HomeMy WebLinkAboutResolution 2022 (09) Resolution No. 9 (2022)
ST. RO UNTY INITIAL RESOLUTION AUTHORIZING THE ISSUANCE OF
$80,000,000 GENERAL OBLIGATION GOVERNMENT CENTER
BUILDING BONDS, SERIES 2022A
COVER MEMO
TO: County Board of Supervisors
FROM: Ken Witt, County Administrator
DATE: March 1, 2022
AGENDA ITEM: Initial Resolution Authorizing the Issuance of $80,000,000 General
Obligation Government Center Building Bonds, Series 2022A
BACKGROUND INFORMATION
The initial resolution authorizing the solicitation of bonds sufficient to complete capital improvement
projects including the government center expansion project. If approved, bonds would be advertised
for sale and potentially awarded at the April 4, 2022, special County Board meeting.
Resolution No. 9 (2022)
ST. RO LINTY INITIAL RESOLUTION AUTHORIZING THE ISSUANCE OF
?,
$80,000,000 GENERAL OBLIGATION GOVERNMENT CENTER
BUILDING BONDS, SERIES 2022A
1 WHEREAS,the County Board of Supervisors of St. Croix County, Wisconsin (the
2 "County") hereby finds and determines that it is necessary, desirable and in the best interest of
3 the County to issue,pursuant to Chapter 67, Wisconsin Statutes, general obligation bonds in an
4 amount not to exceed $80,000,000 for the public purpose of paying the cost of capital projects
5 included in the County's budget, including but not limited to, Phase II of the County's
6 Government Center project and acquiring equipment for the same (collectively, the "Project");
7 WHEREAS,the County Board finds and determines that the Project is within the County's
8 power to undertake and serves a "public purpose" as that term is defined in Wis. Stat. §
9 67.04(1)(b); and
10
11 WHEREAS,it is desirable to borrow the funds needed for the Project through the issuance
12 of general obligation bonds pursuant to Chapter 67, Wisconsin Statues.
13
14 NOW, THEREFORE, BE IT:
15
16 RESOLVED by the St. Croix County Board of Supervisors that there shall be issued
17 general obligation bonds of the County in a principal amount not to exceed $80,000,000 for the
18 public purpose of paying the cost of capital projects included in the County's budget, including
19 but not limited to, Phase II of the County's Government Center project and acquiring equipment
20 for the same; and
21
22 RESOLVED by the St. Croix County Board of Supervisors that:
23 Section 1. Authorization of Bonds. For the purpose of financing the Project, the County
24 shall issue general obligation bonds designated "General Obligation Government Center
25 Building Bonds, Series 2022A" (the "Bonds").
26 Section 2. Sale of the Bonds. The County Board of Supervisors hereby authorizes and
27 directs that the Bonds be offered for public sale. At a subsequent meeting, the County Board of
28 Supervisors shall consider such bids for the Bonds as may have been received and take action
29 thereon.
30 Section 3. Official Notice of Sale. The County Administrator(in consultation with the
31 County's municipal advisor, Ehlers & Associates, Inc. ("Ehlers")) is hereby authorized and
32 directed to cause the sale of the Bonds to be publicized at such times and in such manner as the
33 County Administrator may determine and to cause copies of a complete Notice of Sale and other
34 pertinent data to be forwarded to interested bidders as the County Administrator may determine.
35 Section 4. Official Statement. The County Administrator(in consultation with Ehlers)
36 shall also cause an Official Statement to be prepared and distributed. The appropriate County
37 officials shall determine when the Official Statement is final for purposes of Securities and
38 Exchange Commission Rule 15c2-12 and shall certify said Statement, such certification to
39 constitute full authorization of such Statement under this Resolution.
40 Section 5. Conflicting Resolutions, Severability, Effective Date. All prior resolutions,
41 rules or other actions of the County Board of Supervisors or any parts thereof in conflict with the
42 provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so
43 conflict. In the event that any one or more provisions hereof shall for any reason be held to be
44 illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The
45 foregoing shall take effect immediately upon adoption and approval in the manner provided by
46 law.
Legal—Fiscal—Administrative Approvals:
Legal Note:
Fiscal Impact: $80,000,000 of new debt paid over the next twenty years.
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K &4tulwlyll drain r r 2/4/2022
02/15/22 Administration Committee RECOMMENDED
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RESULT: RECOMMENDED [UNANIMOUS]
MOVER: Bob Long, Chair
SECONDER: David Peterson, Supervisor
AYES: Long, Koch, Ard, Peterson, Peavey
Vote Confirmation.
Tob Lang Administ,afidn,Chair i r 2/16/2022
St. Croix County Board of Supervisors Action:
Roll Call -Vote Requirement—Three-quarters Majority of Entire Membership (15)
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RESULT: ADOPTED [15 TO 3]
MOVER: Scottie Ard, Supervisor
SECONDER: Paulette Anderson, Supervisor
AYES: Schachtner, Anderson, Long, Leaf, Koch, Hall, Feidler, Ostness, Counter, Ard,
Tellijohn, Peterson, Anderson, Achterhof, Peavey
NAYS: Paul Berning, Richard Ottino, Daniel Hansen
ABSENT: District 18 Vacant
This Resolution was Adopted by the St. Croix County Board of Supervisors on March 1, 2022
Cindy Campbell, County Clerk