A Resolution Calling for the Issuance and Sale of Albany County, Wyoming General Obligation Bonds, Series 2019, In the Principal Amount Not to Exceed $5,640,000 to Finance the Laramie Regional Airport Improvement Project

RESOLUTION NO. 2019-022

 

A RESOLUTION CALLING FOR THE ISSUANCE AND SALE OF ALBANY COUNTY, WYOMING GENERAL OBLIGATION BONDS, SERIES 2019, IN THE PRINCIPAL AMOUNT NOT TO EXCEED $5,640,000 TO FINANCE THE LARAMIE REGIONAL AIRPORT IMPROVEMENT PROJECT.

 

            WHEREAS, at a primary election held in Albany County, Wyoming (the “County”), on Tuesday, August 21, 2018 (the “Election”), a majority of the qualified, registered electors of the County voting at said Election approved the question of issuing general obligation bonds of the County in a principal amount not to exceed $5,640,000 for the purpose of funding a portion of the cost of the Laramie Regional Airport improvement project described in the ballot question; and 

 

            WHEREAS, the Board of County Commissioners (the “Board”) of the County has determined at this time to provide for the sale of the authorized general obligation bonds in the principal amount not to exceed $5,640,000 to finance a portion of the cost of the Laramie Regional Airport improvement project approved at the Election;

 

            NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ALBANY COUNTY, WYOMING, THAT:

 

            1.         General Obligation Bonds, Series 2019, in A principal amount not to exceed $5,640,000 shall be issued and advertised for sale in the time and manner required by law.

 

            2.         In accordance with Wyo. Stat. § 18-4-306, the Notice of Intention to Issue and Sell Bonds (the “Notice”) shall be posted on the County’s official website and shall be published in one issue of the Laramie Boomerang, the County’s designated official newspaper, and such other publications as Kaiser Wealth Management, Cheyenne, Wyoming, the financial advisor for the County (the “Municipal Advisor”) may deem advisable, such publication to be not less than five (5) days nor more than thirty (30) days prior to the date designated for the sale of the Bonds, such Notice to be in substantially the following form (additions and deletions may be made by the Municipal Advisor and Bond Counsel for the County):

 

NOTICE OF INTENTION TO ISSUE AND SELL GENERAL OBLIGATION BONDS

 

This Notice of Intention to Issue and Sell General Obligation Bonds is being given by Albany County, Wyoming (the “County”) pursuant to Wyoming Statute § 18-4-306.  The County hereby gives notice of intent to issue and sell bonds as described below. 

 

$5,600,000*

ALBANY COUNTY, WYOMING

GENERAL OBLIGATION BONDS

SERIES 2019

(LARAMIE REGIONAL AIRPORT IMPROVEMENT PROJECT)

 

 

            NOTICE IS HEREBY GIVEN that Kaiser Wealth Management, 1620 Pershing Blvd, Ste. 110, Cheyenne, Wyoming 82001, as the financial advisor to the County (the “Municipal Advisor”) will receive sealed bids for the purchase of the County’s general obligation bonds described in this Notice.  The deadline to submit bids is 3:00 p.m., M.D.T., on Thursday, August 1, 2019.

 

            The Bonds shall be issued as fully registered Bonds without coupons, dated August 1, 2019, in the denomination of $5,000 each or any integral multiple thereof, numbered separately from 1 upwards with the number of each Bond preceded by “R-”, bearing interest at a rate or rates not exceeding five and one-half percent (5.5%) per annum, payable on December 15, 2019, and semiannually thereafter on June 15 and December 15 each year, and shall mature on as follows:

 

 

Maturity

Principal

Amount

 

 

Maturity

Principal

Amount

 

 

 

 

 

12/15/2019

$   75,000

 

06/15/2026

$235,000

06/15/2020

$175,000

 

12/15/2026

$240,000

12/15/2020

$175,000

 

06/15/2027

$240,000

06/15/ 2021

$200,000

 

12/15/2027

$245,000

12/15/2021

$200,000

 

06/15/2028

$245,000

06/15/2022

$210,000

 

12/15/2028

$250,000

12/15/2022

$210,000

 

06/15/2029

$250,000

06/15/2023

$210,000

 

12/15/2029

$255,000

12/15/2023

$225,000

 

06/15/2030

$255,000

06/15/2024

$225,000

 

12/15/2030

$255,000

12/15/2024

$230,000

 

06/15/2031

$265,000

06/15/2025

$230,000

 

12/15/2031

$265,000

12/15/2025

$235,000

 

 

 

 

 

 

 

 

 

Optional Redemption

 

            Bonds maturing on and after December 15, 2025, are subject to redemption prior to maturity, at the option of the County, as a whole or in part, in integral multiples of $5,000, in inverse order of their respective maturities and by lot within a maturity, on June 15, 2025, and on any Interest Payment Date thereafter, at a redemption price (expressed as a percentage of the principal amount) set forth below, plus accrued interest to the date fixed for redemption:

 

Redemption Dates

Redemption Price

 

 

June 15, 2025 and

Interest Payment Dates thereafter

100%

 

            The principal of, premium, if any, and interest on said Bonds shall be payable by Wyoming Bank & Trust, in Cheyenne, Wyoming, as Bond Registrar and Paying Agent.  The Bonds will be delivered in Cheyenne, Wyoming, or at any other place at the request and expense of the purchaser.  The purchaser(s) will receive physical bonds.

