HomeMy WebLinkAboutResolution 2020 (06) Resolution No. 6 (2020)
ST C RO % NTY RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF A
$2,422,000 GENERAL OBLIGATION PROMISSORY NOTE, SERIES
2020A
1 WHEREAS, the County Board of Supervisors hereby finds and determines that it is
2 necessary, desirable and in the best interest of St. Croix County, Wisconsin (the "County")to
3 raise funds to pay the cost of refinancing certain outstanding obligations of the County,
4 specifically, the State Trust Fund Loan, dated June 1, 2016 and the State Trust Fund Loan, dated
5 July 29, 2016 (collectively, the "Refunded Obligations") (hereinafter the refinancing of the
6 Refunded Obligations shall be referred to as the "Refunding");
7
8 WHEREAS, the County Board of Supervisors deems it to be necessary, desirable and in
9 the best interest of the County to refund the Refunded Obligations for the purpose of achieving
10 debt service savings;
11
12 WHEREAS, the County is authorized by the provisions of Section 67.12(12), Wisconsin
13 Statutes, to borrow money and issue general obligation promissory notes (the "Note" or "Notes")
14 to refinance its outstanding obligations;
15
16 WHEREAS, none of the proceeds of the Notes shall be used to fund the operating
17 expenses of the general fund of the County or to fund the operating expenses of any special
18 revenue fund of the County that is supported by the property taxes; and
19
20 WHEREAS, it is the finding of the County Board of Supervisors that it is necessary,
21 desirable and in the best interest of the County to sell such Notes to U.S. Bank National
22 Association (the "Purchaser"), pursuant to the terms and conditions of the Proposal Form
23 attached hereto as Exhibit A and incorporated herein by this reference (the "Proposal").
24
25 NOW, THEREFORE, BE IT RESOLVED by the County Board of Supervisors of the
26 County that:
27
28 Section 1. Authorization and Sale of the Notes. For the purpose of paying the cost of the
29 Refunding, there shall be borrowed pursuant to Section 67.12(12), Wisconsin Statutes, the
30 principal sum of TWO MILLION FOUR HUNDRED FORTY-FOUR THOUSAND DOLLARS
31 ($2,444,000)from the Purchaser in accordance with the terms and conditions of the Proposal
32 (except as to the amount of the Notes). The Proposal is hereby accepted and the Chairperson and
33 County Clerk or other appropriate officers of the County are authorized and directed to execute
34 an acceptance of the Proposal on behalf of the County. To evidence the obligation of the
35 County, the Chairperson and County Clerk are hereby authorized, empowered and directed to
36 make, execute, issue and sell to the Purchaser for, on behalf of and in the name of the County,
37 the Notes in the principal amount of TWO MILLION FOUR HUNDRED FORTY-FOUR
38 THOUSAND DOLLARS ($2,444,000)for the sum equal to the principal amount of the Notes,
39 plus accrued interest to the date of delivery.
40
41 Section 2. Terms of the Notes. The Notes shall be designated "General Obligation
42 Promissory Note, Series 2020A"; shall be issued in the principal amount of$2,444,000; shall be
43 dated March 11, 2020; shall be in the denomination of$100,000 or more; shall be numbered R-1;
44 and shall bear interest at the rate of 1.61%per annum; and shall be payable in installments of
45 principal due on March 15 of each year as set forth on the schedule attached hereto as Exhibit B
46 and incorporated herein by this reference (the "Schedule"). Interest shall be payable semi-
47 annually on March 15 and September 15 of each year commencing on March 15, 2021. Interest
48 shall be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded
49 pursuant to the rules of the Municipal Securities Rulemaking Board.
50
51 Section 3. Redemption Provisions. The Notes are not subject to optional redemption.
52
53 Section 4. Authorization of the Loan Agreement. The Proposal contemplates that the
54 County and the Purchaser will execute a loan agreement(the "Loan Agreement"), which Loan
55 Agreement shall contain certain provisions, covenants, events of default, and remedies upon
56 default such that the Purchaser may account for the Note as a loan rather than a security, all as
57 described in the Proposal. The Chairperson and County Clerk of the County are authorized and
58 directed to execute the Loan Agreement, consistent with the provisions of this Resolution.
