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NOTICE OF INTENT TO SELL BONDS

NOTICE OF INTENT TO SELL BONDS

$3,135,000

GENERAL OBLIGATION BONDS OF

 2011 BROWN COUNTY 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, Brown County 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 the Brown County Schools c/o Dr. Dennis Goldberg, 357 East Main Street, Nashville, Indiana 47448; (812) 988-6601, (812) 988-5403 (facsimile) or by e-mail to:

  Dgoldber@brownco.k12.in.us and  Educational Services Company at:

  idike@educationalservicesco.com on or before 9:00 a.m. (Indianapolis Time) December 21, 2011, 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 electronic e-mail, if an e-mail address has been received.  It is anticipated that the sale will occur at 11:00 a.m. (Indianapolis Time) on December 22, 2011.

 

At the time designated for the sale, the School Corporation will receive at the offices of Brown County Schools, 357 East Main Street, Nashville, Indiana 47448, and consider bids for the purchase of the following described Bonds:

 

General Obligation Bonds of 2011 (the “Bonds”) of the School Corporation, an Indiana political subdivision, in the principal amount of $3,135,000; Fully registered form; Denomination $5,000 and integral multiples thereof; Originally dated the date of delivery of the Bonds; Bearing interest at a rate or rates to be determined by bidding, payable on July 15, 2012, and semiannually thereafter; These Bonds will be initially issued in a Book Entry System (as defined in the Bond Resolution) unless otherwise requested by the successful purchaser.  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 the Registrar on the fifteenth day immediately preceding such interest payment date; the Bonds are anticipated to be delivered on January 16, 2012; Maturing or subject to mandatory redemption on January 15 and July 15 on the dates and amounts as follows:

     Date         Amount

     7/15/2013  210,000

     1/15/2014  210,000

     7/15/2014  210,000

     1/15/2015  215,000

     7/15/2015  215,000

     1/15/2016  220,000

     7/15/2016  220,000

     1/15/2017  225,000

     7/15/2017  225,000

     1/15/2018  230,000

     7/15/2018  235,000

     1/15/2019  235,000

     7/15/2019  240,000

     1/15/2020  245,000

The bonds are not subject to redemption prior to maturity.The Bonds have been designated as qualified tax-exempt obligations for purposes of Section 265(b)(3).

 

A bid may designate that a given maturity or maturities shall constitute a term bond, and the semi-annual amounts set forth above 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 set forth above.

 

Each bid must be for all of the Bonds and must state the rate of interest which each maturity of the Bonds is to bear, stated in multiples of 1/8th or 1/20th of 1%.  The maximum interest rate of the Bonds shall not exceed 5% per annum.  All Bonds maturing on the same date shall bear the same rate, and the rate of interest bid for each maturity must be equal to or greater than the rate bid on the immediately preceding maturity.  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 99.5% of the face value of the Bonds will be considered.  The Bonds will be awarded to the highest qualified bidder who has submitted a bid in accordance herewith.  The highest bidder will be the one who offers the lowest net interest cost to the School Corporation, to be determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided by the School Corporation and deducting therefrom the premium bid, if any, and adding thereto the discount bid, if any.  No conditional bids will be considered.  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 must be enclosed in a sealed envelope addressed to the School Corporation and marked on the outside “Bid for General Obligation Bonds of 2011”.  A good faith deposit (“Deposit”) in the form of cash or certified or cashier’s check in the amount of $31,500 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 may reject the bid.  No interest on the Deposit will accrue to the Purchaser.  The Deposit will be 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 to the bank selected by the Business Manager, as registrar (the “Registrar”) for the Bonds and accept delivery thereof from the Registrar 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.  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 will 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.

 

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 therefor 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 TWPeterson Law Office, 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 to pay the cost of the renovation of, improvements to and equipment for the STEM Laboratories at the four elementary school buildings and technology, including security systems, throughout the school system, 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 collections 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 short fall.  Brown County Schools is a school corporation organized pursuant to the provisions of I.C. 20-4, and the Bonds will not be “private activity bonds” as defined in Section 141 of the Internal Revenue Code of 1986.

