HomeMy WebLinkAbout04-04-2022 County Board Agenda
AGENDA
BOARD OF SUPERVISORS
April 4, 2022 5:00 PM
Room 1284-County Board Room
Government Center - 1101 Carmichael Road, Hudson, Wisconsin
NOTE - SOME COUNTY BOARD SUPERVISORS MAY ATTEND REMOTELY.
CALL TO ORDER
INVOCATION OR MOMENT OF SILENCE
PLEDGE ALLEGIANCE TO THE FLAG
ROLL CALL
PUBLIC COMMENT
PRESENTATIONS OR RECOGNITIONS
1. Recognition of National Public Safety Telecommunicators Week
COUNTY ADMINISTRATOR'S REPORT
BUSINESS
1. Resolution Awarding the Sale of $80,000,000 General Obligation Government Center Building
Bonds, Series 2022A
2. Recommendation to the County Board of County Clerk to Fill the Remaining Term of Office
ANNUAL DEPARTMENT REPORTS
REQUEST FOR FUTURE AGENDA ITEMS
COUNTY CLERK'S REPORT OF CORRESPONDENCE AND REZONING REQUESTS
ANNOUNCEMENTS
ADJOURNMENT
Reasonable efforts will be made to provide special accommodations for access to public meetings. To
-4600 at least two
business days prior to the time of the meeting. Please see www.sccwi.gov for available digital options to
access the meeting.
8/2
COVER MEMO
TO: County Board of Supervisors
FROM: Ken Witt, County Administrator
Scott Knudson, Sheriff, Sheriff's Office
DATE: April 4, 2022
AGENDA ITEM: Recognition of National Public Safety Telecommunicators Week
______________________________________________________________________________
BACKGROUND INFORMATION
California, Telecommunicators Week was created to raise public awareness of the hard work and
dedication of public safety telecommunicators. In October 1991, APCO International successfully
lobbied to receive a formal proclamation by Congress, which was signed by President Bill
Clinton, designating the second full week in April as National Public Safety Telecommunicators
Week.
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Resolution No.
RESOLUTION AWARDING THE SALE OF $80,000,000 GENERAL
OBLIGATION GOVERNMENT CENTER BUILDING BONDS, SERIES
2022A
COVER MEMO
TO: County Board of Supervisors
FROM: Ken Witt, County Administrator
DATE: April 4, 2022
AGENDA ITEM: Resolution Awarding the Sale of $80,000,000 General Obligation
Government Center Building Bonds, Series 2022A
______________________________________________________________________________
BACKGROUND INFORMATION
The St. Croix County bond issue series 2022A sell on Monday, April 4th. The details of the sale
will be updated in the resolution on the day of the sale.
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Resolution No.
RESOLUTION AWARDING THE SALE OF $80,000,000 GENERAL
OBLIGATION GOVERNMENT CENTER BUILDING BONDS, SERIES
2022A
1 WHEREAS, on March 1, 2022, the County Board of Supervisors of St. Croix County,
2 Wisconsin (the "County") adopted, by a vote of at least three-fourths of the members-elect, an
3 initial resolution authorizing the issuance of general obligation bonds in an amount not to exceed
4 $80,000,000 for the public purpose of paying the cost of capital projects included in the County's
5 budget, including but not limited to, Phase II of the County's Government Center project and
6 acquiring equipment for the same (the "Project") (the above-referenced initial resolution is
7 referred to herein as the "Initial Resolution");
8 WHEREAS, the County Board of Supervisors hereby finds and determines that the
9 Project is within the County's power to undertake and therefore serves a "public purpose" as that
10 term is defined in Section 67.04(1)(b), Wisconsin Statutes;
11 WHEREAS, the County is authorized by the provisions of Section 67.04, Wisconsin
12 Statutes, to borrow money and issue general obligation bonds for such public purposes;
13 WHEREAS, none of the proceeds of the Bonds shall be used to fund the operating
14 expenses of the general fund of the County or to fund the operating expenses of any special
15 revenue fund of the County that is supported by the property taxes;
16 WHEREAS, the County has directed Ehlers & Associates, Inc. ("Ehlers") to take the
17 steps necessary to sell general obligation bonds designated as "General Obligation Government
18 Center Building Bonds, Series 2022A" (the "Bonds") to pay the cost of the Project;
19 WHEREAS, Ehlers, in consultation with the officials of the County, prepared a Notice of
20 Sale (a copy of which is attached hereto as Exhibit A and incorporated herein by this reference)
21 setting forth the details of and the bid requirements for the Bonds and indicating that the Bonds
22 would be offered for public sale on April 4, 2022;
23 WHEREAS, the County Clerk (in consultation with Ehlers) caused a form of notice of
24 the sale to be published and/or announced and caused the Notice of Sale to be distributed to
25 potential bidders offering the Bonds for public sale on April 4, 2022;
26 WHEREAS, the County has duly received bids for the Bonds as described on the Bid
27 Tabulation attached hereto as Exhibit B and incorporated herein by this reference (the "Bid
28 Tabulation"); and
29 WHEREAS, it has been determined that the bid proposal (the "Proposal") submitted by
30 the financial institution listed first on the Bid Tabulation fully complies with the bid
31 requirements set forth in the Notice of Sale and is deemed to be the most advantageous to the
32 County. Ehlers has recommended that the County accept the Proposal. A copy of said Proposal
33 submitted by such institution (the "Purchaser") is attached hereto as Exhibit C and incorporated
34 herein by this reference.
35 NOW, THEREFORE, BE IT RESOLVED by the County Board of Supervisors of the
36 County that:
37 Section 1. Ratification of the Notice of Sale and Offering Materials. The County Board
38 of Supervisors hereby ratifies and approves the details of the Bonds set forth in Exhibit A
39 attached hereto as and for the details of the Bonds. The Notice of Sale and any other offering
40 materials prepared and circulated by Ehlers are hereby ratified and approved in all respects. All
41 actions taken by officers of the County and Ehlers in connection with the preparation and
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42 distribution of the Notice of Sale, and any other offering materials are hereby ratified and
43 approved in all respects.
