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NOTICE TO TAXPAYERS OF ADDITIONAL APPROPRIATION
Notice is hereby given to the taxpayers of the library district known as Johnson County Public Library that the Board of Trustees of said library district will meet at the usual meeting place of said Board in the Library at 49 East Monroe Street Franklin Indiana at the hour of 4:30P.M. (Local Time) on August 18 2009 to consider the following additional appropriation of the bonds which the Board of Trustees has determined to issue. The Board considers such additional appropriation necessary to meet the extraordinary emergency existing at this time:An appropriation in the amount of $2,000,000 on account of the purchase of real estate and preliminary expenses related to site investigation and development engineering and architectural expenditures in said library district including the incidental expenses necessary to be incurred in connection with said project and the issuance of bonds on account thereof. The funds to meet such additional appropriation are to be provided by the issuance and sale of bonds by the Library. The foregoing appropriation is in addition to all appropriations provided for in the existing budget and tax levy and a need for such appropriation exists by reason of the inadequacy of the present buildings to provide necessary library facilities in the library district.Taxpayers of said library district appearing at said meeting shall have the right to be heard in respect to said additional appropriation.
Dated this 31st day of July 2009.Jo Ellen WeemsSecretary,
Board of TrusteesJohnson Co. Public Library
NOTICE OF INTENT TO SELL BONDS
GENERAL OBLIGATION BONDS OF 2009
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 Johnson County Public Library (the "Library") 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 Johnson County Public Library c/o H.J. Umbaugh & Associates Certified Public Accountants LLP 8365 Keystone Crossing Suite 300 Indianapolis Indiana 46240 (317) 465-1536 (317) 465-1550 (facsimile) or by e-mail to email@example.com on or before 2:00 p.m. (Indianapolis Time) September 11 2009 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 September 15 2009.
At the time designated for the sale the Library will receive at the offices of H.J. Umbaugh & Associates Certified Public Accountants LLP 8365 Keystone Crossing Suite 300 Indianapolis Indiana and consider bids for the purchase of the following described Bonds:
General Obligation Bonds of 2009 (the "Bonds") of the Library in the principal amount of $2,000,000; 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 2010 and semiannually thereafter; These Bonds will be initially issued in a Book Entry System (as defined in the Bond Resolution). 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 beginning on July 15 2010 through and including January 15 2011 on January 15 and July 15 on the dates and amounts as provided by the Library prior to the sale.
The Bonds are not subject to optional 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 in the schedule provided 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 provided.
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 on the Bonds shall not exceed 4.50% 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 99.50% 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 Library to be determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided by the Library prior to the sale 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.
Each bid must be enclosed in a sealed envelope addressed to the Library and marked on the outside "Bid for General Obligation Bonds of 2009". A good faith deposit ("Deposit") in the form of cash or certified or cashier's check in the amount of $20,000 payable to the order of the Library 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 Library 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 Library as liquidated damages.
The successful bidder shall make payment to the bank selected 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 Library 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 Library. 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 Library 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 Library 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 Library; 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 Ice Miller LLP 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 Library.
The Bonds are being issued for the purpose to pay the cost of the purchase of real estate and preliminary expenses related to site development engineering and architectural expenditures and will be direct obligations of the Library payable out of ad valorem taxes to be collected on the taxable property within the Library; however the Library'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 Library 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 Library may not be able to levy or collect additional property taxes to make up this short fall. Johnson County Public Library is a library organized pursuant to the provisions of I.C. 36-12-3 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 Library. 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 Library has prepared a preliminary official statement relating to the Bonds which it has deemed to be a nearly final official statement. Within seven (7) business days of the sale the Library will provide the successful bidder with 40 copies of the final official statement at the Library's expense. Additional copies at the purchaser's expense must be requested within five (5) business days of the sale. Inquiries concerning matters contained in the nearly final official statement must be made and pricing and other information necessary to complete the final Official Statement must be submitted by the successful bidder within two (2) business days following the sale to be included in the final official statement.