59
60 Section 5. Form of the Notes. The Notes shall be issued in registered form and shall be
61 executed and delivered in substantially the form attached hereto as Exhibit C and incorporated
62 herein by this reference.
63
64 Section 6. Tax Provisions.
65
66 (A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the
67 principal of and interest on the Notes as the same becomes due, the full faith, credit and
68 resources of the County are hereby irrevocably pledged, and there is hereby levied upon all of
69 the taxable property of the County a direct annual irrepealable tax in the years 2020 through
70 2025 for the payments due in the years 2021 through 2026 in the amounts set forth on the
71 Schedule.
72 (B) Tax Collection. So long as any part of the principal of or interest on the
73 Notes remains unpaid, the County shall be and continue without power to repeal such levy or
74 obstruct the collection of said tax until all such payments have been made or provided for. After
75 the issuance of the Notes, said tax shall be, from year to year, carried onto the tax roll of the
76 County and collected in addition to all other taxes and in the same manner and at the same time
77 as other taxes of the County for said years are collected, except that the amount of tax carried
78 onto the tax roll may be reduced in any year by the amount of any surplus money in the Debt
79 Service Fund Account created below.
80 (C) Additional Funds. If at any time there shall be on hand insufficient funds
81 from the aforesaid tax levy to meet principal and/or interest payments on said Notes when due,
82 the requisite amounts shall be paid from other funds of the County then available, which sums
83 shall be replaced upon the collection of the taxes herein levied.
84
85 Section 7. Segregated Debt Service Fund Account.
86
87 (A) Creation and Deposits. There be and there hereby is established in the
88 treasury of the County, if one has not already been created, a debt service fund, separate and
89 distinct from every other fund, which shall be maintained in accordance with generally accepted
90 accounting principles. Debt service or sinking funds established for obligations previously
91 issued by the County may be considered as separate and distinct accounts within the debt service
92 fund.
93
94 Within the debt service fund, there hereby is established a separate and distinct account
95 designated as the "Debt Service Fund Account for General Obligation Promissory Note, Series
96 2020A, dated March 11, 2020" (the 'Debt Service Fund Account") and such account shall be
97 maintained until the indebtedness evidenced by the Notes is fully paid or otherwise extinguished.
98 There shall be deposited into the Debt Service Fund Account(i) all accrued interest received by
99 the County at the time of delivery of and payment for the Notes; (ii) any premium not used for
100 the Refunding which may be received by the County above the par value of the Notes and
101 accrued interest thereon; (iii) all money raised by the taxes herein levied and any amounts
102 appropriated for the specific purpose of meeting principal of and interest on the Notes when due;
103 (iv) such other sums as may be necessary at any time to pay principal of and interest on the
104 Notes when due; (v) surplus monies in the Borrowed Money Fund as specified below; and (vi)
105 such further deposits as may be required by Section 67.11, Wisconsin Statutes.
106
107 (B) Use and Investment. No money shall be withdrawn from the Debt Service
108 Fund Account and appropriated for any purpose other than the payment of principal of and
109 interest on the Notes until all such principal and interest has been paid in full and the Notes
110 canceled; provided (i)the funds to provide for each payment of principal of and interest on the
111 Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be
112 invested in direct obligations of the United States of America maturing in time to make such
113 payments when they are due or in other investments permitted by law; and (ii) any funds over
114 and above the amount of such principal and interest payments on the Notes may be used to
115 reduce the next succeeding tax levy, or may, at the option of the County, be invested by
116 purchasing the Notes as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or
117 in permitted municipal investments under the pertinent provisions of the Wisconsin Statutes
118 ("Permitted Investments"), which investments shall continue to be a part of the Debt Service
119 Fund Account. Any investment of the Debt Service Fund Account shall at all times conform
120 with the provisions of the Internal Revenue Code of 1986, as amended (the "Code") and any
121 applicable Treasury Regulations (the "Regulations").