44 Section 1A. Award of the Bonds. For the purpose of paying the cost of the Project
45 authorized by the Initial Resolution, there shall be borrowed pursuant to Section 67.04,
46 Wisconsin Statutes, the principal sum of EIGHTY MILLION DOLLARS ($80,000,000) from
47 the Purchaser in accordance with the terms and conditions of the Proposal. The Proposal of the
48 Purchaser offering to purchase the Bonds for the sum set forth on the Proposal, plus accrued
49 interest to the date of delivery, resulting in a true interest cost as set forth on the Proposal, is
50 hereby accepted. The Chairperson and County Clerk or other appropriate officers of the County
51 are authorized and directed to execute an acceptance of the Proposal on behalf of the County.
52 The good faith deposit of the Purchaser shall be applied in accordance with the Notice of Sale,
53 and any good faith deposits submitted by unsuccessful bidders shall be promptly returned. The
54 Bonds shall bear interest at the rates set forth on the Proposal.
55 Section 2. Terms of the Bonds. The Bonds shall be designated "General Obligation
56 Government Center Building Bonds, Series 2022A"; shall be issued in the aggregate principal
57 amount of $80,000,000; shall be dated April 19, 2022; shall be in the denomination of $5,000 or
58 any integral multiple thereof; shall be numbered R-1 and upward; and shall bear interest at the
59 rates per annum and mature on March 1 of each year, in the years and principal amounts as set
60 forth on the Pricing Summary attached hereto as Exhibit D-1 and incorporated herein by this
61 reference. Interest shall be payable semi-annually on March 1 and September 1 of each year
62 commencing on March 1, 2023. Interest shall be computed upon the basis of a 360-day year of
63 twelve 30-day months and will be rounded pursuant to the rules of the Municipal Securities
64 Rulemaking Board. The schedule of principal and interest payments due on the Bonds is set
65 forth on the Debt Service Schedule attached hereto as Exhibit D-2 and incorporated herein by
66 this reference (the "Schedule").
67 Section 3. Redemption Provisions. The Bonds maturing on March 1, 2031 and thereafter
68 are subject to redemption prior to maturity, at the option of the County, on March 1, 2030 or on
69 any date thereafter. Said Bonds are redeemable as a whole or in part, and if in part, from
70 maturities selected by the County, and within each maturity by lot, at the principal amount
71 thereof, plus accrued interest to the date of redemption.
72 \[If the Proposal specifies that any of the Bonds are subject to mandatory redemption, the
73 terms of such mandatory redemption shall be set forth on an attachment hereto as Exhibit MRP
74 and incorporated herein by this reference. Upon the optional redemption of any of the Bonds
75 subject to mandatory redemption, the principal amount of such Bonds so redeemed shall be
76 credited against the mandatory redemption payments established in Exhibit MRP for such Bonds
77 in such manner as the County shall direct.\]
78 Section 4. Form of the Bonds. The Bonds shall be issued in registered form and shall be
79 executed and delivered in substantially the form attached hereto as Exhibit E and incorporated
80 herein by this reference.
81 Section 5. Tax Provisions.
82 (A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the
83 principal of and interest on the Bonds as the same becomes due, the full faith, credit and
84 resources of the County are hereby irrevocably pledged, and there is hereby levied upon all of
85 the taxable property of the County a direct annual irrepealable tax in the years 2022 through
86 2041 for the payments due in the years 2023 through 2042 in the amounts set forth on the
87 Schedule.
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88 (B) Tax Collection. So long as any part of the principal of or interest on the
89 Bonds remains unpaid, the County shall be and continue without power to repeal such levy or
90 obstruct the collection of said tax until all such payments have been made or provided for. After
91 the issuance of the Bonds, said tax shall be, from year to year, carried onto the tax roll of the
92 County and collected in addition to all other taxes and in the same manner and at the same time
93 as other taxes of the County for said years are collected, except that the amount of tax carried
94 onto the tax roll may be reduced in any year by the amount of any surplus money in the Debt
95 Service Fund Account created below.
96 (C) Additional Funds. If at any time there shall be on hand insufficient funds
97 from the aforesaid tax levy to meet principal and/or interest payments on said Bonds when due,
98 the requisite amounts shall be paid from other funds of the County then available, which sums
99 shall be replaced upon the collection of the taxes herein levied.
100 Section 6. Segregated Debt Service Fund Account.
101 (A) Creation and Deposits. There be and there hereby is established in the
102 treasury of the County, if one has not already been created, a debt service fund, separate and
103 distinct from every other fund, which shall be maintained in accordance with generally accepted
104 accounting principles. Debt service or sinking funds established for obligations previously
105 issued by the County may be considered as separate and distinct accounts within the debt service
106 fund.
107 Within the debt service fund, there hereby is established a separate and distinct account
108 designated as the "Debt Service Fund Account for General Obligation Government Center
109 Building Bonds, Series 2022A, dated April 19, 2022" (the "Debt Service Fund Account") and
110 such account shall be maintained until the indebtedness evidenced by the Bonds is fully paid or
111 otherwise extinguished. There shall be deposited into the Debt Service Fund Account (i) all
112 accrued interest received by the County at the time of delivery of and payment for the Bonds; (ii)
113 any premium which may be received by the County above the par value of the Bonds and
114 accrued interest thereon; (iii) all money raised by the taxes herein levied and any amounts
115 appropriated for the specific purpose of meeting principal of and interest on the Bonds when due;
116 (iv) such other sums as may be necessary at any time to pay principal of and interest on the
117 Bonds when due; (v) surplus monies in the Borrowed Money Fund as specified below; and (vi)
118 such further deposits as may be required by Section 67.11, Wisconsin Statutes.
119 (B) Use and Investment. No money shall be withdrawn from the Debt Service
120 Fund Account and appropriated for any purpose other than the payment of principal of and
121 interest on the Bonds until all such principal and interest has been paid in full and the Bonds
122 canceled; provided (i) the funds to provide for each payment of principal of and interest on the
123 Bonds prior to the scheduled receipt of taxes from the next succeeding tax collection may be
124 invested in direct obligations of the United States of America maturing in time to make such
125 payments when they are due or in other investments permitted by law; and (ii) any funds over
126 and above the amount of such principal and interest payments on the Bonds may be used to
127 reduce the next succeeding tax levy, or may, at the option of the County, be invested by
128 purchasing the Bonds as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or
129 in permitted municipal investments under the pertinent provisions of the Wisconsin Statutes
130 ("Permitted Investments"), which investments shall continue to be a part of the Debt Service
131 Fund Account. Any investment of the Debt Service Fund Account shall at all times conform
132 with the provisions of the Internal Revenue Code of 1986, as amended (the "Code") and any
133 applicable Treasury Regulations (the "Regulations").
