HomeMy WebLinkAboutResolution 1991 (47) RESOLUTION AUTHORIZING THE BORROWING
OF $11,500,000 AND
PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION
GOVERNMENT CENTER BUILDING BONDS, SERIES 1992A
Resolution No. i. r] 0 j 1
St. Croix County, Wisconsin
WHEREAS, it is necessary that funds be raised by St. Croix County for the purpose
of paying the cost of financing the acquisition, construction and furnishing of a new
government center (the "Project "), and there are insufficient funds on hand to pay said costs;
and
WHEREAS, the County hereby finds and determines that the Project is within the
County's power to undertake and serves a "public purpose" as that term is defined in Section
67.04(2), Wisconsin Statutes; and,
WHEREAS, counties are authorized by the provisions of Section 67.04(2), Wisconsin
Statutes, to borrow money and to issue general obligation bonds for such public purposes.
NOW, THEREFORE, BE IT RESOLVED by the St. Croix County Board of
Supervisors that: .
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Section 1. Authorization of the Bonds. For the purpose of paying the cost of the
Project, there shall be borrowed pursuant to Section 67.04(2), Wisconsin Statutes, the
principal sum of ELEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS
($11,500,000), by selling General Obligation Government Center Building Bonds, Series
1992A (the "Bonds"), from a purchaser (the "Purchaser") to be determined by public sale
and approved by subsequent resolution of the County Board.
Section 2. Sale of the Bonds. The County shall offer the Bonds for public sale on
December 10, 1991.
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Section 3. Notice of Sale. The County Clerk is hereby authorized and directed to
cause a notice of sale, in substantially the form attached hereto as Exhibit A and
incorporated herein by this reference, to be published in a financial publication of general
circulation prior to the date set for the sale of the Bonds.
Section 4. Official Notice of Sale. The County Clerk, in consultation with the
County's financial advisor, Springsted Incorporated, shall also cause an Official Notice of
Sale to be prepared and distributed in substantially the form attached hereto as Exhibit B
and incorporated herein by this reference and 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 Exhibits A and B 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 5. Award of the Bonds. Following receipt of bids for the Bonds, the County
Board shall consider taking further action to provide additional 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 6. 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.
BE IT FURTHER RESOLVED that the $400,00 budgeted for furnishings cannot
be spent without approval by affirmative vote of the Board of Supervisors; and
BE IT FURTHER RESOLVED that any item over $50,000 to be taken from the
$400,000 contingency fund must be approved by affirmative vote of the Board of
Supervisors.
Dated this day of , 1991.
Offered by Finance, Budget, Building & Bond Committee
- -NEGATIVE • AFFIRMATIVE • - - -
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STATE OF WISCONSIN
COUNTY OF ST . CRO!X
I, Suo E. Natson St. Croix
Co ' t +; ,rd: , 3Y C Ti, Y t
the r._ o �i.� +� l
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adopt -d t.y It Ca.xtyb -sa ;c of
at their meeting held 7 , c - / a /C9/
Sue E. Nelson, St. Croix County Clerk