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HomeMy WebLinkAboutResolution 1992 (31) F r RESOLUTION AUTHORIZING ADVERTISEMENT FOR SALE OF GENERAL OBLIGATION HEALTH CARE CENTER REFUNDING BONDS, SERIES 1992B Resolution No. 3 / (y St. Croix County, Wisconsin BE IT RESOLVED by the Board of Supervisors of St. Croix County, Wisconsin (the Issuer), as follows: Section 1. Purpose. As set forth in the initial resolution of the Board adopted this date, it is hereby determined to be in the best interests of the Issuer to issue its General Obligation Health Care Center Refunding Bonds, Series 1992B (the Bonds), in the approximate amount of $1,855,000 (subject to adjustment in accordance with the Official Terms of Offering hereinafter referred to), pursuant to Wisconsin Statutes, Sections 67.04(3) and 67.05, to refund the 1994 through 2000 maturities of the Issuer's General Obligation Health Care Center Bonds, dated June 1, 1981. Section 2. Sale. Springsted Incorporated, financial consultant to the Issuer, has presented to this Board a form of Official terms of Offering for the Bonds, which is attached hereto and hereby approved and shall be placed on file by the County Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of the Bonds - and of the sale thereof, and shall be made available to all prospective purchasers of the Bonds. The County Clerk is authorized and directed to cause the Notice of Bond Sale, which is attached hereto and hereby approved, to be published once in the official newspaper of the Issuer and once in a bond trade publication at feast ten days before the date of sale, in substantially the form attached hereto. Section 3. Official Statement. The County Clerk and other officials of the Issuer, in cooperation with Springsted Incorporated, are hereby authorized and directed to prepare on behalf of the Issuer an Official Statement to be distributed to potential purchasers of the Bonds. Such Official Statement shall contain the Official Terms of Offering and such other information as shall be deemed advisable and necessary to describe accurately the Issuer and the security for, and terms and conditions of, the Bonds. Section 4. Sale Meeting. This Board shall meet at the County Courthouse on Tuesday, September 22, 1992, at 9:00 a.m., for the purpose of considering sealed bids for the purchase of the Bonds, and of taking such action thereon as may be in the best interest of the Issuer. Dated this / F day of 0Cxx , 1992. Offered by: Finance Committee NEGATIVE AFFIRMATIVE STATE OF WISCONSIN COUNTY CF ST. CRC :X I, Sue ad* County (Mk. DO Ii.. CERTlr ties m pomp is a tr .^ ; :reotaopp f 3i <r 4 adopted by the Cer _,p Sussn et their mooing h SW E. Netoon, EL C:c Lngr pMR • OFFICIAL TERMS OF OFFERING $1,855,000* ST. CROIX COUNTY, WISCONSIN GENERAL OBUGATION HEALTH CARE CENTER REFUNDING BONDS, SERIES 1992B Sealed bids for the Bonds will be received on Monday, September 21, 1992, until 1:30 P.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the Board of Supervisors at 9:00 A.M., Central Time, Tuesday, September 22, 1992. DETAILS OF THE BONDS The Bonds will be dated October 1, 1992, as the date of original issue, and will bear interest payable on April 1 and October 1 of each year, commencing April 1, 1993. Interest will be computed on the basis of a 360 -day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature October 1 in the years and amounts as follows: 1994 $235,000 1997 $265,000 1999 $290,000 1995 $240,000 1998 $275,000 2000 $300,000 1996 $250,000 * The County reserves the right, after bids are opened and prior to award, to increase or reduce the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed $50,000 and will be made in multiples of $5,000 in any of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any discount taken by the successful bidder will be increased or reduced by a percentage equal t� the percentage by which the principal amount of the Bonds is increased or reduced. OPTIONAL REDEMPTION The County may elect on October 1, 1997, and on any day thereafter, to prepay Bonds due on or after October 1, 1998. Redemption may be in whole or in part and if in part, at the option of the County and in such manner as the County shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the County for which the County will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to refund the 1994 -2000 maturities of the County's General Obligation Health Care Center Bonds, dated June 1, 1981. -i- TYPE OF BID Bids shall be for not less than $1,836,450 and accrued interest on the total principal amount of the Bonds. Bids shall be accompanied by a Good Faith Deposit ( "Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $18,455, payable to the order of the County. If a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Wisconsin, and preapproved by the County. Such bond must be submitted to Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the County to satisfy the Deposit requirement. The County will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the County. No bid can be withdrawn after the time set for receiving bids unless the meeting of the County scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (TIC) basis. The County's computation of the interest rate of each bid, in accordance with customary practice, will be controlling. The County will reserve the right to: (i) waive non - substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the County determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the County has requested and received a rating on the Bonds from a rating agency, the County will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. FISCAL AGENT /REGISTRAR The County will name the fiscal agent which will act as registrar and shall be subject to applicable SEC regulations. The County will pay for the services of the fiscal agent/registrar. -ii- CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the County and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Dorsey & Whitney of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no- litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the County or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the County, or its agents, the purchaser shall be liable to the County for any loss suffered by the County by reason of the purchaser's non - compliance with said terms for payment. OFFICIAL STATEMENT The County has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly final Official Statement within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the County, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223 -3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the County with respect to the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the County agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 75 copies of the Official Statement and the addendum or addenda described above. The County designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the County (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated August 18, 1992 BY ORDER OF THE COUNTY BOARD OF SUPERVISORS /s/ Sue E. Nelson County Clerk -1ii-