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134 (C) Remaining Monies. When all of the Bonds have been paid in full and
135 canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service
136 Fund Account shall be transferred and deposited in the general fund of the County, unless the
137 County Board of Supervisors directs otherwise.
138 Section 7. Proceeds of the Bonds; Segregated Borrowed Money Fund. The proceeds of
139 the Bonds (the "Bond Proceeds") (other than any premium and accrued interest which must be
140 paid at the time of the delivery of the Bonds into the Debt Service Fund Account created above)
141 shall be deposited into a special fund (the "Borrowed Money Fund") separate and distinct from
142 all other funds of the County and disbursed solely for the purpose or purposes for which
143 borrowed. In no event shall monies in the Borrowed Money Fund be used to fund operating
144 expenses of the general fund of the County or of any special revenue fund of the County that is
145 supported by property taxes. Monies in the Borrowed Money Fund may be temporarily invested
146 in Permitted Investments. Any monies, including any income from Permitted Investments,
147 remaining in the Borrowed Money Fund after the purpose or purposes for which the Bonds have
148 been issued have been accomplished, and, at any time, any monies as are not needed and which
149 obviously thereafter cannot be needed for such purpose(s) shall be deposited in the Debt Service
150 Fund Account.
151 Section 8. No Arbitrage. All investments made pursuant to this Resolution shall be
152 Permitted Investments, but no such investment shall be made in such a manner as would cause
153 the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code or the
154 Regulations and an officer of the County, charged with the responsibility for issuing the Bonds,
155 shall certify as to facts, estimates, circumstances and reasonable expectations in existence on the
156 date of delivery of the Bonds to the Purchaser which will permit the conclusion that the Bonds
157 are not "arbitrage bonds," within the meaning of the Code or Regulations.
158 Section 9. Compliance with Federal Tax Laws. (a) The County represents and
159 covenants that the projects financed by the Bonds and the ownership, management and use of the
160 projects will not cause the Bonds to be "private activity bonds" within the meaning of Section
161 141 of the Code. The County further covenants that it shall comply with the provisions of the
162 Code to the extent necessary to maintain the tax-exempt status of the interest on the Bonds
163 including, if applicable, the rebate requirements of Section 148(f) of the Code. The County
164 further covenants that it will not take any action, omit to take any action or permit the taking or
165 omission of any action within its control (including, without limitation, making or permitting any
166 use of the proceeds of the Bonds) if taking, permitting or omitting to take such action would
167 cause any of the Bonds to be an arbitrage bond or a private activity bond within the meaning of
168 the Code or would otherwise cause interest on the Bonds to be included in the gross income of
169 the recipients thereof for federal income tax purposes. The County Clerk or other officer of the
170 County charged with the responsibility of issuing the Bonds shall provide an appropriate
171 certificate of the County certifying that the County can and covenanting that it will comply with
172 the provisions of the Code and Regulations.
173 (b) The County also covenants to use its best efforts to meet the requirements and
174 restrictions of any different or additional federal legislation which may be made applicable to the
175 Bonds provided that in meeting such requirements the County will do so only to the extent
176 consistent with the proceedings authorizing the Bonds and the laws of the State of Wisconsin and
177 to the extent that there is a reasonable period of time in which to comply.
178 Section 10. Execution of the Bonds; Closing; Professional Services. The Bonds shall be
179 issued in printed form, executed on behalf of the County by the manual or facsimile signatures of
180 the Chairperson and County Clerk, authenticated, if required, by the Fiscal Agent (defined
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181 below), sealed with its official or corporate seal, if any, or a facsimile thereof, and delivered to
182 the Purchaser upon payment to the County of the purchase price thereof, plus accrued interest to
183 the date of delivery (the "Closing"). The facsimile signature of either of the officers executing
184 the Bonds may be imprinted on the Bonds in lieu of the manual signature of the officer but,
185 unless the County has contracted with a fiscal agent to authenticate the Bonds, at least one of the
186 signatures appearing on each Bond shall be a manual signature. In the event that either of the
187 officers whose signatures appear on the Bonds shall cease to be such officers before the Closing,
188 such signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as
189 if they had remained in office until the Closing. The aforesaid officers are hereby authorized and
190 directed to do all acts and execute and deliver the Bonds and all such documents, certificates and
191 acknowledgements as may be necessary and convenient to effectuate the Closing. The County
192 hereby authorizes the officers and agents of the County to enter into, on its behalf, agreements
193 and contracts in conjunction with the Bonds, including but not limited to agreements and
194 contracts for legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate
195 calculation services. Any such contract heretofore entered into in conjunction with the issuance
196 of the Bonds is hereby ratified and approved in all respects.
197 Section 11. Payment of the Bonds; Fiscal Agent. The principal of and interest on the
198 Bonds shall be paid by U.S. Bank National Association, which is hereby appointed as the
199 County's registrar and fiscal agent pursuant to the provisions of Section 67.10(2), Wisconsin
200 Statutes (the "Fiscal Agent"). The County hereby authorizes the Chairperson and County Clerk
201 or other appropriate officers of the County to enter into a Fiscal Agency Agreement between the
202 County and the Fiscal Agent. Such contract may provide, among other things, for the
203 performance by the Fiscal Agent of the functions listed in Wis. Stats. Sec. 67.10(2)(a) to (j),
204 where applicable, with respect to the Bonds.
205 Section 12. Persons Treated as Owners; Transfer of Bonds. The County shall cause
206 books for the registration and for the transfer of the Bonds to be kept by the Fiscal Agent. The
207 person in whose name any Bond shall be registered shall be deemed and regarded as the absolute
208 owner thereof for all purposes and payment of either principal or interest on any Bond shall be
209 made only to the registered owner thereof. All such payments shall be valid and effectual to
210 satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid.
211 Any Bond may be transferred by the registered owner thereof by surrender of the Bond at
212 the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment
213 duly executed by the registered owner or his attorney duly authorized in writing. Upon such
214 transfer, the Chairperson and County Clerk shall execute and deliver in the name of the
215 transferee or transferees a new Bond or Bonds of a like aggregate principal amount, series and
216 maturity and the Fiscal Agent shall record the name of each transferee in the registration book.
