Consideration of Ordinance No. 2020-499 Providing for refinancing of existing debt

The Board has previously authorized PNC Capital Markets and Dinsmore & Shohl to pursue the refinancing of existing debt. This evening those representatives will report to the Board of Supervisors the results of that action, and provided the goals of the Board have been met in terms of savings, with expected savings of approximately $3.1M, the Board is being asked this evening to consider the following motion:

Motion to approve Ordinance No. 2020-499 incurring non-electoral debt for the purpose of refinancing existing debt into General Obligation Bonds, Series of 2020 and authorizing the Officers of the Township to execute the appropriate documents pursuant to the direction of the Township's Bond Counsel and Solicitor.