Gavel

ORDINANCE NO. 2021-01
AN ORDINANCE WHICH AUTHORIZES THE SALE AND ISSUANCE OF BUCKINGHAM TOWNSHIP’S GENERAL OBLIGATION BONDS,
SERIES A AND B OF 2021

TO AUTHORIZE AND DIRECT THE INCURRING OF NON-ELECTORAL AND ELECTORAL DEBT THROUGH THE ISSUANCE OF TWO SERIES OF GENERAL OBLIGATION BONDS OF BUCKINGHAM TOWNSHIP, BUCKS COUNTY, PENNSYLVANIA (THE “TOWNSHIP”) IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF TEN MILLION TWO HUNDRED EIGHTY FIVE THOUSAND DOLLARS ($10,285,000) FOR THE PURPOSE OF PROVIDING FUNDS TO FINANCE (i) THE REPURPOSING AND IMPROVEMENT OF EXISTING STRUCTURES AND CONSTRUCTION OF NEW STRUCTURES TO SERVE AS THE TOWNSHIP’S WATER AND SEWER OPERATIONS CENTER AND OTHER RELATED CAPITAL ITEMS; (ii) THE CURRENT REFUNDING OF THE TOWNSHIP’S GENERAL OBLIGATION BONDS, SERIES OF 2014; AND (iii) THE PAYMENT OF THE COSTS OF ISSUANCE ON THE BONDS, OR ANY OR ALL OF THE SAME; DESCRIBING THE CAPITAL PROJECT; ESTABLISHING THE USEFUL LIFE OF THE CAPITAL PROJECT AND REALISTIC COST ESTIMATES THEREOF; DESCRIBING A CERTAIN PRIOR PROJECT AND RATIFYING, CONFIRMING THE ORIGINALLY ESTIMATED REALISTIC USEFUL LIFE THEREOF AND STATING THE REMAINING USEFUL LIFE THEREOF; STATING THE ESTIMATED PROJECT COMPLETION DATE; DIRECTING THE PROPER OFFICERS OF THE GOVERNING BODY TO PREPARE, CERTIFY AND FILE THE REQUIRED DEBT STATEMENT AND BORROWING BASE CERTIFICATE; COVENANTING THAT THE TOWNSHIP SHALL INCLUDE THE AMOUNT OF ANNUAL DEBT SERVICE IN ITS BUDGET FOR EACH FISCAL YEAR; PROVIDING FOR FULLY REGISTERED BONDS, DATE OF THE BONDS, INTEREST PAYMENT DATES, PROVISIONS FOR REDEMPTION AND STATED PRINCIPAL MATURITY AMOUNTS AND FIXING THE RATES OF INTEREST ON SUCH BONDS AND PROVIDING FOR BOOK-ENTRY ONLY BONDS; AUTHORIZING THE PROPER OFFICERS OF THE TOWNSHIP TO CONTRACT WITH A BANK OR BANK AND TRUST COMPANY FOR ITS SERVICES AS SINKING FUND DEPOSITORY, PAYING AGENT AND REGISTRAR AND STATING A COVENANT AS TO PAYMENT OF PRINCIPAL AND INTEREST WITHOUT DEDUCTION FOR CERTAIN TAXES; PROVIDING FOR THE REGISTRATION, TRANSFER AND EXCHANGE OF BONDS; PROVIDING FOR THE EXECUTION, DELIVERY AND AUTHENTICATION OF BONDS AND THE DISPOSITION OF THE PROCEEDS THEREOF; APPROVING THE FORM OF THE BONDS, PAYING AGENT’S AUTHENTICATION CERTIFICATE AND ASSIGNMENT AND PROVIDING FOR CUSIP NUMBERS TO BE PRINTED ON THE BONDS; PROVIDING FOR TEMPORARY BONDS; AWARDING SUCH BONDS AT A PRIVATE INVITED SALE AND STATING THAT SUCH SALE IS IN THE BEST FINANCIAL INTEREST OF THE TOWNSHIP; CREATING A SINKING FUND AND APPROPRIATING ANNUAL AMOUNTS FOR THE PAYMENT OF DEBT SERVICE ON THE BONDS; AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE TOWNSHIP TO CERTIFY AND TO FILE WITH THE PENNSYLVANIA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT CERTIFIED COPIES OF THE NECESSARY PROCEEDINGS; COVENANTING THAT THE PROCEEDS OF THE BONDS SHALL NOT BE USED IN SUCH A MANNER AS TO CAUSE THE BONDS TO BE ARBITRAGE BONDS UNDER FEDERAL TAX LAW PROVISIONS, MAKING CERTAIN REPRESENTATIONS AND DESIGNATING OR OTHERWISE DEEMED DESIGNATING THE BONDS AS “QUALIFIED TAX-EXEMPT OBLIGATIONS” UNDER FEDERAL TAX LAW PROVISIONS; APPROVING THE CONTENT AND FORM OF A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING THE DISTRIBUTION THEREOF AND AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT AND THE UNDERTAKING OF CERTAIN CONTINUING DISCLOSURE; PROVIDING FOR THE REFUNDING OF THE REFUNDED BONDS, AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE TOWNSHIP TO DO ALL THINGS NECESSARY TO CARRY OUT THIS ORDINANCE; AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE TOWNSHIP TO PAY ISSUANCE COSTS; REPEALING ALL INCONSISTENT ORDINANCES; PROVIDING FOR SEVERABILITY OF PROVISIONS; AND STATING THE EFFECTIVE DATE.
The Board of Supervisors (the “Governing Body”) of Buckingham Township, Bucks County, Pennsylvania (the “Township”), pursuant to the Pennsylvania Local Government Unit Debt Act, 53 Pa. Cons. Stat. §8001 et seq., as amended (the “Act”) hereby ORDAINS AND ENACTS as follows:
Section 1. Incurrence of Debt; Amount and Purpose of Bonds; Realistic Cost Estimates; Estimated Project Completion Date. The Governing Body of the Township hereby authorizes and directs the incurring of non-electoral debt through the issuance by the Local Government Unit of one or more series or subseries of General Obligation Bonds, Series A of 2021 (the “2021A Bonds”) in the maximum aggregate principal amount of Four Million Eight Hundred Eighty Five Thousand Dollars ($4,885,000) and of electoral debt through the issuance of one or more series or subseries of General Obligation Bonds, Series B of 2021 (the “2021B Bonds” and, along with the 2021A Bonds, the “Bonds”) in the maximum aggregate principal amount of Five Million Four Hundred Thousand Dollars ($5,400,000).
The 2021A Bonds are being issued to provide funds to finance a project (the “Capital Project”), consisting of (i) the repurposing and improvement of existing structures and construction of new structures to serve as the Township’s water and sewer operations center and other related capital items; and (ii) to pay the costs of issuing and, if applicable, insuring the 2021A Bonds.
The 2021B Bonds are being issued to provide funds to finance a project (the “Refunding Project” and, together with the Capital Project, the “Project”), consisting of (i) the current refunding of all or a portion of the Township’s outstanding General Obligation Bonds, Series of 2014 (the “2014 Refunded Bonds”); and (ii) to pay the costs of issuing and, if applicable, insuring the 2021B Bonds.
Pursuant to an Ordinance duly enacted July 23, 2014 (the “2014 Township Ordinance”), the Township authorized the issuance of the 2014 Refunded Bonds in the aggregate principal amount of $7,540,000, of which $4,870,000 is currently outstanding. The Refunding Project is being undertaken by the Township for the purpose of reducing total debt service over the life of the series in compliance with Section 8241(b)(1) of the Act.
The Local Government Unit hereby reserves the right to undertake components of the Project in such order and at such time or times as it shall determine and to allocate the proceeds of the Bonds and other available moneys to the final costs of the Project in such amounts and order of priority as it shall determine; but the proceeds of the Bonds shall be used solely to pay the “costs”, as defined in the Act, of the Project described herein or, upon appropriate amendment hereto, to pay the costs of other capital projects for which the Local Government Unit is authorized to incur indebtedness.
Realistic cost estimates have been obtained by the Township for the Capital Project through estimates made by qualified persons, as required by Section 8006 of the Act. The realistic estimated useful life of the Capital Project is 30 years.
The realistic useful life of the capital projects refinanced by the 2014 Refunded Bonds were determined at the time such projects were originally financed to be in excess of 20 years. The Bonds do not extend the final maturity dates of such 2014 Refunded Bonds and the remaining useful lives are hereby determined to be in excess of 8 years.
The estimated completion date for the Project is December 2021.
Section 2. Debt Statement and Borrowing Base Certificate. The Chairman or Vice Chairman of the Governing Body and the Secretary or Assistant Secretary of the Local Government Unit or any one of them, and/or any other duly authorized or appointed officer of the Local Government Unit, are hereby authorized and directed to prepare and certify a debt statement required by Section 8110 of the Act and a Borrowing Base Certificate.
Section 3. Covenant to Pay Bonds. It is covenanted with the registered owners from time to time of the Bonds that the Township shall (i) include the amount of the debt service for the Bonds for each fiscal year in which the sums are payable in its budget for that year; (ii) appropriate those amounts from its general revenues for the payment of the debt service; and (iii) duly and punctually pay, or cause to be paid, from its sinking fund or any other of its revenues or funds the principal of, and the interest on, the Bonds at the dates and places and in the manner stated in the Bonds according to the true intent and meaning thereof. For such budgeting, appropriation and payment, the Township pledges its full faith, credit and taxing power. As provided by the Act, this covenant shall be specifically enforceable. Nothing in this Section shall be construed to give the Township any taxing power not granted by another provision of law.
Section 4. Description of Bonds; Maturity Schedule; Redemption of Bonds; Notice of Redemption. For purposes of this Section 5, the following defined terms have the meaning stated below:
“DTC” means The Depository Trust Company, New York, New York, the securities depository for the Bonds, and its successors.