The Library has agreed to enter into a Continuing Disclosure Undertaking in order to permit the successful purchaser to comply with the SEC Rule 15(c)2-12. A copy of such Agreement is available from the Library or financial advisor at the addresses below.
Further information relative to said issue and a copy of the nearly final official statement may be obtained upon application to H.J. Umbaugh & Associates Certified Public Accountants LLP 8365 Keystone Crossing Suite 300 Indianapolis Indiana 46240 financial advisor to the Library; Brian Deppe Deppe Fredbeck & Boll 9 East Court Street Franklin Indiana 46131 attorney for the Library; or Beverly Ann Martin Director Johnson County Public Library 49 East Monroe Street Franklin Indiana 46131. If bids are submitted by mail they should be addressed to the Library attention of Beverly Ann Martin Director Johnson County Public Library 49 East Monroe Street Franklin Indiana 46131.
Dated this 27th day of August 2009.
Jo Ellen Weems
Secretary Board of
(J) 08-27 -- 09-03-09
Johnson County Public Library
General Obligation Bonds of 2005
The Bonds have been pre-qualified for insurance by the following insurers at the respective premiums:
These premiums are for informational purposes only and will not be factored into the NIC calculation.
(1) Bidder ("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated to purchase Bonds or provide Investments at rates and/or prices submitted, if acceptable to the Issuer, as set forth in related Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by Issuer.
(2) BidUmbaugh is not responsible for technical difficulties that result in loss of Bidder's internet connection with BidUmbaugh, slowness in transmission of bids, or other technical problems. Refer to Notice of Sale for alternative methods of submitting bid if necessary.
(3) If for any reason Bidder is disconnected from Auction Page during a competitive bid sale after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless Issuer exercises its right to reject bids, as set forth in related Notice of Sale.
(4) Bids which generate error messages are not accepted until error is corrected and bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in Notice of Sale (including Amendments, if any) related to each competitive bid sale.
(6) H.J. Umbaugh & Associates is not responsible for any defect or inaccuracy in the Notice of Sale, Amendments, and Preliminary Official Statement, as applicable, as they appear on BidUmbaugh.
(7) Only Bidders who request and receive admission to a competitive bid sale may submit bids. H.J. Umbaugh & Associates reserves right to deny access to BidUmbaugh website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in its sole and absolute discretion.
(8) Neither H.J. Umbaugh & Associates nor Auction Administrator is responsible for protecting the confidentiality of a Bidder's BidUmbaugh password.
(9) If two bids submitted in same competitive bid sale by same or different Bidders result in same displayed True or Net Interest Cost, first confirmed bid received by BidUmbaugh prevails, unless stated otherwise in related Notice of Sale. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True or Net Interest Cost.
(10) Bidders must compare their final bids to those shown on the Observation Pages immediately after the competitive bid sale ends, and if they disagree with final results shown on Observation Pages they must report them to BidUmbaugh within 15 minutes after the competitive bid sale ends. Regardless of the final results reported by BidUmbaugh, Bonds are definitively awarded to winning bidders only upon official award by the Issuer. If, for any reason, the Issuer fails to: i) award Bonds or Investments to the winner reported by BidUmbaugh, as applicable, or ii) deliver Bonds or Investments to winning bidders at settlement, H.J. Umbaugh & Associates will not be liable for damages.
(11) Bidders who submit a bid on the Auction Page by clicking the 'Submit Bid' button must confirm that bid by clicking the 'Yes, Submit Bid' button on the Confirmation Page.
(12) For auctions utilizing the "Two Minute Rule", if any bid becomes a leading bid within two (2) minutes prior to the scheduled end of the auction, then the auction will be automatically extended for two (2) minutes from the time such new leading bid was received by BidUmbaugh. The auction end time will continue to be extended, indefinitely, until all leading bid(s) remain the leading bid(s) for at least two minutes, unless an absolute end time is stipulated in the Notice.
"Bid" - any confirmed purchase offer received by BidUmbaugh on or before the auction deadline.
