• The Gettysburg Area School District Board of School Directors approved the Bond Parameters Resolution below at their May 18, 2020 regularly scheduled meeting.

    Notice Advertisement:

    GETTYSBURG AREA SCHOOL DISTRICT
    Adams County, Pennsylvania

    NOTICE OF ADOPTION OF RESOLUTION
    AUTHORIZING THE INCURRENCE OF NONELECTORAL DEBT

               NOTICE IS HEREBY GIVEN that at a public meeting held on May 18, 2020 the Board of School Directors of Gettysburg Area School District (the "School District") adopted a resolution (the "Resolution") authorizing the incurrence of nonelectoral debt by the School District in the maximum aggregate principal amount not to exceed $45,325,000 through the issuance of its General Obligation Bonds, Series of 2020 (the "Bonds"), for the purpose of: (1)  financing various capital projects, as further described in the Resolution; and (2) paying the costs of issuing, and possible insuring, the Bonds.

               The Resolution approves the sale of the Bonds at a private negotiated sale and accepts a proposal (the “Bond Purchase Agreement”) for the purchase of the Bonds from RBC Capital Markets, LLC (the “Underwriter”), at an aggregate price not less than 90% and not more than 130% of the principal amount of the Bonds (including the Underwriter’s discount for the Bonds), plus original issue premium (if any) for the Bonds, and less original issue discount (if any) for the Bonds), plus accrued interest (if any).  Pursuant to the terms of the Resolution and Bond Purchase Agreement, the Bonds bear interest at rates not to exceed 6% per annum.

               A summary of the Resolution was advertised on May 14, 2020 and the proposed text of the Resolution was available for inspection on the website of the School District under Services – Business Office at https://www.gettysburg.k12.pa.us/domain/74 in accordance with the requirements of the Local Government Unit Debt Act of the Commonwealth of Pennsylvania, 53 Pa. Cons. Stat § 8001 et seq., as amended (the "Act").

               A copy of the final text of the Resolution summarized above is on the website of the School District under Services – Business Office at https://www.gettysburg.k12.pa.us/domain/74 and may be examined by any citizen.

               The proceedings for the incurring of the above-referenced debt will be filed with the Pennsylvania Department of Community and Economic Development, Harrisburg, Pennsylvania on or after June 2, 2020.

               GETTYSBURG AREA SCHOOL DISTRICT
               Belinda Wallen, Board Secretary and Business Manager

     Below is a copy of the full proposed text of the Bond Parameters Resolution which is summarized in the notice advertisement below:

    Notice Advertisement:

    GETTYSBURG AREA SCHOOL DISTRICT
    Adams County, Pennsylvania

    NOTICE OF MEETING FOR CONSIDERATION OF
    AND ACTION UPON A PROPOSED RESOLUTION AUTHORIZING
    THE INCURRENCE OF NONELECTORAL DEBT


    NOTICE IS HEREBY GIVEN that the Board of School Directors (the “Board”) of the Gettysburg Area School District (the “School District”) will hold a public meeting not less than three (3) nor more than thirty (30) days after the date of publication of this notice. Due to the Covid-19 pandemic, the meeting will be held virtually in accordance with the Governor’s Declaration of a State of Emergency for the Commonwealth of Pennsylvania due to a public health emergency dated March 6, 2020. The meeting is being held for the purpose of considering and acting upon a proposed resolution (the “Resolution”) authorizing the incurrence of nonelectoral debt by the School District and providing, among other things, as follows:


    1. Authorizing the School District to incur nonelectoral debt pursuant to the Local Government Unit Debt Act, as amended (the “Act”), in an aggregate principal amount not to exceed $45,325,000, and to evidence such indebtedness by the issuance of its General Obligation Bonds (the “Bonds”). The Bonds will be issued to finance the costs of (a) financing various capital projects of the School District (the “Capital Improvement Program”) and (b) paying the costs and expenses related to the issuance of the Bonds and possibly insuring the Bonds if deemed financially advantageous.

    2. Stating the estimated average useful life of the projects comprising the Capital Improvement Program and that the School District has obtained realistic cost estimates for such projects.

