HomeMy WebLinkAboutResolutions 2003 (24) May 20, 2003 County Board Agenda Item #11
RESOLUTION NO. a C
RESOLUTION PROVIDING FOR THE SALE OF $9,940,000
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2003A
WHEREAS, on this date, the County Board of Supervisors of St. Croix County,
Wisconsin (the "County ") adopted two Initial Resolutions authorizing the issuance of general
obligation bonds in an aggregate amount not to exceed $9,940,000 for the purpose of paying the
cost of Huber Facility expansion, communications systems improvements and park buildings and
refinancing the callable portion of the County's $9,850,000 General Obligation Refunding Bonds,
Series 1994A;
WHEREAS, the County Board hereby finds and determines that the general obligation
bond issues heretofore authorized to be issued shall be combined, issued and sold as a single issue
of general obligation corporate purpose bonds in the aggregate principal amount of $9,940,000;
WHEREAS, it has been determined that general obligation corporate purpose
bonds in the principal amount of $9,940,000 should be issued and it is now necessary to authorize
their sale.
NOW, THEREFORE, BE IT RESOLVED by the County Board of the County that:
Section 1. Sale of the Bonds. The County shall offer the $9,940,000 General Obligation
Corporate Purpose Bonds, Series 2003A (the "Bonds ") for public sale on June 16, 2003.
Section 2. 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 Bonds at its offices.
Section 3. Award of the Bonds. Following receipt of bids for the Bonds, the County
Board shall consider taking further action with respect to the details of the Bonds; to award the
Bonds 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 Bonds as the same becomes due as required by law.
Section 4. 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shall be, and the same are, hereby rescinded insofar as the same may so conflict.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
7 aLe
1 A /s F i
Duly adopted on May 20, 2003.
Cindy Campbell,
County Clerk
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