Loading...
HomeMy WebLinkAboutResolution 1981 (23)Supervisor T. O'Keefe then introduced the following resolution and moved its adoption: Resolution #23 (91) RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, FIXING THE FORM AND DETAILS, AND LEVYING TAXES FOR PAYMENT OF $3,725,000 GENERAL OBLIGATION BONDS BE IT RESOLVED by the Board of Supervisors of St. Croix County, Wisconsin, as follows: 1. Authorization and Sale of Bonds. 1.01. This Board, by resolution adopted on April 21, 1981,determined that it is necessary and in the best interests of the County to sell and issue its general obligation bonds in the prin'cip4l amount of $3,725,000, under and pursuant to Wisconsin Statutes, Section 67.05, to finance the acquisition, construction and equipment of a health care center to be located in the City of New Richmond. 1.02. Notice of sale of the Bonds has been duly published, and this Board has publicly considered all sealed' bids presented in conformity with the notice. The most favorable of such bids is ascertained to be that of The Northern Trust Company { of Chicago Illinois — and associates, to purchase the Bonds at a price of $ 3,657,500.00 plus.accrued interest, and upon the further terms and conditions set forth in this resolution. 1.03. The Chairman and County Clerk are directed to execute in duplicate a contract on the part of the County for the sale of the Bonds in accordance with the proposal described in Section 1.02, and to deliver a dublicate to the purchaser. The Treasurer is directed to retain the purchaser's check securing the contract of sale until the Bonds are delivered and the purchase price is paid, and to return the checks securing other bids to the respective bidders. 2. Terms of Bonds. The general obligation bonds sold on this date shall be designated "General Obligation Health Care Center Bonds of 1981," dated as of June 1, 1981, shall be 745 in number and numbered from 1 to 745, inclusive, each in the denomination of $5,000, shall mature serially, lowest numbers first, on October 1 in the years and amounts set forth below, and shall bear interest from date of issue until paid or duly called for redemption at the rates per annum shown opposite such years and amounts, respectively: evil Year Amount Rate Year Amount Rate 1982 $100,000 8.00% 1992 $250,000 9.85% 1983 100,000 8.25% 1993 250,000 10.00% 1984 100,000 8.500 1994 250,000 10.15% 1985 100,000 8.70% 1995 250,000 10.300 1986 1001000 8.850 1996 250,000 10.45% 1987 100,000 9.00% 1997 250,000 10.600 1988 100,000 9.20% 1998 250,000 10.750 1989 250,000 9.35% 1999 250,000 10.90% 1990 250,000 9.50% 2000 275,000 11.00o 1991- 250,000 9.700 ' The interest on each and all of the Bonds to maturity shall .be represented by separate and detachable interest coupons and shall be payable semiannually on April 1 and October 1 of each year, commencing on April 1, 1982. Bonds maturing in the years 1982 through 1993 shall be payable on their respective stated maturity dates without option of prior payment, but those maturing in the years 1994 `through 2000 shall each be subject to redemption and prepayment at the option of the County on October 1, 1993 and any interest payment date thereafter, in inverse order of maturity and by lot with respect to Bonds having the same maturity, at a price equal to the principal amount, thereof and accrued interest to the date specified for redemption. Not less than 30 days prior to the date specified for redemption of any of the Bonds, the Treasurer shall mail notice of the call thereof to the holder, if known, of each Bond to be redeemed, addresses of such holders insofar as such information is made available to him. Both principal and interest shall be payable at the The Northern Trust Company , in Chicago Illinois , and the County shall pay the reasonable and customary charges of said paying agent for the receipt and dis- bursement thereof. 3. Forms. The Bonds, the attached interest coupons, and the certificate as to opinion of bond counsel on the reverse side of the Bonds shall be printed in substantially the following form, with suitable variations for differences in their terms: -3- UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF ST. CROIX GENERAL OBLIGATION HEALTH CARE CENTER BOND OF 1981 No. $5,000 KNOW ALL MEN BY THESE PRESENTS that the County of St. Croix, State of Wisconsin, hereby acknowledges itself to be indebted and for value received promises to pay to bearer .the sum of FIVE THOUSAND DOLLARS on the 1st day of October, -19 or, if this bond is redeemable as stated below, on a date prior thereto on which it shall have been duly called for redemption, and to pay interest thereon from date hereof until said principal sum is paid, or, if this bond is redeemable, until it -shall have been duly called for redemption, at the rate of percent ( %) per annum, said interest being payable on April 1 and October l of each year, commencing on April 1, 1982, in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto. The principal of and interest on this bond are payable at in , in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public .and private debts. For the prompt and full payment of said principal and interest as the same respectively become due, the full faith and credit and taxing powers of the County have been and are hereby irrevocably pledged. This bond is one of an issue in the aggregate principal amount of $3,725,000, all of like date and tenor except as to serial number, interest rate, maturity date and redemption privilege, issued for the purpose of financing the acquisition, construction and equipment of a health care center in and for the .County, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Wisconsin, thereunto enabling, including Wisconsin Statutes, Chapter 67, and is issued pursuant to an initial resolution duly adopted by the Board of Supervisors of the County on April 21, 1981, entitled "Initial Resolution for Issuance of $3,725,000 General Obligation Bonds." Bonds of this issue maturing in the years 1982 through 1993 are payable on their respective stated maturity dates without option of prior payment, but those maturing in the years 1994 through 2000 are each subject to redemption and prepayment at the option of the County on -4- October 1, 1993 and any interest payment date thereafter, in inverse order of maturity dates and by lot as to bonds having the same maturity, at a price equal to the principal amount thereof and accrued interest. Not less than 30 days prior to the date specified for the redemption and prepayment of any bond the County will mail notice of the call thereof to the holder, if known, of each bond to be redeemed, and to the bank at which the principal and interest are then payable. Holders of prepayable bonds desiring to receive such notice may register their names and addresses and the serial numbers of their notes with the County Treasurer in Hudson, Wisconsin. