BOROUGH OF CLARKS SUMMIT ORDINANCE NO. 090 OF 2013  AN ORDINANCE OF THE BOROUGH OF CLARKS SUMMIT AUTHORIZING THE ISSUANCE OF A TAX AND REVENUE ANTICIPATION NOTE IN THE AGGREGATE PRINCIPAL AMOUNT OF THREE HUNDRED THOUSAND AND 00/100 ($300,000.00) DOLLARS, PROVIDING FOR THE DATE, DENOMINATION, INTEREST RATE, MATURITY DATE, PLACE OF PAYMENT AND PREPAYMENT PROVISIONS IN RESPECT OF THE NOTE; ACCEPTING THE PROPOSAL OF PNC BANK, FOR THE PURCHASE OF THEI NOTE; PROVIDING FOR THE SECURITY OF THE NOTE; AUTHORIZING THE PROPER OFFICES TO EXECUTE AND DELIVER THE NOTE; AUTHORIZING AND DIRECTING THE PREPARATION, CERTIFICATION AND FILING OF THE PROCEEDINGS WITH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT; PROVIDING FOR THE ESTABLISHMENT OF A TAX DEPOSITORY FUND FOR THE DEPOSIT OF TAX RECEIPTS AND AUTHORIZING THE APPROPRIATE OFFICIALS OF CLARKS SUMMIT BOROUGH TO EXECUTE ALL DOCUMENTS AND UNDERTAKE ALL SUCH ACTION AS NECESARYTOCOMELETE THETAXANTICIPATION NOTE PROCEEDINGS. Commonwealth of Pennsylvania, hereinafter (the "Borough") anticipates receiving revenues during the fiscal year beginning January 1,2014,which are as yet  WHEREAS, Council of the Borough of Clarks Summit, County of Lackawanna,  taxes and  uncollected; and  WHEREAS, the Borough has estimated its expected taxes, revenues and expenditures for the upcoming fiscal year and anticipates that it may experience a cash flow deficit during some  portions ofs such fiscal year; and  WHEREAS, the Borough has therefore determined to borrow for the purpose of meeting current expenses by issuing Notes to be repaid from such anticipated taxes and revenues, all in  accordance with the Local Government Unit Debt Act (the "Debt Act"); and  WHEREAS, the Borough has received an acceptable proposal for the purchase of its Tax WHEREAS, as required by Section 8126 of the Debt Act, the authorized officers of the Borough have heretofore made an estimate of the monies to be received during the period when the said Tax and Revenue Anticipation Note will be outstanding from taxes then levied and assessed and revenues and will execute of a certificate with respect thereto (the "Certificate as to Taxes and  and Revenue Anticipation Note hereinafter described; and  Revenues") certifying the said estimate.  NOW THEREFORE, BE IT ORDAINED by the Council of the Borough of Clarks Summit, Borough of Clarks Summit, County ofI Lackawanna, Commonwealth of Pennsylvania, that:    SECTION1.  For the reasons and purposes cited above, the Borough hereby authorizes the issuance ofa Tax and Revenue Anticipation Note in the aggregate principal amount of Three Hundred Thousand and 00/100 ($300,000.00) Dollars in anticipation of the receipt of current taxes and revenues during the fiscal year commencing January 1, 2014, Said Note to be sold and delivered as hereinafter  provided.  SECTION2.  The President of Clarks Summit Borough Council and other appropriate officials of the Borough of Clarks Summit are hereby authorized and directed to prepare and verify a certified copy oft this Ordinance and a true and correct copy of the accepted proposal for the purchase of the Note all as required by Section 8128 of the Debt Act, and to file all of the above, together with the executed copy of the Certificate as to Taxes and Revenues, the contents of which are hereby approved, with the Department of Community and Economic Development of the Commonwealth ofPennsylvania. The President of Council and other appropriate officials oft the Borough of Clarks Summit are also hereby authorized and directed to prepare and verify a certificate indicating the cumulative cash flow deficit calculated in accordance with Section 103 of the Internal Revenue  Code of 1954, as amended, and the Regulations promulgated thereunder,  SECTION3.  The Note shall be designated 2014 Tax and Revenue Anticipation Note, shall be issued in the face amount of Three Hundred Thousand and 00/100 ($300,000.00) Dollars and shall bear interest at a "Bank Qualified Tax Exempt Rate" of 0.97% per annum and shall be substantially in the form as attached hereto as Exhibit "A", which is incorporated herein by reference.  SECTION4.  The Note shall be executed by the President of the Council of Clarks Summit Borough and such other officials of the Borough of Clarks Summit as are necessary and shall have the corporate seal of the Borough of Clarks Summit affixed thereto, duly attested by the Secretary of Clarks Summit Borough. The Manager of Clarks Summit Borough is hereby authorized and directed to deliver the note to First Keystone Community Bank and to take such other action as may be necessary or appropriate in order to effectuate the issuance and sale of the Note, all in accordance  with this Ordinance and the Debt Act.  