HomeMy WebLinkAboutResolution 1978 (16)Supervisor Rock then introduced the
following resolution and moved its adoption:
NE so )_ a 0 14
RESOLUTION AUTHORIZING ISSUANCE, hWARDING
SALE, FIXING THE FORM AND DETAILS,
AND LEVYING TAXES FOR PAYMENT OF
$385,000 GENERAL OBLIGATION
. PROMISSORY NOTES OF 1978
BE IT RESOLVED by the Board of Supervisors of St.
Croix County, Wisconsin, as follows:
1.01. This Board hereby determines that it is
necessary and in the best interests of the County to borrow
the sum of $385,000 to finance the construction and equip-
ment of land, buildings and improvements of a capital nature
in and for the County, comprising a public health nurse's
office and a highway department office; and to sell and
issue $385,000 principal amount of General Obligation
Promissory Notes of 1978 of the County to evidence such
borrowing, under and pursuant to Wisconsin Statutes, Section
67.12(12); and such borrowing is hereby authorized.
1.02 Notice of sale of the Notes 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 Continental
Illinois National Bank & Trust Co. , of Chicago
Illinois . and associates, to purchase the Notes at a
price of par plus accrued interest plus a premium of
$17.60 , 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 Count
for the sale of the Notes in accordance with the proposal
described in Section 1.02, and to deliver a duplicate to th
purchasers. The Treasurer is directed to retain the
purchasers' check securing the contract of sale until the
Notes are delivered and the purchase price is paid, and to
return the checks securing.other bids to the respective
bidders. - I
2. Terms of Notes. The General Obligation
Promissory Notes of 1978 sold on this date shall be dated as
of March 1, 1978, shall be 77 in number and numbered from I
to 77, inclusive, each in the denomination of $5,000, and
shall mature serially, lowest numbers first, on October 1 in
the years and amounts set forth below, without option of
prior paymen.t, and shall bear interest from date of issue
until paid at the rates per annum shown opposite such years
and amount,5 respectively® i
Year
Amount
Rate
Year
Amount
Rate
1978
$40,000
4.10%
1983
$40,000
4.30%
1979
40,000
5.00%
1984
40,000
4.40%
1980
40,000
5.00%
1985
40,000
4.50%
1981
40,000
5.00%
1986
40,000
4.60%
1982
40,000
4.80%
1987
25,000
4.76%
The interest on each and all of the Notes to maturity shall
be represented by separate and detachable interest coupons
and shall be payable semiannually on . April 1 and October I
of each year, commencing on October 1, 1978. Both principal
and interest shall be payable at the American National Bank
Trust Co. , in St. Paul , Minnesota, and the County
shall pay the reasonable and customary charges of said
paying agent for the receipt and disbursement thereof.
3. Forms. The Notes, the attached interest
coupons, and the certificate as to opinion of bond counsel
on the reverse side of the Notes shall be printed in sub-
stantially the following form, with suitable variations for
differences in their terms®
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF ST. CROIX
GENERAL OBLIGATION PROMISSORY NOTE OF 1978
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
mm
on the 1st day of October, 19* , without option of prior
payment, and to pay interest thereon from the date hereof
until said principal sum is paid at the rate of
hundredths percent %) per annum, payable semi-
annually on each April 1 and October 1 to maturity, com-
mencing on October 1, 1978, in accordance with and upon
presentation and surrender of the interest coupons appur-
tenant hereto. Both principal of and interest on this note
are payable 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, at
in Minnesota.
For the prompt payment of said principal and interest as the
same respectively become due, the full faith and credit and
unlimited taxing powers of said County have been and are
irrevocably pledged.
This note is one of an issue of notes in the
aggregate principal amount of $385,000, all of like date and
tenor except as to serial number, interest rate and maturity
date, all issued to finance the cost of public improvements,
and is authorized by resolution duly adopted by the
requisite majority vote of the Board of Supervisors of the
County on February 21, 1978, now on file and of record in
the office of the County Clerk, and is issued pursuant to
and in full conformity with the Constitution and laws of. the
State of Wisconsin thereunto enabling, including Wisconsin
Statutes, Section 67.12(12).
IT IS HEREBY CERTIFIED AND RECITED, that all acts,
conditions and things required by law to be done, to exist,
to happen and to be performed precedent to and in the
issuance of this not.e in order to make it a valid and
binding general obligation of the County according to its
terms, have been done, do exist, have,happened and have been
performed in regular and due form, time and manner; that a
direct, annual, irrepealable tax has been levied by the
County upon all taxable property within its corporate limits
in amounts sufficient and for the years required to pay the
principal of, and interest on this note when due; and that
this note, together with all other existing indebtedness of
the County, does not exceed any constitutional or statutory
limitation of indebtedness.
IN WITNESS WHEREOF, the County, by its Board of
Supervisors, has caused this note to be executed in its
behalf by the manual signatures of its Chairman and its
County Clerk, and by.affixation of its official corporate
seal, has caused the appurtenant interest coupons and
certificate as to opinion of bond counsel on the reverse
side hereof to be executed and authenticated by the printed
facsimile signatures of said officers, and ',.,,as caused this
note to be dated as of March 1, 1978.
County Clerk
(Facsimile signature)
Chairman, Board of Supervisors
No. $
On the . 1st day of April (October), 19 the
County of St. Croix, State of Wisconsin, will pay to bearer
at , in 81
Minnesota, the sum shown hereon in lawful money of the
United States of America, being the installment of interest
then due on its General Obligation Promissory Note of 1978
dated March 1, 1978, No.
