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.
Leah Mangino,Secretary George Miklos,Chairman