NOTICE TO BIDDERS FOR TAX ANTICIPATION WARRANTS OF TIPPECANOE VALLEY SCHOOL CORPORATION Notice is hereby given by the Board of School Trustees of the Tippecanoe Valley School Corporation ("School Corporation") that sealed bids will be accepted at the Administrative Offices of the School Corporation, 8343 S. State Road 19, Akron, Indiana, or by facsimile transmission to 574-353-7743, Attention: Sherri Adamson, Treasurer, at 11 :00 a.m., Eastern time, on June 5, 2008, for the following described tax anticipation warrants (collectively, the "Warrants"): FUND 12/31/08 Maturity General $1,440,000 Debt Service $960,000 Capital Projects $600,000 Transportation $400,000 Bus Replacement $100,000 The Warrants shall bear interest at a rate to be determined by bidding with interest payable at maturity of the Warrants. Interest shall be calculated on a 365-day basis. Principal and interest shall be payable at such bank as the purchaser or purchasers shall designate. The Warrants will be delivered in full on or about June 19,2008, or as soon thereafter as is practical. All bids shall state a single rate of interest in percents and thousandths of one percent (1%) for the Warrants. Bidders shall state the net effective interest cost of their bid to the School Corporation. Each bid shall be accompanied by a certified cashier's check in the amount of 1% of the principal amount of the Warrants, made payable to "Tippecanoe Valley School Corporation" or a financial surety bond from an insurance company licensed to issue such a bond in the State of Indiana submitted to the School Corporation prior to the opening of bids, to guarantee the School Corporation against default by such bidder in complying with the terms of this notice and of its bid. A successful bidder utilizing a surety bond must submit a certified check or wire transfer in the amount of 1% of the Warrants bid for by 2:00 p.m. Eastern time on the first business day following the award. No conditional bids will be considered. The Warrants shall be awarded to the responsible bidder or bidders submitting the lowest net interest cost to the School Corporation. The lowest net interest cost for each Warrant shall be determined by computing the total interest on the Warrant to maturity and deducting therefrom the premium, if any. The right is reserved to reject any and all bids, and if acceptable bids are not received on the sale date, the sale of the Warrants may be continued from day to day thereafter but not exceeding 30 days without readvertisement of the sale. The School Corporation reserves the right to accept or reject any and all bids and to waive informalities in bids. The Warrants shall be formally awarded to the successful bidder at a meeting of the Board of School Trustees of the School Corporation to be held on or about June 9, 2007. The Warrants are being issued under the provisions of Indiana Code, Title 20, Article 48 Chapter 1, Section 9, to evidence temporary loans for the purpose of obtaining funds to be used for the General, Debt Service, Capital Projects, Transportation and Bus Replacement Funds (collectively, the "Funds") for the purpose of meeting expenses of the School Corporation included in the regular budget and appropriations adopted for the year 2008, which expenses must be met prior to the settlement and distribution of taxes for such Funds in the year 2008. There has been appropriated and pledged a sufficient amount of the current revenues of the School Corporation to be derived from the levies made in the year 2007, and collectible in the year 2008, to pay the principal of said Warrants from the respective Funds at maturity and to pay interest on the Warrants from the respective Funds or from the Debt Service Fund, as applicable, at maturity. The School Corporation intends to issue no more than $10,000,000 of tax-exempt obligations during calendar year 2008 and will designate the Warrants as qualified tax-exempt obligations pursuant to Section 265 of the Internal Revenue Code of 1986, as amended. The approving opinion of Bose McKinney & Evans LLP, together with the typewritten and executed Warrants, and a transcript of the legal proceedings, will be furnished to the successful bidder at the expense of the successful bidder. The Warrants shall be delivered at the date and time set out above. The successful bidder or bidders shall accept delivery of the Warrants and make payment therefor at such Bank as such bidder or bidders shall designate. Dated as of the 21st day of May, 2008. BOARD OF SCHOOL TRUSTEES OF TIPPECANOE VALLEY SCHOOL CORPORATION Dave O'Brien, Secretary m21,28 [[In-content Ad]]