217 No registration shall be made to bearer. The Fiscal Agent shall cancel any Bond surrendered for
218 transfer.
219 The County shall cooperate in any such transfer, and the Chairperson and County Clerk
220 are authorized to execute any new Bond or Bonds necessary to effect any such transfer.
221 Section 13. Record Date. The 15th day of the calendar month next preceding each
222 interest payment date shall be the record date for the Bonds (the "Record Date"). Payment of
223 interest on the Bonds on any interest payment date shall be made to the registered owners of the
224 Bonds as they appear on the registration book of the County at the close of business on the
225 Record Date.
226 Section 14. Utilization of The Depository Trust Company Book-Entry-Only System. In
227 order to make the Bonds eligible for the services provided by The Depository Trust Company,
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228 New York, New York ("DTC"), the County agrees to the applicable provisions set forth in the
229 Blanket Issuer Letter of Representations, which the County Clerk or other authorized
230 representative of the County is authorized and directed to execute and deliver to DTC on behalf
231 of the County to the extent an effective Blanket Issuer Letter of Representations is not presently
232 on file in the County Clerk's office.
233 Section 15. Payment of Issuance Expenses. The County authorizes the Purchaser to
234 forward the amount of the proceeds of the Bonds allocable to the payment of issuance expenses
235 to a financial institution selected by Ehlers at Closing for further distribution as directed by
236 Ehlers.
237 Section 16. Official Statement. The County Board of Supervisors hereby approves the
238 Preliminary Official Statement with respect to the Bonds and deems the Preliminary Official
239 Statement as "final" as of its date for purposes of SEC Rule 15c2-12 promulgated by the
240 Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934 (the
241 "Rule"). All actions taken by officers of the County in connection with the preparation of such
242 Preliminary Official Statement and any addenda to it or final Official Statement are hereby
243 ratified and approved. In connection with the Closing, the appropriate County official shall
244 certify the Preliminary Official Statement and any addenda or final Official Statement. The
245 County Clerk shall cause copies of the Preliminary Official Statement and any addenda or final
246 Official Statement to be distributed to the Purchaser.
247 Section 17. Undertaking to Provide Continuing Disclosure. The County hereby
248 covenants and agrees, for the benefit of the owners of the Bonds, to enter into a written
249 undertaking (the "Undertaking") if required by the Rule to provide continuing disclosure of
250 certain financial information and operating data and timely notices of the occurrence of certain
251 events in accordance with the Rule. The Undertaking shall be enforceable by the owners of the
252 Bonds or by the Purchaser on behalf of such owners (provided that the rights of the owners and
253 the Purchaser to enforce the Undertaking shall be limited to a right to obtain specific
254 performance of the obligations thereunder and any failure by the County to comply with the
255 provisions of the Undertaking shall not be an event of default with respect to the Bonds).
256 To the extent required under the Rule, the Chairperson and County Clerk, or other officer
257 of the County charged with the responsibility for issuing the Bonds, shall provide a Continuing
258 Disclosure Certificate for inclusion in the transcript of proceedings, setting forth the details and
259 terms of the County's Undertaking.
260 Section 18. Record Book. The County Clerk shall provide and keep the transcript of
261 proceedings as a separate record book (the "Record Book") and shall record a full and correct
262 statement of every step or proceeding had or taken in the course of authorizing and issuing the
263 Bonds in the Record Book.
264 Section 19. Bond Insurance. If the Purchaser determines to obtain municipal bond
265 insurance with respect to the Bonds, the officers of the County are authorized to take all actions
266 necessary to obtain such municipal bond insurance. The Chairperson and County Clerk are
267 authorized to agree to such additional provisions as the bond insurer may reasonably request and
268 which are acceptable to the Chairperson and County Clerk including provisions regarding
269 restrictions on investment of Bond proceeds, the payment procedure under the municipal bond
270 insurance policy, the rights of the bond insurer in the event of default and payment of the Bonds
271 by the bond insurer and notices to be given to the bond insurer. In addition, any reference
272 required by the bond insurer to the municipal bond insurance policy shall be made in the form of
273 Bond provided herein.
274
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275
276 Section 20. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
277 rules or other actions of the County Board of Supervisors or any parts thereof in conflict with the
278 provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so
279 conflict. In the event that any one or more provisions hereof shall for any reason be held to be
280 illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The
281 foregoing shall take effect immediately upon adoption and approval in the manner provided by
282 law.
283 Adopted, approved and recorded April 4, 2022.
Legal Fiscal Administrative Approvals:
Legal Note:
Fiscal Impact: Approving the bond sale obligates the County to make annual payments.
04/4/22
04/04/22Administration CommitteeAPPROVED
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NPWFS;David Peterson, Supervisor
TFDPOEFS;Scottie Ard, Vice Chair
BZFT;Long, Koch, Ard, Peterson, Peavey
Vote Confirmation.
