HomeMy WebLinkAbout51-11 - Res. Accepting Bids for Purchase of County's Limited Tax General Obligation Bonds for 2011CERTIFICATE
I, the undersigned, Clerk of the Board of Commissioners of Mason County, Washington
(herein called the `Count f) and keeper of the records of the Board of Commissioners of the
County (herein called the'Board), DO HEREBY CERTIFY:
1. That the attached Resolution is a true and correct copy of Resolution No. b t it
of the County (herein called the "Resolution), as finally passed at a regular meeting of the Board
of the County held on the 9th day of August, 2011, and duly recorded in my office.
2. That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
quorum of the Board was present throughout the meeting and a legally sufficient number of
members of the Board voted in the proper manner for the passage of said Resolution; that all
other requirements and proceedings incident to the proper adoption or passage of said Resolution
have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute
this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
the Count this I V" day of - C 2011.
y y ��
Clerk of the
51151785.5
RESOLUTION NO. 51
A RESOLUTION ACCEPTING BIDS FOR THE
PURCHASE OF THE COUNTY'S LIMITED TAX GENERAL
OBLIGATION BONDS, 2011.
WHEREAS, Mason County (the `sCountf) is constructing new wastewater treatment and
water reclamation facilities in Belfair (the "Project) as approved by the Board of County
Commissioners (the'Board); and
WHEREAS, in order to provide the funds for such Project, the Board adopted Resolution
No. 45-11 on July 26, 2011 (the `Bond Resolution) authorizing the sale of limited tax general
obligation bonds in the principal amount of not to exceed $7,000,000 (the'Bond); and
WHEREAS, reference is made to the Bond Resolution for the definitions of the
capitalized terms used and not otherwise defined herein; and
WHEREAS, bids have been received for the purchase of the Bonds;
Now, therefore, be it resolved by the Board of County Commissioners of Mason County
as follows:
Section 1. Acceptance of Bids. The Board hereby accepts the bid of Sterne, Agee &
Leach, Inc. (the `Purchasef) to purchase the series of bonds designated as the `Limited Tax
General Obligation Bonds, 2011," which shall be in the principal amount of $6,200,000 (the
`Bond§), which bid is attached to this resolution (the "Winning Bid). As permitted by the Notice
of Sale, the County has elected to adjust the principal amount and maturity amounts for the
Bonds. The Bonds shall bear interest (computed on the basis of a 360-day year of twelve 30-day
months) payable semiannually on each June 1 and December 1, commencing June 1, 2012 to the
maturity or earlier redemption of the Bonds; and shall mature on December 1 in years and
amounts and bear interest at the rates per annum as set forth below.
Maturity Year
(December 1)
2013
2017
2018
2019
2020
2021
2022
2023
2024
2025
Principal Amount
$ 2,010,000
250,000
255,000
260,000
265,000
275,000
280,000
290,000
300,000
305,000
Interest Rates
2.00%
2.00
2.25
2.50
2.75
3.00
3.00
3.00
3.25
3.375
51151785.5
Maturity Year
(December 1) Principal Amount Interest Rates
2026 $ 320,000 3.50%
2027 330,000 3.50
2028 340,000 3.625
2029 355,000 3.75
2030 365,000 3.90
Section 2. Redemption Provisions.
(a) Optional Redemption. The Bonds maturing in the years 2013, and 2017 through
2020, inclusive, are issued without the right or option of the County to redeem those Bonds prior
to their stated maturity dates.
The County reserves the right and option to redeem the Bonds maturing on or after
December 1, 2021, prior to their stated maturity dates at any time on or after June 1, 2021, as a
whole or in part (within one or more maturities selected by the County), at par plus accrued
interest to the date fixed for redemption.
(b) Partial Redemption
If fewer than all of the Bonds are to be redeemed prior to maturity, the County will select
the maturity or maturities to be redeemed. If fewer than all of the Bonds of a single maturity of
the Bonds are to be redeemed prior to maturity, then:
(i) if such Bonds are in book -entry form at the time of such redemption, DTC
is required to select the specific Bonds in accordance with the Letter of Representations, and
(ii) if such Bonds are not in book -entry form at the time of such redemption,
on each redemption date, the Bond Registrar is required to select the specific Bonds for
redemption by lot or in such manner as the Bond Registrar in its discretion may deem to be fair
and appropriate.
The portion of any Bond of a denomination more than $5,000 to be redeemed will be in
the principal amount of $5,000 or any integral multiple thereof, to be selected, as the case may
be, by DTC in accordance with the Letter of Representations or by the Bond Registrar in such
manner as the Bond Registrar in its discretion may deem to be fair and appropriate.
Section 3. Effective Date. This Resolution shall be effective immediately after its
adoption in the manner provided by law.
51151785.5
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Adopted by the Board of County Commissioners of Mason County, Washington at a
regular meeting held on August 9, 2011.
ATTEST:
Sl afinon Goudy, Clerk o , the Board
APPROVED AS TO FORM:
(.uh (IAA (4 3
Bond Counsel to the County
MASON COIJN TY, WASHINGTON
By
ynda Ring Eri ' on, Chair
By ��
Tim Sheldon, Commissioner
By
Lingle, •mmissioner
51 151785.5
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WINNING BID
PARITY Bi d Form
I Upcoming Calendar
Overview
P,esult ,I Excel I
Sterne, Agee & Leach, Inc - Birmingham , AL's Bid
Mason County
$6,075,000 Limited Tax General Obligation Bonds, 2011
Page 1 of 2
For the aggregate principal amount of $6,075,000.00, we will pay you $6033128.75, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
12/01/2013
2030M
2.0000
12/01/2017
220M
2.0000
12/01/2018
230M
2.2500
12/01/2019
240M
2.5000
12/01/2020
245M
2.7500
12/01/2021
255M
3.0000
12/01/2022
265M
3.0000
12A11/2023
275M
3.0000
12/01/2024
290M
3.2500
12/01/2026
300M
3.3760
12/01/2026 y
315M
3.5000
12/01/2027
330M
3.5000
12/01/2028
346M
3.6260
12/01/2029
360N1
3.7500
12/01/2030
375M
3.9000
Total Interest Cost:
Discount:
Net Interest Cost:
TIC:
$1 909,490.52
$41 871.25
$1 951 361.77
3.281 172
Time Last Bid Received On:08/09/2011 8:28:06 PDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale,
and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Sterne, Agee & Leach, Inc, Birmingham ,AL
Contact: Mary Ann Oliver
Title: Sr VP
Te le p h on e:205-949-3613
Fax: 206-949-3604
Issuer Name: Mason County
Company Name:
hops:!/www.newissuehome i-deal com/Parity/asp/main.asp7frame=content&page=parityBid... 8/9/2011
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