“Representation Letter” means the Blanket Letter of Representations, together with DTC’s Operational Arrangements referred to therein, as amended from time to time, of the Township on file with DTC and incorporated herein by reference.
A. Amount and Terms of Bonds; Redemption Provisions. The Bonds shall be in fully registered form without coupons, shall be numbered, shall be in the denomination of Five Thousand Dollars ($5,000) or any integral multiple thereof, shall be dated the date of their delivery or such other date established for interest to begin accruing on the Bonds (the “Series Issuance Date”) and shall bear interest from the dates, which interest is payable at the rates provided herein, until maturity or prior redemption, all as set forth in the form of Bond attached hereto as Exhibit A and made a part hereof.
The Bonds shall bear interest, until maturity or prior redemption, at the rates per annum, and shall mature in the amounts and on certain dates of certain years, all as set forth in the maturity schedule attached hereto as Exhibit B and made a part hereof. The Bonds are subject to redemption prior to maturity as set forth in Exhibit B attached hereto.
The stated maturities of the Bonds as shown in Exhibit B have been fixed in compliance with Section 8142(b)(1) of the Act.
The Paying Agent (as hereinafter defined) is hereby authorized and directed, (i) upon notification by the Township of its option to redeem Bonds in part to select by lot the particular Bonds or portions thereof to be redeemed; (ii) without further authorization of the Township with respect to a redemption pursuant to subparagraph (b) of the redemption provisions in Exhibit B, to select by lot the particular Bonds or portions thereof to be redeemed; and (iii) upon notification by the Township of its option to redeem Bonds in whole or in part and when required pursuant to subparagraph (b) of the redemption provisions in Exhibit B, to cause a notice of redemption to be given once by first-class United States mail, postage prepaid, or by another method of giving notice which is acceptable to the Paying Agent and customarily used by fiduciaries for similar notices at the time such notice is given, at least thirty (30) days prior to the redemption date, to each registered owner of Bonds to be redeemed. Such notice shall be mailed to the address of such registered owner appearing on the registration books of the Paying Agent, unless such notice is waived by the registered owner of the Bonds to be redeemed. Any such notice shall be given in the name of the Township, shall identify the Bonds to be redeemed, including CUSIP numbers, if applicable, which may, if appropriate, be expressed in designated blocks of numbers (and, in the case of partial redemption of any Bonds, the respective principal amounts thereof to be redeemed), shall specify the redemption date and the place where such Bonds are to be surrendered for payment, shall state the redemption price, and shall state that on the redemption date the Bonds called for redemption will be payable and from such redemption date interest will cease to accrue. Failure to give any notice of redemption or any defect in the notice or in the giving thereof to the registered owner of any Bond to be redeemed shall not affect the validity of the redemption as to other Bonds for which proper notice shall have been given. The costs incurred for such redemptions shall be paid by the Township.
For so long as DTC is effecting book-entry transfers of the Bonds, the Paying Agent shall provide the notices specified above only to DTC in accordance with its applicable time requirements. It is expected that DTC in turn will notify its Participants and that the Participants, in turn, will notify or cause to be notified the beneficial owners. Any failure on the part of DTC or a Participant, or failure on the part of a nominee of a beneficial owner of a Bond (having been mailed notice from the Paying Agent, a Participant or otherwise) to notify the beneficial owner of the Bond so effected, shall not affect the validity of the redemption of such Bond.
In addition to the notices described in the preceding paragraphs, further notice shall be given by the Paying Agent as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above.
(i) Each further notice of redemption given hereunder shall contain the information required above for an official notice of redemption, plus (A) the date of issue of the Bonds as originally issued; (B) the rate of interest borne by each Bond being redeemed; (C) the maturity date of each Bond being redeemed; and (D) any other descriptive information needed to identify accurately the Bonds being redeemed.
(ii) Each further notice of redemption shall be sent at least twenty-five (25) days before the redemption date to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (“EMMA”) System, and to other information repositories approved from time to time by the United States Securities and Exchange Commission.
(iii) If deemed to be necessary by the Township, such further notice may be mailed by first class United States mail, postage prepaid, to The Bond Buyer of New York, New York, or to another financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Bonds.
(iv) Upon the payment of the redemption price of Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer.
The notices required to be given by this Section shall state that no representation is made as to the correctness or accuracy of CUSIP numbers listed in such notice or stated on the Bonds.
In lieu of redeeming the principal amount of Bonds set forth in subparagraph (b) of the redemption provisions in Exhibit B on a mandatory redemption date, or any portion thereof, the Township or the Paying Agent with the approval of the Township may apply the moneys required to be deposited in the Sinking Fund (as hereinafter defined) to the purchase of a like amount of Bonds at prices not in excess of the principal amount thereof, provided that the following provisions are met:
(a) no purchase of any Bonds of any later maturity shall be made if any Bonds of any earlier maturity will remain outstanding; and
(b) firm commitments for the purchase must be made prior to the time notice of redemption would otherwise be required to be given; and
(c) if Bonds aggregating the amount required to be redeemed cannot be purchased, a principal amount of such Bonds equal to the difference between the principal amount required to be redeemed and the amount purchased shall be redeemed as aforesaid.
In the event of purchases of Bonds at less than the principal amount thereof, the balance remaining in the Sinking Fund representing the difference between the purchase price and the principal amount of Bonds purchased shall be paid to the Township.
If at the time of the mailing of any notice of optional redemption the Township shall not have deposited with the Paying Agent moneys sufficient to redeem all the Bonds called for redemption, such notice shall state that it is conditional, that is, subject to the deposit or transfer of the redemption moneys with the Paying Agent not later than the opening of business on the redemption date, and that such notice shall be of no effect unless such moneys are so deposited.
B. Book-Entry Only System. Notwithstanding the foregoing provisions of this Section 5, so long as the Bonds are in book-entry form, the following provisions will apply:
(i) The Bonds, upon original issuance, will be issued in the form of a single, fully registered bond for each maturity in the denomination equal to the principal amount of Bonds maturing on each such date and will be deposited with DTC. Each such Bond will initially be registered to Cede & Co., the nominee for DTC, or such other name as may be requested by an authorized representative of DTC, and no beneficial owner will receive certificates representing their respective interests in the Bonds, except in the event that the use of the book-entry system for the Bonds is discontinued. It is anticipated that during the term of the Bonds, DTC will make book-entry transfers among its Participants and receive and transmit payment of principal and premium, if any, and interest on, the Bonds to the Participants until and unless the Paying Agent authenticates and delivers Replacement Bonds to the beneficial owners as described in subsection (vi).
(ii) The execution and delivery by the Township of the Representation Letter shall not in any way create, expand or limit any undertaking or arrangement contemplated or provided for herein in respect of DTC or the book-entry registration, payment and notification system or in any other way impose upon the Township or the Paying Agent any obligation whatsoever with respect to beneficial owners having interests in the Bonds, any such obligation extending solely to DTC, as sole bondholder, as shown on the registration books kept by the Paying Agent. The Paying Agent shall take all action necessary for all representations of the Township in the Representation Letter with respect to the Paying Agent to be complied with at all times.