    3. Stating that the debt to be incurred through the issuance of the Bonds is nonelectoral debt and that the Bonds, when issued, will be general obligations of the School District.

    4. Finding, after due consideration and investigation, that a private sale of the Bonds by negotiation is in the best financial interest of the School District and providing for such sale by accepting a proposal for the purchase of the Bonds from RBC Capital Markets, LLC, which will be presented at the meeting (the “Bond Purchase Proposal”).

    5. Authorizing and directing the President or Vice President of the Board of School Directors and the Secretary or Treasurer of the School District and their successors or assigns to prepare, certify and file a debt statement required by Section 8110 of the Act, to execute and deliver the Bonds and to take all other action required by the Act or under the Resolution in connection with the issuance of the Bonds.

    6. Containing a covenant by the School District as required by the Constitution of Pennsylvania and by the Act, that the School District shall include in its budget for each fiscal year the amount of debt service on the Bonds for each such fiscal year; that it shall appropriate such amounts from its general revenues for the payment of such debt service; that it shall duly and punctually pay or cause to be paid the interest on and principal of the Bonds as the same shall become due; and that for such budgeting, appropriation and payment, the full faith, credit and taxing power of the School District is pledged.

    7. Providing for the creation of a Sinking Fund for the Bonds and the appointment of a Paying Agent and Sinking Fund Depository and authorizing the proper officers of the School District to enter into a contract with the Paying Agent and Sinking Fund Depository. 

    8. Providing for the form of the Bonds and the terms thereof, including a schedule of principal maturities on a not to exceed basis and a maximum rate of interest for the Bonds and authorizing various other terms of the Bonds.

    9. Authorizing the purchase of insurance for the Bonds if deemed financially advantageous to the School District.

    10. Authorizing the disbursement and application of the proceeds of the Bonds to fund the costs of the Capital Improvement Program and the costs and expenses related to the issuance of the Bonds.

    11. Providing for other matters in connection with the issuance and sale of the Bonds.

    A copy of the full proposed text of the Resolution summarized above may be examined by any citizen on the website of the School District under Services – Business Office at https://www.gettysburg.k12.pa.us/domain/74.

    It is presently expected that the Board of School Directors meeting to consider the Resolution will be held at the regularly scheduled meeting on Monday, May 18, 2020 at 7:00 p.m. being held virtually as set forth in the first paragraph of this notice. If the Resolution is not adopted at the Monday, May 18th meeting, it will be considered at the following regularly scheduled meeting of the Board of School Directors on Monday, June 1, 2020 commencing at 7:00 p.m. Such meeting will be held either virtually or in-person at the School District’s Administration Building located at 900 Biglerville Road, Gettysburg, Pennsylvania. Such information as to how the June 1st meeting will occur will be made available to the public in advance of the meeting via the School District’s website. The Resolution may be considered for adoption at either of these two (2) meetings.

    Public comment will be taken by emailing pcomment@gasd-pa.org and can be submitted by 6:00 p.m. on the Monday of each respective meeting date discussed in the paragraph above. Public comments received by that time will be read into the record. Public comments will be read into the record. The Board meetings will be recorded and placed on the School District’s web site.

    The Resolution will approve "not to exceed" parameters for certain details related to the Bonds, including the principal amount of the Bonds, the purchase price for the Bonds, the final maturity schedule for the Bonds, and the interest rates of the Bonds. Under the Resolution currently on file, the Board delegates authority to the President or Vice President to enter into an Addendum to the Bond Purchase Agreement which specifies the final terms and conditions of the Bonds (including actual interest rates and principal amounts) subject to said final terms meeting all of the parameters set forth in the Resolution.

    The Resolution may be amended in such respects as the Board may deem appropriate.

    If the Resolution is adopted, a notice of adoption thereof, including a summary of the omitted details, if any, and other details of the financing, if any, and also including any amendments to the Resolution made during final passage, if any, will be advertised after adoption and made available for examination by any citizen in accordance with the Act.

    GETTYSBURG AREA SCHOOL DISTRICT
    Belinda M. Wallen, Board Secretary and Business Manager