RESOLUTION
NO. 95-06
DECLARATION OF OFFICIAL INTENT
TO USE A LINE OF CREDIT TO PAY FOR THE COSTS OF CONSTRUCTING IMPROVEMENTS TO
ITS SEWER SYSTEM WHICH COSTS WILL BE REIMBURSED WITH FUNDS RECEIVED FROM THE
WHEREAS, the West Mifflin Sanitary Sewer
Municipal Authority ("Borrower") has determined that construction of
improvements to the sewer system located in and serving portions of the Borough
of West Mifflin, Allegheny County, Pennsylvania (the “System”), are necessary;
and
WHEREAS, Borrower desires to initiate
construction of improvements to the System (the “Project”) and intends to use a
line of credit with PNC Bank to finance, on an interim basis, the costs of the
Project which costs are reasonably expected to be reimbursed with proceeds of
the PENNVEST financial assistance Loan.
NOW, THEREFORE, the Board of the Borrower
hereby declares as follows:
Pursuant
to federal requirements set forth at 26 C.F.R. § 1.150-2, Borrower officially
intends to use a line of credit with PNC Bank to pay for Project costs incurred
by the Borrower which costs are reasonably expected to be reimbursed with the
proceeds of the PENNVEST financial assistance Loan, up to the maximum principal
amount of $799,157.00.
ATTEST:
Leah
Mangino,
DATE:6/1/2006