(iii) So long as the Bonds or any portion thereof are registered in the name of Cede & Co., or such other DTC nominee, all payments of principal, premium, if any, or redemption price of, and interest on, the Bonds shall be made to DTC or its nominee in accordance with the Representation Letter on the dates provided for such payments under this Ordinance. All payments made by the Paying Agent to DTC or its nominee shall fully satisfy the Township’s obligations to pay principal, premium, if any, and interest, on the Bonds to the extent of such payments, and no beneficial owner of any Bond registered in the name of Cede & Co., or such other DTC nominee, shall have any recourse against the Township or the Paying Agent hereunder for any failure by DTC or its nominee or any Participant therein to remit such payments to the beneficial owners of such Bonds.
(iv) If all or fewer than all Bonds of a maturity are to be redeemed, the Paying Agent shall notify DTC within the time periods required by the Representation Letter. If fewer than all Bonds of a maturity are to be redeemed, DTC shall determine by lot the amount of the interest of each Participant in the maturity of Bonds to be redeemed. In the event of the redemption of less than all of the Bonds outstanding, the Paying Agent shall not require surrender by DTC or its nominee of the Bonds so redeemed, but DTC (or its nominee) may retain such Bonds and make an appropriate notation on the Bond certificate as to the amount of such partial redemption; provided that, in each case the Paying Agent shall request, and DTC shall deliver to the Paying Agent, a written confirmation of such partial redemption and thereafter the records maintained by the Paying Agent shall be conclusive as to the amount of the Bonds of such maturity which have been redeemed.
(v) In the event DTC resigns or is no longer qualified to act as a securities depository and registered clearing agency under the Securities Exchange Act of 1934, as amended, the Township may appoint a successor securities depository provided the Paying Agent receives written evidence satisfactory to the Paying Agent with respect to the ability of the successor securities depository to discharge its responsibilities. Any such successor securities depository shall be a registered clearing agency under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation that operates a securities depository upon reasonable and customary terms. The Paying Agent upon its receipt of a Bond or Bonds for cancellation shall cause the delivery of Bonds to the successor securities depository in appropriate denominations and form as provided herein.
(vi) If DTC resigns and the Township is unable to locate a qualified successor of DTC in accordance with subsection (v), then the Paying Agent, based on information provided to it by DTC, shall notify the beneficial owners of the Bonds of the availability of certificates to beneficial owners of Bonds requesting the same, and the Paying Agent shall register in the name of and authenticate and deliver Bonds (the “Replacement Bonds”) to the beneficial owners or their nominees in principal amounts representing the interest of each, making such adjustments as it may find necessary or appropriate as to the date of such Replacement Bonds, accrued interest and previous calls for redemption. In such event, all references to DTC herein shall relate to the period of time when DTC or is nominee is the registered owner of at least one Bond. Upon the issuance of Replacement Bonds, all references herein to obligations imposed upon or to be performed by DTC shall be deemed to be imposed upon and performed by the Paying Agent, to the extent applicable with respect to such Replacement Bonds. The Paying Agent may rely on information from DTC and its Participants as to the names, addresses, taxpayer identification numbers of and principal amount held by the beneficial owners of the Bonds.
Section 5. Paying Agent, Sinking Fund Depository and Registrar; Payment of Principal and Interest Without Deduction for Taxes. The proper officers of the Township are hereby authorized and directed to contract with The Bank of New York Mellon Trust Company, N.A. having corporate trust offices in Philadelphia, Pennsylvania for its services as sinking fund depository, paying agent and registrar with respect to the Bonds and such Bank is hereby appointed to act in such capacities with respect to the Bonds.
The principal or redemption price of the Bonds shall be payable upon surrender thereof when due in lawful money of the United States of America at the designated office of The Bank of New York Mellon Trust Company, N.A., or at the designated office of any additional or appointed alternate or successor paying agent or agents (the “Paying Agent”). Such payments shall be made to the registered owners of the Bonds so surrendered, as shown on the registration books of the Township on the date of payment. Interest on the Bonds shall be paid by check mailed to the registered owner of such Bond as shown on the registration books kept by the Paying Agent, as of the close of business on the fifteenth (15th) day of the calendar month (whether or not a business day) immediately preceding the interest payment date in question (the “Regular Record Date”), irrespective of any transfer or exchange of such Bond subsequent to such Regular Record Date and prior to such interest payment date. If the Township shall default in the payment of interest due on such interest payment date, such interest shall thereupon cease to be payable to the registered owners of the Bonds shown on the registration books as of the Regular Record Date. Whenever moneys thereafter become available for the payment of the defaulted interest, the Paying Agent on behalf of the Township shall immediately establish a “special interest payment date” for the payment of the defaulted interest and a “special record date” (which shall be a business day) for determining the registered owners of Bonds entitled to such payments; provided, however, that the special record date shall be at least ten (10) days but not more than fifteen (15) days prior to the special interest payment date. Notice of each date so established shall be mailed by the Paying Agent on behalf of the Township to each registered owner of a Bond at least ten (10) days prior to the special record date, but not more than thirty (30) days prior to the special interest payment date. The defaulted interest shall be paid on the special interest payment date by check mailed to the registered owners of the Bonds, as shown on the registration books kept by the Paying Agent as of the close of business on the special record date.
If the date for payment of the principal or redemption price of, and interest on, the Bonds shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the Commonwealth of Pennsylvania or in each of the cities in which the corporate trust office or payment office of the Paying Agent are located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such date shall have the same force and effect as if made on the nominal date of payment.
The principal or redemption price of, and interest on, the Bonds are payable without deduction for any tax or taxes, except inheritance and estate taxes or any other taxes now or hereafter levied or assessed on the Bonds under any present or future laws of the Commonwealth of Pennsylvania, all of which taxes, except as above provided, the Township agrees to withhold from the principal or redemption price of, and interest on, the Bonds.
Any corporation or association into which the Paying Agent, or any additional or appointed alternate or successor to it, may be merged or converted or with which it, or any additional or appointed alternate or successor to it, may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any corporation or association to which the Paying Agent, or any additional or appointed alternate or successor to it, sells or otherwise transfers all or substantially all of its corporate trust business shall be the successor paying agent hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto, anything herein to the contrary notwithstanding.
Section 6. Registration, Transfer and Exchange of Bonds. The Township shall keep, at the corporate trust and/or payment office of the Paying Agent, as registrar, books for the registration, transfer and exchange of Bonds. The Governing Body hereby authorizes and directs the Paying Agent, as registrar and transfer agent, to keep such books and to make such transfers or exchanges on behalf of the Township.
The ownership of each Bond shall be recorded in the registration books of the Township, which shall contain such information as is necessary for the proper discharge of the Paying Agent’s duties hereunder as Paying Agent, registrar and transfer agent.
