NOTICE OF PUBLIC HEARING
The Jackson County Council has called for a public hearing on Ordinance No. 14, Council Bill No. 9, An ordinance establishing a Local option Income Tax for Public Safety and Property Tax Relief, to be held at the Jackson Courthouse Annex, Brownstown, Indiana at 8:00 a.m. on Wednesday, August 17, 2016.
Interested persons may appear in person or by counsel to present their views upon the ordinance. Written suggestions or objections to this ordinance may be filed with the Auditor before the hearing and will be considered by the Council.
Jackson County Council
Susan D. Bevers
Jackson County Attorney
NOTICE OF PUBLIC HEARING CONCERNING ADDITIONAL APPROPRIATION BY THE COUNTY COUNCIL OF THE COUNTY OF JACKSON, INDIANA
Residents and taxpayers of Jackson County, Indiana (the “County”) are hereby notified that the Jackson County Council will hold a public hearing at 8:00 a.m. on September 21, 2016, located at Courthouse Annex Building, 220 E. Walnut Street, Brownstown, Indiana, on the matter of appropriating funds for the purpose of financing the improvement to the HVAC systems of certain county owned facilities and paying the costs of issuing and selling the bonds payable from ad valorem property tax revenues levied by the County (the “Bonds”). Such appropriation will be an amount not to exceed $900,000, plus any investment earnings thereon. Funds to cover said appropriation are to be provided from the proceeds of Bonds or bond anticipation notes together with any investment earnings thereon.
The appropriations are in addition to any appropriations provided for in the existing budget and tax levy. At the public hearings, all persons shall have the right to appear and be heard on the necessity of said appropriations.
Dated: August 10, 2016.
Jackson County, Indiana
OFFICIAL NOTICE OF BOND SALE
JACKSON COUNTY, INDIANA
GENERAL OBLIGATION BONDS, SERIES 2016 B
Sealed bids will be received on behalf of Jackson County, Indiana (the “County”) by the County’s financial advisor in the financial advisor’s office, Reedy Financial Group, P.C., c/o Andrew Lanam, P.O. Box 943, Seymour, Indiana 47274 or by email to email@example.com, (812) 522-9422, until the hour of 11:00 a.m., local time, on Wednesday, August 31, 2016, for the purchase of the Jackson County, Indiana General Obligation Bonds, Series 2016 B, in the aggregate principal amount of $900,000 (the “Bonds”). Pursuant to Ordinance No. 10, adopted by the County Council of Jackson County, Indiana on June 15, 2016 (the “Ordinance”), the Bonds are to be issued in the name of the County, to finance the acquisition, repair, replacement and equipping of the HVAC system at the Jackson County Jail and Detention Center, and to pay expenses incurred in connection with the issuance of the Bonds. The Bonds are payable solely from ad valorem property tax levied on all taxable property in the County pursuant to I.C. § 36-2-6. The Bonds and prescribed uses of the proceeds are authorized by the Ordinance and in accordance with the provisions of I.C. 36-2-6, and other applicable laws relating to the issuance of the Bonds (collectively, the “Act”).
The Bonds will be issued in fully registered form in the denomination of $5,000 or integral multiples thereof and will be numbered consecutively from R-1 upwards. The Bonds may but are not required to be Book Entry Only and held by The Depository Trust Company (the “DTC”). Interest on the Bonds will be payable semi-annually on January 1 and July 1 in each year, beginning on January 1, 2017, and on the basis of twelve 30-day months for a 360-day year.
The Bonds will mature on the dates and in the amounts set forth below:
Date Principal Amount*
July 1, 2017 $70,000
January 1, 2018 $70,000
July 1, 2018 $70,000
January 1, 2019 $70,000
July 1, 2019 $75,000
January 1, 2020 $75,000
July 1, 2020 $75,000
January 1, 2021 $75,000
July 1, 2021 $80,000
January 1, 2022 $80,000
July 1, 2022 $80,000
January 1, 2023 $80,000
*The County reserves the right to adjust principal amounts within maturities to achieve approximate level annual debt service levy of the County based upon the interest rates of the successful bidder.
As an alternative to part or all of the above series of maturities, the County will consider bids for a term bond. The term bonds shall be subject to mandatory sinking fund redemption and payment(s) at maturity at 100% of the principal amount thereof, plus accrued interest to redemption date, on dates and the amounts set forth above.