122
123 (C) Remaining Monies. When all of the Notes have been paid in full and
124 canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service
125 Fund Account shall be transferred and deposited in the general fund of the County, unless the
126 County Board of Supervisors directs otherwise.
127
128 Section 8. Proceeds of the Notes, Segregated Borrowed Money Fund. The proceeds of
129 the Notes (the "Note Proceeds") (other than any premium not used for the Refunding and accrued
130 interest which must be paid at the time of the delivery of the Notes into the Debt Service Fund
131 Account created above) shall be deposited into a special fund (the 'Borrowed Money Fund")
132 separate and distinct from all other funds of the County and disbursed solely for the purpose or
133 purposes for which borrowed. In no event shall monies in the Borrowed Money Fund be used to
134 fund operating expenses of the general fund of the County or of any special revenue fund of the
135 County that is supported by property taxes. Monies in the Borrowed Money Fund may be
136 temporarily invested in Permitted Investments. Any monies, including any income from
137 Permitted Investments, remaining in the Borrowed Money Fund after the purpose or purposes for
138 which the Notes have been issued have been accomplished, and, at any time, any monies as are
139 not needed and which obviously thereafter cannot be needed for such purpose(s) shall be
140 deposited in the Debt Service Fund Account.
141
142 Section 9. No Arbitrage. All investments made pursuant to this Resolution shall be
143 Permitted Investments, but no such investment shall be made in such a manner as would cause
144 the Notes to be "arbitrage bonds" within the meaning of Section 148 of the Code or the
145 Regulations and an officer of the County, charged with the responsibility for issuing the Notes,
146 shall certify as to facts, estimates, circumstances and reasonable expectations in existence on the
147 date of delivery of the Notes to the Purchaser which will permit the conclusion that the Notes are
148 not "arbitrage bonds," within the meaning of the Code or Regulations.
149
150 Section 10. Compliance with Federal Tax Laws. (a) The County represents and
151 covenants that the projects financed by the Notes and by the Refunded Obligations and the
152 ownership, management and use of the projects will not cause the Notes and the Refunded
153 Obligations to be "private activity bonds" within the meaning of Section 141 of the Code. The
154 County further covenants that it shall comply with the provisions of the Code to the extent
155 necessary to maintain the tax-exempt status of the interest on the Notes including, if applicable,
156 the rebate requirements of Section 148(f) of the Code. The County further covenants that it will
157 not take any action, omit to take any action or permit the taking or omission of any action within
158 its control (including, without limitation, making or permitting any use of the proceeds of the
159 Notes)if taking, permitting or omitting to take such action would cause any of the Notes to be an
160 arbitrage bond or a private activity bond within the meaning of the Code or would otherwise
161 cause interest on the Notes to be included in the gross income of the recipients thereof for federal
162 income tax purposes. The County Clerk or other officer of the County charged with the
163 responsibility of issuing the Notes shall provide an appropriate certificate of the County
164 certifying that the County can and covenanting that it will comply with the provisions of the
165 Code and Regulations.
166
167 (b) The County also covenants to use its best efforts to meet the requirements and
168 restrictions of any different or additional federal legislation which may be made applicable to the
169 Notes provided that in meeting such requirements the County will do so only to the extent
170 consistent with the proceedings authorizing the Notes and the laws of the State of Wisconsin and
171 to the extent that there is a reasonable period of time in which to comply.
