Notice is hereby given that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) will be held by the President or Vice President of the Belleville Fire Company #1 (“Fire Company”), designated as hearing officer, at the Union Township offices located at 95 North Penn Street, Belleville, Pennsylvania on November 1, 2021 at 6:00 PM in connection with the following matter. The hearing will precede the Board’s regular meeting.
Belleville Fire Company #1, a Pennsylvania not-for-profit corporation, has proposed to issue a note to finance a loan from The Bank of Greene County in a maximum principal amount estimated not to exceed $588,000.00 (the “Note”). Such Note is sought to finance the cost of a project consisting of the acquisition of a Fire Truck for the Fire Company.
The Fire Company has requested that the Note be issued as an obligation the interest on which will be excluded from gross income for federal income tax purposes pursuant to Section 150€ of the Code. THE NOTE SHALL NOT BE A DEBT OF UNION TOWNSHIP NOR SHALL UNION TOWNSHIP BE LIABLE THEREON.
The designated hearing officer of the Fire Company will at said time and place hear and accept written comments from all persons with views on the proposed Note. The hearing officer of the Fire Company will provide a transcript or summary report of the hearing to the Township Supervisors. Approval by the Township Supervisors of the issuance of the Note by the Fire Company is necessary in order for the interest on the Note to qualify for exclusion from gross federal income for federal income tax purposes.