The principal of the Bonds is payable at the office of the Auditor of Jackson County, Indiana, as registrar and paying agent (or a financial institution appointed by the Auditor to serve a registrar and paying agent). Interest on the Bonds will be paid by check mailed one business day prior to the interest payment date to the registered owner thereof at the address as it appears on the bond register or at such other address as is provided to the paying agent in writing by such registered owner or established by agreement with DTC. Interest on the Bonds authenticated on or before December 15, 2016, will be paid from the original date of the Bonds. Bonds authenticated thereafter will be paid interest from the interest payment date next preceding the date of authentication of such Bonds unless the Bonds are authenticated between the 15th day of the month preceding an interest payment date and the interest payment date, in which case interest thereon will be paid from such interest payment date.
The Bonds are not subject to optional redemption prior to maturity.
Each bid must be for all of the Bonds and must state the rate or rates of interest in multiples of 1/100th of 1%, not to exceed 6.5% per annum. Any bid specifying two or more interest rates shall also specify the amount and maturity of the Bonds bearing each rate, but all Bonds maturing on the same date shall bear the same interest rate. The rate on any maturity shall be equal to or greater than the rate on the immediately preceding maturity. The award will be made to the best bidder who has submitted a bid in accordance with the terms of the Ordinance and this Notice of Bond Sale. The best bidder shall be the one who offers the lowest interest cost to the County to be determined by computing the total interest on all of the Bonds from the date thereof to their respective maturities, after deduction therefrom of the premium or addition thereto of the discount, or any additional bidder fees (example: bidder legal counsel review fees), if any. No bid for less than 99% of the par value of the Bonds, plus accrued interest from the original date of the Bonds to the date of delivery at the rate or rates named in the bid, shall be considered. No conditional bid will be considered. The right is reserved to reject any and all bids. If no satisfactory bids are received at the time and on the date herein fixed, the sale may be continued from day to day thereafter for 30 days until a satisfactory bid has been received, but during such period no bid which provides an equal or higher net interest cost to the County than the best bid received at the time of the advertised sale will be considered.
Each bid shall be on a customary bid form which shall be enclosed in a sealed envelope addressed to the Auditor and marked on the outside “Bid for Jackson County, Indiana, General Obligation Bonds, Series 2016 B”. The accepted bid shall be in the amount of Nine Thousand Dollars ($9,000) (the “Deposit”). The Deposit, made by the successful bidder, shall be by certified or cashier’s check including a wire transfer of funds due by 1:00 p.m. (local time) the business day immediately following the bond sale. In the event the successful bidder shall fail or refuse to accept delivery of the Bonds and pay for the Bonds as soon as the Bonds are ready for delivery, or at the time fixed herein, then said deposit and the proceeds thereof shall be the property of the County shall be considered as liquidated damages on account of such default. The successful bidder shall make payment for the Bonds and accept delivery thereof on the later of September 14, 2016, or five days after being notified that the Bonds are ready for delivery at such place in Jackson County, Indiana, as the Auditor shall designate. The checks of the unsuccessful bidders shall be returned immediately following the award of the Bonds. It is anticipated that the Bonds will be ready for delivery on or about September 14, 2016, and if not deliverable within 45 days from the date of sale, the successful bidder shall be entitled to cancel the sale and in such event his good faith deposit will be returned. No interest shall be paid on the good faith deposit.
Bids may be submitted electronically via PARITY in accordance with this notice until the time fixed for the sale, but no bid will be received after such time. To the extent any instructions or directions set forth in PARITY conflict with this notice, the terms of this notice shall control. For further information about PARITY, potential bidders may contact the Financial Advisor at the address set forth herein, or may contact i-Deal LLC at 1539 Broadway, 2nd Floor, New York, New York 10018 (phone: 212-849-5021).
The opinion of Barnes & Thornburg LLP, approving the legality of the Bonds, together with a transcript of the Bond proceedings and closing certificates in the usual form showing no litigation, will be furnished to the successful bidder at the expense of the County. In the opinion of Barnes & Thornburg LLP, under existing laws, regulations, judicial decisions and rulings, interest on the Bonds is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended, (the “Code”) for federal income tax purposes. In addition, the interest on the Bonds is exempt from income taxation in the State of Indiana for all purposes except the state financial institutions tax. The Bonds are subject to the Code, as amended, as in effect on the date of their issuance, which imposes limitations on the issuance of obligations such as the Bonds under federal tax law. The County has covenanted to comply with those limitations to the extent required to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes.
The County has not prepared an official statement relating to the bonds or any other offering material in connection with the sale of the bonds. The purchase of the bonds will be required to certify that it is a sophisticated investor and that it will not sell, convey, pledge or otherwise transfer the bonds without compliance with applicable securities laws. The County will not enter into a continuing disclosure agreement under SEC Rule 15c2-12.
Dated this 10th day of August, 2016.
Jackson County, Indiana
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