WHITKO COMMUNITY SCHOOL CORP - BONDS
July 28, 2016 at 4:25 p.m.
By -
NOTICE IS HEREBY GIVEN that separate electronic and sealed bids will be received on behalf of the Whitko Community School Corporation, Whitley/Kosciusko County, Indiana (the “Corporation”) in care of the Corporation’s financial advisor, London Witte Group, LLC, c/o Jim Higgins, One Independence Center, 1776 North Meridian Street, Suite 500, Indianapolis, Indiana 46202, (317) 634-4747 (telephone), (317) 632-2727 (fax), [email protected] (e-mail), in the manner as set forth herein for the purchase of the bonds of the Corporation designated as “Whitko Community School Corporation Whitley/Kosciusko County, General Obligation Bonds, Series 2011” (the “2011 Bonds”) in the aggregate principal amount of Six Hundred Twenty-Five Thousand Dollars and 00/100 Dollars ($625,000), bearing interest at a rate or rates which produce a yield not exceeding five percent (5.00%) per annum.
TYPES OF BIDS ALLOWED. Bidders may submit a sealed bid (facsimile and e-mail allowed) to the Corporation’s financial advisor at the address described above until 12:00 p.m., E.D.T. (Indianapolis Time) on June 14, 2011.
FORM, MATURITY AND PAYMENT OF BONDS. Interest on the 2011 Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semi-annually on January 5 and July 5 in each year, commencing January 5, 2012. The 2011 Bonds will be issued as fully registered bonds in book-entry-only form in denominations of $5.00 each or any integral multiples thereof, not exceeding the aggregate principal amount of such 2011 Bonds maturing in any one year, and when issued, may be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York. If Cede & Co. is the registered owner of the 2011 Bonds, purchasers of beneficial interests in the 2011 Bonds will not receive physical delivery of bond certificates and ownership by the Beneficial Owners of the 2011 Bonds will be evidenced by book-entry only. As long as Cede & Co. is the registered owner of the 2011 Bonds as nominee of DTC, payments of principal and interest will be made directly to such registered owner, which will in turn, remit such payments to the DTC Participants for subsequent disbursement to the Beneficial Owners. The Corporation shall not have any liability for the failure of DTC or any DTC Participant to remit the payment or provide any notice to any Beneficial Owner of 2011 Bonds. The 2011 Bonds shall be numbered consecutively from 2011R-1 upward, shall bear an original issue date which shall be the date the 2011 Bonds are issued and shall mature on the years and amounts as follows:
MATURITY SCHEDULE
Maturity Principal Maturity Principal
Date Amount* Date Amount*
January 5, 2013 174,245 January 5, 2014 450,755
* Estimated, subject to change.
The Corporation reserves the right to adjust principal amounts within maturities to achieve approximate level annual debt service levy of the Corporation based upon the rates bid by the successful bidder, the Corporation’s current debt service levy and the Corporation’s anticipated debt service levy during the term of the 2011 Bonds. In addition, the Corporation reserves the right to decrease the entire principal amount of the 2011 Bonds issued based on the actual interest rates bid by the successful bidder. If the maximum principal amount of the 2011 Bonds issued decreases, the Corporation reserves the right to adjust principal amounts within maturities based on the parameters set forth in this paragraph.
As an alternative to part or all of the above series of maturities, the Corporation will consider bids for a term bond or bonds, subject to mandatory sinking fund redemption by lot prior to maturity consistent with the dates and the amounts set forth above at a price equal to the principal amount thereof, plus accrued interest to the date of redemption without premium.
All payments of interest on the 2011 Bonds will be paid by check or draft mailed one business day prior to each interest payment date, to the registered owners of the 2011 Bonds as of the first (1st) day of the month in which such interest is payable at the address as it appears on the registration books kept by the Registrar and/or Paying Agent as of the first (1st) day of the month of the interest payment date or at such other address as is provided to the Registrar and/or Paying Agent in writing by such registered owner. Principal on the 2011 Bonds will be payable at the principal corporate trust office of the Paying Agent. Notwithstanding the foregoing, so long as DTC or its nominee is the registered owner of the 2011 Bonds, principal of and interest on the 2011 Bonds will be paid directly by the Paying Agent to DTC as provided hereinabove.