 

The Bonds constitute an indebtedness only of the School Corporation.  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 School Corporation has prepared a preliminary official statement relating to the Bonds which it has deemed to be a nearly final official statement.  Within seven (7) business days of the sale, the School Corporation will provide the successful bidder with 30 copies of the final official statement at the School Corporation’s expense.  Additional copies, at the purchaser’s expense, must be requested within five (5) business days of the sale.  Inquiries concerning matters contained in the nearly final official statement must be made and pricing and other information necessary to complete the final Official Statement must be submitted by the successful bidder within two (2) business days following the sale to be included in the final official statement.

 

The School Corporation has agreed to enter into a Continuing Disclosure Undertaking in order to permit the successful purchaser to comply with the SEC Rule 15(c)2-12.  A copy of such Agreement is available from the School Corporation or financial advisor at the addresses below.

 

A copy of the nearly final official statement and further information relative to said issue may be obtained upon application to the Brown County Schools c/o Dr. Dennis Goldberg, 357 East Main Street, Nashville, Indiana 47448; (812) 988-6601, (812) 988-5403 (facsimile) or by e-mail to:

  Dgoldber@brownco.k12.in.us or to Educational Services Company, as financial advisor, c/o Ije Dike-Young, 3535 East 96th Street, Suite 126, Indianapolis, Indiana 46240; 317-663-4400; 317-663-4404 (facsimile) or by email to:

  idike@educationalservicesco.com.

 

If bids are submitted by mail, they should be addressed to the School Corporation, attention of Dr. Dennis Goldberg, 357 East Main Street, Nashville, Indiana 47448; (812) 988-6601, (812) 988-5403 (facsimile) or by e-mail to Dgoldber@brownco.k12.in.us with a copy to Educational Services Company, at 317-663-4404 (facsimile) or by email to idike@educationalservicesco.com.

 

Dated this 7th day of December, 2011.

Carol Bowden

Secretary, Board of School Trustees

Brown County Schools

12/7, 12/14/2011  11-303

Obituaries
See Full List »

Eddie E. “Hoss” Wilkerson II, 42, Pendleton
  Native of Brown County, 1991 graduate of BCHS

James E. (Jim) Robinson, 76, Bedford
  Former chief deputy of police for the town of Nashville

Josephine Lee Cueto, 62, Morgantown
  Daughter of Priscilla Burgmeier of Nashville

