HomeMy WebLinkAboutResolution 1979 (67)RESOLUTION # -7
Resolution Authorizing County Borrowing from Bank of New Richmond
WHEREAS, on August 14, 1979, the St. Croix County Board of St. Croix
County, meeting in regular session, authorized the Finance,Building and Bond
Committee to advertise for bids from area banks for borrowing $52,500, needed
for updating and remodeling the heating system in the old Courthouse Building
and for repairing the sewer drainage from the County Jail Building to Third
Street, and
WHEREAS, on September 10, 1979, the Finance, Building and Bond Com-
mittee opened bids from two area banks for said borrowing and accepted the low
bid of 6.50% from the Bank of New Richmond, New Richmond, Wisconsin, and
WHEREAS, on September 11, 1979, the St. Croix County Board of Super-
visors, meeting in regular session, heard a report from the Chairman of Finance,
Building and Bond Committee, that said committee had accepted the low bid from
the Bank of New Richmond, and
WHEREAS, authority to borrow the said $52,500 from the Bank of New
Richmond must be approved by the County Board, and
WHEREAS, Exhibit A, attached hereto, and made a part hereof by
reference, contains many provisions specifically dealing with said borrowing.
NOW, THEREFORE, be it resolved, by the St. Croix County Board of
Supervisors,meeting in regular session, that $52,500 may be borrowed at 6.50%
interest from the Bank of New Richmond, New Richmond, Wisconsin by the St.
Croix County, and
BE IT FURTHER RESOLVED, that the County Board Chairman, and the County
Clerk, are hereby authorized to execute all documents necessary to borrow said
monies, as specifically evidenced by Exhibit A, attached hereto and made a part
hereof by reference.
Negative
Dated this day of 1979.
FINANCE, BUILDING AND BONDS COMMITTEE
Affirmative
Passed and Adopted by County Board October 23, 1979,
EXHIBIT A
RESOLUTION
(Adopted at Meeting held______W_D.9tobe_r 23 !_ , 19 79 )
Whereas,__St. Croix _________, e "County"), Wisconsin (hereinafter called the "C"
�._�_ ty ), is pre -
Bendy in need of funds aggregating $__, 5(lQ,QO _�for the following purposes, to -wit: (Here set forth the
statutory purpose or purposes for which funds. are needed [(1) through (5), top of instruction sheetl, and then describe
the purpose in detail).
; and
Update and remodel heating system in Old Court House Building
and
Repair the sewer drainage from County Jail Building to 3rd Street
Whereas, the County Board deems it necessary and in the best interests of the County that, pursuant to the
provisions of Section 67.12 (12), Wisconsin Statutes, the sum of $_52_.5fl0.0Q____be borrowed upon the terms and
conditions hereinafter set forth for the purposes hereinabove stated:
Now, Therefore, Be It Resolved, that for the purposes hereinabove set forth the County, by its County
Board Chairman and Clerk, pursuant to Section 67.12 (12), Wisconsin Statutes; borrow
______BAW,__DF _NU_R1EH'10AD,. 355 South_ Knowl es , New Richmond, WI 54017
Wisconsin- (hereinafter called the `Lender"), the aggregate sum of and, to evidence such
indebtedness, said County Board Chairman and County Clerk shall make, execute and. deliver to the Lender for and on
behalf of the County ------ 2L1e--_promissory note(s) of the County in the principal amount(s) numbered, bearing
interest, and payable as follows:
NOTE PRINCIPAL INTEREST
NUMBER AMOUNT RATE
#1 $52,500.00 6.50
PAYMENT
DATES
November 1, 1980
November 1, 1981
November-1, 1982
November 1,_ 1983 _____
November 1, 1984
said interest to be payable annually on principal payment dates on the outstanding balance, with________________—p
prepayment privileges, on any principal payment date on or after--- _w November 1, 1980 , which
note(lo shall be in substantially the form hereto attached.