The 2011 Bonds have been, or will be, designated as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
REDEMPTION PROVISIONS. The 2011 Bonds are not subject to optional or mandatory sinking fund redemption prior to maturity.
INTEREST RATES. Each bid must be for all of the 2011 Bonds and must state the rate or rates of interest therefore, not exceeding the maximum per annum interest rate hereinbefore specified. Such interest rate or rates must be in multiples of one-eighth (1/8) or one-hundredth (1/100) of one percent (1.00%). Bids specifying more than one interest rate must also specify the amount and maturities of the 2011 Bonds bearing each rate. All 2011 Bonds maturing on the same date shall bear the same rate of interest and the interest rate bid on any maturity of 2011 Bonds shall be equal to or greater than the interest rate bid on any and all prior maturities of 2011 Bonds. Although not a term of sale, it is requested that each bid show the net dollar cost to final maturity and the net effective interest rate on the entire issue.
BIDDING DETAILS. No conditional bid or bids for less the par value of the 2011 Bonds, will be considered. The Corporation reserves the right to reject any and all bids and to waive any informality in any bid. If no acceptable bid is received on the date fixed for sale of the 2011 Bonds, the sale may be continued from day to day thereafter without further advertisement for a period not to exceed thirty (30) days, but if so continued, no bid will be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale.
Each of the bids for the 2011 Bonds shall (i) be sealed in an envelope marked “Bid for Whitko Community School Corporation General Obligation Bonds of 2011,” (ii) must be on the form approved by the Corporation, without additions, alterations or erasures, which form may be obtained from the Corporation’s Financial Advisor at the address set forth herein; and (iii) delivered to the Financial Advisor on behalf of the Corporation as required hereinabove.
AMENDMENTS. The Corporation reserves the right to amend any information contained in this Notice of Bond Sale. The Corporation also reserves the right to postpone, from time to time, the date established for the receipt of bids on the 2011 Bonds. Any such amendment or postponement will be announced via TM3 and/or Bloomberg wire service, at any time prior to the date and time established for the auction. If any date fixed for the auction is postponed, any alternative sale date will be announced at least 24 hours prior to such alternative sale date.
BASIS FOR AWARD. The sale of the 2011 Bonds will be awarded to the bidder making a bid that conforms to the specifications herein and which produces the lowest Net Interest Cost to the Corporation. The lowest Net Interest Cost is determined by computing the total interest on all of the 2011 Bonds to their maturities based upon the schedule provided herein and deducting there from the premium bid, if any and adding thereto the discount bid, if any. In the event of a bidder’s error in interest cost calculations, the interest rates, premium, if any, and discount, if any, set forth or incorporated by reference in the Official Bid Form will be considered as the intended bid.
GOOD FAITH DEPOSIT. The successful bidder will be required to deliver to the financial advisor on behalf of the Corporation a certified or cashier’s check, wire transfer consisting of immediately available funds to the Corporation as instructed by the financial advisor on behalf of the Corporation, or a financial surety bond in the amount of Six Thousand Two Hundred Fifty and 00/100 Dollars ($6,250.00) (the amount of such check or financial surety bond being referred to hereinafter as the “Deposit”) within 24 hours after the bid is accepted. If a check is submitted, it must be drawn on a bank or trust company, which is insured by the Federal Deposit Insurance Corporation. If a financial surety bond is used, it must be from an insurance company. In either case, the Deposit must be submitted to the Corporation or its Financial Advisor prior to the Sale Time in order to qualify to bid and shall be made payable to “Whitko Community School Corporation,”to be held uncashed in the case of a check or not drawn upon in the case of a financial surety bond as a guarantee of the good faith of the bidder. The checks of unsuccessful bidders will be returned immediately following the award of the 2011 Bonds. No interest will be allowed on any checks. If the 2011 Bonds are awarded to a bidder who has submitted a financial surety bond to the Corporation, then such bidder must submit its Deposit to the Corporation in the form of a certified or cashier’s check (or a wire transfer consisting of immediately available funds to the Corporation as instructed by the financial advisor on behalf of the Corporation) not later than 3:30 p.m. (local time) on the next business day following the award by the Corporation. If such check or wire transfer is not received by that time, the financial surety bond may be drawn upon by the Corporation to satisfy the Deposit requirements.
