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Home My WebLink AboutResolutions 1993 (48) RESOLUTION AWARDING THE SALE OF $9,915,000 ** P)b GENERAL OBLIGATION GOVERNMENT CENTER REFUNDING BONDS, SERIES 1994A u Jt d Resolution No. df % (9'3 St. Croix County, Wisconsin WHEREAS, on October 19, 1993, the County Board of St. Croix County, Wisconsin (the "County ") adopted a resolution entitled: "Resolution Authorizing the Borrowing of $9,915,000; and Providing for the Issuance and Sale of General Obligation Government Center Refunding Bonds, Series 1994A" (the "Authorizing Resolution ") which authorized the issuance of general obligation refunding bonds for the purpose of paying the cost of refinancing the callable portion of certain of its outstanding obligations, to wit: $11,500,000 General Obligation Government Center Building Bonds, Series 1992A dated January 1, 1992 (the "1992 Bonds ") (the "Prior Issue ") (hereinafter the refinancing of the County's outstanding obligation shall be referred to as the "Refunding "), and there are insufficient funds on hand to pay said costs; WHEREAS, pursuant to the Authorizing Resolution, the County Clerk (in consultation with the County's financial advisor, Springsted Incorporated, St. Paul, Minnesota) caused an Official Notice of Sale to be distributed, offering the aforesaid general obligation refunding bonds for public sale on December 8, 1993; WHEREAS, pursuant to the Authorizing Resolution, the Finance Committee was 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; and, WHEREAS, the following sealed bid proposals were received: NET TRUE BIDDER INTEREST COST INTEREST RATE (See Attached Bid Tabulations) $ o * *Subject to change as provided in the Official Terms of Offering. WHEREAS, it has been determined that the bid proposal submitted by the Dain Boswnrth.In-. , Minneapolis Minnesota fully complies with the bid requirements set forth in the Official Terms of Offering and is deemed to be the most advantageous to the County. A copy of said bid is attached hereto as Exhibit A and incorporated herein by this reference. NOW, THEREFORE, BE IT RESOLVED by the Finance Committee of the County Board of the County, acting on behalf of the County Board pursuant to the authority delegated to the Finance Committee in the Authorizing Resolution, that: Section 1. Award of the Bonds. The bid proposal of the Dain Bosworth, Inc. , Minneapolis Minnesota (the "Purchaser ") is hereby accepted, said proposal offering to purchase the $9,850,000 St. Croix County General Obligation Government Center Refunding Bonds, Series 1994A (the "Bonds ") for the sum of Nine million seven hundred seventy -eight thousand twenty -two dollars and seventy -three cents ($9,778,022.73 ), plus accrued interest to the date of delivery, resulting in a net interest cost of five million seven hundred fifty- eight thousand four hundred seventeen dollars and seventy -five cents ($5,758,417.75) and a true interest rate of 4.9463 The Bonds bear interest as follows: Year of Maturity Principal Amount Interest Rate 2000 $ 520,000 4.300 % 2001 845,000 4.400 2002 880,000 4.500 2003 925,000 4.650 2004 960,000 4.750 2005 1,005,000 4.850 2006 1,055,000 4.950 2007 1,115,000 5.000 2008 1,240,000 5.100 2009 1,305,000 5.125 Section 2. Further County Board Action on the Bonds. Following the award of the Bonds hereunder, the County Board shall take 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. 2 Exhibit A OFFICIAL 110 FORM TO; M E Nelson, County Clerk $*LE OAT& December 0, 1083 a/o dpfingsasd eased 85 Esst Seventh Place, Suite 100 A St. Peui, MN 35101 -2143 RE: 30,916,000' General Obligation Government Carrier Ong Bonds, Series 1804A . For the Bonds of this issue which shag mature and bear interest at the respective ennui rates, as follow, we otter a price of $ 9; . at e 59 7. 