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Council approves formal consent for Diocese of Scranton conduit financing covering local school improvements
Summary
Williamsport City Council on Sept. 4 approved a resolution consenting to conduit, tax-exempt financing arranged by the Redevelopment Authority of the County of Lackawanna for Diocese of Scranton projects that include work at St. John Neumann Junior/Senior High School in Williamsport.
Williamsport City Council approved a resolution on Sept. 4 consenting to conduit financing arranged by the Redevelopment Authority of the County of Lackawanna for projects owned by the Diocese of Scranton.
Solicitor White introduced the resolution and invited bond counsel Brian Kasalonski of Stevenson Lee to explain. Kasalonski said the financing covers improvements at 12 diocesan facilities across five municipalities; in Williamsport the project covers work at St. John Neumann Junior/Senior High School, specifically window replacement and other improvements. Kasalonski explained that because the Diocese is a nonprofit (501(c)(3)) borrowing on a tax-exempt basis, the Internal Revenue Code requires use of a conduit issuer and a public hearing in each jurisdiction where project facilities are located. Kasalonski said a public hearing was held and no members of the public attended that hearing.
Kasalonski told the council this approval is procedural and does not create any debt or obligation for the city. The council voted 6-0 to approve the resolution.
