Details for TOWN OF MUNSTER PARKS & RECREATION / LEGALS - Ad from 2019-11-08

NOTICE OF BOND SALE $985,000 TOWN OF MUNSTER, INDIANA PARK DISTRICT BONDS OF 2019 NOTICE IS HEREBY GIVEN that on November 26, 2019, separate sealed bids will be received on behalf of the Board of Parks and Recreation (the “Board”) of the Town of Munster, Indiana, Parks District (the “District”), in care of the Clerk-Treasurer (the “ClerkTreasurer”) of the Town of Munster, Indiana (“Town”), acting on behalf of the District, at the Town’s Municipal Center, located at 1005 Ridge Road, Munster, Indiana 46321, (219) 836-6945 (telephone), (219) 836-8350 (facsimile), (e-mail), until 11:00 a.m. (Central time), in the manner as set forth herein for the purchase of the bonds of the District designated as “Town of Munster, Indiana, Park District Bonds of 2019” (the “Bonds”), in the aggregate principal amount of Nine Hundred Eighty-Five Thousand Dollars ($985,000), dated the date of delivery thereof, bearing interest at a rate or rates not to exceed six percent (6.00%) per annum. It is anticipated that the Bonds will be ready for delivery on or about December 12, 2019. TYPES OF BIDS ALLOWED. Bidders shall submit bids in sealed envelopes addressed to the District at the address described above, or via facsimile or e-mail as described above, not later than 11:00 a.m. (Central time) on November 26, 2019. FORM, MATURITY AND PAYMENT OF BONDS. Interest on the Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semi-annually on June 30 and December 31 in each year, commencing on June 30, 2020. The Bonds will be issued as fully registered bonds, in certificated form, in minimum denominations of $100,000, plus integral multiples of $250 in excess thereof (or such different denominations as may be requested by the purchaser thereof and as shall be acceptable to the District), not exceeding the aggregate principal amount of such Bonds maturing in any one year, and when issued, will be registered in the name of the successful bidder. The Bonds shall be numbered consecutively from R-1 upward, shall bear an original issue date which shall be the date the Bonds are delivered and shall mature on the dates and in the amounts as follows: MATURITY SCHEDULE Maturity Date Principal Amount* 06/30/20 $123,250.00 12/31/20 $123,250.00 06/30/21 $123,250.00 12/31/21 $123,250.00 06/30/22 $123,000.00 12/31/22 $123,000.00 06/30/23 $123,000.00 12/31/23 $123,000.00 *estimated, subject to change The District reserves the right to adjust principal amounts within maturities of the Bonds to achieve approximate level annual debt service levies of the District based upon (i) the rates bid by the successful bidder, (ii) the District’s current debt service levy and (iii) the District’s anticipated debt service levy during the term of the Bonds. The District also reserves the right to reduce the principal amount of the Bonds to be issued in order to receive no more than $985,000 in proceeds from the sale of the Bonds, and in the event of such principal amount reduction to adjust principal amounts within maturities of the Bonds. As an alternative to part or all of the above series of maturities, the District will consider bids for a term bond or bonds, subject to mandatory sinking fund redemption by lot prior to maturity consistent with the dates and the amounts set forth above at a price equal to the principal amount thereof, plus accrued interest to the date of redemption without premium. All payments of interest on the Bonds will be paid by check or draft mailed one business day prior to each interest payment date, to the registered owners of the Bonds as of the fifteenth (15th) day of the month in which such interest is payable (each, a “Record Date”) at the address as it appears on the registration books kept by the Clerk-Treasurer of the Town, as fiscal officer of the District, as the registrar and paying agent or such financial institution as may be appointed by the Clerk-Treasurer to serve as registrar and paying agent (the “Registrar” and “Paying Agent”), as of such Record Date or at such other address as is provided to the Registrar and/or Paying Agent in writing by such registered owner. Each registered owner of $1,000,000 or more in principal amount of Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date for any payment. Principal on the Bonds will be payable at the designated office of the Paying Agent. Notwithstanding the foregoing, if DTC or its nominee is the registered owner of the Bonds, principal of and interest on the Bonds will be paid directly by the Paying Agent to DTC as provided hereinabove. REDEMPTION PROVISIONS. The Bonds are not subject to optional redemption prior to maturity. INTEREST RATES AND STATUS OF BANK QUALIFICATION. Each bid must be for all of the Bonds and must state the