(i) insert "no" if there are to be no prepayment privileges, and delete ( of this resolution.
41.B.A. 205-0 Rev. Aug. '64 M. C. rturs to— ■tL.4VKet
Be It Further Resolved, that there be, and there hereby is, levied on all the taxable property of said County
a direct annual irrepealable tax sufficient in amount to pay the principal and interest on said notes) as the same be-
comes due and payable, said tax being as follows:0
YEAR OF LEVY AMOUNT OF TAR TO MEET PAYMENTS DUE
For the year 19. $ 0.—,
For the year 19_A L—,
For the year 19 $Z____,
For the year 19--§L-
For the year 19 8L_,
For the year- l9__ ,
For the year 19—________,
For the year 19.__
$---13.997.81---------------
$ 13 , 230.00:__-
$_ 12 , 547.50
S 11,865_.00_
$___ IT,182.50
November_ —1980
November 1, 198i.
November 1, 1982
November 1, 1983
November 1, 1984 -
For the year
For the year 19—_______,
If at any time there <shall be on hand_ insufficient funds from the aforesaid tax -levy sufficient to meet princi-
pal and/or interest payments On said notes when due, the requisite amount shall be paid fromotherfunds of the
County, then available, which sums shall be replaced upon the collection of the taxes herein levied.
O in the event that the County exercises its prepayment privilege then no such direct. annual tax shall be
included on the tax rolls for the prepayments so made and the amount of direct annual tax hereinabove levied shall
be reduced accordingly for the year or years with respect to which said note(s) were prepaid.
In each of said years from 19_$0--_ to 19_$41-_, inclusive, the direct annual tax hereinabove levied shall be carried
into the tag rolls each year and shall be collected in the same manner and at the same time as other taxes of the County
for such years are collected. So long as any part of the principal or of interest on said note( remains unpaid the
proceeds of said tax shall > be segregated in a special fund used solely for the payment of the principal of and interest
on said note(); and
Be It Further Resolved, that the said note(s) hereinabove authorized shall be dated _____OCtobel^. 233
19 79 ; shall be executed as soon as may be after the adoption of this resolution; and: shall be delivered to the Lender
upon receipt of the total principal amount of the loan evidenced thereby, plus accrued interest, if any, to date of
delivery.
Q First tax levy should be for the current year unless tax roll has already been delivered for collection, and amount of levy should be sufficient
to meet all principal and interest payments becoming due prior to date for collection of next succeeding tax levy.
Q Delete if inapplicable. See footnote pi .
WBA-205F TREY 5/79►
.. - lAgr�n( snd nrr+draQ for ur Jp cn+�++�.+c�i
g wraw� &*-*W% •r ocaucm t!'r9 brrnti it esncrcbom pe w,n.dby Waco.u.+err..
ARBITRAGE CERTIFICATE
County of St. Croix , Wisconsin
(the "Municipality")
f
s 52,500.00 Promissory Note
Dated October 23 , 19 _ 79 (the "Obligation")
The undersignedfinancial officer of the M�,cipalitycerhhat no notice of the Commissioner of Internal Revenue has been published
to the effect that the Arbitrage Certificates of the Municipality may ne&,be relied upon nor has the Municipality been advised that such a listing is
contemplated, and further certifies and reasonably expects:
1. The Municipality has or will enter into contracts within 6 months from the date hereof for the project (the "Project') financed by the
Obligation. The amount to be paid by the Municipality under said contracts is or will be equal to at least21h% of the total cost of the Project;
2 Work on the Project will proceed hereafter and thereafter with due diligence to completion;
3. 100% of the principal amount of the Obligation will be expended for Project costs within 3 years from the date hereof;
4. The Project will not be sold or otherwise disposed of in whole or in part, prior to the last maturity of the Obligation;
5. The principal amount of the Obligation will not exceed by more than 50/6 the amount necessary for the purpose of the Obligation; and
6. Even if the aforesaid expectations do not occur, the Municipality will not invest any of the principal. amount received in arnannerto cause
the Obligation to be an "arbitrage bond."