In the event the bidder to whom the 2011 Bonds are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such Deposit shall become the property of the Corporation and shall be taken and considered as liquidated damages of the Corporation on account of such failure or refusal.
The successful bidder will be required to make payment for the 2011 Bonds in Federal Reserve or other immediately available funds and accept delivery of the 2011 Bonds within five (5) days after being notified that the 2011 Bonds are ready for delivery, at a bank designated by the Corporation. Any premium bid must be paid in cash at the time of delivery as a part of the purchase price of the 2011 Bonds. The 2011 Bonds will be ready for delivery within sixty (60) days after the date on which the award is made, if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the good faith check will be returned. Any notice of rescission must be in writing. At the request of the Corporation, the successful bidder shall furnish to the Corporation, simultaneously with or before delivery of the 2011 Bonds, a certificate in form satisfactory to the Corporation regarding the price at which a substantial amount of 2011 Bonds of each maturity was re-offered to the public, if applicable.
It is anticipated that CUSIP identification numbers will be printed on the 2011 Bonds, but neither the failure to print such numbers on any 2011 Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the 2011 Bonds in accordance with the terms of its bid. No CUSIP identification number shall be deemed to be a part of any 2011 Bond or the contract evidenced thereby and no liability shall hereafter attach to the Corporation or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing or typing of CUSIP numbers on the 2011 Bonds shall be paid by the Corporation; provided, however, it shall be responsibility of the successful bidder to timely obtain the numbers and to pay the CUSIP Service Bureau charge for the assignment of the numbers. The successful bidder will also be responsible for any other fees or expenses it incurs in connection with the resale of the 2011 Bonds.
AUTHORITY, PURPOSE AND SOURCE OF SECURITY. The 2011 Bonds are being issued under the provisions of the Indiana Code 20-48-1 for the purpose of procuring funds to pay all or a portion of: (1) providing technology improvements at (a) the existing elementary schools, including, but not limited to, the installation of technology wiring, wireless networking and related improvements thereto and (b) the existing middle school and high school, including, but not limited to, upgrading the wireless network and related improvements thereto, (2) completing other miscellaneous facility improvement and equipping throughout the geographical boundaries of the School Corporation, including, but not limited to, providing for technology resources and end user equipment, and (3) undertaking all projects related to clauses (1) or (2) (clauses (1) through and including (3), collectively, the “Project”), together with the expenses necessarily incurred in connection therewith, including the expenses incurred in connection with the sale and issuance of the 2011 Bonds.
The principal of and interest on the 2011 Bonds will be payable as a general obligation of the Corporation from ad valorem property taxes to be levied on all taxable property in the Corporation, and the 2011 Bonds constitute an indebtedness of the Corporation within the provisions and limitations of the Constitution of the State of Indiana.
BOND DELIVERY. At the time of delivery of the 2011 Bonds, the approving opinion of Barnes & Thornburg LLP, Indianapolis, Indiana, bond counsel, as to the validity of the 2011 Bonds, together with a transcript of bond proceedings, the printed 2011 Bonds and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the Corporation. In addition, unless bond counsel is able, on the date of delivery, to render an opinion to the effect that (1) under existing laws, regulations, judicial decisions and rulings, interest on the 2011 Bonds is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes, and (2) the interest on the 2011 Bonds is exempt from income taxation in the state of Indiana for all purposes except the state financial institutions tax, the successful bidder shall have the right to rescind the sale, and in such event the good faith deposit will be returned.
The Corporation has not prepared an official statement or other offering material in connection with the sale of the Bonds. The purchaser of the Bonds will be required to certify that it is a sophisticated investor and that it is will not sell, convey, pledge or otherwise transfer the Bonds without compliance with applicable securities laws.
Dated this 25th day of May, 2011.
