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NOTICE OF INTENT TO SELL BONDS

$1,900,000

GENERAL OBLIGATION BONDS OF 2010, SECOND SERIES

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@govtconsultingserv.com on or before 9:00 a.m. (Indianapolis Time) November 29, 2010, 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 9, 2010.

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 2010, Second Series (the "Bonds") of the School Corporation, an Indiana political subdivision, in the principal amount of $1,900,000; 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, 2011, 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; Maturing or subject to mandatory redemption on January 15 and July 15 on the dates and amounts as follows:

Date - Amount: 7/15/2012 -$95,000; 1/15/2013 - 95,000; 7/15/2013 - 210,000; 1/15/2014 - 210,000; 7/15/2014 - 210,000; 1/15/2015 - 210,000; 7/15/2015 - 215,000; 1/15/2016 - 215,000; 7/15/2016 -                         220,000; 1/15/2017 - 220,000.

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 2010, Second Series".  A good faith deposit ("Deposit") in the form of cash or certified or cashier's check in the amount of $19,000 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 renovations and improvements to the infrastructure and technology at Brown County High School,  the renovation and equipping of the science/technology laboratory at the Brown County Junior High School and the design and development of four elementary school science classrooms, 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 not prepared a preliminary official statement relating to the Bonds.  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  HYPERLINK "mailto:Dgoldber@brownco.k12.in.us" 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) idike@govtconsultingserv.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

Dated this 4th day of November, 2010.

Judy Hardwick

Secretary, Board of School Trustees

Brown County Schools

November 10, 17, 2010                    10-334

 

Obituaries
See Full List »

Dorothy B. Hash, 97, Columbus
  Mother of Richard Collins and John Collins, both of Brown County

Stephen Wesley Spicer, 69, Nashville
  Husband of Mary Jane Spicer (Eilar)

Judith Ann 'Judy' (Branam) Byrum, 77, Brown County
  Mother of Donna (Mark) Partridge of Brown County

  • March 26
    Go Club at the library Thursdays
    3:30 to 5 p.m. Brown County Public Library, 205 N. Locust Lane
  • March 26
    Rotary Club
    7:15 a.m. Artist Colony Inn, 105 S. Van Buren St.
  • March 26
    Gospel jam & sing at Gnaw Bone church
    6:30 p.m. Country Gospel Music Church, 5181 State Road 46 East
  • March 27
    Bingo
    6 p.m. Fruitdale Fire Station, 5200 State Road 135 North, Bean Blossom
  • March 28
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • March 28
    Dave Miller at Abe Martin Lodge
    5:30 to 7:30 p.m. Abe Martin Lodge, Brown County State Park
  • March 28
    Annual cemetery meeting slated
    1 p.m. Harmony Baptist Church, 3999 Mt. Liberty Road, New Bellesville
  • March 28
    Live music at sports bar
    8 p.m. Salt Creek Golf Retreat, 2359 State Road 46 East
  • March 29
    Mountain bike benefit to aid cheer fund
    noon to 2:30 p.m. Explore Brown County, 2620 Valley Branch Road
  • March 30
    Registration deadline for gardening soils workshop
    Extension Office, 802 Memorial Drive at the fairgrounds
  • March 31
    Euchre
    6 p.m. Sycamore Valley Center, 746 Memorial Drive (fairgrounds)
  • March 31
    Nashville Development Review Commission
    6 p.m. Town Hall, 200 Commercial St.
  • March 31
    Representative's staff to conduct local office hours
    10 a.m. to noon County Office Building, 201 N. Locust Lane
  • March 31
    Open 12-step meeting in New Bellsville area
    8 p.m. Harmony Baptist Church, 3999 Mt. Liberty Road, New Bellesville
  • April 1
    Brown County Schools Board of Trustees retreat
    10:30 a.m. to 4 p.m. Parkview Church of the Nazarene, 1750 State Road 46 East
  • April 1
    BC Emergency Management Advisory Council
    8 a.m. Ambulance Base, 53 State Road 46 East
  • April 1
    Brown County SWCD
    6:30 p.m. SWCD Office, 802 Memorial Drive at the fairgrounds
  • April 1
    BC Commissioners
    6 p.m. County Office Building, 201 N. Locust Lane
  • April 2
    Rotary Club
    7:15 a.m. Artist Colony Inn, 105 S. Van Buren St.
  • April 2
    WRAPS
    7 to 9 p.m. Library, 205 N. Locust Lane
  • April 3
    Bingo
    5 p.m. Fruitdale Fire Station, 5200 State Road 135 North, Bean Blossom
  • April 4
    Dave Miller at Abe Martin Lodge
    7:30 p.m. Brown County State Park, State Road 46 East
  • April 4
    Carnival and egg hunt at Hamblen Township Fire Department
    9:30 to 11:30 a.m. Hamblen Township Volunteer Fire Department, 5612 Gatesville Road
  • April 4
    Egg hunt at grocery store
    11 a.m. Brown County IGA, 30 Hawthorne Dr.
  • April 4
    Egg hunt at Deer Run Park
    1 p.m. Deer Run Park
  • April 4
    Egg hunt at assisted living facility
    2 p.m. BC Health & Living Community, 55 E. Willow St.
  • April 5
    Church events slated for Easter Sunday
    .m. Brown County Community Church, 2370 Main St., Helmsburg
  • April 9
    Local Coordinating Council
    10 a.m. Comm. Corrections Office, Suite B, lower level of Veterans Hall, 902 Deer Run Lane,
  • April 9
    BC photography club
    7 to 9 p.m. Library, 205 N. Locust Lane
  • April 9
    BC Convention & Visitors Commission
    8:30 a.m. County Office Building, 201 N. Locust Lane
  • April 10
    Bingo
    5 p.m. Fruitdale Fire Station, 5200 State Road 135 North.
  • April 10
    BC photography club
    7 to 9 p.m. Library, 205 N. Locust Lane
  • April 11
    Free community breakfast at Sprunica church
    8 to 10 a.m. Sprunica Baptist Church, 3902 Sprunica Road
  • April 11
    Dave Miller at Abe Martin Lodge
    7:30 p.m. Brown County State Park, State Road 46 East
  • April 12
    Mother’s Cupboard Soup Bowl benefit planned
    5 to 7 p.m. The Seasons Lodge, 560 State Road 46 East
  • April 16
    Local history and heritage presented at the library
    6:30 p.m. Library, 205 N. Locust Lane
  • April 18
    Rock & mineral club
    6 p.m. Extension Office, 802 Memorial Drive at the fairgrounds
  • April 24
    Wildflower foray slated at historic site
    TC Steele State Historic Site, 4220 T.C. Steele Road, Belmont
  • April 25
    Wildflower foray slated at historic site
    TC Steele State Historic Site, 4220 T.C. Steele Road, Belmont
  • April 26
    County history center dedication slated
    2 p.m. Brown County History Center, 90 E. Gould
  • April 26
    Wildflower foray slated at historic site
    TC Steele State Historic Site, 4220 T.C. Steele Road, Belmont