PUBLIC NOTICE CONNEAUT SCHOOL DISTRICT SUMMARY NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT Notice is hereby given that the Board of School Directors of Conneaut School District will consider, at its regular meeting to be held on Tuesday, June 17, 2014, at 7:00 p.m., prevailing local time, in the Alice Schafer Elementary School Annex, located at 220 West School Drive, Linesville, Pennsylvania, 16424, together with such other business as may come before the Board, the adoption of a resolution authorizing nonelectoral debt in the presently estimated amount of up to $7,000,000, and summarized as follows: Article 1 defines certain terms, including the Bonds and the Project, which consists generally of: (1) the current refunding, in order to achieve debt service savings over the life of the series, of all or a portion of the outstanding amount of the Conneaut School District General Obligation Note, Series of 2013, the proceeds of which were used for the (i) current refunding of the outstanding amount of the State Public School Building Authority, School Revenue Bonds (Conneaut School District Project) Series of 2003, the proceeds of which were used for the advance refunding of the outstanding principal amount of the School Districts General Obligation Note, Series of 2000, the proceeds of which were used for certain capital projects and (ii) the advance refunding of the outstanding amount of the State Public School Building Authority, School Revenue Bonds (Conneaut School District Project) Refunding Series of 2004B, the proceeds of which were used for the advance refunding of a portion of the outstanding principal amount of the State Public School Building Authority, School Revenue Bonds (Conneaut School District Project) Series of 2003, the proceeds of which were used for certain capital projects and (2) paying all costs and expenses incurred by the School District in connection with the issuance and sale of the Bonds. Articles 2 and 3 authorize the incurrence of nonelectoral debt by the issuance of General Obligation Bonds, and establish a sinking fund. Article 4 provides the form, maturity amounts, interest rates and the terms and provisions for the payment of the Bonds. Articles 5, 6, 7 and 8 address the Sinking Fund Depository, events of default, and amendment and discharge of the security documents. Article 9 contains federal income tax covenants; Article 10, securities law covenants. Article 11 provides for the sale of the Bonds, establishes certain funds and sets forth certain directions for Settlement, while Article 12 authorizes other related and necessary actions. The full text of the Resolution as proposed may be examined by any citizen between the hours of 8:00 a.m. and 4:30 p.m., prevailing local time, Monday through Friday at the Administrative Office, 219 West School Drive, Linesville, Pennsylvania 16424-8609. Kara D. Onorato, Board Secretary (814) 683-5900 06/13/14
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