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required to be done, to exist, to happen and to be performed precedent to and in the issuance of this bond, in order to make the same a valid and binding general obligation of said County in accordance with its terms, have been done, do exist; have happened and have been performed in regular and due form, time and manner; that the value of all taxable property in said County upon which its constitutional debt limit is based is $ that the aggregate amount of existing bonded indebtedness of said County, including this issue of bonds, is $ that a direct, annual, irrepealable, ad valorem tax has been duly levied upon all taxable property within said County for the years and in the amounts sufficient to pay the interest on this bond when it.falls due and to pay the discharge, the principal hereof at maturity; and that the issuance of this bond did not cause the indebtedness of the County to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF St. Croix County, by its Board of Supervisors, has caused this bond and the interest coupons appurtenant hereto and the certificate on the reverse side hereof to be executed on its behalf by the printed facsimile signatures of its Chairman and County Clerk and a printed facsimile of its official corporate seal; has caused this bond also to be executed by the manual signature of one of said officers; and has caused this bond to be dated as of June 1, 1981. (Facsimile Signature) County Clerk (SEAL) -5- (Facsimile Signature) Chairman, Board of Supervisors (Manual Signature) (FORM OF COUPON) 0M On the lst day of April (October) 19 , unless the bond described below is subject to and has been duly called for earlier redemption, the County of St. Croix, State of Wisconsin, will pay to bearer at in , the sum shown hereon in lawful money of the United States of America, for interest then due on its General Obligation Health Care Center Bond of 1981 dated June 1, 1981, No. (Facsimile Signature) County Clerk (Facsimile Signature) Chairman, Board.of Supervisors (Form of certificate to;be printed following legal opinion on back of all bonds.) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of bonds of St. Croix County, Wisconsin, which includes the within bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) County Clerk (Facsimile Signature) Chairman, Board of Supervisors 4. Execution and Delivery. The Bonds shall be executed on behalf of the County by the printed facsimile signatures of the Chairman and County Clerk and the manual signature of either of them, and by a printed facsimile of the official corporate seal of the County. The interest coupons and the certificate as to opinion of bond counsel shall -be executed by the printed facsimile signatures of said officers. When so executed, the Bonds shall be delivered by the Treasurer to the purchaser upon receipt of the purchase price specified in Section 1.02. 5. Tax Levy. The full faith and credit and taxing powers of the County shall be and they are hereby pledged for the payment of principal of and interest on the Bonds as such principal and interest respectively become due; and for the purpose of paying the principal of and interest on the Bonds as they respectively become due, there is hereby levied a direct, annual, irrepealable tax upon all of the taxable property in the County for the years and in the amounts as follows: Levy Levy Year Amount Year Amount 1981. $460,834.25 1991 $ 487,750.00 1982 461,625.00 1992 463,125.00 1983 453,375.00 1993 438,125.00 1984 444,875.00 1994 412,750.00 1985 436,175.00 1995 387,000.00 1986 427,325.00 1996 360,875.00 1987 418,325.00 1997 334,375.00 1988 559,125.00 1998 307,500.00 1989 535,750.00 1999 305,250.00 1990 512,000.00 6. Sinking Fund. Such taxes shall be extended upon the tax rolls prepared in the above years and shall be collected in the respective ensuing years with and as a part of the other general taxes levied in and for said County, and the proceeds thereof, w`hen.and as•collected, shall be placed in a sinking fund which is hereby created, and shall be used for no purpose other than to pay or prepay the principal .and interest on the Bonds. In the event any payments of principal or interest shall become due on the Bonds when there is not sufficient money in the fund to pay the same, then such principal or interest shall be paid out of any moneys of the County available therefor, and such moneys shall be reimbursed to the funds from which they are withdrawn out of the proceeds of such tax levies, or any necessary deficiency levies, when collected. The sinking fund shall be administered in accordance with the provisions of Wisconsin Statutes, Section 67.11. 7. Authentication of Transcript. The officers of the County are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and recorus of the County relating to the Bonds and to the financial condition and affairs of the County and such other affidavits, certificates and information as may be required'to show the facts relating to the legality of said Bonds, as such facts appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the County as to the facts recited therein. Section 8. Arbitrage. The County covenants and agrees with the holders of the Bonds that it will not take, or permit to be taken by any of its officers, employees or agents, any action which would cause the interest payable on the Bonds to become subject to taxation under the United States Internal -7- Revenue Code; and that it will take, or it will cause its officers, employees or agents to take, all affirmative actions within its .powers.which may be necessary to insure that such interest will not become subject to taxation under the Internal Revenue Code. Internal Revenue Code as used herein includes the Code and all regulations, amended regulations and proposed regulations issued thereunder, as now existing or as hereafter amended or proposed. The Chairman and County Clerk, being the officers of the County charged with the responsibility for issuing the obligations pursuant to this resolution, are authorized and directed to execute and deliver to the purchaser a certification in order to satisfy the provisions of Secti n 103(c) of the _Internal Revenue Code and the regula i romulgated th eunder. a Attest: County Clerk The motion for the adoption of the foregoing resolution was duly seconded by Supervisor E. Rock , and upon vote being taken thereon, the following voted in favor thereof: All members present and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, and was signed by the Chairman and attested by the Clerk.