The Bonds may be transferred or exchanged as follows:
(a) Any Bond may be transferred if endorsed for such transfer by the registered owner thereof and surrendered by such owner or his duly appointed attorney or other legal representative at the designated office of the Paying Agent, whereupon the Paying Agent shall authenticate and deliver to the transferee a new Bond or Bonds of the same maturity [and series designation] and in the same denomination as the Bond surrendered for transfer or in different authorized denominations equal in the aggregate to the principal amount of the surrendered Bond.
(b) Bonds of a particular maturity may be exchanged for one or more Bonds of the same maturity and in the same principal amount, but in a different authorized denomination or denominations. Each Bond so to be exchanged shall be surrendered by the registered owner thereof or his duly appointed attorney or other legal representative at the designated office of the Paying Agent, whereupon a new Bond or Bonds shall be authenticated and delivered to the registered owner.
(c) In the case of any Bond properly surrendered for partial redemption, the Paying Agent shall authenticate and deliver a new Bond in exchange therefor, such new Bond to be of the same maturity and in a denomination equal to the unredeemed principal amount of the surrendered Bond; provided that, at its option, the Paying Agent may certify the amount and date of partial redemption upon the partial redemption certificate, if any, printed on the surrendered Bond and return such surrendered Bond to the registered owner in lieu of an exchange.
Except as provided in subparagraph (c) above, the Paying Agent shall not be required to effect any transfer or exchange during the fifteen (15) days immediately preceding the date of mailing of any notice of redemption or at any time following the mailing of any such notice, if the Bond to be transferred or exchanged has been called for such redemption. No charge shall be imposed in connection with any transfer or exchange except for taxes or governmental charges related thereto.
No transfers or exchanges shall be valid for any purposes hereunder except as provided above. New Bonds delivered upon any transfer or exchange of outstanding Bonds shall be valid general obligations of the Township, evidencing the same debt as the Bonds surrendered.
The Township and the Paying Agent may treat the registered owner of any Bond as the absolute owner thereof for all purposes, whether or not such Bond shall be overdue, and any notice to the contrary shall not be binding upon the Township or the Paying Agent.
Section 7. Execution, Delivery and Authentication of Bonds; Disposition of Proceeds. The Bonds shall be executed by the manual or facsimile signature of the Chairman or Vice Chairman of the Governing Body and shall have the corporate seal of the Township or a facsimile thereof affixed, imprinted, lithographed or reproduced thereon, duly attested by the manual or facsimile signature of the Secretary or Assistant Secretary of the Township, and the said officers are hereby authorized and directed to execute the Bonds in such manner. In case any official of the Township whose manual or facsimile signature shall appear on the Bonds shall cease to be such official before the authentication of such Bonds such signature or the facsimile signature thereof shall nevertheless be valid and sufficient for all purposes the same as if such official had remained in office until authentication; and any Bond may be signed on behalf of the Township, even though at the date of authentication of such Bonds such person was not an official. The Chairman or Vice Chairman of the Governing Body is authorized and directed to deliver, or cause to be delivered, the Bonds to the purchasers thereof against the full balance of the purchase price therefor. The Bonds shall be authenticated by the Paying Agent.
The proceeds of the Bonds shall be deposited in a settlement fund which the Paying Agent shall create and shall be disbursed, transferred or deposited as directed in a closing receipt duly executed and delivered by an authorized officer of the Township on the date of issuance and delivery of the Bonds.
Section 8. Form of Bonds; CUSIP Numbers. The form of the Bonds, paying agent’s authentication certificate and assignment shall be substantially as set forth in Exhibit A attached hereto. The Bonds shall be executed in substantially the form as set forth in Exhibit A hereto with such appropriate changes, additions or deletions as may be approved by the officers executing the Bonds in the manner provided in Section 7 hereof; such execution shall constitute approval by such officers on behalf of the Governing Body. The opinion of bond counsel is authorized and directed to be printed upon the Bonds.
The Township, pursuant to recommendations promulgated by the Committee on Uniform Security Identification Procedures (CUSIP) has caused CUSIP numbers to be printed on the Bonds. No representation is made as to the accuracy of said numbers either as printed on the Bonds or as contained in any notice of redemption, and the Township shall have no liability of any sort with respect thereto. Reliance upon any redemption notice with respect to the Bonds may be placed only on the identification numbers printed thereon.
Section 9. Temporary Bonds. Until Bonds in definitive form are ready for delivery, the proper officers of the Governing Body may execute and, upon their request in writing, the Paying Agent shall authenticate and deliver in lieu of such Bonds in definitive form one or more printed or typewritten bonds in temporary form, substantially of the tenor of the Bonds hereinbefore described with appropriate omissions, variations and insertions, as may be required. Such bond or bonds in temporary form may be for the principal amount of Five Thousand Dollars ($5,000) or any whole multiple or multiples thereof, as such officers may determine. The aforesaid officers, without unnecessary delay, shall prepare, execute and deliver Bonds in definitive form to the Paying Agent, and thereupon, upon presentation and surrender of the bond or bonds in temporary form, the Paying Agent shall authenticate and deliver, in exchange therefor, Bonds in definitive form in an authorized denomination of the same maturity for the same aggregate principal amount as the bond or bonds in temporary form surrendered. Such exchange shall be made by the Township at its own expense and without any charge therefor. When and as interest is paid upon bonds in temporary form without coupons, the fact of such payment shall be endorsed thereon. Until so exchanged, the temporary bond or bonds shall be in full force and effect according to their terms.
Section 10. Manner of Sale; Award of Bonds; Bid Price; Range of Interest Rates. The Governing Body of the Township after due deliberation and investigation has found that a private sale by invitation is in the best financial interest of the Township and based upon such finding the Governing Body of the Township shall award the Bonds at private invited sale, to an underwriter (the “Underwriter”), upon the terms set forth in a bond purchase contract, a copy of which is attached hereto and made a part hereof, and any subsequent addendum thereto (collectively, the “Purchase Contract”). The Purchase Contract provides that the Underwriter shall pay to the Township specified amounts at specified times and other conditions stated therein and the Township agrees to sell and deliver the Bonds to the Underwriter under the conditions.
Such details and conditions of the Purchase Contract are hereby approved; provided however, that:
(a) regarding the 2021A Bonds, the aggregate principal amount of the 2021A Bonds shall not exceed $4,885,000; the latest maturity date of the 2021A Bonds shall not be later than November 1, 2040; the annual principal maturity or mandatory redemption amounts shall not exceed the annual amounts thereof set forth in Exhibit B; the interest rate on the 2021A Bonds shall not exceed 5.5%; the purchase price for the 2021A Bonds, including underwriting discount, shall not be less than 90% or more than 120% of the aggregate principal amount plus accrued interest on the 2021A Bonds; and the underwriting discount shall not exceed $8 per $1,000 (0.80%) of 2021A Bonds issued; and
(b) regarding the 2021B Bonds, the aggregate principal amount of the 2021B Bonds shall not exceed $5,400,000; the latest maturity date of the 2021B Bonds shall not be later than November 1, 2029; the annual principal maturity or mandatory redemption amounts shall not exceed the annual amounts thereof set forth in Exhibit B; the interest rate on the Bonds shall not exceed 5.5%; the purchase price for the 2021B Bonds, including underwriting discount, shall not be less than 90% or more than 120% of the aggregate principal amount plus accrued interest on the 2021B Bonds; the underwriting discount shall not exceed $8 per $1,000 (0.80%) of 2021B Bonds issued; and the minimum savings effectuated by the refunding shall be at least 3% of the principal amount of the 2014 Refunded Bonds.