SECTION5.  The Note shall be secured by pledge of, security interest in, and a lien and charge on, the taxes and/or all other revenues, as the case may be, to be received by the Borough during the period when the Note is outstanding; and the President of Clarks Summit Borough Council and/or other officials of the Borough of Clarks Summit are hereby authorized ad directed to execute such financing statements as may be necessary under the Uniform Commercial Code and Section 8125c of  the Debt Act to fully perfect said pledge, security interest, lien and charge.  SECTION6.    The Borough hereby covenants that it will make no use of the proceeds of the Note which would cause the Note to be an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code of 1986 and the regulations thereunder and that it will comply with the requirements of said Section and the regulations throughout the term of the Note. The Borough will not make any investment inconsistent with the foregoing covenant. The Note is hereby designated as a  "Qualified Tax Exempt Obligation" pursuant to Section 265(b)(3) )ofsaid Code.  SECTION7.  The Borough hereby ratifies acceptance of the proposal submitted by PNC Bank as accepted by Borough Council on this 4th day of December 2013. A copy of the PNC Bank proposal and  commitment letter are attached. SECTION8.  If any sentence, clause, section or part of this Ordinance is for any reason found to be unconstitutional, illegal ori invalid, such unconstitutionality, illegality or invalidity shall not affect or impair any of the remaining provisions, sentences, clauses, sections or parts of this Ordinance. Itis hereby declared as the intent of the Council of the Borough of Clarks Summit that this Ordinance would have been adopted had such unconstitutional, illegal or invalid sentence, clause, section or  part thereofnot been included herein.  SECTION9.  This Ordinance shall become effective immediately upon passage.  SECTION10.  This Ordinance is enacted by Council of the Borough of Clarks Summit under the authority of the Act of Legislation, February 1, 1966, P.L. (1965) No. 581 $1005, as amended 1979, November 2, P.L. 458 No. 94, 53 P.S. $46005, et seq., known as the Borough Code and any other  applicable law arising under the laws ofthe Commonwealth ofPennsylvania.  Approved on the 4th day ofDecember 2013.  G - Carey, President Clarks Summit Borough Çouncil Clarks Summit Borough LA  C  Germaine  Passed affirmative votes of  S  by Clarks Summit Borough Council on this 4th day of December 2013, receiving the  negative votes of - 0    BOROUGH OF CLARKS SUMMIT ORDINANCE NO. 11of2013  AN ORDINANCE AMENDING PRIOR ORDINANCES AND RESOLUTIONS OF CLARKS SUMMIT BOROUGH COUNCIL ESTABLISHING CERTAIN RATES AND CHARGES FOR CONNECTION TO AND UTILIZATION OF THE SEWER LINES AND PUBLIC SEWERAGE SYSTEM IN THE BOROUGH OF CLARKS SUMMIT; BY MODIFYING BILLING FREQUENCY AND THE SETTING OF BILLING RATES FOR USERS OF THE CLARKS SUMMITSANITARY SEWER SYSTEM.  SECTION!: Sewer rentals or charges for the calendar year 2014 as duly  imposed by counsel are hereby imposed as follows:  The owners and upon the owners and users of each real property  served by the Clarks Summit Sanitary Sewer System for the benefit or use thereof, an annual rental or charge to be computed at the rate of $47.00 per month per equivalent dwelling or residential unit. Other classifications or uses of the property shall be equated to residential units in accordance with the rules and regulations of the borough. The number of such units which shall be equivalent to the uses of each such other classification may be based on average water consumption, either alone or in conjunction with other equitable standards or upon such other equitable apportionment as Council shall adopt from time to  time,  Should the owners elect to pay the entire years sewerage rental by  January 20", 2014, that owner shall be entitled to a 2% (two percent) discount off  the face oft the rental charge.  All of the remaining provisions of said Ordinance #70-11 as amended, are hereby reenacted and declared to be in full force and effect insofar as they are not inconsistent  with this amendment.  This ordinance to take effect immediately upon passage. Approved on the 4th day ofDecember, 2013.  E Germaine Carey, President Clarks Summit Borough Çounçil Aags  C  Kehoe, Borough SecrelaryManager  Marold P. Kelly Clarks Summit Borough  E  572387.1    Passed by Clarks Summit Borough Council on this 4th day ofl December, 2013,  receiving the affirmative votes of_  negative votes of  572387.1