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HomeMy WebLinkAboutResolution 1981 (13)After some discussion, Supervisor William Shay introduced the following resolution and moved its adoption: RESOLUTION NO. 13 (81) RESOLUTION PROVIDING FOR PUBLIC SALE OF $3,725,000 GENERAL OBLIGATION BONDS BE IT RESOLVED by the Board of Supervisors of St. Croix County, Wisconsin, as follows: 1. The Board hereby determines that it is necessary and expedient to offer at a public sale the $3,725,000 General Obligation Bonds of the County authorized to be issued by an initial resolution of the Board adopted on April 21, 1981. 2. Springsted Incorporated, bond consultants to the. County, has presented to this Board a form of Official Terms of Offering for the bonds,.and a form of Notice of Sale for publication, which are attached hereto and shall be placed on file in the office of the Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of said bonds and of the sale thereof, and shall be made available to all prospective purchasers of the bonds. The Clerk is authorized and directed to cause the Notice of Sale to be published once in the official newspaper of the County, and once in the Commercial West, a financial periodical published in Minneapolis, at least ten days before.the date of said meeting. 3. This Board shall receive, open and. tabulate the bids in accordance with the Notice of Sale at its meeting to be held on Tuesday, May 19, 1981, and shall take such action thereon as is deemed in the best in,er is of the County. n w Chairman Attest: County Clerk The motion for the adoption of the foregoing resolution -was duly seconded by Supervisor George Hop and upon vote being taken thereon, the following voted in favor thereof: Twenty Nine (29) - Two (2) Absent. and the following voted against the same: -whereupon the resolution was declared passed and adopted, ..and was signed by the Chairman, whose signature was attested by the County Clerk. OFFICIAL TERMS OF OFFERING $3,725,000 St. Croix County, Wisconsin General Obligation Health Care Center Bonds of 1981 Sealed bids for the Obligations described herein will be accepted at the County Courthouse in Hudson, Wisconsin, until 1:30 P.M., Central Time on Tuesday, May 19, 1981, when they will be presented to and acted upon by the County Board of Supervisors. DETAILS OF THE OBLIGATIONS The Obligations will be dated June 1, 1981 and will bear interest payable on April 1 and October 1 of each year, commencing April 1, 1982. The Obligations will be general obligations of the Issuer 'for which the Issuer will pledge its full faith and credit and power to levy direct general. ad valorem taxes. The Obligations will be issued in the denomination of $5,000, in bearer form with interest coupons attached. The proceeds will be used to construct, furnish and equip a health care center. The Obligations will mature on October 1 in the years and amounts as follows: 1982-88 $100,000 1989-99 $250,000 2000 $275,000 The Obligations maturing on or after October 1, 1994 will be ,subject to redemption and prepayment at the option of the Issuer on October 1, 1993 and any interest payment date thereafter, in whole or -in part, in inverse order of maturity and by lot within a maturity, at a price of par and accrued interest TYPE OF BID Sealed bids for the purchase of the Obligations at a price not less than $3,652,500 and accrued interest on the total principal amount may be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $37,250, payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has not been filed. The good faith check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. Rates offered by Bidders shall be in ..integral multiples of 5/100 or 1/8 of l%. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than 1%. Obligations of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity, and additional coupons shall not be used. AWARD The Obligations will be awarded to the Bidder offering the lowest net dollar interest cost to be determined by the _.deduction of the premium, if any, from, or the addition of the discount, if any, to, the total dollar amount of interest on the Obligations from their date to their final scheduled maturity. The Issuer's computation of the net dollar interest cost of each bid, in accordance with customary practice, shall be controlling., The Issuer reserves the right to: (i) waive non -substantive informalities in any bid or of matters relating to the receipt of bids.and award of the obligations, (ii) reject all bids without cause, and (iii) reject any bid which the Issuer determines to have failed to comply herewith. PAYING AGENT The Purchaser may name the Paying Agent but shall do so within two business days after the award of the Obligations. In the event of failure by the Purchaser to name the Paying Agent within said time the Issuer shall do so. The Issuer will pay for the reasonable customary services of the Paying Agent. -'`'CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers will be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award the Obligations shall be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery shall be subject to receipt by the Purchaser of an approving legal opinion of Messrs. Dorsey, Windhorst, Hannaford, Whitney & Halladay of Minneapolis and St..Paul, Minnesota, which opinion will be printed on the Obligations, and of customary closing papers, including a no -litigation certificate. Payment for the Obligations shall be made in federal or equivalent funds, which shall be received at the offices of the Issuer or its designee not later than 1:00 P.M., Central Time of the day of settlement. Except as compliance with the termsof payment for the Obligations shall have been made impossible by action of the Issuer or its agents:, the Purchaser shall be liable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's non- compliance with said terms. At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Obligations did not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order t6 make the statements therein, in Tight of the circumstances under which they were made, not misleading. OFFICI::L STATEMENT Upon request to the. Issuer's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. The Purchaser shall be provided with 15 copies and may obtain additional copies at the Issuer's cost. Dated April 21, 1981. BY ORDER OF THE COUNTY BOARD OF SUPERVISORS F. Verna Stohlber g County Clerk NOTICE OF SALE $3,725,000 General Obligation Health Care Center Bonds of 1981 St. Croix County, Wisconsin These Bonds will be offered for sale on sealed bids on Tuesday, May 19, 1981. Bids will be accepted by the undersigned until -1:30 P.M., Central Time, at the County Courthouse in Hudson, Wisconsin, when they will be opened and acted upon by the County Board of Supervisors. The Bonds will be dated June 1, 1981, will bear interest payable semiannually on each April 1 and October.1 to maturity, commencing April 1, 1982, and will mature on October 1 in the following years and amounts: 1982-88 $100,000 1989-99 $250,000 2000 $275,000 Bonds maturing on or after October 1, 1994 will each be subject to redemption and prepayment at the option of the County; on October 1,.1993 and any interest payment date thereafter, at par and accrued interest. The proceeds shall be used to finance the construction, furnishing and equipping of a health care center facility. Bidders must specify a price of not less than $3,652,500 and accrued interest. Each rate must be in an integral multiple of 5/100 or 1/8 of 1% and may not exceed the rate specified for any subsequent maturity by more than 1%. A legal opinion will be furnished by Messrs. Dorsey, Windhorst, Hannaford, Whitney & Halladay, of Minneapolis and St. Paul, Minnesota. Bidders should be award that the Official Terms of Offering to be published in the -Official Statement for the Offering may contain additional bidding terms and information relative to the Issue. In the event of a variance between statements in this Notice of Sale and said Official Terms of Offering, the provisions of the latter shall be those to be complied with. Dated April 21, 1981. BY ORDER OF THE COUNTY BOARD OPERVISORS F. Verna Stohlberg .County Clerk