7S (Note: This amount may not be less than $8,1106.935) an waved 'rawest to the data of delivery. y 3 c % 2000 4S % 2003 y 9s % Zoos S, /c % zone y. vO % 2001 y • % 2004 S 00 % 2007 S, % 2ao9 Y sc % 2002 y NS %. ion T h e Coen, raww. Mr r i g h t , sitar b i d s a r s opened and antra award r 0 M o n t a a s or r e d o e s l h i m o u n t Vu e s Bonds client for salt Any such inensare or reduction wig be Ins label Mount nor o awed =MOOD end 11x1 be aeeds In rnuNA c tL0ao m wrf of the aresseles. m eso awntele *nobs, amount or the 'kinds is increased or radioed OW premium oared cr any discount areas et Its si,op dal Mader mil be incensed or reduced by e peons sear to U . perosrerpa br oven ohs gillfteipti aanewt of Me Bonds is lacvsased orreduced. in making this offer we accept ate of me tans and conditions of the Official Tirrns of Offering published in the Omga�_S dated November 24, 1W3. In the event of failure to deliver these Bonds M accordance with the =dal Terms of Offering as printed in the QFicha(Sjaernam and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are Intentional and are not to be construed as an omission. Not as a part of our offer, the above quoted prices being controYing, but only as an aid for the verification of the offer, we have made the loilowing computations: NET INTEREST COST: s 4 7E'S £? S. 1,9 TRUE INTEREST RATE: y 9V -' % Acoount Mew 217 4 j1'l04 ECG Account Manager BY: , it o4gd-C 147 foregoing The duly authorized and empowered to ma such acceptance. date at the offer by tat following affirms Char Clerk SURE -BID Good Faith Chock Submitted Section 3. 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. Dated this 9th day of December, 1993. By: Finance, Budget, Building & Bond Committee. NEGATIVE AF IRMATIVE L .411 L Alibi ...-411Ar■ MPA17 r% STATE OF WI COUNTY OF ST. CRODC I, Sue E. Nelson, St Cr* County Clerk, DG HEREBY CERTIFY flat f the U t d r, - .. r adopted by the Car at their meeting he +'( 141.. -�J1-1-4- 1 i i i C 3 Sue E. Nelson. St Croix County clerk 3 SPRINGSTED ; . 120 Seth ,c• •e= lis, 2507 PUBLIC FINANCE ADVISORS 54 Minneapolis, MN 55402-1800 (612) 333 -9177 Fax: (612) 349 -5230 Home Office 85 East Seventh Place 16655 West Bluemound Road Suite 100 Suite 290 Saint Paul. MN 55101 -2143 Brookfield. WI 53005 -5935 (612) 223 -3000 (414) 782 -8222 Fax: (612) 223 -3002 Fax: (414) 782-2904 6800 College Boulevard Suite 600 Overland Park, KS 66211 -1533 (913) 345-8062 Fax: (913) 345 -1770 1800 K Street NW Suite 831 Washington. DC 20006-2200 (202) 466 -3344 $9,915,000* Fax: (202) 223-1362 ST. CROIX COUNTY, WISCONSIN GENERAL OBUGATION GOVERNMENT CENTER REFUNDING BONDS, SERIES 1994A AWARD: DAIN BOSWORTH INCORPORATED SALE: December 8,1993 Moody's Rating: Al Interest Net interest True Interest Bidder Rates Price Cost Rate DAIN BOSWORTH INCORPORATED 4.30% 2000 $9,842,547.75 $5,788,525.69 4.9452% 4.40% 2001 4.50% 2002 4.65% 2003 4.75% 2004 4.85% 2005 4.95% 2006 5.00% 2007 5.10% 2008 5.125% 2009 HARRIS TRUST AND SAVINGS BANK 4.75% 2000 -2004 $9,805,975.65 $5,905,728.73 5.0620% KIDDER, PEABODY & COMPANY, 4.85% 2005 INCORPORATED 4.95% 2006 Dougherty, Dawkins, Strand & 5.05% 2007 Bigelow, Incorporated 5.10% 2008 Hamilton Investments, Inc. 5.15% 2009 - In Association With - FIRSTAR BANK MILWAUKEE, N.A. Miller, Johnson & Kuehn, Inc. GRIFFIN, KUBIK, STEPHENS & 4.70% 2000 $9,805,935.00 $5,907,480.63 5.0635% THOMPSON, INC. 4.75% 2001 CLAYTON BROWN & ASSOCIATES, 4.80% 2002 -2005 INCORPORATED 4.90% 2006 KEMPER SECURITIES, INC. 5.00% 2007 FIDELITY CAPITAL MARKETS 5.10% 2008 5.20% 2009 (Continued) + i 4 Interest Net Interest True Interest Bidder Rates Price Cost Rate RAYMOND JAMES & ASSOCIATES 4.75% 2000 $9,813,782.09 $5,934,728.85 5.0854% LASALLE NATIONAL BANK 4.80% 2001 -2004 NIKE SECURITIES 4.90% 2005 5.00% 2006 5.10% 2007 5.125% 2008 -2009 ROBERT W. BAIRD & COMPANY, 4.85% 2000 -2004 $9,806,419.80 $5,934,278.95 5.0891% INCORPORATED 4.90% 2005 -2006 SMITH BARNEY SHEARSON 5.00% 2007 BEAR, STEARNS & CO., INC. 5.10% 2008 SECURITIES.15% 2009 PAIN PRUDENTIAL INCORPO INC. INC. D DEAN WRIER REYNOLDS INCORPORATED PIPER JAFFRAY INC. WILLIAM BLAIR & COMPANY FITZGERALD, DAVIS & ASSOCIATES Cronin & Company, Incorporated Northern Trust Securities, Inc. RODMAN & RENSHAW, INC. 4.50% 2000 $9,805,935.00 $5,949,560.63 5.0956% HUTCHINSON, SHOCKEY, ERLEY & 4.70% 2001 -2003 COMPANY 4.80% 2004 4.90% 2005 5.00% 2006 5.10% 2007 5.20% 2008 5.25% 2009 REOFFERING SCHEDULE OF THE PURCHASER Rate Year Yield 4.30% 2000 Par 4.40% 2001 Par 4.50% 2002 Par 4.65% 2003 Par 4.75% 2004 Par 4.85% 2005 Par 4.95% 2006 Par 5.00% 2007 5.05% 5.10% 2008 5.15% 5.125% 2009 5.20% BBI: 5.46 Average Maturity: 11.82 Years * Subsequent to bid opening, the issue size was changed to $9,850,000. The new schedule is as follows: 2000 $520,000 2004 $ 960,000 2007 $1,115,000 2001 $845,000 2005 $1,005,000 2008 $1,240,000 2002 $880,000 2006 $1,055,000 2009 $1,305,000 2003 $925,000