HomeMy WebLinkAboutResolution 2009 (44) RESOLUTION NO. 4 « c )
RESOLUTION AUTHORIZING THE BORROWING
OF NOT TO EXCEED $3,360,000 AND PROVIDING FOR THE ISSUANCE AND SALE OF
TAXABLE GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2010A (RECOVERY
ZONE ECONOMIC DEVELOPMENT BONDS — DIRECT PAY)
WHEREAS, it is necessary that funds be raised by St. Croix County, Wisconsin (the
"County ") for the purpose of paying the cost of improvements to buildings, land and
safety /security systems and acquisition of equipment and software (the "Project ") and there are
insufficient funds on hand to pay said costs;
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(1)(b) of the Wisconsin Statutes;
WHEREAS, counties are authorized by the provisions of Section 67.12(12) of the
Wisconsin Statutes to borrow money and to issue general obligation promissory notes for such
public purposes;
WHEREAS, on September 22, 2009, the County adopted Resolution No. 30 (2009)
which designated the entire County as a "recovery zone" pursuant to Section 1400U -1(b) of the
American Recovery and Reinvestment Act of 2009 (the "Stimulus Act ");
WHEREAS, the elements of the Project each constitute a "qualified economic
development purpose" for which the County may issue "recovery zone economic development
bonds" as provided in Section 1400U -2 of the Stimulus Act;
WHEREAS, the County has received an allocation of authority to issue up to $3,360,000
of recovery zone economic development bonds pursuant to Notice 2009 -50 issued by the Internal
Revenue Service; and
WHEREAS, the County has determined to utilize said allocation for purposes of
financing the Project.
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NOW, THEREFORE, BE IT RESOLVED by the County Board of the County that:
Section 1. Authorization of the Notes. For the purpose of paying the cost of the Project,
there shall be borrowed pursuant to Section 67.12(12) of the Wisconsin Statutes, the principal
sum of not to exceed THREE MILLION THREE HUNDRED SIXTY THOUSAND DOLLARS
($3,360,000) from a purchaser to be determined by public sale and approved by subsequent
resolution of this County Board (the "Purchaser ").
Section 2. Sale of the Notes. The County shall offer the $3,360,000 Taxable General
Obligation Promissory Notes, Series 2010A (Recovery Zone Economic Development Bonds —
Direct Pay) (the "Notes ") for public sale on March 15, 2010.
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 and shall prepare or cause to be prepared an Official Statement pursuant to SEC
Rule 15c2 -12. Springsted, Incorporated is hereby appointed as the County's agent for purposes
of receiving and tabulating the bids received on the Notes at its offices.
Section 4. Award of the Notes. Following receipt of bids for the Notes, the County
Board shall consider taking further action with respect to the details of the Notes; to award the
Notes 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 Notes as the same becomes due as required by law.
Section 5. 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.
Offered by: Finance Committee on December 15, 2009.
NEGATIVE AFFIRMATIVE
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Duly adopted on December 15, 2009.
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Cindy Campbell,
County Clerk
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