Section 11. Sinking Fund; Appropriation of Annual Amounts for Payment of Debt Service. There is hereby established a separate sinking fund for the Township designated as “Sinking Fund – Buckingham Township General Obligation Bonds, Series A and B of 2021” (the “Sinking Fund”) and into the Sinking Fund there shall be paid, when and as required, all moneys necessary to pay the debt service on the Bonds, and the Sinking Fund shall be applied exclusively to the payment of the interest covenanted to be paid upon the Bonds and to the principal thereof at maturity or prior redemption and to no other purpose whatsoever, except as may be authorized by law, until the same shall have been fully paid.
The amounts set forth in Exhibit C attached hereto and made a part hereof, or such greater or lesser amount as at the time shall be sufficient to pay the principal of and interest on the Bonds as they become due, shall be pledged in each of the fiscal years shown in Exhibit C to pay the debt service on the Bonds, and such amounts are annually hereby appropriated to the Sinking Fund for the payment thereof.
Section 12. Debt Proceedings. The Secretary or Assistant Secretary of the Township is hereby authorized and directed to certify to and file with the Pennsylvania Department of Community and Economic Development, in accordance with the Act, a complete and accurate copy of the proceedings taken in connection with the increase of debt authorized hereunder, including the debt statement and borrowing base certificate referred to hereinabove, to prepare and file any statements required by the Act which are necessary to qualify all or any portion of non-electoral or electoral debt of the Township as self-liquidating or subsidized debt, and to pay the filing fees necessary in connection therewith.
Section 13. Tax Covenants, Representations and Designations. So long as the Bonds are outstanding, the following covenants shall apply:
(a) General Covenants: The Township hereby covenants that:
(i) The Township will make no use of the proceeds of the Bonds during the term thereof which would cause such Bonds to be “arbitrage bonds” within the meaning of section 148 of the Internal Revenue Code of 1986, as amended (the “Code”) and that it will comply with the requirements of all Code sections necessary to ensure that the Bonds are described in Code section 103(a) and not described in Code section 103(b) throughout the term of the Bonds; and
(ii) If and to the extent the Township is required to remit any amounts to the United States pursuant to Code section 148(f) (the “Rebate Amounts”) in order to cause the Bonds not to be arbitrage bonds, the Township will remit such Rebate Amounts at such times and in the manner required by Code section 148(f) and the regulations thereunder. The obligation to remit the Rebate Amounts and to comply with all other requirements of this Section 14 shall survive the defeasance and payment in full of the Bonds.
(b) Bank Qualified Bonds. In order to ensure that the registered owners of the Bonds, if they are financial institutions, will not be subject to certain provisions of the Code as a result of acquiring and carrying the Bonds, the Township hereby designates the Bonds or the Bonds are otherwise deemed designated as “qualified tax-exempt obligations,” within the meaning of Code section 265(b)(3)(B), and the Township hereby covenants that it will take such steps as may be necessary to cause the Bonds to continue to be obligations described in such Code section during the period in which the Bonds are outstanding. The Township represents that it has not issued, and does not reasonably anticipate issuing, tax-exempt obligations which, when combined with the Bonds, will result in more than $10,000,000 of tax-exempt obligations being issued in the calendar year in which the Bonds are issued. For purposes only of the foregoing sentence, the term “tax-exempt obligation” shall include any “qualified 501(c)(3) bond,” as defined in Code section 145, but shall not include any other “private activity bond,” as defined in Code section 141(a), any obligation which would be an “industrial development bond” or a “private loan bond” as defined in sections 103(b)(2) and 103(o)(2)(a) of the Internal Revenue Code of 1954, as amended, but for the fact that it is issued pursuant to section 1312, 1313, 1316(g) or 1317 of the Tax Reform Act of 1986, or any obligation issued to currently refund any obligation to the extent the amount thereof does not exceed the outstanding amount of the refunded obligation.
Section 14. Preliminary Official Statement; Official Statement; Continuing Disclosure. The Preliminary Official Statement in the form presented at this meeting (a copy of which shall be filed with the records of the Township), is hereby approved with such subsequent, necessary and appropriate additions or other changes as may be approved by the proper officer of the Township with the advice of counsel. The use and distribution of the Preliminary Official Statement by the Underwriter in the form hereby approved, and the distribution thereof on and after the date hereof, with such subsequent additions or other changes as aforesaid, is hereby authorized in connection with the public offering by the Underwriter of the Bonds. An Official Statement in substantially the same form as the Preliminary Official Statement, with such additions and other changes, if any, as may be approved by the Township’s officer executing the same with the advice of counsel, such approval to be conclusively evidenced by the execution thereof, is hereby authorized and directed to be prepared and upon its preparation, to be executed by the Chairman or Vice Chairman of the Township following such investigation as such officer deems necessary as to the contents thereof. The Township hereby further approves the distribution and use of the Official Statement as so prepared and executed in connection with the sale of the Bonds.
The Township covenants to provide such continuing disclosure, at such times, in such manner and of such nature as is described in the Official Statement and to execute and deliver such agreements and certificates with respect to continuing disclosure as are described in the Official Statement. Any continuing disclosure filing under this Ordinance may be made by transmitting such filing to the continuing disclosure service of the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (“EMMA”) System.
Section 15. Current Refunding. The proper officers of the Township, with respect to the current refunding of the 2014 Refunded Bonds, are hereby authorized and directed to contract with The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania, as the true and lawful attorney and agent of the Township to effect the payment and the redemption and payment, including payment of interest, of the 2014 Refunded Bonds and on the date of issuance of the Bonds or on an alternative date to be specified in writing by the Township. The Township hereby ratifies and confirms The Bank of New York Mellon Trust Company, N.A., as the Paying Agent, Sinking Fund Depository and Registrar for the 2014 Refunded Bonds.
Subject only to completion of delivery of, and settlement for, the Bonds, the Township hereby authorizes necessary calls for redemption and payment of all of the outstanding 2014 Refunded Bonds.
Section 16. Incidental Actions. The proper officers of the Township are hereby authorized, directed and empowered on behalf of the Township to execute any and all agreements, papers and documents and to do or cause to be done any and all acts and things necessary or proper for the carrying out of the purposes of this Ordinance.
Section 17. Payment of Issuance Costs. The proper officers of the Township are hereby authorized and directed to pay the costs of issuing the Bonds at the time of delivery of the Bonds to the Underwriter, such costs being estimated in the proposal attached hereto.
Section 18. Inconsistent Ordinances. All ordinances or parts of ordinances inconsistent herewith be and the same are hereby repealed.
Section 19. Severability. In case any one or more of the provisions of this Ordinance shall, for any reason, be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Ordinance and this Ordinance shall be construed and enforced as if such illegal or invalid provisions had not been contained herein.
Section 20. Effective Date. This Ordinance shall become effective on the earliest date permitted by the Act.
ORDAINED AND ENACTED this 24th day of February, 2021.