rate or rates of interest therefor, not exceeding the maximum per annum interest rate hereinbefore specified. Such interest rate or rates must be in multiples of one-eighth (1/8), one-twentieth (1/20), or one-hundredth (1/100) of one percent (1.00%). Bids specifying more than one interest rate must also specify the amount and maturities of the Bonds bearing each rate. All Bonds maturing on the same date shall bear the same rate of interest and the interest rate bid on any maturity of Bonds shall be equal to or greater than the interest rate bid on any and all prior maturities of Bonds. Although not a term of sale, it is requested that each bid show the net dollar cost to final maturity and the net effective interest rate on the entire issue. The Bonds are “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. BIDDING DETAILS. No conditional bid or bids for less than ninety-eight percent (98%) of the par value of the Bonds will be considered. The District reserves the right to reject any and all bids and to waive any informality in any bid. If no acceptable bid is received on the date fixed for sale of the Bonds, the sale may be continued from day to day thereafter without further advertisement for a period not to exceed thirty (30) days, but if so continued, no bid will be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale. Each of the bids for the Bonds shall (i) if mailed, be sealed in an envelope addressed to the District and marked “Bid for Town of Munster, Indiana, Park District Bonds of 2019,” (ii) must be on the form approved by the District, without additions, alterations or erasures, which form may be obtained from the Town’s Clerk-Treasurer at the address set forth herein; and (iii) delivered to the Clerk-Treasurer as required hereinabove. AMENDMENTS. The District reserves the right to amend any information contained in this Notice of Bond Sale. The District also reserves the right to postpone, from time to time, the date established for the receipt of bids on the Bonds. Any such amendment or postponement will be announced via publication at any time prior to the date and time established for the receipt of bids. BASIS FOR AWARD. The sale of the Bonds will be awarded to the bidder making a bid that conforms to the specifications herein and which produces the lowest net interest cost to the District. The lowest net interest cost is determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided herein and adding thereto the discount bid, if any, and deducting therefrom the premium bid, if any. In the event of a bidder’s error in interest cost calculations, the interest rates, premium, if any, set forth or incorporated by reference in the Official Bid Form will be considered as the intended bid. GOOD FAITH DEPOSIT. The successful bidder will be required to deliver to the ClerkTreasurer a certified or cashier’s check, wire transfer consisting of immediately available funds to the District as instructed by the Clerk-Treasurer, or a financial surety bond in the amount equal to 1% of the principal amount of the Bonds (the amount of such check or financial surety bond being referred to hereinafter as the “Deposit”) within twenty-four (24) hours after the bid is accepted. If a check is submitted, it must be drawn on a bank or trust company, which is insured by the Federal Deposit Insurance Corporation. If a financial surety bond is used, it must be from an insurance company. In either case, the Deposit must be submitted to the District within twenty-four (24) hours after the bid is accepted in order to qualify the bid and shall be made payable to “Town of Munster, Indiana, Park District” to be held uncashed (in the case of a check) or not drawn upon (in the case of a financial surety bond) as a guarantee of the good faith of the bidder. The checks of unsuccessful bidders will be returned immediately following the award of the Bonds. No interest will be allowed on any checks. If the Bonds are awarded to a bidder who has submitted a financial surety bond to the District, then such bidder must submit its Deposit to the District in the form of a certified or cashier’s check (or a wire transfer consisting of immediately available funds to the District as instructed by the Clerk-Treasurer) not later than 3:30 p.m. (local time) on the next business day following the award by the District. If such check or wire transfer is not received by that time, the financial surety bond may be drawn upon by the District to satisfy the Deposit requirements. In the event the bidder to whom the Bonds are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such Deposit shall become the property of the District and shall be taken and considered as liquidated damages of the District on account of such failure or refusal. The successful bidder will be