The second paragraph under the Section entitled SECONDARY MARKET DISCLOSURE The Obligations of the Preliminary Official Statement dated January 29, 2020 has been amended to read as follows: In the past five years, the Borough failed to timely file audited financial statements and operating data for the fiscal year ended December 31, 2018. Such financial statements and operating data have since been filed with EMMA. The Borough also failed to timely file a material event notice of a rating upgrade from Aa2 to Aa1 by Moodys Investors Service, Inc. on June 19, 2018. The Borough filed notices of failure to timely file with EMMA and, as of the date hereof, is in compliance with its prior undertakings. The Borough implemented practices and procedures to insure that all required filings are made on a timely basis. The second paragraph under the Section entitled AUTHORIZATION AND PURPOSE OF THE OBLIGATIONS The Bonds of the Preliminary Official Statement dated January 29, 2020 (the POS) has been amended to read as follows: Proceeds from the sale and issuance of the Bonds will be used by the Borough to: (i) currently refund $11,274,000 of the Boroughs $20,774,000 Bond Anticipation Note, dated and issued on June 20, 2019 and maturing on February 19, 2020 (the 2019 Bond Anticipation Note), together with a $1,500,000 principal reduction payment from grant monies received, proceeds from the sale and issuance of a $2,000,000 Bond Anticipation Note, dated and issued February 19, 2020 and maturing February 19, 2021 (the 2020 Bond Anticipation Note) to be issued and purchased by the Borough as an investment and $6,000,000 from the sale and issuance of the Note as described below; (ii) provide $3,526,000 in new money to finance various capital improvements; and (iii) provide funds for the costs incurred in connection with the authorization, sale and issuance of the Bonds.
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