HomeMy WebLinkAboutResolution 2014 (15)
Resolution No. 15 (2014)
RESOLUTION AUTHORIZING THE BORROWING OF NOT
TO EXCEED $10,000,000; AND PROVIDING FOR THE
ISSUANCE AND SALE OF GENERAL OBLIGATION
PROMISSORY NOTES THEREFOR
1 WHEREAS, it is necessary that funds be raised by St. Croix County, Wisconsin (the
2 "County") for the purpose of paying the costs of County capital improvement projects including
3 911 expansion and infrastructure upgrades; building acquisition, construction and equipment
4 costs related to the relocation of the St. Croix County Services Center; demolition of the existing
5 Health and Human Services building; Government Center parking lot improvements;
6 information technology upgrades; and Jail Central renovations (the "Project"), and there are
7 insufficient funds on hand to pay said costs;
8
9 WHEREAS, the County Board hereby finds and determines that the Project is within the
10 County's power to undertake and serves a "public purpose" as that term is defined in Section
11 67.04(1)(b) of the Wisconsin Statutes; and
12
13 WHEREAS, the County is authorized by the provisions of Chapter 67 of the Wisconsin
14 Statutes to borrow money and to issue it general obligation promissory notes for such public
15 purposes.
16
17 THEREFORE, be it resolved by the County Board of the County that:
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19 Section 1. Authorization of the Notes. For the purpose of paying the cost of the Project,
20 there shall be borrowed pursuant to Section 67.12(12) of the Wisconsin Statutes, a principal sum
21 of not to exceed TEN MILLION DOLLARS ($10,000,000) from one or more purchasers to be
22 determined by subsequent resolution of this County Board.
23
24 Section 2. Sale of the Notes. The County Finance Director (in consultation with the
25 County's financial advisor, Springsted Incorporated, Milwaukee, Wisconsin) shall cause an
26 Official Notice of Sale to be prepared and distributed and shall prepare or cause to be prepared
27 an Official Statement pursuant to SEC Rule 15c2-12 and take other actions necessary for the sale
28 of the County's general obligation promissory notes (the "Notes"). The Notes may be sold in
29 one or more series. Springsted, Incorporated is hereby appointed as the County's agent for
30 purposes of receiving and tabulating the bids received on the Notes at its offices.
31
32 Section 3. Award of the Notes. Following receipt of bids for the Notes, the County
33 Board shall consider taking further action to provide the details of the Notes including the final
34 principal amount of the Notes, the interest rate or rates to be borne by the Notes; and to levy a
35 direct annual irrepealable tax to pay the principal of and interest on the Notes as required by law.
36
37 Section 4. Prior Resolutions, Severability, Effective Date. All prior resolutions, rules or
38 other actions of the County or any parts thereof in conflict with the provisions hereof shall be,
39 and the same are, hereby rescinded insofar as the same may so conflict. In the event that any one
40 or more provisions hereof shall for any reason be held to be illegal or invalid, such illegality or
41 invalidity shall not affect any other provisions hereof. The foregoing shall take effect
42 immediately upon adoption and approval in the manner provided by law.
Sponsored By: Administration Committee on May 21, 2014
Le-gal- Fiscal- Administrative Approvals:
Legal Note: 3/4 vote of entire membership of Board (15)
Fiscal Impact: The 2014 financial impact will include reimbursement of expenses already incurred
and additional expenses paid for with bonding dollars.
From 2015 to 2024 the debt repayments will affect the County's Tax Mill Rate.
x, on 1612014 JA , OFumn'~e Dirac 511 14
P tar 5/1912014
St. Croix County Board of Supervisors Action:
Roll Call - Vote Requirement -
RESULT: ADOPTED [UNANIMOUS]
MOVER: Travis Schachtner, Supervisor
SECONDER: Jill Ann Berke, Supervisor
AYES: Travis Schachtner, Agnes Ring, Christopher Babbitt, Howard Novotny, Stephen Nielsen, Chris Kilber, Scott
Nelson, Jill Ann Berke, Dave Ostness, Roger Larson, Daniel Hansen, Ron Kiesler, Andy Brinkman, David Peterson,
Paulette Anderson, Judy Achterhof, Shaela Leibfried, William Peavey
ABSENT: Roy Sjoberg
This Resolution was Adopted by the St. Croix County Board of Supervisors on June 3, 2014
Cindy Campbell, County Clerk