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St. Croix County Board of Supervisors Action:
Roll Call - Vote Requirement Majority of Supervisors Present
Cindy Campbell, County Clerk
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2018A
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Bonds
ЉЌВЎͲЏЌЎ
ЉЌΉЉБΉЋЉЊБ
Maintenance
υЋАͲЉЉЉͲЉЉЉ
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2016A
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υЊЉͲЉЉЉͲЉЉЉ
Series
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Health
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Bonds
2015A
ЉЍΉЉЊ
Center
ЉЊЉЍͲЎЋБ
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υЊЉͲЉЉЉͲЉЉЉ
Series
ЍАЎͲЉЉЉЋЉЍͲЌЉЎЍБЎͲЉЉЉЊВЌͲЍВЌ
Health ЎЉЉͲЉЉЉЊБЊͲЊБЉЎЊЎͲЉЉЉЊЏБͲЍВЌЎЌЉͲЉЉЉЊЎЎͲЍЌЉЎЍЎͲЉЉЉЊЍЊͲЌЊЊЎЏЎͲЉЉЉЊЋЏͲЉЍВЎБЉͲЉЉЉЊЉВͲЎБЉЏЉЉͲЉЉЉВЊͲББЉЏЊЎͲЉЉЉАЌͲЉЍЉЏЌЎͲЉЉЉЎЌͲЉЍЉЏЏЉͲЉЉЉЌЋͲЌЋЉЏБЉͲЉЉЉЊЉͲББЉ
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2014A
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ЉЌЉͲБЌБ
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υЊЉͲЉЉЉͲЉЉЉ
Series
Indebtednes
Promissory
Debt
ЊͲЍЌЉͲЉЉЉЊͲЍАЉͲЉЉЉЋͲВЉЉͲЉЉЉ
Wisconsin
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Bonded
of
County,
Obligation
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EndingPrincipalInterestPrincipalInterestPrincipalInterestPrincipalInterestPrincipalInterest
of
202220232024202520262027202820292030203120322033203420352036203720382039204020412042
Croix
Dated
Amount
Maturity
Calendar
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St.ScheduleGeneral(As
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Year
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2042
Ca
Paid
Principal
Outstanding%
I
&
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InterestTotal
PrincipalTotal
Bonds
InterestTotal
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2022A
ЉЌΉЉЊ
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Series
υБЉͲЉЉЉͲЉЉЉΫ
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Government
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Taxes
continued
by
ĭŷğƓŭĻ͵
Note Ʒƚ
2020A
ЉЌΉЊЎ
Secured
ЉЊЌͲЌЌЊЉЉЉАЌЋͲЍЌЎАЌЋͲЍЌЎЊЌЉͲЏАЏͲЉЉЉ͵ЉЉі
ƭǒĬƆĻĭƷ
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Series
Promissory
Indebtedness
Debt
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ЊͲЏЎЏͲЉЉЉЏАͲЊБЎБЉͲЉЉЉͲЉЉЉЋЌͲЏЏЍͲЉЌБЊЌЉͲЏАЏͲЉЉЉЌЎͲЍЎЊͲЎЏЉЊЏЏͲЊЋАͲЎЏЉ
Wisconsin
tƩĻƌźƒźƓğƩǤͲ
ЌЌЎЋЉАЌЍЊЍВЉ
Ϋ
Bonded
of
County,
Obligation
04/19/2022)
EndingPrincipalInterestPrincipal
of
202220232024202520262027202820292030203120322033203420352036203720382039204020412042
Croix
Dated
Amount
Maturity
Calendar
Year Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
St.ScheduleGeneral(As
14
Qbdlfu!Qh/!41
:/2/b
2
VOEFSMZJOH!EFCU
3132Dpvouz(t
Frvbmj{fe&!Jo!UpubmQspqpsujpobuf
34
Ubyjoh!EjtusjduWbmvfDpvouz!H/P/!Efcu!!!!Tibsf!!!
Upxot!pg;
Ivetpo%2-45:-946-511211/1111&%2-125-924%2-125-924
Sjdinpoe588-92:-711211/1111&33-38433-384
Tuboupo213-282-211211/1111&26-33826-338
Tu/!Kptfqi933-:86-811211/1111&7-371-9217-371-921
Wjmmbhft!pg;
Cbmexjo512-989-311211/1111&2-637-:2:2-637-:2:
Effs!Qbsl26-884-911211/1111&486-111486-111
Ibnnpoe268-:42-711211/1111&4-:86-1114-:86-111
Opsui!Ivetpo647-674-:11211/1111&3-269-6213-269-621
Spcfsut29:-364-:11211/1111&995-177995-177
Tpnfstfu3:4-957-611211/1111&6-983-4636-983-463
Tqsjoh!Wbmmfz:3-856-8112/9841&611-111:-476
Xppewjmmf225-157-511211/1111&4-461-1114-461-111
Djujft!pg;
Hmfoxppe!Djuz89-2:2-511211/1111&2-931-1112-931-111
Ivetpo3-4:1-719-811211/1111&34-7:1-11134-7:1-111
Ofx!Sjdinpoe2-149-675-211211/1111&27-212-46527-212-465
Sjwfs!Gbmmt2-426-:22-11148/71::&29-854-1498-15:-349
Tdippm!Ejtusjdut!pg;
Bnfsz2-2:4-:41-7364/2568&626-:8127-342
Cbmexjo.Xppewjmmf:44-726-398211/1111&42-2:5-22742-2:5-227
Cpzdfwjmmf48:-351-2631/4644&5-295-47125-894
Dmfbs!Mblf3:2-512-31:28/83::&:-878-1112-842-78:
2
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pvutuboejoh!bsf!jodmvefe!jo!uijt!tfdujpo/!Uifsf!bsf!bmtp!tpnf!nvojdjqbmjujft0ejtusjdut!uibu!nbzibwf!pvutuboejoh
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Tubufnfou/!
3
Jodmveft!uby!jodsfnfou!wbmvbujpo/
4
Pvutuboejoh!efcu!cbtfe!po!jogpsnbujpo!pcubjofe!po!FNNB!boe!uif!Nvojdjqbm!Bewjtps(t!sfdpset/
Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
26
Qbdlfu!Qh/!42
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Hmfoxppe!Djuz435-638-89296/4439&8-6:1-1117-587-871
Ivetpo6-48:-756-846211/1111&84-481-11184-481-111
Nfopnpojf!Bsfb3-458-341-9151/1966&37-325-11133-524
Ofx!Sjdinpoe3-276-473-164211/1111&57-766-11157-766-111
Ptdfpmb2-275-684-7967/5744&9-3:1-111646-919
Sjwfs!Gbmmt3-7:9-278-::85:/1429&65-281-11137-671-637
Tu/!Dspjy!Dfousbm:26-341-335211/1111&37-617-11137-617-111
Tpnfstfu2-272-618-571211/1111&38-2:6-11138-2:6-111
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Ufdiojdbm!Dpmmfhft;
Dijqqfxb!Wbmmfz42-299-56:-34:5/7255&82-221-1114-392-411
Opsuixppe53-1:3-482-37237/2444&53-386-11122-158-964
Dpvouz(t!Tibsf!pg!Upubm!Voefsmzjoh!Efcu%445-:94-378
Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
27
Qbdlfu!Qh/!43
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EFCU!SBUJPT
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WbmvfDbqjub
2
H/P/!Efcu!%23-54:-399-411:4-261
Upubm!Hfofsbm!Pcmjhbujpo!Efcu+%241-787-1112/16&%2-513/97
Dpvouz(t!Tibsf!pg!Upubm!Pwfsmbqqjoh!Efcu445-:94-3783/7:&%4-6:7/28
Upubm+%576-76:-3784/85&%5-:::/14
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2
Ftujnbufe!3132!qpqvmbujpo/
Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
28
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3128029%43-2:6-727%257-149-::4::/::&%4/68
312902:45-447-396283-943-:7:::/:6&4/74
312:03147-477-589296-364-137::/99&4/62
313103248-299-5762:1-559-498::/83&4/43
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29
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2
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3128029%21/82%4/68%5/75%29/:3
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313103221/484/295/1828/73
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3128029%21/:8%4/68%8/81%33/35
312902:21/574/628/4832/45
312:03121/514/517/8:31/69
3131032:/454/297/2929/81
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2
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2:
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A-5
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A-10
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A-13
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A-14
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A-15
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A-16
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A-17
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A-18
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A-19
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A-20
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A-21
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A-22
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A-23
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A-24
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A-25
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A-26
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A-27
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A-28
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A-29
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A-30
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A-31
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A-32
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A-33
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A-34
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A-35
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A-36
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A-37
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A-38
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A-39
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A-40
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A-41
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A-42
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A-43
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A-44
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A-45
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A-46
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Quarles & Brady LLP
411 East Wisconsin Avenue
Milwaukee, WI 53202
April 19, 2022
Re: St. Croix County, Wisconsin ("Issuer")
$80,000,000 General Obligation Government Center Building Bonds,
Series 2022A, dated April 19, 2022 ("Bonds")
We have acted as bond counsel to the Issuer in connection with the issuance of the
Bonds. In such capacity, we have examined such law and such certified proceedings,
certifications, and other documents as we have deemed necessary to render this opinion.
