WARSAW COMMUNITY SCHOOLS - INTENT TO SELL BONDS
July 28, 2016 at 4:25 p.m.
By -
$995,000
GENERAL OBLIGATION BONDS OF 2016
WARSAW COMMUNITY SCHOOLS
Upon not less than twenty-four (24) hours' notice given by the undersigned Secretary prior to the ninetieth day after this notice is first published, Warsaw Community Schools (the "School Corporation") will receive and consider bids for the purchase of the following described Bonds. Any person interested in submitting a bid for the Bonds must furnish in writing to Warsaw Community Schools c/o H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, (317) 465-1500, (317) 465-1550 (facsimile), or by e-mail to [email protected] on or before 2:00 p.m. (Indianapolis Time) May 3, 2016, the person's name, address, and telephone number. Interested persons may also furnish an e-mail address. The undersigned Secretary will notify (or cause to be notified) each person so registered of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by such person and also by e-mail, if an e-mail address has been received. It is anticipated that the sale will occur at 11:00 a.m. (EST) on May 5, 2016.
Notice is hereby given that electronic proposals will be received via PARITY®, in the manner described below, until the time and date specified in the Notice provided at least 24 hours prior to the sale, which is expected to be 11:00 a.m. (Indianapolis Time), on May 5, 2016. Bids may be submitted electronically via PARITY® pursuant to this Notice until the time specified in the Notice, but no bid will be received after the time for receiving bids specified above. To the extent any instructions or directions set forth in PARITY® conflict with Notice, the terms of this Notice shall control. For further information about PARITY®, potential bidders may contact the Corporation's advisor, H.J. Umbaugh & Associates, Certified Public Accountants, LLP at (317) 465-1500 or PARITY® at (212) 849-5021.
At the time designated for the sale, the School Corporation will receive at the offices of H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, and consider bids for the purchase of the following described Bonds:
General Obligation Bonds of 2016 (the "Bonds") of the School Corporation, an Indiana political subdivision, in the principal amount of $995,000; Fully registered form; Denomination $5,000 and integral multiples thereof (or in such other denomination as requested by the winning bidder); Originally dated the date of delivery of the Bonds; Bearing interest at a rate or rates to be determined by bidding, payable on December 30, 2016, and semiannually thereafter; These Bonds may be initially issued in a Book Entry System (as defined in the Bond Resolution) unless otherwise requested by the winning bidder; Interest payable by check mailed one business day prior to the interest payment date or by wire transfer to depositories on the interest payment date to the person or depository in whose name each Bond is registered with Regions Bank (the "Registrar") on the fifteenth day immediately preceding such interest payment date; Maturing or subject to mandatory redemption on June 30 and December 30, beginning no earlier than December 30, 2016, through and including no later than December 30, 2025, on the dates and amounts as provided by the School Corporation prior to the sale.
As an alternative to PARITY®, bidders may submit a sealed bid to the School Corporation's financial advisor at the address described above until the time and on the date identified in the notice given by, or on behalf of the School Corporation, twenty-four hours prior to the sale of the Bonds. Upon completion of the bidding procedures described herein, the results of the sealed, non-electronic bids received shall be compared to the electronic bids received by the School Corporation.
The Bonds are not subject to optional redemption prior to maturity.
A bid may designate that a given maturity or maturities shall constitute a term bond, and the semi-annual amounts set forth in the schedule provided prior to the sale shall constitute the mandatory sinking fund redemption requirements for such term bond or bonds. For purposes of computing net interest cost, the mandatory redemption amounts shall be treated as maturing on the dates set forth in the schedule provided prior to the sale.
Each bid must be for all Bonds and must state the rate of interest which each maturity of the Bonds is to bear, stated in multiples of 1/8th or 1/100th of 1%. The maximum interest rate of the Bonds shall not exceed 4.00% per annum. All Bonds maturing on the same date shall bear the same rate. Bids shall set out the total amount of interest payable over the term of the Bonds and the net interest cost on the Bonds covered by the bid. No bid for less than 99.30% of the face value of the Bonds will be considered. The Bonds will be awarded to the lowest responsible and responsive bidder who has submitted a bid in accordance herewith. The lowest responsible and responsive bidder will be the one who offers the lowest net interest cost to the Corporation, to be determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided by the Corporation prior to the sale and deducting therefrom the premium bid, if any, and adding thereto the discount bid, if any. The right is reserved to reject any and all bids. If an acceptable bid is not received for the Bonds on the date of sale hereinbefore fixed, the sale may be continued from day to day thereafter, during which time no bids for less than the highest bid received at the time of the advertised sale will be considered. No conditional bids will be considered.
