HomeMy WebLinkAboutResolution 2011 (14) RESOLUTION AUTHORIZING THE ADMINISTRATION COMMITTEE TO
REALLOCATE BOND PROCEEDS
Resolution No. ' L4
St. Croix County, Wisconsin
WHEREAS, on March 16, 2010, the St. Croix County Board of Supervisors adopted Resolution
12(2010) authorizing the issuance of $3,360,000 taxable general obligation promissory notes
(Recovery Zone Economic Development Bonds) for the items shown on the attachment; and
WHEREAS, according to bond counsel, Resolution 12(2010) was drafted using language that
would permit the proceeds of the bonds to be allocated to different projects if the Board deemed
it necessary; and
WHEREAS, bond counsel has indicated that the Board may delegate its authority to reallocate
bond proceeds to a committee; and
WHEREAS, the Administration Committee is requesting the Board delegate the Board's
authority to reallocate bond proceeds to different projects.
THEREFORE, be it resolved by the St. Croix County Board of Supervisors that the authority to
reallocate proceeds from the Recovery Zone Economic Development Bonds is hereby delegated
to the Administration Committee.
Offered by the Administration Committee
YES NO ABSTAIN ABSENT SUPERVISOR SIGNATURE
® ❑ ❑ ❑ Ryan Sicard —
❑ ❑ ❑ ® Esther Wentz
❑ ❑ ❑ ❑ vacant
® ❑ ❑ ❑ Lorin Sather'l
® ❑ ❑ El Bauman orlon- _ . ;Ff t(7 G f
® ❑ ❑ ❑ Buck Malick
® ❑ ❑ ❑ Daryl Standafer ---=
This Resolution was adopted by the St. Croix County Board
Reviewed as to form on _ of Supervisors on S14e-x_ro,i,
Greg T( erman, Corporation Counsel ;, ? 5 ; Cindy Campbel , dount Clerk
Items for Borrowing Pool `
Brought Fon From Future Years or NTOt Budgeted
Govemment Center parking lot replacement 5200,000
Government Center wallToundation repairs 5500,000
Enterprise -wide financial software 5300,000
SheriTi s boat replacement 550.000
Additional Highway improvements
$1,662,262
Total :mount from future budgets: 52,768,262
Cost of Bond Issuance (est.) 556,000
Total Amount Proposed for Borrowing: 53,360,000
Projected DebtSer� ice
S2.000 000
1z Total :annual
X1,500.000 _ - _ _ Payment
tNh010 ER
Bonds
61,000,000 -
'L 1 13 Current Annua
55oopo _ - Payment
4. _ ysdi ,• X11, ._:`
C,
o o o
N N N N N N N N' '
STATE OF WISCONSIN
COUNTY OF ST. CROIX
Cam pbell, St. Croix
#1e6 to, Clerk, 00 HEREBY CERTIFY that
#16 to, is a true and orrect c o
ct� -e5o. u�1o,, I rt 1
adopted by the County Board of Supervisors
Cindy Carnpbe�Croix County C� le rk