Regarding questions of fact material to our opinion, we have relied on the certified
proceedings and other certifications of public officials and others furnished to us without
undertaking to verify the same by independent investigation.
The Bonds are numbered from R-1 and upward; bear interest at the rates set forth below;
and mature on March 1 of each year, in the years and principal amounts as follows:
Year Principal Amount Interest Rate
2023$2,500,000 ___%
20243,600,000 ___
20254,400,000 ___
20264,500,000 ___
20274,400,000 ___
20284,450,000 ___
20294,100,000 ___
20304,150,000 ___
20313,700,000 ___
20323,750,000 ___
20333,700,000 ___
20343,800,000 ___
20353,900,000 ___
20363,950,000 ___
20374,050,000 ___
20384,100,000 ___
20394,150,000 ___
20404,200,000 ___
20414,250,000 ___
20424,350,000 ___
Interest is payable semi-annually on March 1 and September 1 of each year commencing on
March 1, 2023.
The Bonds maturing on March 1, 2031 and thereafter are subject to redemption prior to
maturity, at the option of the Issuer, on March 1, 2030 or on any date thereafter. Said Bonds are
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QB\\73002867.1
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redeemable as a whole or in part, and if in part, from maturities selected by the Issuer, and within
each maturity by lot, at the principal amount thereof, plus accrued interest to the date of
redemption.
\[The Bonds maturing in the years _______________ are subject to mandatory
redemption by lot as provided in the Bonds, at the redemption price of par plus accrued interest
to the date of redemption and without premium.\]
We further certify that we have examined a sample of the Bonds and find the same to be
in proper form.
Based upon and subject to the foregoing, it is our opinion under existing law that:
1. The Bonds have been duly authorized and executed by the Issuer and are valid
and binding general obligations of the Issuer.
2. All the taxable property in the territory of the Issuer is subject to the levy of ad
valorem taxes to pay principal of, and interest on, the Bonds, without limitation as to rate or
amount. The Issuer is required by law to include in its annual tax levy the principal and interest
coming due on the Bonds except to the extent that necessary funds have been irrevocably
deposited into the debt service fund account established for the payment of the principal of and
interest on the Bonds.
3. The interest on the Bonds is excludable for federal income tax purposes from the
gross income of the owners of the Bonds. The interest on the Bonds is not an item of tax
preference for purposes of the federal alternative minimum tax imposed by Section 55 of the
Internal Revenue Code of 1986, as amended (the "Code") on individuals. The Code contains
requirements that must be satisfied subsequent to the issuance of the Bonds in order for interest
on the Bonds to be or continue to be excludable from gross income for federal income tax
purposes. Failure to comply with certain of those requirements could cause the interest on the
Bonds to be included in gross income retroactively to the date of issuance of the Bonds. The
Issuer has agreed to comply with all of those requirements. The opinion set forth in the first
sentence of this paragraph is subject to the condition that the Issuer comply with those
requirements. We express no opinion regarding other federal tax consequences arising with
respect to the Bonds.
We express no opinion regarding the accuracy, adequacy, or completeness of the Official
Statement or any other offering material relating to the Bonds. Further, we express no opinion
regarding tax consequences arising with respect to the Bonds other than as expressly set forth
herein.
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights
and may be subject to the exercise of judicial discretion in accordance with general principles of
equity, whether considered at law or in equity.
Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
QB\\73002867.1
B-3
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This opinion is given as of the date hereof, and we assume no obligation to revise or
supplement this opinion to reflect any facts or circumstances that may hereafter come to our
attention, or any changes in law that may hereafter occur.
QUARLES & BRADY LLP
Buubdinfou;!QPT/Tu/DspjyDpvouz/3133B!gps!Qvcmjdbujpo!!):451!;!Sftpmvujpo!Bxbsejoh!uif!Tbmf!pg!%91-111-111!Hfofsbm!Pcmjhbujpo!Hpwfsonfou
QB\\73002867.1
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CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and
delivered by St. Croix County, Wisconsin (the "Issuer") in connection with the issuance of
$80,000,000 General Obligation Government Center Building Bonds, Series 2022A, dated
April 19, 2022 (the "Securities"). The Securities are being issued pursuant to resolutions adopted
on March 1, 2022 and April 4, 2022 (collectively, the "Resolution") and delivered to
_____________________________ (the "Purchaser") on the date hereof. Pursuant to the
Resolution, the Issuer has covenanted and agreed to provide continuing disclosure of certain
financial information and operating data and timely notices of the occurrence of certain events.
In addition, the Issuer hereby specifically covenants and agrees as follows:
Section 1(a). Purpose of the Disclosure Certificate. This Disclosure Certificate is being
executed and delivered by the Issuer for the benefit of the holders of the Securities in order to
assist the Participating Underwriters within the meaning of the Rule (defined herein) in
complying with SEC Rule 15c2-12(b)(5). References in this Disclosure Certificate to holders of
the Securities shall include the beneficial owners of the Securities. This Disclosure Certificate
constitutes the written Undertaking required by the Rule.
