BROWN COUNTY SCHOOLS
NOTICE OF SALE OF WARRANTS
Notice is hereby given that Brown County Schools
(the “Issuer”) has authorized and will make one
(1) or more temporary loans to meet current running
expenses for the use of the Transportation
Fund, the Debt Service Fund, the Capital Projects
Fund, the Transportation Bus Replacement Fund
and the Pension Debt Service Fund of the Issuer,
in aggregate amounts not to exceed the following
for the respective identifi ed funds:
Transportation Fund [for Warrants issued in anticipation
of the receipt of current tax revenues
levied for the year 2009 and in the course of collection
in 2010]: $2,300,000 maturing on June
30, 2010, December 31, 2010, or a date fi xed by
reference to the Issuer’s receipt in settlement of
the funds in anticipation of which any Warrant is
issued, or any combination thereof, as determined
by the Issuer’s offi cer prior to their issuance;
Debt Service Fund [for Warrants issued in anticipation
of the receipt of current tax revenues
levied for the year 2009 and in the course of collection
in 2010]: $1,573,827 maturing on June
30, 2010, December 31, 2010, or a date fi xed by
reference to the Issuer’s receipt in settlement of
the funds in anticipation of which any Warrant is
issued, or any combination thereof, as determined
by the Issuer’s offi cer prior to their issuance;
Capital Projects Fund [for Warrants issued in anticipation
of the receipt of current tax revenues
levied for the year 2009 and in the course of collection
in 2010]: $1,700,000 maturing on June
30, 2010, December 31, 2010, or a date fi xed by
reference to the Issuer’s receipt in settlement of
the funds in anticipation of which any Warrant is
issued, or any combination thereof, as determined
by the Issuer’s offi cer prior to their issuance;
Transportation Bus Replacement Fund [for Warrants
issued in anticipation of the receipt of current
tax revenues levied for the year 2009 and in
the course of collection in 2010]: $972,886 maturing
on June 30, 2010, December 31, 2010, or
a date fi xed by reference to the Issuer’s receipt in
settlement of the funds in anticipation of which
any Warrant is issued, or any combination thereof,
as determined by the Issuer’s offi cer prior to
their issuance;
Pension Debt Service Fund [for Warrants issued
in anticipation of the receipt of current tax revenues
levied for the year 2009 and in the course
of collection in 2010]: $11,763 maturing on June
30, 2010, December 31, 2010, or a date fi xed by
reference to the Issuer’s receipt in settlement of
the funds in anticipation of which any Warrant is
issued, or any combination thereof, as determined
by the Issuer’s offi cer prior to their issuance;
Such loans shall be at a per annum rate not to
exceed six and one-half percent (6.5%) (the exact
rate to be determined by negotiations with the
Indiana Bond Bank (the “Bond Bank”)) subject
also to, following their due date, an alternate
rate as provided in a warrant purchase agreement
entered into by the Issuer. The Issuer will
issue temporary loan tax anticipation warrants
to evidence such loans. The Issuer has appropriated
and pledged the taxes and/or revenues to be
received in such funds to the punctual payment
of such warrants including the interest thereon.
The Warrants will be sold to the Bond Bank, in
Indianapolis, Indiana, pursuant to Indiana Code
5-1.5-8-1 on one (1) or more dates during 2010.
Pursuant to Indiana Code 20-48-1-9, no action
to contest the validity of such warrants may be
brought later than fi fteen (15) days from the fi rst
publication of this Notice.
November 25, December 2, 2009
09-325