WI S CON S IN P U BL I C F" INAN CE P RO F"ESS IONA L S, I.I.C: I 025 SOUT H M OOI'li.A N D R OAD, SUITC: 5 0 4 8ROOK F"I E:I.D, WI 53005 4 1 4-434-9644 F"Ax: 414-226 - 2014 CALUMET COUNTY, WI SUMMARY OF FINAL SALE RESULTS $2,945,000 GENERAL OBLIGATION PROMISSORY NOTES NOVEMBER 5, 2018 PREPARED BY: CAROL ANN WIRTH, PRESIDENT BACKGROUND- August 21, 2018 Presentation to County Board of Supervisors Purpose of 2018 Notes: Reimburse County for 2017 Budget Capital Improvement Projects Courthouse Chiller- $146,794 CTH AP (Lake Park-Coop) Overlay- $298,335 Furniture Replacement- $22,312 CTH BB (CTH B-USH 10) Pulverize/Pave- $629,222 Roof Jail Addition Replacement - $72,359 CTH C (USH 151-CTH H) Overlay- $218,245 County Park Property Acquisition- $1 ,507,267 CTH LP (USH 1 0-CTH AP) RAB Concrete Urban - $50,000 COUNTY PREPARES FOR MARKET ACCESS Wisconsin Public Finance Professionals LLC ("WPFP") as Municipal Advisor to the County: 1. Coordinated Preparation of Legal Documents with Quarles & Brady, Bond Counsel 2. Selection of Underwriter (RFP Process) 3. Prepared Official Statement (SEC Required Disclosure Document) 4. Bond Rating Application - S&P Global Ratings RESULTS 1. S&P- Reaffirms County's Bond Rating- " AA+" Stable Outlook 2. Underwriter Selected - BOK Financial Securities, Milwaukee Office 3. Final Sale Results - True Interest Rate Including All Expenses of Issuance - 3.03% COUNTY BOARD ACTION (Majority Vote of Members Present) - Final Resolution Attached Accepts Proposal from Underwriter - Exhibit A- Note Purchase Agreement Locks in Interest Rates and Tax Levy -Exhibit B- Debt Service CLOSING- DELIVERY OF FUNDS- NOVEMBER 19, 2018 County receives $2,945,573.22 (Includes $573.22 excess premium for deposit to debt service).
$2,945,000 GENERAL OBLIGATION PROMISSORY NOTES FINAL DEBT SERVICE SCHEDULE Date Principal Coupon In terest Total P+l Fiscal Tot al ll/19/2018 06 /01/2019 48,533.33 48 ,53333 12/01/20 19 100 ,000 .00 3.5000/o 45 ,5 00.00 145 ,500 . 00 194 , 033 . 33 06 /01/2020 43 ,750.00 43 ,750.00 12/01/2020 100,000.00 3.5000/o 43 ,750.00 143 ,750.00 187,500.00 06 / 01/2021 42,000.00 42,000.00 12/01/ 2021 330, 000.00 3.5000/o 42,000.00 372,000. 00 414,000.00 06 / 01 / 2022 36,225.00 36, 225 . 00 12/01/ 2022 330,000.00 3.0000/o 36,225.00 366,225.00 402,450.00 06/01/ 2023 31,275. 00 3l , Z75.00 12/01 / 2023 350,000.00 3 .0000/o 31 ,275.00 381 ,175.00 412,550 .00 06/01/2024 26 ,025. 00 26 , 025 . 00 1 2/0112024 385,000.00 3.0000/o 26 ,0 25 . 00 411 ,025.00 437 ,050.00 06 /01/2025 20 , 250.00 20,250.00 1 2/01 / 2025 400,000.00 3.0000/o 20 ,250 .00 420,250.00 440 ,500.00 06 /01/2026 14,250.00 14 ,250.00 12/01/2026 470,000.00 3. 0000/o 14 ,250.00 484, 250.00 498,500.00 06/01/2027 7, 200 .00 7, 200 .00 1 2/01/2027 480 ,000.00 3.0000/o 7,200.00 487, 200.00 494,400.00 $2,945,000.00 $535,98333 $3,480,98333 Total FINAL PRICING SCHEDULE Type of Maturity Matu rity Bond Coupon Yield Value Price YTM Call Date Call Price Dollar Price 1 2/01/20 19 Serial Coupon 3.500% 2.1 70% 1 00,000.00 101.351% 101 , 351.00 12/01 / 2020 Se ri al Coupon 3.500% 2. 220% 100 ,000.00 1 02.530% 102,530 . 00 12/01/ 202 1 Serial Co upon 3.500% 2.270% 330,000.00 10 3.585% 34 1 ,830.50 1 2/ 01/2022 Se ri al Co upon 3.0000/o 2.310% 330,000 .00 102.642% 338,718.60 1 2/ 01 / 2023 Se ri al Co up on 2.450% 359,06 1. 50 3.0000/o 350,000 . 00 102.589% 12/01/2024 Serial Coupon 3. 0000/o 2. 590% 385,000.00 102 .275% 393,758.75 12/0112025 Se ri al Co u po n 3.0000/o 2.690% 400,000.00 1 0 1. 973% 407,892 . 00 12/01/2026 Serial Coupon 3.0000/o 2.800% 470 ,000.00 101.268% c 2. 822% 12/01 12025 100 .0000/o 475,959 . 60 12/01 / 2027 Serial Coupon 3.0000/o 2. 950% 480,000.00 100 .314% c 2.960% 12/01 12025 100.0000 /o 481,507 . 20 Total $2,945,000.00 $3,002,609.15 Bid Information Par Amo unt of Bonds $2 , 945,000.00 Reoffering Premium or (Discount) 57, 609.15 G'oss Production $3 , 002,609.15 Total Underwriter's Discount (1.937%) $(57 ,035.93) Bid (1 00.019%) 2,945,573.22 Total Purchase Pri ce $2,945 , 573.22 $17,648.17 Bon d Yea r Dollars 5. 993 Years Average Ufe Average Co up on 3.0370482% Ne t Interest Cost (NIC) 3. 0338002% True Interest Cost (TIC) 3.0355823%