Each bid not submitted via PARITY® must be enclosed in a sealed envelope addressed to the School Corporation and marked on the outside "Bid for General Obligation Bonds of 2016." A good faith deposit (the "Deposit") in the form of cash or certified or cashier's check in the amount of $9,950, payable to the order of the School Corporation is required to be submitted by the successful purchaser (the "Purchaser") not later than 3:30 p.m. (EST) on the next business day following the award. If such Deposit is not received by that time, the School Corporation applied to the purchase price of the Bonds. In the event the Purchaser fails to honor its accepted bid, the Deposit will be retained by the School Corporation as liquidated damages.
The successful bidder shall make payment for such Bonds and accept delivery thereof within five days after being notified that the Bonds are ready for delivery, at such place in the City of Indianapolis, Indiana, as the successful bidder may designate, or at such other location mutually agreed to by the School Corporation and the successful bidder. The Bonds will be ready for delivery within 45 days after the date of sale. If the School Corporation fails to have the Bonds ready for delivery prior to the close of banking hours on the forty-fifth day after the date of sale, the bidder may secure the release of his bid upon request in writing, filed with the School Corporation. The successful bidder is expected to apply to a securities depository registered with the SEC to make such Bonds depository-eligible. At the time of delivery of the Bonds to the successful bidder, the bidder may be required to certify to the School Corporation the initial reoffering price to the public of a substantial amount of each maturity of the Bonds.
Bidders must comply with the Rules of PARITY® in addition to requirements of this Notice of Intent to Sell Bonds. To the extent there is a conflict between the Rules of PARITY® and this Notice of Intent to Sell Bonds, this Notice of Intent to Sell Bonds shall control. Bidders may change and submit bids as many times as they wish during the sale, but they may not withdraw a submitted bid. The last bid submitted by a bidder prior to the deadline for the receipt of bids will be compared to all other final bids to determine the winning bid. During the sale, no bidder will see any other bidder's bid, nor will they see the status of their bid relative to other bids (e.g., whether their bid is a leading bid).
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder therefore to accept delivery of and pay for the Bonds in accordance with the terms of its proposal. No CUSIP identification number shall be deemed to be a part of any Bond or a part of the contract evidenced thereby and no liability shall hereafter attach to the School Corporation or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing of CUSIP identification numbers on the Bonds shall be paid for by the School Corporation; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the Purchaser. The Purchaser will also be responsible for any other fees or expenses it incurs in connection with the resale of the Bonds.
The approving opinion of Ice Miller LLP, bond counsel of Indianapolis, Indiana, together with a transcript of the proceedings relating to the issuance of the Bonds and closing papers in the usual form showing no litigation questioning the validity of the Bonds, will be furnished to the successful bidder at the expense of the School Corporation.
The Bonds are being issued for the purpose of procuring funds to be applied on the cost of the renovation of and improvements to Warsaw Community High School, including site improvements, and will be direct obligations of the School Corporation payable out of ad valorem taxes to be collected on the taxable property within the School Corporation; however, the School Corporation's collection of the levy may be limited by operation of I.C. 6-1.1-20.6, which provides taxpayers with tax credits for property taxes attributable to different classes of property in an amount that exceeds certain percentages of the gross assessed value of that property. The School Corporation is required by law to fully fund the payment of debt service on the Bonds in an amount sufficient to pay the debt service, regardless of any reduction in property tax collection due to the application of such tax credits. The School Corporation may not be able to levy or collect additional property taxes to make up this shortfall. Warsaw Community Schools is a school corporation organized pursuant to the provisions of I.C. 20-23; the Bonds will not be "private activity bonds" as defined in Section 141 of the Internal Revenue Code of 1986, as amended.
The Bonds constitute an indebtedness only of the School Corporation. In the opinion of bond counsel, under the existing federal statutes, decisions, regulations and rulings, interest on the Bonds is exempt from all income taxation in Indiana. In the opinion of bond counsel, under the existing federal statutes, decisions, regulations and rulings, the interest on the Bonds is excludable from gross income for purposes of federal income taxation.
The Bonds will not be subject to SEC Rule 15c2-12; therefore, no Official Statement will be prepared, nor will the School Corporation enter into a Continuing Disclosure Undertaking Agreement, in connection with the sale of the Bonds.
Further information relative to the Bonds may be obtained upon application to H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, financial advisor to the School Corporation; Randy Hesser, Esq., Warrick & Boyn LLP, 121 West Franklin Street, Suite 400, Elkhart, Indiana 46516, attorney for the School Corporation; or Dr. David Hoffert, Superintendent of the School Corporation, One Administration Drive, Warsaw, Indiana 46580. If bids are submitted by mail, they should be addressed to the School Corporation, attention of H.J. Umbaugh & Associates LLP, 8365
Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458.
Dated this___day of April, 2016.
