2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8162 - Contents of public advertisement and of official notice of sale

§ 8162. Contents of public advertisement and of official notice of sale.
(a) Advertisement.--
The advertisement of the availability of the official notice of sale shall contain the following:
(1) The title, designation and principal amount of the bonds or notes to be sold.
(2) A general statement of the term of the issue and whether it will consist of term bonds or notes, serial bonds or notes, or both.
(3) A statement whether proposals must be for all but not less than all of the notes or bonds being sold, or, if separate lots may be bid separately, a statement as to the composition of each lot.
(4) The place and time for the receipt of sealed proposals.
(5) The amount of the bid security to be furnished by the bidder and the method selected for determining net interest cost.
(6) A statement of the names and addresses of the officer and any other persons from whom an official notice of sale, other details concerning the issuing local government unit, the project and the official form of proposal, if any, may be obtained.
(b) Official notice of sale.--
The local government unit shall adopt an official notice of sale which shall set forth succinctly all of the following:
(1) The time and place for the receipt of proposals and the officer designated to receive them.
(2) A description of the bonds or notes being offered, including:
(i) The title and type of bonds or notes being offered.
(ii) The date thereof.
(iii) The stated maturity dates and amounts at each date.
(iv) The dates of interest payments.
(v) The place or places of payment of interest and principal, which amounts, dates and places may be left open to selection by the successful bidder.
(vi) The form and denominations of the notes or bonds being offered.
(vii) Any provisions for registration, exchange and interchange.
(viii) The terms of any sinking fund or reserve funds to be established.
(ix) The terms of other provisions made for the security of the bonds or notes.
(x) The dates, prices and terms of any provision for the redemption thereof prior to stated maturity dates.
(3) A statement of the terms of the bidding, including:
(i) The method for determining net interest cost.
(ii) Whether bids must be for all but not less than all or, if separate bids for separate lots may be submitted, a description of each lot.
(iii) The limitation on the number and variation between high and low interest rates to be permitted.
(iv) The required bid security.
(v) The permitted discount from par, if any.
(vi) The funds in which the balance of the purchase price shall be paid.
(vii) The place at which the balance may be paid or the method of determining that place.
(viii) The effect on the obligation to purchase the notes or bonds of litigation pending or change in tax or other applicable laws occurring before the settlement for the bonds or notes.
(ix) The nature of the opinion of bond counsel to be delivered at the time of payment for the bonds or notes and the effect of any failure to deliver such opinion.
(x) The reserved right to reject bids provided for in section 8167 (relating to reserved right to reject bids).
(4) Such additional provisions as may be desired, including statements as to the furnishing of copies of documents, including an official statement of essential facts, the estimated date for delivery of bonds or notes and whether the bonds or notes will be delivered in definitive or temporary form and, if temporary, the time and manner of exchange for definitive bonds or notes.