WHITKO COMMUNITY SCHOOL CORPORATION
m25, j1[[In-content Ad]]
NOTICE IS HEREBY GIVEN that separate electronic and sealed bids will be received on behalf of the Whitko Community School Corporation, Whitley/Kosciusko County, Indiana (the “Corporation”) in care of the Corporation’s financial advisor, London Witte Group, LLC, c/o Jim Higgins, One Independence Center, 1776 North Meridian Street, Suite 500, Indianapolis, Indiana 46202, (317) 634-4747 (telephone), (317) 632-2727 (fax), [email protected] (e-mail), in the manner as set forth herein for the purchase of the bonds of the Corporation designated as “Whitko Community School Corporation Whitley/Kosciusko County, General Obligation Bonds, Series 2011” (the “2011 Bonds”) in the aggregate principal amount of Six Hundred Twenty-Five Thousand Dollars and 00/100 Dollars ($625,000), bearing interest at a rate or rates which produce a yield not exceeding five percent (5.00%) per annum.
TYPES OF BIDS ALLOWED. Bidders may submit a sealed bid (facsimile and e-mail allowed) to the Corporation’s financial advisor at the address described above until 12:00 p.m., E.D.T. (Indianapolis Time) on June 14, 2011.
FORM, MATURITY AND PAYMENT OF BONDS. Interest on the 2011 Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semi-annually on January 5 and July 5 in each year, commencing January 5, 2012. The 2011 Bonds will be issued as fully registered bonds in book-entry-only form in denominations of $5.00 each or any integral multiples thereof, not exceeding the aggregate principal amount of such 2011 Bonds maturing in any one year, and when issued, may be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York. If Cede & Co. is the registered owner of the 2011 Bonds, purchasers of beneficial interests in the 2011 Bonds will not receive physical delivery of bond certificates and ownership by the Beneficial Owners of the 2011 Bonds will be evidenced by book-entry only. As long as Cede & Co. is the registered owner of the 2011 Bonds as nominee of DTC, payments of principal and interest will be made directly to such registered owner, which will in turn, remit such payments to the DTC Participants for subsequent disbursement to the Beneficial Owners. The Corporation shall not have any liability for the failure of DTC or any DTC Participant to remit the payment or provide any notice to any Beneficial Owner of 2011 Bonds. The 2011 Bonds shall be numbered consecutively from 2011R-1 upward, shall bear an original issue date which shall be the date the 2011 Bonds are issued and shall mature on the years and amounts as follows:
MATURITY SCHEDULE
Maturity Principal Maturity Principal
Date Amount* Date Amount*
January 5, 2013 174,245 January 5, 2014 450,755
* Estimated, subject to change.
The Corporation reserves the right to adjust principal amounts within maturities to achieve approximate level annual debt service levy of the Corporation based upon the rates bid by the successful bidder, the Corporation’s current debt service levy and the Corporation’s anticipated debt service levy during the term of the 2011 Bonds. In addition, the Corporation reserves the right to decrease the entire principal amount of the 2011 Bonds issued based on the actual interest rates bid by the successful bidder. If the maximum principal amount of the 2011 Bonds issued decreases, the Corporation reserves the right to adjust principal amounts within maturities based on the parameters set forth in this paragraph.
As an alternative to part or all of the above series of maturities, the Corporation will consider bids for a term bond or bonds, subject to mandatory sinking fund redemption by lot prior to maturity consistent with the dates and the amounts set forth above at a price equal to the principal amount thereof, plus accrued interest to the date of redemption without premium.
All payments of interest on the 2011 Bonds will be paid by check or draft mailed one business day prior to each interest payment date, to the registered owners of the 2011 Bonds as of the first (1st) day of the month in which such interest is payable at the address as it appears on the registration books kept by the Registrar and/or Paying Agent as of the first (1st) day of the month of the interest payment date or at such other address as is provided to the Registrar and/or Paying Agent in writing by such registered owner. Principal on the 2011 Bonds will be payable at the principal corporate trust office of the Paying Agent. Notwithstanding the foregoing, so long as DTC or its nominee is the registered owner of the 2011 Bonds, principal of and interest on the 2011 Bonds will be paid directly by the Paying Agent to DTC as provided hereinabove.