172
173 Section 11. Designation as Qualified Tax-Exempt Obligations. The Notes are hereby
174 designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code,
175 relating to the ability of financial institutions to deduct from income for federal income tax
176 purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
177
178 Section 12. Execution of the Notes; Closing; Professional Services. The Notes shall be
179 issued in printed form, executed on behalf of the County by the manual or facsimile signatures of
180 the Chairperson and County Clerk, authenticated, if required, by the Fiscal Agent(defined
181 below), sealed with its official or corporate seal, if any, or a facsimile thereof, and delivered to
182 the Purchaser upon payment to the County of the purchase price thereof, plus accrued interest to
183 the date of delivery (the "Closing"). The facsimile signature of either of the officers executing
184 the Notes may be imprinted on the Notes in lieu of the manual signature of the officer but, unless
185 the County has contracted with a fiscal agent to authenticate the Notes, at least one of the
186 signatures appearing on each Note shall be a manual signature. In the event that either of the
187 officers whose signatures appear on the Notes shall cease to be such officers before the Closing,
188 such signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as
189 if they had remained in office until the Closing. The aforesaid officers are hereby authorized and
190 directed to do all acts and execute and deliver the Notes, the Loan Agreement and all such
191 documents, certificates and acknowledgements as may be necessary and convenient to effectuate
192 the Closing. The County hereby authorizes the officers and agents of the County to enter into,
193 on its behalf, agreements and contracts in conjunction with the Notes, including but not limited
194 to agreements and contracts for legal, trust, fiscal agency, disclosure and continuing disclosure,
195 and rebate calculation services. Any such contract heretofore entered into in conjunction with
196 the issuance of the Notes is hereby ratified and approved in all respects.
197
198 Section 13. Payment of the Notes; Fiscal Agent. The principal of and interest on the
199 Notes shall be paid by the County Clerk or the County Treasurer (the "Fiscal Agent").
200
201 Section 14. Persons Treated as Owners, Transfer of Notes. The County shall cause
202 books for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. The
203 person in whose name any Note shall be registered shall be deemed and regarded as the absolute
204 owner thereof for all purposes and payment of either principal or interest on any Note shall be
205 made only to the registered owner thereof. All such payments shall be valid and effectual to
206 satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid.
207 Any Note may be transferred by the registered owner thereof by surrender of the Note at
208 the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment
209 duly executed by the registered owner or his attorney duly authorized in writing. Upon such
210 transfer, the Chairperson and County Clerk shall execute and deliver in the name of the
211 transferee or transferees a new Note or Notes of a like aggregate principal amount, series and
212 maturity and the Fiscal Agent shall record the name of each transferee in the registration book.
213 No registration shall be made to bearer. The Fiscal Agent shall cancel any Note surrendered for
214 transfer.
215 The County shall cooperate in any such transfer, and the Chairperson and County Clerk
216 are authorized to execute any new Note or Notes necessary to effect any such transfer.
217
218 Section 15. Record Date. The last day of the calendar month next preceding each
219 interest payment date shall be the record date for the Notes (the "Record Date"). Payment of
220 interest on the Notes on any interest payment date shall be made to the registered owners of the
221 Notes as they appear on the registration book of the County at the close of business on the
222 Record Date.
223
224 Section 16. Payment of Issuance Expenses. The County authorizes the Purchaser to
225 forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses
226 to Old National Bank at Closing for further distribution as directed by the County's financial
227 advisor, Ehlers & Associates, Inc.
228
229 Section 17. Continuing Disclosure. The continuing disclosure requirements of SEC Rule
230 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities and
231 Exchange Act of 1934 (the "Rule") are not applicable to the Notes because the Purchaser will
232 covenant that it will hold and not make a primary offering of the Notes, or otherwise will
233 establish an exception to the Rule relating to the Notes.
234
235 Section 18. Redemption of the Refunded Obligations. The Refunded Obligations are
236 hereby called for prior payment and redemption on March 13, 2020 or as soon as
237 administratively possible thereafter at a price of par plus accrued interest to the date of
238 redemption.
239
240 The County hereby directs the County Clerk to take all actions necessary for the
241 redemption of the Refunded Obligations on their redemption date. Any and all actions
242 heretofore taken by the officers and agents of the County to effectuate such redemption are
243 hereby ratified and approved.