 

            The Bonds will be issued for the purpose of (i) financing costs of renovations and improvements to the Laramie Regional Airport, and (ii) paying costs of issuance of the Bonds (collectively the “Project”).  The Resolution authorizing the issuance of the Bonds will provide that the primary source of repayment of the Bonds will be a portion of the County’s share of a 1% specific purpose sales and use tax imposed by the County, upon goods and services subject to such taxes.  The Bonds are general obligations of the County and the full faith and credit of the County will be pledged for the punctual payment of the principal of and the interest thereon.  Therefore, in any year to the extent that the aforesaid Pledged Tax Revenues are insufficient to provide debt service on the Bonds, there shall be levied by the Board of County Commissioners of the County, on all of the taxable property within the County, in addition to all other taxes, ad valorem taxes, without limitation as to rate or amount, to the extent other funds are not made available for such payments, sufficient to pay the principal of and interest on the Bonds, when the same become due and payable.

 

            The County will furnish the executed Bonds and the approving legal opinion.  The purchasers will receive physical certificate for the Bonds.  The legality of the Bonds will be approved by Hathaway & Kunz, LLP, Cheyenne, Wyoming as Bond Counsel.  Bond Counsel’s approving opinions will recite, in conventional form, that Bond Counsel has examined the laws of the State of Wyoming and certified proceedings and other papers of the County taken preliminary to and in the issuance of the Bonds.  Said opinions will also state that the Bonds are valid and binding obligations of the County, that all taxable property in the County is subject to ad valorem taxation without limitation as to rate or amount to pay the Bonds, and that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights heretofore or hereafter enacted to the extent constitutionally applicable and that their enforcement may also be subject to the exercise of judicial discretion in appropriate cases.  The opinions will further provide that interest on the Bonds is excludable from the gross income for federal income tax purposes.  The County shall designate the Bonds as “qualified tax-exempt obligations” under federal income tax laws. 

The County has prepared and will disseminate a Private Placement Memorandum dated July 19, 2019, in connection with the sale of the Bonds (the “PPM”).  A copy of the PPM and the County’s 2018 Financial Report may be obtained by contacting Kaiser Wealth Management, 1620 Pershing Blvd., Ste. 110, Cheyenne, Wyoming 82001, (307) 634-1547, the financial advisor to the County (the “Municipal Advisor”).

 

            Bond Counsel has assumed no responsibility to make independent verification or confirmation of the statements made in the PPM or otherwise in connection with the sale of the Bonds.  The Bonds will not be rated.

 

            Sealed bids should be submitted via electronic mail, facsimile, or by delivering a hard copy in person to the County’s Municipal Advisor, Kaiser Wealth Management, 1620 Pershing Blvd., Ste. 110, Cheyenne, WY 82001, Attention: Todd Bishop, President/CEO, fax number- (307) 634-1546, Email address: tbishop@kaiserinvest.com no later than 3:00 p.m., M.D.T., on Thursday, August 1, 2019, and the envelopes should be marked “Sealed Bid-General Obligation Bonds.”  The bids will be considered by the Board of Albany County Commissioners for award of the Bonds to the bidders at the County Commissioner’s meeting on August 6, 2019.  

 

            The County reserves the right to reject any and all bids and the right to waive any defect or irregularity in any bid submitted.

 

            Information concerning the County, or the proposed issue of Bonds, may be obtained from Tracy Fletcher, County Treasurer, 525 Grand Avenue, Suite 205, Laramie, Wyoming 82070, or from Kaiser Wealth Management, 1620 Pershing Blvd., Ste. 110, Cheyenne, Wyoming 82001, the Municipal Advisor to the County.

 

            THIS NOTICE IS GIVEN by order of the Board of County Commissioners of Albany County, Wyoming, as of the 16th day of July, 2019.

 

                                                                                                ALBANY COUNTY, WYOMING

(SEAL)

 

                                                                                                /s/Jackie R. Gonzales, County Clerk

 

Publish in: Laramie Boomerang, Laramie, Wyoming

Publish on:      July 20, 2019

 

Post on: County’s official website

 

 

 

 

 

 

 

 

* Subject to change

Posted by Kayla White Jul 18, 2019
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