Section 1(b). Filing Requirements. Any filing under this Disclosure Certificate must be
made solely by transmitting such filing to the MSRB (defined herein) through the Electronic
Municipal Market Access ("EMMA") System at www.emma.msrb.org in the format prescribed
by the MSRB. All documents provided to the MSRB shall be accompanied by the identifying
information prescribed by the MSRB.
Section 2. Definitions. In addition to the defined terms set forth in the Resolution, which
apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this
Section, the following capitalized terms shall have the following meanings:
"Annual Report" means any annual report provided by the Issuer pursuant to, and as
described in, Sections 3 and 4 of this Disclosure Certificate.
"Audited Financial Statements" means the Issuer's annual financial statements, which are
currently prepared in accordance with generally accepted accounting principles (GAAP) for
governmental units as prescribed by the Governmental Accounting Standards Board (GASB) and
which the Issuer intends to continue to prepare in substantially the same form.
"Final Official Statement" means the Final Official Statement dated April 5, 2022
delivered in connection with the Securities, which is available from the MSRB.
"Financial Obligation" means a (i) debt obligation; (ii) derivative instrument entered into
in connection with, or pledged as security or a source of payment for, an existing or planned debt
obligation; or (iii) guarantee of (i) or (ii). The term Financial Obligation shall not include
municipal securities as to which a final official statement has been provided to the MSRB
consistent with the Rule.
"Fiscal Year" means the fiscal year of the Issuer.
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"Governing Body" means the County Board of Supervisors of the Issuer or such other
body as may hereafter be the chief legislative body of the Issuer.
"Issuer" means St. Croix County, Wisconsin, which is the obligated person with respect
to the Securities.
"Issuer Contact" means the County Administrator of the Issuer who can be contacted at
Government Center, 1101 Carmichael Road, Hudson, Wisconsin 54016, phone (715) 381-4303,
fax (715) 381-4301.
"Listed Event" means any of the events listed in Section 5(a) of this Disclosure
Certificate.
"MSRB" means the Municipal Securities Rulemaking Board.
"Participating Underwriter" means any of the original underwriter(s) of the Securities
(including the Purchaser) required to comply with the Rule in connection with the offering of the
Securities.
"Rule" means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the Securities
Exchange Act of 1934, as the same may be amended from time to time, and official
interpretations thereof.
"SEC" means the Securities and Exchange Commission.
Section 3. Provision of Annual Report and Audited Financial Statements.
(a)The Issuer shall, not later than 365 days after the end of the Fiscal Year,
commencing with the year ended December 31, 2021, provide the MSRB with an Annual Report
filed in accordance with Section 1(b) of this Disclosure Certificate and which is consistent with
the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be
submitted as a single document or as separate documents comprising a package, and may cross-
reference other information as provided in Section 4 of this Disclosure Certificate; provided that
the Audited Financial Statements of the Issuer may be submitted separately from the balance of
the Annual Report and that, if Audited Financial Statements are not available within 365 days
after the end of the Fiscal Year, unaudited financial information will be provided, and Audited
Financial Statements will be submitted to the MSRB when and if available.
(b)If the Issuer is unable or fails to provide to the MSRB an Annual Report by the
date required in subsection (a), the Issuer shall send in a timely manner a notice of that fact to the
MSRB in the format prescribed by the MSRB, as described in Section 1(b) of this Disclosure
Certificate.
Section 4. Content of Annual Report. The Issuer's Annual Report shall contain or
incorporate by reference the Audited Financial Statements and updates of the following sections
of the Final Official Statement to the extent such financial information and operating data are not
included in the Audited Financial Statements:
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1.DEBT - Direct Debt
2.DEBT - Debt Limit
3.VALUATIONS - Current Property Valuations
4.TAX LEVIES AND COLLECTIONS - Tax Levies and Collections
Any or all of the items listed above may be incorporated by reference from other
documents, including official statements of debt issues of the Issuer or related public entities,
which are available to the public on the MSRBÓs Internet website or filed with the SEC. The
Issuer shall clearly identify each such other document so incorporated by reference.
Section 5. Reporting of Listed Events.
(a)This Section 5 shall govern the giving of notices of the occurrence of any of the
following events with respect to the Securities:
1.Principal and interest payment delinquencies;
2.Non-payment related defaults, if material;
3.Unscheduled draws on debt service reserves reflecting financial difficulties;
4.Unscheduled draws on credit enhancements reflecting financial difficulties;
5.Substitution of credit or liquidity providers, or their failure to perform;
6.Adverse tax opinions, the issuance by the Internal Revenue Service of proposed
or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-
TEB) or other material notices or determinations with respect to the tax status of
the Securities, or other material events affecting the tax status of the Securities;
7.Modification to rights of holders of the Securities, if material;
8.Securities calls, if material, and tender offers;
9.Defeasances;
10.Release, substitution or sale of property securing repayment of the Securities, if
material;
11.Rating changes;
12.Bankruptcy, insolvency, receivership or similar event of the Issuer;
13.The consummation of a merger, consolidation, or acquisition involving the Issuer
or the sale of all or substantially all of the assets of the Issuer, other than in the
ordinary course of business, the entry into a definitive agreement to undertake
such an action or the termination of a definitive agreement relating to any such
actions, other than pursuant to its terms, if material;
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14.Appointment of a successor or additional trustee or the change of name of a
trustee, if material;
15.Incurrence of a Financial Obligation of the Issuer, if material, or agreement to
covenants, events of default, remedies, priority rights, or other similar terms of a
Financial Obligation of the Issuer, any of which affect holders of the Securities, if
material; and
16.Default, event of acceleration, termination event, modification of terms, or other
similar events under the terms of a Financial Obligation of the Issuer, any of
which reflect financial difficulties.
For the purposes of the event identified in subsection (a)12. above, the event is
considered to occur when any of the following occur: the appointment of a receiver, fiscal agent
or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has assumed
jurisdiction over substantially all of the assets or business of the Issuer, or if such jurisdiction has
been assumed by leaving the existing governing body and officials or officers in possession but
subject to the supervision and orders of a court or governmental authority, or the entry of an
order confirming a plan of reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the assets or business of the
Issuer.