244
245 Section 19. Record Book. The County Clerk shall provide and keep the transcript of
246 proceedings as a separate record book(the "Record Book") and shall record a full and correct
247 statement of every step or proceeding had or taken in the course of authorizing and issuing the
248 Notes in the Record Book.
249
250 Section 20. Conflicting Resolutions, Severability; Effective Date. All prior resolutions,
251 rules or other actions of the County Board of Supervisors or any parts thereof in conflict with the
252 provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so
253 conflict. In the event that any one or more provisions hereof shall for any reason be held to be
254 illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The
255 foregoing shall take effect immediately upon adoption and approval in the manner provided by
256 law.
257
Legal—Fiscal—Administrative Approvals:
Legal Note:
Fiscal Impact: Refinancing of the State Trust Fund Loans will result in a net reduction of total
interest paid over the life of the loans.
Corporation n 412020 K Cou i r 2/3/2020
PaWk Thompson,Courrg►Administrator 1 ZM2=
02/11/20 Administration Committee RECOMMENDED
......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ..........
RESULT: RECOMMENDED [UNANIMOUS]
MOVER: Dan Fosterling, Supervisor
SECONDER: Tammy Moothedan, Supervisor
AYES: Roy Sjoberg, Tammy Moothedan, Dan Fosterling, Nancy Hable
ABSENT: David Peterson
Vote Confirmation.
Dawn Pe e son Adm nl ratiark Chairman 211 WOO'
SL Croix County Board of Supervisors Action:
Roll Call -Vote Requirement—Three-quarters Majority of Entire Membership (15)
......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ..........
RESULT: ADOPTED [UNANIMOUS]
MOVER: Roy Sjoberg, Supervisor
SECONDER: Tammy Moothedan, Supervisor
AYES: Schachtner, Endle, Coulter, Sjoberg, Malick, Moothedan, Fosterling, Feidler,
Ostness, Larson, Ard, Tellijohn, Anderson, Achterhof, Hable, Peavey
ABSENT: Lynda Miller, Daniel Hansen, David Peterson
This Resolution was Adopted by the St. Croix County Board of Supervisors on February 11, 2020
Cindy Campbell, County Clerk
EXHIBIT A
Proposal Form
To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution.
(See Attached)
QB\61495665.2
EXHIBIT B
Debt Service Schedule and Irrepealable Tax Levies
To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution.
(See Attached)
QB\61495665.2
EXHIBIT C
(Form of Note)
UNITED STATES OF AMERICA
NUMBER STATE OF WISCONSIN DOLLARS
ST. CROIX COUNTY
R-1 GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2020A $2,444,000
MATURITY DATE: ORIGINAL DATE OF ISSUE: INTEREST RATE:
March 15, 2026 March 11, 2020 1.61%
REGISTERED OWNER: U.S. BANK NATIONAL ASSOCIATION
PRINCIPAL AMOUNT: TWO MILLION FOUR HUNDRED FORTY-FOUR THOUSAND
DOLLARS ($2,444,000)
FOR VALUE RECEIVED, St. Croix County, Wisconsin (the "County"), hereby
acknowledges itself to owe and promises to pay to the registered owner identified above (or to
registered assigns), on the maturity date identified above, the principal amount set forth above in
installments payable on March 15 of each year in the amounts set forth on Schedule I attached
hereto, and to pay interest thereon at the rate of interest per annum identified above, all subject to
the provisions set forth herein regarding redemption prior to maturity. Interest shall be payable
semi-annually on March 15 and September 15 of each year until the aforesaid principal amount
is paid in full.
Both the principal of and interest on this Note are payable in lawful money of the United
States by the County Clerk or County Treasurer.
Payment of each installment of principal hereof and interest hereon (except the last) shall
be made to the registered owner hereof who shall appear on the registration books of the County
maintained by the County Clerk or County Treasurer at the close of business on the 15th day of
the calendar month next preceding an interest payment date (the "Record Date") and shall be
paid by the County to such registered owner at his address as it appears on such registration
books or at such other address as may be furnished in writing by such registered owner to the
County Clerk or County Treasurer. The final installment of principal and interest on this Note
shall be payable only upon presentation and surrender of this Note to the County Clerk or County
Treasurer.
For the prompt payment of this Note together with interest hereon as aforesaid and for the
levy of taxes sufficient for that purpose, the full faith, credit and resources of the County are
hereby irrevocably pledged.