The 2011 Bonds have been, or will be, designated as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
REDEMPTION PROVISIONS. The 2011 Bonds are not subject to optional or mandatory sinking fund redemption prior to maturity.
INTEREST RATES. Each bid must be for all of the 2011 Bonds and must state the rate or rates of interest therefore, not exceeding the maximum per annum interest rate hereinbefore specified. Such interest rate or rates must be in multiples of one-eighth (1/8) or one-hundredth (1/100) of one percent (1.00%). Bids specifying more than one interest rate must also specify the amount and maturities of the 2011 Bonds bearing each rate. All 2011 Bonds maturing on the same date shall bear the same rate of interest and the interest rate bid on any maturity of 2011 Bonds shall be equal to or greater than the interest rate bid on any and all prior maturities of 2011 Bonds. Although not a term of sale, it is requested that each bid show the net dollar cost to final maturity and the net effective interest rate on the entire issue.
BIDDING DETAILS. No conditional bid or bids for less the par value of the 2011 Bonds, will be considered. The Corporation reserves the right to reject any and all bids and to waive any informality in any bid. If no acceptable bid is received on the date fixed for sale of the 2011 Bonds, the sale may be continued from day to day thereafter without further advertisement for a period not to exceed thirty (30) days, but if so continued, no bid will be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale.
Each of the bids for the 2011 Bonds shall (i) be sealed in an envelope marked “Bid for Whitko Community School Corporation General Obligation Bonds of 2011,” (ii) must be on the form approved by the Corporation, without additions, alterations or erasures, which form may be obtained from the Corporation’s Financial Advisor at the address set forth herein; and (iii) delivered to the Financial Advisor on behalf of the Corporation as required hereinabove.
AMENDMENTS. The Corporation reserves the right to amend any information contained in this Notice of Bond Sale. The Corporation also reserves the right to postpone, from time to time, the date established for the receipt of bids on the 2011 Bonds. Any such amendment or postponement will be announced via TM3 and/or Bloomberg wire service, at any time prior to the date and time established for the auction. If any date fixed for the auction is postponed, any alternative sale date will be announced at least 24 hours prior to such alternative sale date.
BASIS FOR AWARD. The sale of the 2011 Bonds will be awarded to the bidder making a bid that conforms to the specifications herein and which produces the lowest Net Interest Cost to the Corporation. The lowest Net Interest Cost is determined by computing the total interest on all of the 2011 Bonds to their maturities based upon the schedule provided herein and deducting there from the premium bid, if any and adding thereto the discount bid, if any. In the event of a bidder’s error in interest cost calculations, the interest rates, premium, if any, and discount, if any, set forth or incorporated by reference in the Official Bid Form will be considered as the intended bid.
GOOD FAITH DEPOSIT. The successful bidder will be required to deliver to the financial advisor on behalf of the Corporation a certified or cashier’s check, wire transfer consisting of immediately available funds to the Corporation as instructed by the financial advisor on behalf of the Corporation, or a financial surety bond in the amount of Six Thousand Two Hundred Fifty and 00/100 Dollars ($6,250.00) (the amount of such check or financial surety bond being referred to hereinafter as the “Deposit”) within 24 hours after the bid is accepted. If a check is submitted, it must be drawn on a bank or trust company, which is insured by the Federal Deposit Insurance Corporation. If a financial surety bond is used, it must be from an insurance company. In either case, the Deposit must be submitted to the Corporation or its Financial Advisor prior to the Sale Time in order to qualify to bid and shall be made payable to “Whitko Community School Corporation,”to be held uncashed in the case of a check or not drawn upon in the case of a financial surety bond as a guarantee of the good faith of the bidder. The checks of unsuccessful bidders will be returned immediately following the award of the 2011 Bonds. No interest will be allowed on any checks. If the 2011 Bonds are awarded to a bidder who has submitted a financial surety bond to the Corporation, then such bidder must submit its Deposit to the Corporation in the form of a certified or cashier’s check (or a wire transfer consisting of immediately available funds to the Corporation as instructed by the financial advisor on behalf of the Corporation) not later than 3:30 p.m. (local time) on the next business day following the award by the Corporation. If such check or wire transfer is not received by that time, the financial surety bond may be drawn upon by the Corporation to satisfy the Deposit requirements.