Secretary, Board of School Trustees
Warsaw Community Schools
4-19,26 hspaxlp
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$995,000
GENERAL OBLIGATION BONDS OF 2016
WARSAW COMMUNITY SCHOOLS
Upon not less than twenty-four (24) hours' notice given by the undersigned Secretary prior to the ninetieth day after this notice is first published, Warsaw Community Schools (the "School Corporation") will receive and consider bids for the purchase of the following described Bonds. Any person interested in submitting a bid for the Bonds must furnish in writing to Warsaw Community Schools c/o H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, (317) 465-1500, (317) 465-1550 (facsimile), or by e-mail to [email protected] on or before 2:00 p.m. (Indianapolis Time) May 3, 2016, the person's name, address, and telephone number. Interested persons may also furnish an e-mail address. The undersigned Secretary will notify (or cause to be notified) each person so registered of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by such person and also by e-mail, if an e-mail address has been received. It is anticipated that the sale will occur at 11:00 a.m. (EST) on May 5, 2016.
Notice is hereby given that electronic proposals will be received via PARITY®, in the manner described below, until the time and date specified in the Notice provided at least 24 hours prior to the sale, which is expected to be 11:00 a.m. (Indianapolis Time), on May 5, 2016. Bids may be submitted electronically via PARITY® pursuant to this Notice until the time specified in the Notice, but no bid will be received after the time for receiving bids specified above. To the extent any instructions or directions set forth in PARITY® conflict with Notice, the terms of this Notice shall control. For further information about PARITY®, potential bidders may contact the Corporation's advisor, H.J. Umbaugh & Associates, Certified Public Accountants, LLP at (317) 465-1500 or PARITY® at (212) 849-5021.
At the time designated for the sale, the School Corporation will receive at the offices of H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, and consider bids for the purchase of the following described Bonds:
General Obligation Bonds of 2016 (the "Bonds") of the School Corporation, an Indiana political subdivision, in the principal amount of $995,000; Fully registered form; Denomination $5,000 and integral multiples thereof (or in such other denomination as requested by the winning bidder); Originally dated the date of delivery of the Bonds; Bearing interest at a rate or rates to be determined by bidding, payable on December 30, 2016, and semiannually thereafter; These Bonds may be initially issued in a Book Entry System (as defined in the Bond Resolution) unless otherwise requested by the winning bidder; Interest payable by check mailed one business day prior to the interest payment date or by wire transfer to depositories on the interest payment date to the person or depository in whose name each Bond is registered with Regions Bank (the "Registrar") on the fifteenth day immediately preceding such interest payment date; Maturing or subject to mandatory redemption on June 30 and December 30, beginning no earlier than December 30, 2016, through and including no later than December 30, 2025, on the dates and amounts as provided by the School Corporation prior to the sale.
As an alternative to PARITY®, bidders may submit a sealed bid to the School Corporation's financial advisor at the address described above until the time and on the date identified in the notice given by, or on behalf of the School Corporation, twenty-four hours prior to the sale of the Bonds. Upon completion of the bidding procedures described herein, the results of the sealed, non-electronic bids received shall be compared to the electronic bids received by the School Corporation.
The Bonds are not subject to optional redemption prior to maturity.
A bid may designate that a given maturity or maturities shall constitute a term bond, and the semi-annual amounts set forth in the schedule provided prior to the sale shall constitute the mandatory sinking fund redemption requirements for such term bond or bonds. For purposes of computing net interest cost, the mandatory redemption amounts shall be treated as maturing on the dates set forth in the schedule provided prior to the sale.
Each bid must be for all Bonds and must state the rate of interest which each maturity of the Bonds is to bear, stated in multiples of 1/8th or 1/100th of 1%. The maximum interest rate of the Bonds shall not exceed 4.00% per annum. All Bonds maturing on the same date shall bear the same rate. Bids shall set out the total amount of interest payable over the term of the Bonds and the net interest cost on the Bonds covered by the bid. No bid for less than 99.30% of the face value of the Bonds will be considered. The Bonds will be awarded to the lowest responsible and responsive bidder who has submitted a bid in accordance herewith. The lowest responsible and responsive bidder will be the one who offers the lowest net interest cost to the Corporation, to be determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided by the Corporation prior to the sale and deducting therefrom the premium bid, if any, and adding thereto the discount bid, if any. The right is reserved to reject any and all bids. If an acceptable bid is not received for the Bonds on the date of sale hereinbefore fixed, the sale may be continued from day to day thereafter, during which time no bids for less than the highest bid received at the time of the advertised sale will be considered. No conditional bids will be considered.