BUCKINGHAM TOWNSHIP
BOARD OF SUPERVISORS
Jon Forest, Chairman
Paul Calderaio
Maggie Rash

Attest:
Dana Cozza, Township Manager

I HEREBY CERTIFY that the foregoing is a true and correct copy of an Ordinance duly enacted by the affirmative vote of a majority of the members of the Governing Body of Buckingham Township, Bucks County, Pennsylvania (the “Township”), at a public meeting held the 24th day of February, 2021, that proper notice of such meeting was duly given as required by law; and that said Ordinance has been duly entered upon the Minutes of said Governing Body, showing how each member voted thereon.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Township this 24th day of February, 2021.
Dana S. Cozza
Title: Township Manager/Secretary
[SEAL]



EXHIBIT A
To Ordinance of the
Buckingham Township, Bucks County, Pennsylvania
Enacted February 24, 2021

Form of Bonds

Unless this bond is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Paying Agent or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

No. R- $______________

UNITED STATES OF AMERICA
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF BUCKS

BUCKINGHAM TOWNSHIP
GENERAL OBLIGATION BOND, SERIES [A][B] OF 2021

INTEREST RATE MATURITY DATE SERIES ISSUANCE DATE CUSIP



REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
Buckingham Township, Bucks County, Pennsylvania (the “Township”), existing by and under the laws of the Commonwealth of Pennsylvania, for value received, hereby acknowledges itself indebted and promises to pay to the registered owner named above on the maturity date specified above, unless this bond shall have been previously called for redemption in whole or in part and payment of the redemption price shall have been duly made or provided for, the principal amount shown above; and to pay interest thereon at the annual rate specified above (computed on the basis of a 360-day year of twelve 30-day months) from the most recent Regular Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, or from the Series Issuance Date shown above, if no interest has been paid. Such payments of interest shall be made on _____________ and on each ______ 1 and _________ 1 thereafter (each, a “Regular Interest Payment Date”) until the principal or redemption price hereof has been paid or provided for as aforesaid. The principal or redemption price of, and interest on, this bond may be paid in any coin or currency of the United States of America which, at the time of payment, is legal tender for the payment of public and private debts.
The principal or redemption price of this bond is payable upon presentation and surrender hereof at the office of The Bank of New York Mellon Trust Company, N.A. in Philadelphia, Pennsylvania, or at the designated office of any additional or appointed alternate or successor paying agent or agents (the “Paying Agent”). Interest shall be paid by check mailed to the registered owner hereof, as shown on the registration books kept by the Paying Agent as of the close of business on the applicable Regular or Special Record Date (each as hereinafter defined).
The record date for any Regular Interest Payment Date (each, a “Regular Record Date”) shall be the fifteenth (15th) day of the calendar month (whether or not a business day) immediately preceding each Regular Interest Payment Date. In the event of a default in the payment of interest becoming due on any Regular Interest Payment Date, the interest so becoming due shall forthwith cease to be payable to the registered owners otherwise entitled thereto as of such date. Whenever moneys become available for the payment of such overdue interest, the Paying Agent shall on behalf of the Township establish a special interest payment date (the “Special Interest Payment Date”) on which such overdue interest shall be paid and a special record date (which shall be a business day) relating thereto (the “Special Record Date”), and shall mail a notice of each such date to the registered owners of all Bonds (as hereinafter defined) at least ten (10) days prior to the Special Record Date, but not more than thirty (30) days prior to the Special Interest Payment Date. The Special Record Date shall be at least ten (10) days but not more than fifteen (15) days prior to the Special Interest Payment Date.
If the date for payment of the principal or redemption price of, and interest on, this bond shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the Commonwealth of Pennsylvania or in each of the cities in which the corporate trust or payment office of the Paying Agent are located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such date shall have the same force and effect as if made on the nominal date of payment.
So long as The Depository Trust Company (“DTC”) or its nominee, CEDE & Co., is registered owner hereof, all payments of principal and premium, if any, and interest on, this bond shall be payable in the manner and at the respective times of payment provided for in the Representation Letter (the “Representation Letter”) defined in, and incorporated into, the Ordinance referred to herein.
The principal or redemption price of, and interest on, this bond are payable without deduction for any tax or taxes, except inheritance and estate taxes or any other taxes now or hereafter levied, or assessed hereon under any present or future laws of the Commonwealth of Pennsylvania, all of which taxes, except as above provided, the Township agrees to withhold from the principal or redemption price of, and interest on, the Bonds.
This bond is one of a duly authorized issue of $_______________ aggregate principal amount of general obligation bonds of the Township known as “Buckingham Township General Obligation Bonds, Series [A][B] of 2021” (the “Bonds”), all of like tenor, except as to interest rate, date of maturity and provisions for redemption. The Bonds are issuable only in the form of fully registered bonds without coupons in the denomination of $5,000 or integral multiples thereof and are issued in accordance with the provisions of the Pennsylvania Township Debt Act, 53 Pa. Cons. Stat. §8001 et seq., as amended (the “Act”) and by virtue of an ordinance of the Township duly enacted (the “Ordinance”), and the sworn statement of the duly authorized officers of the Township as appears on record in the office of the Pennsylvania Department of Community and Economic Development, Harrisburg, Pennsylvania. Simultaneously with the issuance of the Bonds, the Township is also issuing its General Obligation Bonds, Series [A][B] of 2021 issued in the aggregate principal amount of $_________ (the “2021[A][B] Bonds”).
It is covenanted with the registered owners from time to time of this bond that the Township shall (i) include the amount of the debt service for each fiscal year in which the sums are payable in its budget for that year; (ii) appropriate those amounts from its general revenues for the payment of the debt service; and (iii) duly and punctually pay or cause to be paid from its sinking fund or any other of its revenues or funds the principal or redemption price of, and the interest on, this bond at the dates and places and in the manner stated in this bond, according to the true intent and meaning thereof. For such budgeting, appropriation and payment, the Township pledges its full faith, credit and taxing power. As provided in the Act, this covenant shall be specifically enforceable; subject, however, as to the enforceability of remedies to any applicable bankruptcy, insolvency, moratorium or other laws or equitable principles affecting the enforcement of creditors’ rights generally. Nothing in this paragraph shall be construed to give the Township any taxing power not granted by another provision of law.
