At a public meeting held on May 25, 2016, 8:30 A.M. at Town Hall, 7 Jackson Street, Lonaconing, Maryland 21539, the Mayor and Town Council of the Town of Lonaconing approved Ordinance No. 3-2016. The Ordinance authorizes the Town of Lonaconing to issue general obligation debt in an amount not to exceed $668,000. The Town intends to issue the debt to Rural Utilities Service, United States Department of Agriculture. The purpose of the debt is to finance and refinance a portion of the costs of water system improvements for the Town. The debt is expected to be repaid primarily from Town-assessed water service charges but if such charges are insufficient to repay the debt, the Town has covenanted to levy certain taxes to repay the debt. The debt to be issued by the Town is intended to be tax-exempt debt for federal and State of Maryland income tax law purposes. The Ordinance will become effective at the expiration of 20 calendar days following its enactment. Adv.: June 3
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