~ ~ Calumet County Bonding Program $2,945,000- 2018 Notes and Tax Impact 2018 Projected $2,945,000 (TID OUT) Combined With Combined Budget Equalized Actual Estimated Existing Estimated t<- Year I' ~- -- Valuations Debt Service Mill Rate Debt Service Mill Rate ~ i I 2018 $3,701,027,500 0.000 $2,716,195 0.734 Actual Debt Levy was $2,528, 136- Actual Mill Rate for Budget Year 2018 was $0.68 I 2019 3,900,630,100 $194,033 0.050 2,661,978 0.682 +' 2020 4,017,649,003 187,500 0.047 2,654,895 0.661 ' 2021 4,138,178,473 414,000 0.100 2,422,950 0.586 2022 4,262,323,82 7 402,450 0.094 2,413,850 0.566 > 2023 • I 4,262,323,827 412,550 0.097 2,411,000 0.566 - (- T 2024 4,262,323,827 437,050 0.103 1,961,150 0.460 ..... 2025 4,262,323,827 440, 500 0.103 1,960,300 0.460 2026 4,262,323,82 7 498,500 0. 117 498,500 0.117 2027 4,262,323,827 494,400 0.116 494,400 0.116 -- - 2028 4,262,323,827 $3,480,983 $20,195,218 Total ,, : I I ,_ : t Interest Rate 3.03%
RESOLUTION NO. 20 18 -17 RESOLUTION A WARDING THE SALE OF $2,945,000 GENERAL OBLIGATION PROMISSORY NOTES WHEREAS, on November 3, 2014, the County Board of Supervisors of Calumet County, Wisconsin (the "County"), by a vote of at least 3/4 of the members-elect, adopted a resolution (the "Authorizing Resolution") authorizing the issuance of general obligation bonds or promissory notes in an amount not to exceed $46,000,000 tor the public purpose of paying the cost of the County's Outlays and Capital Improvement Program for the years 2 01 5 through 2019 (the "2015-2019 CIP Program"); WHEREAS, the County has previously issued $ 11 ,810,000 in aggregate principal amount of general obligation promissory notes pursuant to the Authorizing Resolution; WHEREAS, the County Board of Supervisors of the County hereby finds it necessary, desirable and in the best interest of the County to issue additional general obligation promissory notes authorized by the Authorizing Resolution (the "Notes") in the principal amount of $2,945,000 for the public purpose of paying the cost of projects included in the County's Outlays and Capital Improve ment Program for the years 2015 through 20 19, including the cost of maintenance department projects, park property acquisitions and highway and road construction (the "Project"), which Project is part of and included in the 2015-2019 CIP Program; WHEREAS, the County is authorized by the provisions of Section 67. 1 2( 12), Wisconsin Statutes, to borrow money and issue general ob li ga tion promissory notes for such public purposes; and WHEREAS, it is the finding of the County Board of Supervisors that it is necessary, desirable and in the best interest of the County to sell the Notes to BOK Financial Securities, Inc. (the "Purchaser"), pursuant to the terms and conditions of its note purchase proposal attached hereto as Ex hibit A and incorporated herein by this reference (the "Proposa l" ). NOW, THEREFORE, BE IT RESOLVED by the Co unt y Board of Supervisors ofthe County that: Section I. Sale of' the Notes. For the purpose of paying the cost ofthe Project, there shall be borrowed pursuant to Section 67 .1 2(12), Wisconsin Statutes, the principal sum ofTWO MILLION NINE HUNDR ED FORTY-FIVE THOUSAND DOLLARS ($2,945,000) from the Purchaser in accordance with the te nn s and conditions of the Propo sa l. The Proposal is hereby accepted and the Chairperson a nd County Clerk or other appropriate officers of the County are authorized and directed to execute an acceptance of th e Proposal on beha lf of the County. To evidence the obligation of the County, the Chairperson and County Clerk are hereby authori ze d, empowered and dir ected to make, execute, issue and se ll to the Purchaser for, on be half of and in the name of the County, the No tes aggregating the principal amount ofTWO MILLION NINE HUNDRED FORTY-FIVE THOUSAND DOLLARS ($2,945,000) for the sum se t f01th on the Propo sa l, plus accrued interest to the date of delivery. QB\54590527 .I
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