OPTIONAL REDEMPTION
The Bonds maturing on or after _______________ are subject to redemption prior to maturity at the option of the Township, at the redemption price of 100% of the principal amount of Bonds to be redeemed, plus accrued interest to the date fixed for redemption, in whole or, from time to time, in part (and if in part, in such order of maturity or portion of a maturity as the Township shall select and within a maturity by lot) at any time on and after________________.
MANDATORY REDEMPTION
The Bonds stated to mature on _________ 1, ___________ (the “Term Bonds”) are subject to mandatory redemption prior to maturity, in direct order of maturity, in the amounts shown below, upon payment of a redemption price of 100% of the principal amount of Bonds to be redeemed plus accrued interest to the date fixed for redemption.
Year Amount Maturity Date (________ 1)

_______
*Stated Maturity.
Any redemption of this bond under the preceding paragraph(s) shall be made as provided in the Ordinance, upon not less than thirty (30) days’ notice, by mailing a copy of the redemption notice by first-class United States mail, postage prepaid, or by another method of giving notice which is acceptable to the Paying Agent and customarily used by fiduciaries for similar notices at the time such notice is given, to each registered owner of the Bonds to be redeemed. Such notice shall be mailed to the address of such registered owner appearing on the registration books of the Paying Agent, unless such notice is waived by the registered owner of the Bonds to be redeemed; provided, however, that failure to give notice of redemption by mailing or any defect in the notice as mailed or in the mailings thereof to the registered owner of any Bond to be redeemed shall not affect the validity of the redemption as to other Bonds for which proper notice shall have been given or waived. In the event that less than the full principal amount hereof shall have been called for redemption, the registered owner hereof shall surrender this bond in exchange for one or more new Bonds in an aggregate principal amount equal to the unredeemed portion of the principal amount hereof. The Paying Agent shall also give further notice of such redemption as provided in the Ordinance, but no failure to do so or defect therein shall affect the validity of the redemption.
So long as DTC or its nominee, CEDE & Co., is registered owner hereof, if all or fewer than all Bonds of a maturity are to be redeemed, the Paying Agent shall notify DTC within the time periods required by the Representation Letter. It is expected that DTC will, in turn, notify its Participants and that the Participants, in turn, will notify or cause to be notified the beneficial owners. Any failure on the part of DTC or a Participant, or failure on the part of a nominee of a beneficial owner of a Bond (having been mailed notice from the Paying Agent, a Participant or otherwise) to notify the beneficial owner of the Bond so affected, shall not affect the validity of the redemption of such Bond. If fewer than all Bonds of a maturity are to be redeemed, DTC shall determine by lot the principal of the maturity of the Bonds to be redeemed of each DTC Participant’s interest in such maturity to be redeemed.
In lieu of redeeming the principal amount of Bonds set forth in the Ordinance on a mandatory redemption date, or any portion thereof, purchases of such Bonds of the particular maturity may be made in accordance with the provisions of the Ordinance.
If at the time of the mailing of any notice of optional redemption the Township shall not have deposited with the Paying Agent moneys sufficient to redeem all the Bonds called for redemption, such notice shall state that it is conditional, that is, subject to the deposit or transfer of the redemption moneys with the Paying Agent not later than the opening of business on the redemption date, and that such notice shall be of no effect unless such moneys are so deposited.
The Township has established a sinking fund with the Paying Agent, as the sinking fund depository, into which funds for the payment of the principal or redemption price of, and the interest on, the Bonds shall be deposited not later than the date fixed for disbursement thereof. The Township has covenanted in the Ordinance to make payments out of such sinking fund or out of any other of its revenues or funds, at such times and in such annual amounts, as shall be sufficient for prompt and full payment of the principal or redemption price of, and interest on, this bond.
The Township, pursuant to recommendations promulgated by the Committee on Uniform Security Identification Procedures (CUSIP), has caused CUSIP numbers to be printed on the Bonds. No representation is made as to the accuracy of said numbers either as printed on the Bonds or as contained in any notice of redemption, and the Township shall have no liability of any sort with respect thereto. Reliance upon any redemption notices with respect to the Bonds may be placed only on the identification numbers printed hereon.
No recourse shall be had for the payment of the principal or redemption price of, or interest on, this bond, or for any claim based hereon or on the Ordinance, against any member, officer or employee, past, present, or future, of the Township or of any successor body, either directly or through the Township or any such successor body, under any constitutional provision, statute or rule of law, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, and all such liability of such members, officers or employees is released as a condition of and as consideration for the execution and issuance of this bond.
This bond is registered as to both principal and interest on the bond register to be kept for that purpose at the corporate trust and/or payment office of the Paying Agent, and both principal and interest shall be payable only to the registered owner hereof. This bond may be transferred or exchanged in accordance with the provisions of the Ordinance, and no transfer or exchange hereof shall be valid unless made at said office by the registered owner in person or his duly appointed attorney or other legal representative and noted hereon. The Paying Agent is not required to transfer or exchange any Bond during the fifteen (15) days immediately preceding the date of mailing of any notice of redemption or at any time following the mailing of any such notice, if the Bond to be transferred or exchanged has been called for such redemption. The Township and the Paying Agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest hereon and for all other purposes, whether or not this bond shall be overdue. The Township and the Paying Agent shall not be affected by any notice to the contrary.
This bond shall not be valid or become obligatory for any purpose until the Paying Agent’s Authentication Certificate printed hereon is duly executed.