This Note is issued by the County pursuant to the provisions of Section 67.12(12),
Wisconsin Statutes, for the public purpose of paying the cost of refunding certain obligations of
QB\61495665.2
the County, as authorized by a resolution adopted on February 11, 2020. Said resolution is
recorded in the official minutes of the County Board of Supervisors for said date.
This Note is not subject to optional redemption.
The Note is issued in registered form in the denomination of$100,000 or more. This
Note may be exchanged at the office of the County Clerk or County Treasurer for a like
aggregate principal amount of Notes of the same maturity in other authorized denominations.
This Note is transferable by a written assignment duly executed by the registered owner
hereof or by such owner's duly authorized legal representative. Upon such transfer a new
registered Note, in authorized denomination or denominations and in the same aggregate
principal amount, shall be issued to the transferee in exchange hereof.
The County may deem and treat the registered owner hereof as the absolute owner hereof
for the purpose of receiving payment of or on account of principal hereof, premium, if any,
hereon and interest due hereon and for all other purposes, and the County shall not be affected by
notice to the contrary.
It is hereby certified and recited that all conditions, things and acts required by law to
exist or to be done prior to and in connection with the issuance of this Note have been done, have
existed and have been performed in due form and time; that the aggregate indebtedness of the
County, including this Note and others issued simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of Wisconsin; and that a direct annual
irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon,
when and as payable.
This Note has been designated by the County Board of Supervisors as a "qualified
tax-exempt obligation" pursuant to the provisions of Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended.
No delay or omission on the part of the owner hereof to exercise any right hereunder shall
impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any
default hereunder.
-2-
QB\61495665.2
IN WITNESS WHEREOF, St. Croix County, Wisconsin, by its governing body, has
caused this Note to be executed for it and in its name by the manual or facsimile signatures of its
duly qualified Chairperson and County Clerk; and to be sealed with its official or corporate seal,
if any, all as of the original date of issue specified above.
ST. CROIX COUNTY, WISCONSIN
By:
Roger Larson
Chairperson
(SEAL)
By:
Cindy Campbell
County Clerk
-3-
QB\61495665.2
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
(Social Security or other Identifying Number of Assignee)
the within Note and all rights thereunder and hereby irrevocably constitutes and appoints
, Legal Representative, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed:
(e.g. Bank, Trust Company (Registered Owner)
or Securities Firm)
NOTICE: This signature must correspond with the
name of the registered owner as it appears upon
the face of the within Note in every particular,
(Authorized Officer) without alteration or enlargement or any change
whatever.
*The Internal Revenue Code of 1986 (IRC Section 149) requires that for interest on a
municipal obligation with a term greater than one year to be exempt from federal income tax, the
obligation must be issued and remain in registered form.
Section 67.09, Wisconsin Statutes provides that the County Clerk of the County when
acting as the registrar shall record the registration of each note or bond in its bond registrar.
Therefore, if this Note is to be assigned, the County Clerk of the County should be notified and a
copy of this Assignment should be sent to the County Clerk of the County for his or her records.
QB\61495665.2
SCHEDULEI
DEBT SERVICE SCHEDULE
(See Attached)
QB\61495665.2
gi"'%' EHLERS
lll�lb t I. >EIL-. 1'b H,4 PtJW C I iJANr. r
February 11 , 2020
Sale Day Report for
St. Croix County, Wisconsin
$2,444,000 General Obligation Promissory Note,
Series 2020A
STO CROIX
Prepared by:
Sean Lentz, CIPMA
Senior Municipal Advisor
Brian Reilly, CIPMA
Senior Municipal Advisor
Josh Low,
Financial Specialist
BUIL,'C7 NG COMMUNIIJES, L.f."SWHAT WE DSO jrrfo(dfeNers-mc.com 1(800)W552� 1171 '.`��),� v,ww,elruers-inC.cOM
Sale Day Report — February 11 , 2020
St. Croix County, Wisconsin
$2,444,000 General Obligation Promissory Note, Series 2020A
Purpose: The Note is being issued to effect current refundings of the County's
$3,707,099 State Trust Fund Loan, Series 2016 and $117,456 State
Trust Fund Loan, Series 2016, for interest cost savings.