To the best of my knowledge and belief, there are no -other facts, estimates or circumstances that would materially change the foregoing
expectations.
IN WITNESS WHEREOF, l have executed this Certificate on October 02
19 79 , to be effective as of the date of loan closingin consideration of the loan proceeds_
41
Treasurer
v
On the basis of the foregoing, inmy opinion, the Obligation is not an arbitrage bond defined in Section 103(c), Internal Revenue Code of
1954, as amended, or proposed regulations thereunder. ,-` j
Attorney for County
(SEE REVERSE SIDE FOR INSTRUCTIONS ON THE USE OF THIS ARBITRAGE CERTIFICATE)
1tt%"4WCv.p"E3
The present (1978) Arbitrage Regulations (proposed Regs_ Secs.1-103.13-15) designed to prevent municipalities from borrowing money
to make investments, are extremely complex; therefore, this form, which should cover almost all cases, is not the only set of facts complying
with the Regulations. If the municipality cannot make the certifications required, consult your attorney.
1. The Project must be underway or at least ready to go in the near future..Accordingly, the municipality must either have substantial
contracts (at least 2'h% oftheProject costs) either in existence or to be finalized within 6 months. Note that only contracts calling for such
payments must be entered into; it is. not required that such payments actually be made within 6 months.
2. Construction of the Project should proceed without unnecessary delay.
3. All of the borrowed money must be expended for the Project costs within 3 years of the date of the loan.
4. The Municipality may not sell the Project prior to the maturity of the loan.
5. The amount of the loan less necessary expenses in obtaining it (such as counsel fees, printing expenses, etc.) cannot be more than 5%
greater than the cost of: the Project -
Project as used herein is a broad term and would include all of the purposes for which notes are permitted.to_be issued. The determinations
herein are the "reasonable expectations" at time the Note is issued; unforeseen events occuring after the issue will not affect thevalidityof
the Certificate.
FACTS AND ESTIMATES IN SUPPORT OF
ARBITRAGE CERTIFICATE
$ Notes dated
1. Project Costs.
Total Project costs are estimated to be at least $ 52,500.00
Total issue expenses, if payable by Municipality, and not included in Project costs are estimated to be $ 0
TOTAL $ 52.500.00
2. Source of funds for Project
!Vote proceeds
Other sources (f any), itemize:
3. Construction Schedule
TOTAL
(a) hire architect/engineer
(b) bid Project
(Cr - commence construction
(d) complete construction
4.. Equipment (land) Purchase
(a) contract of purchase
(b) delivery of equipment pand)
(c) final payment on contract of purchase
$ 52,500.00
$ 0
$
$ 52,500.00
Date
.is-
.19-
.19-
r
EXHIBIT B
CERTIFICATE RESPECTING INDEBTEDNESS
State of Wisconsin,
County of_..__.__St__Croix I ss.
The
of._._.._....St. Croix _..__...._.____.___County, Wisconsin, hereby certifies that the total indebtedness and obligations of
said County, howsoever incurred, outstanding on the date affixed to this certificate, including the note issue dated
October 23 _ _ _ 19. 9....., in support of which this certificate is _executed, aggregate
s-2 098L 500LQ0 , determined as follows: Q
Court House.Bonds $ 80,000.00
County Hospital Bonds, 1,615,000.00
General Purpose Notes 305,000.00
Promissory Notes 46,000.00
Promissory Notes 52,500.00
Total $ 2,098,500.00
The undersigned does further certify that the purchaser of said note(s) has paid in full therefor in accordance
with the terms of sale and in accordance with the resolution authorizing said note(s) adopted by the County Board
October. 23 i9 79
In Witness Whereof, I have executed this certificate in my official capacity this___ c.,2 ---------- __day of
October_ 19 7g
County Treasurer,/-�-
MgrgaPet Beaudry
Q Here set forth in detail each item of outstanding indebtedness of the County including this note issue.