required to make payment for the Bonds in Federal Reserve or other immediately available funds and accept delivery of the Bonds within five (5) days after being notified that the Bonds are ready for delivery, at a bank designated by the District. Any premium bid must be paid in cash at the time of delivery as a part of the purchase price of the Bonds. The Bonds will be ready for delivery within forty-five (45) days after the date on which the award is made, if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the good faith check will be returned. Any notice of rescission must be in writing. It is anticipated that CUSIP identification numbers will not be printed on the Bonds. The successful bidder may, at its own expense, arrange for CUSIP numbers for the Bonds, but neither the failure to print such numbers on any Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the Bonds in accordance with the terms of its bid. No CUSIP identification number shall be deemed to be a part of any Bond or the contract evidenced thereby and no liability shall hereafter attach to the District or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing or typing of CUSIP numbers on the Bonds shall be paid for by the successful bidder, and any CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of, and shall be paid for by, the successful bidder. The successful bidder will also be responsible for any other fees or expenses it incurs in connection with its purchase or the resale of the Bonds. AUTHORITY, PURPOSE AND SOURCE OF SECURITY. The Bonds are being issued under the provisions of the Indiana Code for the purpose of procuring funds to finance the payment of all or a portion of (1) the planning, design, construction, supervision, development, improvement and/or equipping of certain works of improvement consisting of parks and park facilities; (2) any other related improvements; (3) capitalized interest on the Bonds, if necessary; and (4) expenses incurred in connection with or on account of the issuance of the Bonds. The principal of and interest on the Bonds will be payable as a general obligation of the District from special benefit ad valorem property taxes to be levied on all taxable property in the District, and the Bonds will constitute an indebtedness of the District within the provisions and limitations of the Constitution of the State of Indiana. However, the District’s collection of the property tax levy may be limited by operation of Indiana Code 6-1.1-20.6, which provides taxpayers with credits against property tax liability for property taxes levied against certain classes of property in an amount exceeds certain percentages of the gross assessed value of that property. The District is required by law to fully fund the payment of debt service on the Bonds in an amount sufficient to pay the principal of and interest on the Bonds, regardless of any reduction in property tax collections due to the application of such tax credits under Indiana Code 6-1.1-20.6. The District may not be able to levy or collect additional property taxes to make up any deficiency. The District is a special taxing district under the laws of the State of Indiana, duly created and existing under Indiana Code 36-10-3, as amended. INVESTMENT LETTER. Simultaneously with or before delivery of the Bonds, the successful bidder will be required to execute a certificate or letter of representations at closing, in a form satisfactory to the District and Bond Counsel (as defined herein), certifying, among other things, that it is purchasing the Bonds for its own account and not with the current intent to resell all or any portion of the Bonds. BOND DELIVERY. At the time of delivery of the Bonds, the approving opinion of Barnes & Thornburg LLP, Indianapolis, Indiana, bond counsel (“Bond Counsel”), as to the validity of the Bonds, together with a transcript of bond proceedings, the printed Bonds and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the District. In addition, unless Bond Counsel is able, on the date of delivery, to render an opinion to the effect that (1) under existing laws, regulations, judicial decisions and rulings, interest on the Bonds is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the Bonds, and the regulations thereunder (collectively, the “Code”), and (2) the interest on the Bonds is exempt from income taxation in the State of Indiana (the “State”) for all purposes, except the State financial institutions tax, the successful bidder shall have the right to rescind the sale, and in such event the Deposit will be returned. Dated this 8th day of November, 2019. /s/ David F. Shafer Clerk-Treasurer, Town of Munster, Indiana, acting on behalf of the Board of Parks and Recreation of the Town of Munster, Indiana, Park District 11/8 & 11/15 -28637 -hspaxlp