[Remainder of page intentionally left blank]


IN WITNESS WHEREOF, Buckingham Township has caused this bond to be signed in its name by the manual or facsimile signature of the Chairman of its Governing Body and its corporate seal or a facsimile thereof to be affixed, imprinted, lithographed or reproduced hereon and attested by the manual or facsimile signature of its Secretary, all as of the Series Issuance Date specified above.
[SEAL] BUCKINGHAM TOWNSHIP


By:_________________________________
Chairman

Attest

_____ ______
Secretary

[FORM OF PAYING AGENT’S AUTHENTICATION CERTIFICATE]

This bond is one of the Bonds described therein. Printed on the reverse hereof Attached hereto is the complete text of the opinion of Taylor English Duma LLP, Bond Counsel, dated the date of the initial delivery of, and payment for, the Bonds, a signed copy of which is on file with the undersigned.
THE BANK OF NEW YORK MELLON TRUST COMPANY. N.A.

By:______________________________
Authorized Signer


AUTHENTICATION DATE: _______

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though the terms which they represent were written out in full according to applicable laws or regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with the right of
survivorship and not as tenants in common
UNIFORM GIFT MIN ACT ...........Custodian...........
(Cust) (Minor)
under Uniform Gifts to Minors
Act................
(State)

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _________________________________________________________________________
(Please type or print name, address
______________________________________________________________________________
(including postal zip code) and social security or other tax
______________________________________________________________________________
identification number of the transferee)

the within Bond and all rights thereunder, hereby irrevocably appointing ___________________________________ his/her attorney to transfer said Bond on the bond register with full power of substitution in the premises.

Dated:

Signature Guaranteed by:

_____________________________________
NOTICE: signature(s) must be guaranteed by an eligible guarantor institution, an institution which is a participant in a Securities Transfer Association recognized signature guaranteed program. ____________________________________
NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever

_____________________________________
(Authorized Signature)

EXHIBIT B
To Ordinance of the
Buckingham Township, Bucks County, Pennsylvania
Enacted February 24, 2021

Maximum Maturity Schedule

2021A Bonds
Date Principal
11/01/2021 240,000.00
11/01/2022 225,000.00
11/01/2023 225,000.00
11/01/2024 225,000.00
11/01/2025 230,000.00
11/01/2026
230,000.00
11/01/2027 230,000.00
11/01/2028 230,000.00
11/01/2029 235,000.00
11/01/2030 235,000.00
11/01/2031
240,000.00
11/01/2032 240,000.00
11/01/2033 245,000.00
11/01/2034 250,000.00
11/01/2035 255,000.00
11/01/2036
260,000.00
11/01/2037 265,000.00
11/01/2038 270,000.00
11/01/2039 275,000.00
11/01/2040 280,000.00
Total
$4,885,000.00


2021B Bonds
Date Principal
11/01/2021 600,000.00
11/01/2022 600,000.00
11/01/2023 600,000.00
11/01/2024 600,000.00
11/01/2025 600,000.00
11/01/2026
600,000.00
11/01/2027 600,000.00
11/01/2028 600,000.00
11/01/2029 600,000.00
Total
$5,400,000.00


Redemption Provisions

(a) Optional Redemption: The Bonds shall be subject to optional redemptions set forth in the Addendum, to the Bond Purchase Agreement.
(b) Mandatory Redemption: The Bonds shall be subject to mandatory redemptions set forth in the Addendum, to the Bond Purchase Agreement.

EXHIBIT C
To Ordinance of the
Buckingham Township, Bucks County, Pennsylvania
Enacted February 24, 2021

Maximum Annual Amounts Appropriated to Sinking Fund

2021A Bonds

Date Principal Coupon Interest Total P+I
11/01/2021 240,000.00 5.500% 156,727.08 396,727.08
11/01/2022 225,000.00 5.500% 255,475.00 480,475.00
11/01/2023 225,000.00 5.500% 243,100.00 468,100.00
11/01/2024 225,000.00 5.500% 230,725.00 455,725.00
11/01/2025 230,000.00 5.500% 218,350.00 448,350.00
11/01/2026
230,000.00 5.500% 205,700.00 435,700.00
11/01/2027 230,000.00 5.500% 193,050.00 423,050.00
11/01/2028 230,000.00 5.500% 180,400.00 410,400.00
11/01/2029 235,000.00 5.500% 167,750.00 402,750.00
11/01/2030 235,000.00 5.500% 154,825.00 389,825.00
11/01/2031
240,000.00 5.500% 141,900.00 381,900.00
11/01/2032 240,000.00 5.500% 128,700.00 368,700.00
11/01/2033 245,000.00 5.500% 115,500.00 360,500.00
11/01/2034 250,000.00 5.500% 102,025.00 352,025.00
11/01/2035 255,000.00 5.500% 88,275.00 343,275.00
11/01/2036
260,000.00 5.500% 74,250.00 334,250.00
11/01/2037 265,000.00 5.500% 59,950.00 324,950.00
11/01/2038 270,000.00 5.500% 45,375.00 315,375.00
11/01/2039 275,000.00 5.500% 30,525.00 305,525.00
11/01/2040 280,000.00 5.500% 15,400.00 295,400.00
Total
$4,885,000.00 - $2,808,002.08 $7,693,002.08


2021B Bonds

Date Principal Coupon Interest Total P+I
11/01/2021 600,000.00 5.500% 173,250.00 773,250.00
11/01/2022 600,000.00 5.500% 264,000.00 864,000.00
11/01/2023 600,000.00 5.500% 231,000.00 831,000.00
11/01/2024 600,000.00 5.500% 198,000.00 798,000.00
11/01/2025 600,000.00 5.500% 165,000.00 765,000.00
11/01/2026
600,000.00 5.500% 132,000.00 732,000.00
11/01/2027 600,000.00 5.500% 99,000.00 699,000.00
11/01/2028 600,000.00 5.500% 66,000.00 666,000.00
11/01/2029 600,000.00 5.500% 33,000.00 633,000.00
Total
$5,400,000.00 - $1,361,250.00 $6,761,250.00

END OF ORDINANCE 2021-01

Recent Articles