Each bid not submitted via PARITY® must be enclosed in a sealed envelope addressed to the School Corporation and marked on the outside "Bid for General Obligation Bonds of 2016." A good faith deposit (the "Deposit") in the form of cash or certified or cashier's check in the amount of $9,950, payable to the order of the School Corporation is required to be submitted by the successful purchaser (the "Purchaser") not later than 3:30 p.m. (EST) on the next business day following the award. If such Deposit is not received by that time, the School Corporation applied to the purchase price of the Bonds. In the event the Purchaser fails to honor its accepted bid, the Deposit will be retained by the School Corporation as liquidated damages.
The successful bidder shall make payment for such Bonds and accept delivery thereof within five days after being notified that the Bonds are ready for delivery, at such place in the City of Indianapolis, Indiana, as the successful bidder may designate, or at such other location mutually agreed to by the School Corporation and the successful bidder. The Bonds will be ready for delivery within 45 days after the date of sale. If the School Corporation fails to have the Bonds ready for delivery prior to the close of banking hours on the forty-fifth day after the date of sale, the bidder may secure the release of his bid upon request in writing, filed with the School Corporation. The successful bidder is expected to apply to a securities depository registered with the SEC to make such Bonds depository-eligible. At the time of delivery of the Bonds to the successful bidder, the bidder may be required to certify to the School Corporation the initial reoffering price to the public of a substantial amount of each maturity of the Bonds.
Bidders must comply with the Rules of PARITY® in addition to requirements of this Notice of Intent to Sell Bonds. To the extent there is a conflict between the Rules of PARITY® and this Notice of Intent to Sell Bonds, this Notice of Intent to Sell Bonds shall control. Bidders may change and submit bids as many times as they wish during the sale, but they may not withdraw a submitted bid. The last bid submitted by a bidder prior to the deadline for the receipt of bids will be compared to all other final bids to determine the winning bid. During the sale, no bidder will see any other bidder's bid, nor will they see the status of their bid relative to other bids (e.g., whether their bid is a leading bid).
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder therefore to accept delivery of and pay for the Bonds in accordance with the terms of its proposal. No CUSIP identification number shall be deemed to be a part of any Bond or a part of the contract evidenced thereby and no liability shall hereafter attach to the School Corporation or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing of CUSIP identification numbers on the Bonds shall be paid for by the School Corporation; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the Purchaser. The Purchaser will also be responsible for any other fees or expenses it incurs in connection with the resale of the Bonds.
The approving opinion of Ice Miller LLP, bond counsel of Indianapolis, Indiana, together with a transcript of the proceedings relating to the issuance of the Bonds and closing papers in the usual form showing no litigation questioning the validity of the Bonds, will be furnished to the successful bidder at the expense of the School Corporation.
The Bonds are being issued for the purpose of procuring funds to be applied on the cost of the renovation of and improvements to Warsaw Community High School, including site improvements, and will be direct obligations of the School Corporation payable out of ad valorem taxes to be collected on the taxable property within the School Corporation; however, the School Corporation's collection of the levy may be limited by operation of I.C. 6-1.1-20.6, which provides taxpayers with tax credits for property taxes attributable to different classes of property in an amount that exceeds certain percentages of the gross assessed value of that property. The School Corporation is required by law to fully fund the payment of debt service on the Bonds in an amount sufficient to pay the debt service, regardless of any reduction in property tax collection due to the application of such tax credits. The School Corporation may not be able to levy or collect additional property taxes to make up this shortfall. Warsaw Community Schools is a school corporation organized pursuant to the provisions of I.C. 20-23; the Bonds will not be "private activity bonds" as defined in Section 141 of the Internal Revenue Code of 1986, as amended.
The Bonds constitute an indebtedness only of the School Corporation. In the opinion of bond counsel, under the existing federal statutes, decisions, regulations and rulings, interest on the Bonds is exempt from all income taxation in Indiana. In the opinion of bond counsel, under the existing federal statutes, decisions, regulations and rulings, the interest on the Bonds is excludable from gross income for purposes of federal income taxation.
The Bonds will not be subject to SEC Rule 15c2-12; therefore, no Official Statement will be prepared, nor will the School Corporation enter into a Continuing Disclosure Undertaking Agreement, in connection with the sale of the Bonds.
Further information relative to the Bonds may be obtained upon application to H.J. Umbaugh & Associates LLP, 8365 Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458, financial advisor to the School Corporation; Randy Hesser, Esq., Warrick & Boyn LLP, 121 West Franklin Street, Suite 400, Elkhart, Indiana 46516, attorney for the School Corporation; or Dr. David Hoffert, Superintendent of the School Corporation, One Administration Drive, Warsaw, Indiana 46580. If bids are submitted by mail, they should be addressed to the School Corporation, attention of H.J. Umbaugh & Associates LLP, 8365
Keystone Crossing, Suite 300, Indianapolis, Indiana 46240-0458.
Dated this___day of April, 2016.
Secretary, Board of School Trustees
Warsaw Community Schools
4-19,26 hspaxlp
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