In the event the bidder to whom the 2011 Bonds are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such Deposit shall become the property of the Corporation and shall be taken and considered as liquidated damages of the Corporation on account of such failure or refusal.
The successful bidder will be required to make payment for the 2011 Bonds in Federal Reserve or other immediately available funds and accept delivery of the 2011 Bonds within five (5) days after being notified that the 2011 Bonds are ready for delivery, at a bank designated by the Corporation. Any premium bid must be paid in cash at the time of delivery as a part of the purchase price of the 2011 Bonds. The 2011 Bonds will be ready for delivery within sixty (60) days after the date on which the award is made, if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the good faith check will be returned. Any notice of rescission must be in writing. At the request of the Corporation, the successful bidder shall furnish to the Corporation, simultaneously with or before delivery of the 2011 Bonds, a certificate in form satisfactory to the Corporation regarding the price at which a substantial amount of 2011 Bonds of each maturity was re-offered to the public, if applicable.
It is anticipated that CUSIP identification numbers will be printed on the 2011 Bonds, but neither the failure to print such numbers on any 2011 Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the 2011 Bonds in accordance with the terms of its bid. No CUSIP identification number shall be deemed to be a part of any 2011 Bond or the contract evidenced thereby and no liability shall hereafter attach to the Corporation or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing or typing of CUSIP numbers on the 2011 Bonds shall be paid by the Corporation; provided, however, it shall be responsibility of the successful bidder to timely obtain the numbers and to pay the CUSIP Service Bureau charge for the assignment of the numbers. The successful bidder will also be responsible for any other fees or expenses it incurs in connection with the resale of the 2011 Bonds.
AUTHORITY, PURPOSE AND SOURCE OF SECURITY. The 2011 Bonds are being issued under the provisions of the Indiana Code 20-48-1 for the purpose of procuring funds to pay all or a portion of: (1) providing technology improvements at (a) the existing elementary schools, including, but not limited to, the installation of technology wiring, wireless networking and related improvements thereto and (b) the existing middle school and high school, including, but not limited to, upgrading the wireless network and related improvements thereto, (2) completing other miscellaneous facility improvement and equipping throughout the geographical boundaries of the School Corporation, including, but not limited to, providing for technology resources and end user equipment, and (3) undertaking all projects related to clauses (1) or (2) (clauses (1) through and including (3), collectively, the “Project”), together with the expenses necessarily incurred in connection therewith, including the expenses incurred in connection with the sale and issuance of the 2011 Bonds.
The principal of and interest on the 2011 Bonds will be payable as a general obligation of the Corporation from ad valorem property taxes to be levied on all taxable property in the Corporation, and the 2011 Bonds constitute an indebtedness of the Corporation within the provisions and limitations of the Constitution of the State of Indiana.
BOND DELIVERY. At the time of delivery of the 2011 Bonds, the approving opinion of Barnes & Thornburg LLP, Indianapolis, Indiana, bond counsel, as to the validity of the 2011 Bonds, together with a transcript of bond proceedings, the printed 2011 Bonds and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the Corporation. In addition, unless bond counsel is able, on the date of delivery, to render an opinion to the effect that (1) under existing laws, regulations, judicial decisions and rulings, interest on the 2011 Bonds is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes, and (2) the interest on the 2011 Bonds is exempt from income taxation in the state of Indiana for all purposes except the state financial institutions tax, the successful bidder shall have the right to rescind the sale, and in such event the good faith deposit will be returned.
The Corporation has not prepared an official statement or other offering material in connection with the sale of the Bonds. The purchaser of the Bonds will be required to certify that it is a sophisticated investor and that it is will not sell, convey, pledge or otherwise transfer the Bonds without compliance with applicable securities laws.
Dated this 25th day of May, 2011.
WHITKO COMMUNITY SCHOOL CORPORATION
m25, j1[[In-content Ad]]
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