Qs This Exhibit should be dated as of the date payment for the note(s) is actually received.
W.B.A. ZOS-C Rev. Aug. '64 R. C. MILLER CO.. 9ILWAT91(n
YaM&W" INSTALLMENT NOTE01
No. ONE ----- -__--.—County
October 23 79
For Value Received,__—___ _ St.__Croix____Cnunty, Wisconsin (hereinafter called the "County"), promises
to pay to the order of---- BANK OF NEW_RICHMOND ____----- ___ _.___
at_.__._ New _Richmond _Wiscansiin, the sum of-Elf.*-IIN�T..hQ.IdS.i rd-F-j-C.n_H1111d1 ad---___r-Dollars
Six &
($ 52i_500 .00 ), payable in installments together with interest at the rate of_QT_e__Fldl_fper cent
per annum each year from the date hereof on all unpaid installments of principal, as follows:
PAYMENT DATE
November 19-_ 80 .
_ November 1 19_ 81__.
November 1 _ _ _ _ t 19- 82
November 1^_ — 19__03__.
November 1 _ _ , 19_84 _
19—___.
PRINCIPAL AND INTEREST DUE ON PAYMENT DATE
PRINCIPAL INTEREST
$__ 10,500 _00� _ --
__ 1-0 , 500.00---
10,500.00
-- 10 ,500.00- -----------
__-.10,500.00 _ —
$- 3,497.81
-- 2
_ 2.047.50
—1, 365 _00
682.50
Principal and interest on this note shall be payable in lawful money of the United States of America.
O The County shall have the right and option to prepay any or all of the amount outstanding on this note on
Y principal payment November 1 .-1980_________-- All payments are to be
an interest and rmci al a ent date on or after_._____ _
applied first upon the unpaid interest and then next applied upon the unpaid principal, in inverse order of maturity
unless otherwise specified by the County upon making such prepayments. -
For the prompt payment of this note with interest hereon as aforesaid and the'levying and collection of taxes
sufficient for that purpose, the full faith, credit and resources of the County are hereby irrevocably pledged.
This note -is issued under the terms of and for purposes specified in Section 67.12 (12), Wisconsin Statutes; and
is authorized by the resolution of the County Board duly adopted by at least a three -fourths vote of the members -elect
of the County Board at its meeting duly convened on-_--__ __ October 23 19Z2__, which resolution
is recorded in the official book of its minutes pertaining to said date.
It is hereby certified and recited that all conditions, things and acts required by law to exist, to be 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, does not exceed any limitation
imposed by law or the Constitution of the State of Wisconsin, and that the County has levied a direct annual irrepealable
tax sufficient to pay this note together with interest thereon when and as payable.
No delay or omission on the part of the holder hereof to exercise any right hereunder shall impair such right or
be considered as a waiver thereof or as a waiver of or acquiesence in any default hereunder.
_ S t . Croix _____County, Wisconsin.
By ------------ -- 1�1� 1�'L
County Board Chairman
No E, nderso
-V���----------- ----------------------- -
Clerk
QiDelete word "Refunding' if not used for the purpose of refunding. F. Verna Stohlberg
0 Delete this paragraph if there are to be no prepayment privileges.
NOTE: Corporate seal to be affixed.
♦V R a nz_tf D.. Ann -AA .. ....... ..� .... �.....