(b)When a Listed Event occurs, the Issuer shall, in a timely manner not in excess of
ten business days after the occurrence of the Listed Event, file a notice of such occurrence with
the MSRB. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)
(8)and (9) need not be given under this subsection any earlier than the notice (if any) of the
underlying event is given to holders of affected Securities pursuant to the Resolution.
(c)Unless otherwise required by law, the Issuer shall submit the information in the
format prescribed by the MSRB, as described in Section 1(b) of this Disclosure Certificate.
Section 6. Termination of Reporting Obligation. The Issuer's obligations under the
Resolution and this Disclosure Certificate shall terminate upon the legal defeasance, prior
redemption or payment in full of all the Securities.
Section 7. Issuer Contact; Agent. Information may be obtained from the Issuer Contact.
Additionally, the Issuer may, from time to time, appoint or engage a dissemination agent to assist
it in carrying out its obligations under the Resolution and this Disclosure Certificate, and may
discharge any such agent, with or without appointing a successor dissemination agent.
Section 8. Amendment; Waiver. Notwithstanding any other provision of the Resolution
or this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any
provision of this Disclosure Certificate may be waived, if the following conditions are met:
(a) (i) The amendment or waiver is made in connection with a change in
circumstances that arises from a change in legal requirements, change in law, or change in the
identity, nature, or status of the Issuer, or the type of business conducted; or
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(ii)This Disclosure Certificate, as amended or waived, would have complied
with the requirements of the Rule at the time of the primary offering, after taking into account
any amendments or interpretations of the Rule, as well as any change in circumstances; and
(b)The amendment or waiver does not materially impair the interests of beneficial
owners of the Securities, as determined and certified to the Issuer by an underwriter, financial
advisor, bond counsel or trustee.
In the event this Disclosure Certificate is amended for any reason other than to cure any
ambiguities, inconsistencies, or typographical errors that may be contained herein, the Issuer
agrees the next Annual Report it submits after such amendment shall include an explanation of
the reasons for the amendment and the impact of the change, if any, on the type of financial
statements or operating data being provided.
If the amendment concerns the accounting principles to be followed in preparing
financial statements, then the Issuer agrees that it will give an event notice and that the next
Annual Report it submits after such amendment will include a comparison between financial
statements or information prepared on the basis of the new accounting principles and those
prepared on the basis of the former accounting principles.
Section 9. Additional Information. Nothing in this Disclosure Certificate shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Certificate or any other means of communication, or
including any other information in any Annual Report or notice of occurrence of a Listed Event,
in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to
include any information in any Annual Report or notice of occurrence of a Listed Event in
addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have
no obligation under this Disclosure Certificate to update such information or include it in any
future Annual Report or notice of occurrence of a Listed Event.
Section 10. Default. (a) Except as described in the Final Official Statement, in the
previous five years, the Issuer has not failed to comply in all material respects with any previous
undertakings under the Rule to provide annual reports or notices of events.
(b)In the event of a failure of the Issuer to comply with any provision of this
Disclosure Certificate any holder of the Securities may take such actions as may be necessary
and appropriate, including seeking mandate or specific performance by court order, to cause the
Issuer to comply with its obligations under the Resolution and this Disclosure Certificate. A
default under this Disclosure Certificate shall not be deemed an event of default with respect to
the Securities and the sole remedy under this Disclosure Certificate in the event of any failure of
the Issuer to comply with this Disclosure Certificate shall be an action to compel performance.
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Section 11. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of
the Issuer, the Participating Underwriters and holders from time to time of the Securities, and
shall create no rights in any other person or entity.
IN WITNESS WHEREOF, we have executed this Certificate in our official capacities
effective the 19th day of April, 2022.
David Peterson
Chairperson
(SEAL)
Cindy Campbell
County Clerk
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TBMF;!April 4, 2022
BXBSE;!J.P. MORGAN SECURITIES LLC
Rating:Moody's Investor's Service "Aa1"
Tax Exempt - Non-Bank Qualified
NETTRUE
MATURITYREOFFERINGINTERESTINTEREST
NAME OF BIDDER(March 1)RATEYIELDPRICECOSTRATE
J.P. MORGAN SECURITIES LLC$83,761,763.00$25,190,749.502.9097%
New York, New York20234.000%1.600%
Estrada Hinojosa20244.000%1.840%
Academy Securities
20255.000%1.950%
20264.000%2.040%
20274.000%2.090%
20284.000%2.130%
20294.000%2.200%
20305.000%2.250%
20314.000%2.300%
20324.000%2.360%
20333.000%2.820%
20343.000%2.900%
20353.000%3.000%
20363.125%3.130%
20373.125%3.170%
20383.125%3.210%
20393.250%3.250%
20403.250%3.280%
20413.250%3.310%
20423.250%3.340%
PIPER SANDLER & CO.$83,545,609.98$25,254,435.852.9223%
Minneapolis, Minnesota
RAYMOND JAMES & $83,701,144.50$25,749,230.502.9656%
ASSOCIATES, INC.
St. Petersburg, Florida
*
Subsequent to bid opening the individual maturity amounts were adjusted.
Adjusted Price -$83,569,664.55Adjusted Net Interest Cost -$25,199,313.91Adjusted TIC -2.9218%
Qbdlfu!Qh/!244
:/2/c
NET TRUE
MATURITY REOFFERING INTEREST INTEREST
NAME OF BIDDER (March 1) RATE YIELD PRICE COST RATE
BAIRD $82,638,823.50 $25,580,880.67 2.9819%
Milwaukee, Wisconsin
HILLTOPSECURITIES $84,000,000.00 $26,071,433.33 2.9963%
Dallas, Texas
BOFA MERRILL LYNCH $83,698,269.50 $25,961,763.83 2.9999%
New York, New York
KEYBANC CAPITAL MARKETS $83,666,039.98 $26,117,235.02 3.0082%
INCORPORATED
Cleveland, Ohio
WELLS FARGO BANK, NATIONAL $83,999,920.00 $26,516,371.67 3.0314%
ASSOCIATION
Charlotte, North Carolina
BOK FINANCIAL SECURITIES, $83,629,136.46 $26,735,163.54 3.0600%
INC.
Milwaukee, Wisconsin
HUNTINGTON SECURITIES, INC $83,997,129.98 $26,757,370.02 3.0603%
Chicago, Illinois
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Bid Tabulation April 4, 2022
St. Croix County, Wisconsin
$80,000,000 General Obligation Government Center Building Bonds, Series 2022A Page 2
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