Number of Bids: 8
Low Bidder: U.S. Bank, National Associated, Cincinnati, OH
Winning Bid Winning Bid (NIC)
1.6100%
Summary of Sale Results:
Principal Amount*: $2,444,000
Net Interest Cost: 1.6100%
Costs of Issuance: $20,500
Yield: 1.61%
Future Value Savings: $122,541
Present Value Savings: $115,946
Savings Percentage: 4.530%
Total Net P&I $2,583,492.57
Notes: The County Treasurer will serve as Paying Agent on the Notes.
The Notes maturing March 15, 2021 and thereafter are callable
March 11, 2020 or any date after settlement date.
* Subsequent to bid opening, the issue size was increased to
$2,444,000.
Closing Date: March 11, 2020
Board of Supervisors Adopt a resolution awarding the sale of$2,444,000 General
Action: Obligation Promissory Note, Series 2020A.
Attachments: • Summary of Proposals
• Updated Debt Service Schedules and Sources and Uses of Funds
• Refunding Savings Analysis
Sale Day Report
St. Croix County, Wisconsin
D February 11 , 2020
gi"'%' EHLERS
lll�lb LLAIEIi R'p H,4 ItJiL r iC I wi JANG. r
Summary of Proposals
$2,444,000 General Obligation Promissory Note, Series 2020A
St. Croix County, Wisconsin
SALE: February 11, 2020
Award: U.S. Bank, National Associated, Cincinnati, OH
Bremer Bank 1.94% 1.94% Closing $
US Bank 1.61% 1.97% Closing $ 2,000
Wells Fargo 1.92% (subject to make-whole) 2.01% 3/15/2023 $ 5,000
Citizens State Bank 3.25% 3.25% Closing $
First National Community Bank 1.96% 1.96% Closing $
Hiawatha National Bank 3.77% 3.77% Closing $
MidWestOne Bank 3.00% 3.00% Closing $
Westconsin Credit Union 2.80% 2.80% Closing $
BUILDING COMMUNMES. lT°'S d IlAT WE Ct n J info�o)ehlers �,c.crm 1 1(,800) 552-117'1 ,C wwwehlers-inc.com
Exhibit 1 For Discussion Only
St. Croix County,WI
Debt Service and Capitalization Schedule
$2,444,000 General Obligation Promissory Note of 2020
Refunding ° eftfln61ng
2016A 201&':�3
STFL S
Year Principal Rate Interest Total P&I 2,369,000 75,000
2020
2021 391,000 1.61% 56,312 447,312 433,584 13,728
2022 397,000 1.61% 29,857 426,857 413,940 12,918
2023 404,000 1.61% 23,409 427,409 414,685 12,725
2024 411,000 1.61% 16,849 427,849 414,325 13,523
2025 417,000 1.61% 10,183 427,183 413,869 13,314,
2026 424,000 1.61% 3,413 427,413 414,309 13,105
Totals 2,444,000 140,024 2,584,024 2,504,71 9,312
Issue Summary
Key Dates
Dated Date: 3/11/2020
First Interest Payment: 3/15/2021
First Principal Payment: 3/15/2021
Interest Rate:
Net Interest Cost: 1.61%
All Inclusive Cost: 1.85%
Total Principal & Interest: 2,584,024
Sources and Uses Refunding Refuiriidikiriq
2016A 2016B
Total STFIL S I F1
Par Amount of Bonds 2,444,000 2,369,000 75,000
Total Sources $2,444,000 $2,369,000 $75,000
Costs of Issuance 20,500 19,871 629
Deposit to Project Fund 2,422,968 2,348,920 74,049
Founding Amount 532 209 322
ITotal Uses $2,444,0001 $2,369,000 $75,0001
Prepared by Ehlers 2/10/2020
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