(Facsimile signature) (Facsimile signature)
County Clerk Chairman
(Form of certificate to be printed on the
reverse side of each note following a
full copy of the legal opinion on the
issue)
We certify that the above is a full, true and
correct copy of the legal opinion rendered by bond counsel
on the issue • notes of St. • • Wisconsin, which
includes the within • dated as of the date of delivery
of and payment for •
notes.
(Facsimile signature) (Facsimile signature)
County Clerk Chairman
4. Execution and Delivery. The Notes shall he
executed on behalf of the Countybythe manual signatures
of the Chairman and of the County Clerk, and by affixation
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 Notes 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, credit and taxing
powers of the County shall be and they are hereby pledged
for the payment of principal of and interest on the Notes as
such principal and interest respectively become due; and for
the purpose of paying the principal of and interest on the
Notes as they respectively become due, the County has levied
an ad valorem tax in the amount $56,250 collectible in 1978,
and 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®
MWA
1978
$50,381
1979
$54,215
1980
$52,215
1981
$50,215
1982
$48,295
Levy
Year Amount
1983
$46,575
1984
$44,815
1985
$43,015
1986
$26,175
0
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, when.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 Notes. In the event any
payments of principal or interest shall become due on the
Notes 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 herebyauthorizedand directed to prepare and
furnish to the purchaser of the Notes and to the attorneys
approving the legality of the issuance thereof, certified
copies of all proceedings and records of the County relating
to the Notes'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 Notes, 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.
8. Arbitrage. The Chairman and the 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 Section 1.103-13 of the amended Income Tax Regulations
(26 CFR Part 1) published in the Federal Register, May 5,
1973. Such certification shall state that on the basis of
the facts, estimates and circumstances in existence on the
Rate of issue and delivery of the Notes as therein set
forth, it is not expected that the proceeds of the Notes
will be used in such a manner that would cause the Notes to
be arbitrage obligations, and the certation shall
further state that to the best of the knowledge and belief
of the officers there are no other facts, estimates or
circumstances that would materially change such expectation.
Cha�irma�h��-d
Attest:
County Clerk
The motion for the adoption of the foregoing
resolution was duly seconded by Supervisor Boche , and
upon vote being taken thereon, the following voted in favor
thereof: Anderson, Meinke, Afdahl, Becker, Blakeborough, Boche, Dahm,
DeBoer, Dull, George, Holmes, Hop, Kellaher, Luckwaldt, Nelson, O'Connell,
Peterson, Pierson, Quinn, Rivard, Rock, Ryan, Solum, Stack & Thompson
and the following voted against the same: Best, Hallen, O'Keefe &
Ward
whereupon said resolution was declared duly passed and
adopted by the necessary two-thirds majority of the members
elect of the Board, and was signed by the Chairman and
attested by the Clerk.
CROIX COUNTY,
.!. PROMISSORY NOTESOF
POST SALE TAX
YEAR PRINCIPAL INTEREST TOTAL
-----
x r'
10/01/1978
40,000
10,415.42
50,415.42
50,415.42
1977
04/01/1979
10/01/1979
40,000
8,107.50
8,107.50
8,107.50
48,107.50
56,215.00*
1975
0 /01/1980
7,107.50
7,107.50
10/01/1980
40,000
7,107.50
47,107.50
54,215.00
1979
04/01/1981
6,107.50
6,107.50
10/01/1981
40,000
6,107.50
46,107.50
52,215.00
1900
0 /01/1982
5,107.50
5,107.5
10/01/1982
40,000
5,107.50
45,107.50
50,215.00
1981
04/01/1983
4,1 7.50
4,147.50
10/01/1983
40,000
4,147.50
44,147.50
48,2 5.00
1982
0 /01/1984
3,287.50
3,287.50
-10/01/1984
0,000
,287.50
,287.50
6,575.00
1903
04/01/1985
2,407.50
2,407.50
10/01/1905
40,000
2,407.50
42,407.50
44,815.00
1984
04/01/1986
1,507.50
1,507.50
10/01/1986
0,000
1,507.541,507.503,015.00
1 0
t /01/1987
587.50
587.50
10/01/1987
25,000
507.50
26,175.00
1986
TOTALS $385,000
$87,150.42
$472,150.42
$472,150.42
PREMIUM (MINUS)
® 17. 0
NET INTEREST COST
4
$87,132.82
*This levy has
been reduced to $50,381
as the 1977
levy made in advance of
the sale was
$5,834 in
excess of the
actual amount
needed. This excess
will be used
to reduce
the 197E levy.
rs
CERTIFICATION OF MINUTES RELATING TO
$385,000 General Obligation Promissory Notes of 1978
Issuer: St. Croix County, Wisconsin
Governing Body: Board of Supervisors
Kind, date, time and place of meeting: A regular meeting;
held on Tuesday,.February 21, 1978, at 1:30 P.M., at the
County Courthouse in Hudson
Members present: Anderson, Meinke, Afdahl, Becker, Best, Boche,
Blakeborough, Boche, Dahm, Degoer, Dull, George, Hallen, Holmes,
Hop, Kellaher, Luckwaldt, Nelson, O'Connell, O'Keefe, Peterson,
Pierson, Quinn, Rivard, Rock, Ryan, Solum, Stack, Thompson & Ward
Members absent: Lowe and Schultz
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
SALE, FIXING THE FORM AND DETAILS, AND
LEVYING TAXES FOR PAYMENT OF $385,000
GENERAL OBLIGATION PROMISSORY NOTES OF 1978
WITNESS my hand officially as such recording
officer this &&I-' day of 1978.
�gn a r e