HomeMy WebLinkAboutResolutions 2003 (20) RESOLUTION NO. U (2 '03)
RESOLUTION AUTHORIZING THE BORROWING
OF $4,330,000 AND PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION TAXABLE PROMISSORY NOTES, SERIES 2003B
WHEREAS, it is necessary that funds be raised by St. Croix County, Wisconsin (the
"County ") for the purpose of paying the cost of the County's unfunded prior service liability owed
to the Wisconsin Retirement System (the "PSL Repayment ") and there are insufficient funds on
hand to pay said costs;
WHEREAS, the County hereby finds and determines that the PSL Repayment is within
the County's power to undertake and serves a "public purpose" as that term is defined in Section
67.04(1)(b) of the Wisconsin Statutes;
WHEREAS, counties are authorized by the provisions of Section 67.12(12) of the
Wisconsin Statutes to borrow money and to issue general obligation promissory notes for such
public purposes.
NOW, THEREFORE, BE IT RESOLVED by the County Board of the County that:
Section 1. Authorization of the Notes. For the purpose of paying the cost of the PSL
Repayment, there shall be borrowed pursuant to Section 67.12(12) of the Wisconsin Statutes, the
principal sum of FOUR MILLION THREE HUNDRED THIRTY THOUSAND DOLLARS
($4,330,000) from a purchaser to be determined by public sale and approved by subsequent
resolution of this County Board (the "Purchaser").
Section 2. Sale of the Notes. The County shall offer the $4,330,000 General Obligation
Taxable Promissory Notes, Series 2003B (the "Notes ") for public sale on June 16, 2003.
Section 3. Official Notice of Sale. The County Clerk (in consultation with the County's
financial advisor, Springsted, Incorporated) shall cause an Official Notice of Sale to be prepared
and distributed and shall prepare or cause to be prepared an Official Statement pursuant to SEC
Rule 15c2 -12. Springsted, Incorporated is hereby appointed as the County's agent for purposes
of receiving and tabulating the bids received on the Notes at its offices.
Section 4. Award of the Notes. Following receipt of bids for the Notes, the County
Board shall consider taking further action with respect to the details of the Notes; to award the
Notes to the lowest responsible bidder therefor whose proposal results in the lowest true interest
cost to the County; and to levy a direct annual irrepealable tax sufficient to meet principal and
interest on the Notes as the same becomes due as required by law.
Section 5. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
rules or other actions of the County or any parts thereof in conflict with the provisions hereof
shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the event that
any one or more provisions hereof shall for any reason be held to be illegal or invalid, such
illegality or invalidity shall not affect any other provisions hereof The foregoing shall take effect
immediately upon adoption and approval in the manner provided by law.
Offered by: Finance Committee on May 20, 2003.
NEGATIVE AFFIRMATIVE
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Duly adopted on May 20, 2003.
Cindy Campbell,
County Clerk
MW707881_2.DOC
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