HomeMy WebLinkAboutResolution 2024 (48)ST. CROh �?WU NTY
Narr�iyt
Resolution No. 48 (2024)
INITIAL RESOLUTION AUTHORIZING THE ISSUANCE OF
$7,500,000 GENERAL OBLIGATION PROMISSORY NOTES, SERIES
2025A
1 WHEREAS, the County Board of Supervisors of St. Croix County, Wisconsin (the
2 "County") hereby finds and determines that it is necessary, desirable and in the best interest of
3 the County to issue, pursuant to Chapter 67, Wisconsin Statutes, general obligation promissory
4 notes in an amount not to exceed $7,500,000 for public purposes, including paying the cost of
5 constructing a satellite highway shop and other authorized CIP projects (collectively, the
6 "Project");
7
8 WHEREAS, the County Board finds and determines that the Project is within the
9 County's power to undertake and serves a "public purpose" as that term is defined in Wis. Stat. §
10 67.04(1)(b); and
11
12 WHEREAS, it is desirable to borrow the funds needed for the Project through the issuance
13 of general obligation promissory notes pursuant to Chapter 67, Wisconsin Statues.
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15 NOW, THEREFORE, BE IT RESOLVED by the St. Croix County Board of Supervisors
16 that there shall be issued general obligation promissory notes of the County in a principal amount
17 not to exceed $7,500,000 for the public purpose of paying the cost of the Project. There be and
18 there hereby is levied on all the taxable property in the County a direct, annual tax in such years
19 and in such amounts as are sufficient to pay when due the principal and interest on such notes.
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21 BE IT FURTHER RESOLVED by the St. Croix County Board of Supervisors that:
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23 Section 1. Authorization of Notes. For the purpose of financing the Project, the County
24 shall issue general obligation promissory notes designated "General Obligation Promissory
25 Notes, Series 2025A" (the "Notes").
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27 Section 2. Sale of the Notes. The County Board of Supervisors hereby authorizes and
28 directs that the Notes be offered for public sale. At a subsequent meeting, the County Board of
29 Supervisors shall consider such bids for the Notes as may have been received and take action
30 thereon.
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32 Section 3. Official Notice of Sale. The County Administrator (in consultation with the
33 County's municipal advisor, Ehlers & Associates, Inc. (`Ehlers")) is hereby authorized and
34 directed to cause the sale of the Notes to be publicized at such times and in such manner as the
35 County Administrator may determine and to cause copies of a complete Notice of Sale and other
36 pertinent data to be forwarded to interested bidders as the County Administrator may determine.
37
38 Section 4. Official Statement. The County Administrator (in consultation with Ehlers)
39 shall also cause an Official Statement to be prepared and distributed. The appropriate County
40 officials shall determine when the Official Statement is final for purposes of Securities and
41 Exchange Commission Rule 15c2-12 and shall certify said Statement, such certification to
42 constitute full authorization of such Statement under this Resolution.
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44 Section 5. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
45 rules or other actions of the County Board of Supervisors or any parts thereof in conflict with the
46 provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so
47 conflict. In the event that any one or more provisions hereof shall for any reason be held to be
48 illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The
49 foregoing shall take effect immediately upon adoption and approval in the manner provided by
50 law.
51
Administration Committee Recommended
MOVER: Bob Long
SECONDER: Scott Counter
AYES: Paul Berning, Scott Counter, Bob Feidler, Bob Long
EXCUSED: Ryan Sherley
St. Croix County Board of Supervisors Action:
This Resolution was ADOPTED by the St. Croix County Board of Supervisors on:
Bob Long, Coboird Chair Christine Hines, County Clerk