State of Wisconsin,
County
f V S
® erna tolberg
,��__�-_ _ _e____ _._____ _•---- -- do hereby certify as follows:
1. That I am the duly qualified and acting Clerk_
-------------------------------------------------------------
County, State of Wisconsin(hereinafter lea the "CountyIDe) and that I was such at all of the tunes mentioned in this
certi6cate-
2. That the following are all of themembers-elect of the governing body of said County, and were duly qualified
d acting as such at all of the times mentioned in this certificate:
o an E Anders®n
-------------- -------- ---------- ------- ---------- -- - -
F. Verna Stolberg
----------------------------------------------------------------
Margaret K. 5eaury
------------- ---------------------------------
3m That the following named persons, whose authentic signatures are hereto subscribed, are the duly qualified
and acting officers of said County presently holding e offices set forth opposite their respective, names below:
NAME OFFICE SIGNATURE
Norman E. Anderson
-----------------------------------------------------------------County Board Chairman—
F Verna Stolber
------------------- -------------
------- ------Co ty Clerk__.��_�,--__ _ -----
- -- ---- -- -- ----
Margaret K. Beaudry ?
- -- - - - - - - - — - - ----------------County Treasurer - - - ------------- _�
- - / - -------------------
4. That there is no controversy or litigation pending or threatened affecting the corporate existence of said
County, its boundaries,; the right or title to office of any.of its officers, or in any manner affecting the due authorization
or: validity of the borrowings by said County.
5. That at a regular meeting of the Board of said County, which is the governing body, held at -------- Udsm
Wisconsin,---------_
. at 9.e------- ---o o'clock ------Pa -o ., on e----------•-- � -------day of-------- Ctpb_er------------------------------------
at which �--------
�_�® of the members -elect were present in person, a resolution authorizing the County
to borrow the suns of 2_,5 ,,QIl------------------- -- -fro - f uth
sa 1 .21-
y
N - . d-9-----------------------------------__-, Wisconsin pursuant to Section 67.12 (12), Wisconsin Statutes; .was duly
adopted by the affirmative vote o£---------------- ®-of themembers-elect; that said resolution has been duly recorded
in the minutes and proceedings of said meeting and is in fuIl force and effect on the date of this certificate; and that a
true and correct copy of said resolution is attached hereto, marked Exhibit A and made a part hereof.
6. That there is attached hereto, marked Exhibit B and made a part hereof, a certificate of the Treasurer of the
County certifying that the aggregate indebtedness and obligations of all kinds of the County outstanding on the date
affixed tosaid certificate, including the note issue in support of which this certificate is executed; totals 2 AQ98 s 5-- 9
---_-e
that I ow said officer and saw hire execute d sate; d that e matters stated therein are true and correct.
7. That the value of all of the taxable property in the County, as ascertained by the last local assessment and
equalized by the Wisconsin Department of Taxation, is the sum of RI 1,.5.4...7
In Witness Whereof, I have executed this certificate in my offi 'al capacity this ---------- - ,-- __ -day of
_ - -- - - - ---- ---� ---•-
Approved as Correct.
F. Verna Stoirg c®un Cl
S Croix
- t . -- -- -
------- ---------County, Wisconsin.- ---------
Norman E. Anderf"nty4oard Chairman
County 'Treasurer
argare K, Eeudry
Resolution must be adopted by at least a three -fourths vote of the County Board.
e aggregate indebtedness shown in ®, when added to the amount borrowed herewith, must not exceed the restrictions shown
in paragraph (9) of instruction sheet.
Thi:certificate should be dated as of the date payment for the note(s) is actually received.
% `LA'� =-A Rev. Aug'64 A. C. MILLER CO_ WIL-UK92 - -
CERTIFICATE OF EQUALIZED -VALUE
I hereby certify that .I am Director of the Bureau of
Local Financial Assistance of the Wisconsin Department of
Revenue and that the equalized value of all taxable property
of St. Croix County, Wisconsin; as last determined`
by the Wisconsin Department of Revenue pursuant to Sections
70.57 and 67.03 Wisconsin Statutes, is $ 91?,644,700 said
determination being as of January 1, 1979.
Dated at Madison, Wisconsin this day of September ,
1979.
A/'; v jrdv � V, /'
Ral p D / Tay or,/� � riector
Bure u of Local Binan.cial Assistance
PC-216 (R.4-79)