cranberry Township's best financial interest to borrow an aggregate principal sum of $5,000,000.00 for the purpose of funding a portion of the MSA Thruway Project, appointing Dinsmore & Shohl, LLP, as Special Counsel, for the preparation and filing of the proceedings, including the necessary publications, to incur indebtedness pursuant to the Local Government Unity Debt Act. and including the authorization for the advertisement of the Ordinance incurring this debt for the Board's final consideration at the Board's meeting of March 26.