HomeMy WebLinkAboutResolutions 1993 (32) RESOLUTION AUTHORIZING THE BORROWING
OF $9,915,000 * *; AND
PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION GOVERNMENT CENTER
REFUNDING BONDS, SERIES 1994A
Resolution No. 3,=( 3
St. Croix County, Wisconsin
WHEREAS, it is necessary that funds be raised by St.
Croix County, Wisconsin (the "County ") for the purpose of paying
the cost of refinancing certain of its outstanding obligations,
to wit: the callable portion of the County's $11,500,000 General
Obligation Government Center Building Bonds, Series 1992A dated
January 1, 1992 (the "Prior Issue ") (hereinafter the refinancing
of the callable portion of the County's outstanding obligations
shall be referred to as the "Refunding "), and there are
insufficient funds on hand to pay said costs;
WHEREAS, the County Board deems it to be necessary,
desirable and in the best interest of the County to refund the
callable portion of the Prior Issue for the purpose of interest
cost savings; and,
WHEREAS, counties are authorized by the provisions of
- Section 67.04(2) of the Wisconsin Statutes to borrow money and to
issue general obligation bonds to refinance their outstanding
obligations.
NOW, THEREFORE, BE IT RESOLVED by the County Board of
the County that:
Section 1. Authorization of the Bonds. For the
purpose of paying the cost of the Refunding, there shall be
borrowed pursuant to Section 67.05 of the Wisconsin Statutes, the
principal sum of NINE MILLION NINE HUNDRED FIFTEEN THOUSAND
DOLLARS ($9,915,000 * *) from a purchaser to be determined by
public sale and approved by subsequent resolution of the Finance
Committee of the County Board of Supervisors as provided in
Section 4 hereof.
Section 2. Sale of the Bonds. The County shall offer
the $9,915,000 ** General Obligation Government Center Refunding
Bonds, Series 1994A (the "Bonds ") for public sale on December 8,
1993.
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 in substantially the form attached
hereto as Exhibit A and incorporated herein by this reference and
* *Subject to change as provided in the Official Notice of Sale.
shall prepare or cause to be prepared an Official Statement
pursuant to SEC Rule 15c2 -12. The details of the approved Bonds
set forth in Exhibit A are hereby adopted and approved as and for
the details of the Bonds. 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 4. Finance Committee Authorized to Award the
Bonds. Following receipt and tabulation of the bids for the
Bonds, the results thereof shall be presented to the Finance
Committee of the County Board of Supervisors. The Finance
Committee is hereby authorized to act on behalf of the County
Board and award the Bonds to the lowest responsible bidder
therefor whose proposal results in the lowest true interest cost
to the County. In awarding the Bonds, the Finance Committee
shall act in accordance with the official terms of offering the
Bonds as set forth in the Official Notice of Sale including, but
not limited to, the authority to adjust the dollar amount of the
Bonds as provided in the Official Notice of Sale.
Section 5. Further County Board Action on the Bonds.
Following the award of the Bonds, the County Board shall consider
taking further action to provide additional details of the Bonds;
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 6. Conflicting Resolutions; Severability;
Effective Date. All prior resolutions, rules or other actions of
the County or any parts thereof in conflict with th6 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.
Dated this 19th day of October, 1993.
Offered by: Finance, Budget, Building & Bond Committee
NEGATIVE AFFIRMAT VE
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STATE OF WISCONSIN
COUNTY OF ST. CROIX _/_ " / v `�
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