  • November 27
    Thanksgiving dinner
    11 a.m. to 3 p.m. BCHS, 235 School House Lane
  • November 27
    Government Offices CLOSED
  • November 28
    Bingo
    6 p.m. Fruitdale Fire Station, 5200 State Road 135 North, Bean Blossom
  • November 28
    Government Offices CLOSED
  • November 28
    'St. Vincent' at the Playhouse
    1 p.m. BC Playhouse, 70 S. Van Buren St.
  • November 28
    'A Tuna Christmas' dinner theater at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • November 29
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • November 29
    Dave Miller at Abe Martin Lodge
    5:30 to 7:30 p.m. Abe Martin Lodge, Brown County State Park
  • November 29
    'St. Vincent' at the Playhouse
    1 p.m. BC Playhouse, 70 S. Van Buren St.
  • November 29
    'A Tuna Christmas' at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • November 30
    'St. Vincent' at the Playhouse
    7 p.m. BC Playhouse, 70 S. Van Buren St.
  • November 30
    'A Tuna Christmas' at the Playhouse
    2 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 1
    BC Commissioners
    6 p.m. County Office Building, 201 N. Locust Lane
  • December 1
    Gnaw Bone Sewage District
    5:30 p.m. Library, 205 N. Locust Lane
  • December 1
    BC 4-H Council
    7 p.m. 802 Memorial Drive at the fairgrounds
  • December 2
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • December 2
    Open 12-step meetings in New Bellsville area
    6 to 7 p.m. Harmony Baptist Church, 3999 Mt. Liberty Road, New Bellesville
  • December 2
    Nashville Redevelopment Commission CANCELED
  • December 2
    CSCD Building Commission
    7 p.m. CSLOA Clubhouse, 8751 Nineveh Road
  • December 2
    BC Chamber of Commerce
    8 a.m. Willow Manor, 72 Willow St.
  • December 2
    Boys Varsity Wrestling
    7 p.m. BCHS, 235 School House Lane
  • December 3
    Woodworkers Club
    7 p.m. Library, 205 N. Locust Lane
  • December 3
    Jeff Foster at Hobnob restaurant
    6 to 8 p.m. Hobnob, 17 W. Main St.
  • December 3
    BC Local Emergency Planning Committee
    9 a.m. Ambulance Base, 53 State Road 46 East
  • December 3
    BC Soil & Water District
    5 p.m. SWCD Office, 802 Memorial Drive at the fairgrounds
  • December 4
    Go Club at the library Thursdays
    3:30 to 5 p.m. Brown County Public Library, 205 N. Locust Lane
  • December 4
    WRAPS meetings
    7 to 9 p.m. Brown County Public Library, 205 N. Locust Lane
  • December 4
    CSCD Ecology Commission
    7 p.m. CSLOA Clubhouse, 8751 Nineveh Road
  • December 4
    Boys Freshman Basketball
    6 p.m. BCHS, 235 School House Lane
  • December 4
    'A Tuna Christmas' at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 5
    Bingo
    6 p.m. Fruitdale Fire Station, 5200 State Road 135 North, Bean Blossom
  • December 5
    Children's fund annual auction
    6 p.m. Out of the Ordinary, 61 S. Van Buren St.
  • December 5
    Boys JV, Varsity Basketball
    6 p.m., 7:30 p.m. BCHS, 235 School House Lane
  • December 5
    'A Tuna Christmas' dinner theater at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 6
    Church schedules drive-thru Nativity
    6 to 8 p.m. New Life Comm. Church, 1450 State Road 135 North
  • December 6
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • December 6
    Dave Miller at Abe Martin Lodge
    5:30 to 7:30 p.m. Abe Martin Lodge, Brown County State Park
  • December 6
    Girls JV, Varsity Basketball
    1 p.m., 2:30 p.m. BCHS, 235 School House Lane
  • December 6
    Boys JV, Varsity Basketball
    4:30 p.m., 6:30 p.m. BCHS, 235 School House Lane
  • December 6
    'The Polar Express' at the Playhouse
    1 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 6
    'A Tuna Christmas' at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 7
    'A Tuna Christmas' at the Playhouse
    2 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 8
    BC Animal Control Board
    7 p.m. Library, 205 N. Locust Lane
  • December 8
    Boys Freshman Basketball
    6 p.m. BCHS, 235 School House Lane
  • December 9
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • December 9
    Nashville Parking & Public Facilities
    6 p.m. Town Hall, 200 Commercial St.
  • December 9
    CSCD Roads, Security commissions
    6 p.m., 7:30 p.m. CSCD Office, 8377 Cordry Drive; CSLOA Clubhouse, 8751 Nineveh Road
  • December 9
    BC 4-H Fair Board
    7 p.m. 802 Memorial Drive at the fairgrounds
  • December 9
    Girls JV, Varsity Basketball
    6 p.m., 7:30 p.m. BCHS, 235 School House Lane
  • December 10
    Hamblen Fire District
    7 p.m. Hamblen Fire Station, 4650 Sweetwater Trail, Nineveh
  • December 10
    Local Coordinating Council
    8 a.m. Comm. Corrections Office, Suite B, lower level of Veterans Building, 902 Deer Run Lane,
  • December 10
    Jeff Foster at Hobnob restaurant
    6 to 8 p.m. Hobnob, 17 W. Main St.
  • December 10
    Boys Freshman Basketball
    6 p.m. BCHS, 235 School House Lane
  • December 11
    'A Tuna Christmas' at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 12
    Widowed group plans Christmas party
    noon Salt Creek Golf Retreat, 2359 State Road 46 East
  • December 12
    BCSP Christmas bird count slated
    8 a.m. BCSP Nature Center, 1810 State Road 46 East
  • December 12
    'A Tuna Christmas' dinner theater at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 13
    Free community breakfast at Sprunica church
    8 to 10 a.m. Sprunica Baptist Church, 3902 Sprunica Road
  • December 13
    'A Tuna Christmas' at the Playhouse
    7:30 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 14
    'A Tuna Christmas' at the Playhouse
    2 p.m. BC Playhouse, 70 S. Van Buren St.
  • December 16
    Brown County Schools Board of Trustees
    6:30 p.m. BC Intermediate School, 260 School House Lane