"Bidder" - any firm registered with BidUmbaugh and approved for participation in competitive bid sales.
"Bonds" - includes bonds, notes, and any other debt instrument.
"Investments" - includes investment agreements, repurchase agreements, certificates of deposit, commercial paper, and any other investment vehicle.
"Notice of Sale" - issuer's official solicitation to Bidders which sets forth the terms and conditions Bidder's agree to abide by.
"Net Interest Cost" - calculation typically described in Notice of Sale related to competitive bid sale which serves as basis for awarding Bonds to Winning Bidders
"True Interest Cost" - calculation sometimes described in Notice of Sale related to competitive bid sale which serves as basis for awarding Bonds to Winning Bidders
"Winning Bid" - any offer made by a Bidder by clicking the "Submit Bid" button which, at the end of the competitive bid sale, results in: (1) for Bonds: the lowest True or Net Interest Cost as described in the Notice of Sale; (2) for Investments: the highest rate or lowest price, as applicable; and which is acceptable to the Issuer.
Library study gets OK
By ANNIE GOELLER
County public library officials want to replace the Franklin branch.
Aug. 12, 2009
The county library's proposal to borrow $2 million to study and buy land for a new Franklin branch could be significantly cut after county officials questioned the plans.
County council members had questions about how library officials planned to spend the $2 million, including whether there was a need to buy land before a new building has been designed.
They also were concerned about approving a large expense in the current economy, council members said.
Instead, the council suggested reducing the proposed loan and allowing the library to borrow between $400,000 and $500,000 to pay for studies of the new branch, which could cost up to $28 million. That is the maximum amount the library can borrow, but officials have said the price tag likely would not be that high.
Now, library officials have asked to postpone a decision and discuss what should be done next.
Their concern is that the cost of the land could increase in the years before another bond could be approved and that taxpayers would twice pay the administrative costs of borrowing money, library director Beverly Martin said.
Library officials had asked to borrow the money to buy the land for a new branch and study what was needed, including square footage, services that should be offered there, features the community wants, such as community rooms and children's programs, and how much space should be dedicated to each, Martin said.
The money would be paid back with property taxes. Officials had planned to borrow about $2 million next year when the loan for the Trafalgar branch is paid off, so taxpayers wouldn't see a difference in their property tax rate.
But county council members were concerned about the land purchase being included, since the studies would not yet be completed.
Council member Brian Walker said he was concerned about the possibility of the library buying the land and then studies showing that something else was needed for a new branch, making that property useless.
Past land purchases, including acreage around the current Franklin branch, also have been a concern since now the library can't use that land, council member Ron West said.
But Martin said the library would not have bought any property until studies were done showing the land was a good fit for a new branch.
Council members compared the loan to a blank check that would allow the library to pay a list of expenses, council member Anita Knowles said.
They also worried about the amount the library was asking for, especially with the county facing a budget shortfall next year and discussing a multimillion-dollar jail expansion.
"Two million is a big number with all of these financial crunches right now. And I know the people just get tired of hearing all these big numbers," West said.
Council members support the library and the need for it in the community, council members said.
But with the current financial situation, they want to take more time to consider spending requests, such as this one, Knowles said.
The county council postponed a vote until at least next month.
The county council and the Franklin City Council would both need to give approval for the library to borrow the money. The city council postponed a vote earlier this month.
Library board to discuss new downtown branch
By DAILY JOURNAL
Aug. 18, 2009
The Johnson County Public Library board will discuss plans for a new Franklin branch at a meeting today.
The board will meet at 4:30 p.m. at the library services center, 49 E. Monroe St., Franklin.
Library officials want to borrow $2 million to study and buy land for a new Franklin branch, but the county council suggested cutting that amount to $400,000 to $500,000 for a study and putting off the land purchase. Library officials asked the council to delay a decision until they could decide how to proceed.
The library is considering building a new branch downtown and wants to borrow money to determine how many square feet would be needed, what services should be offered and what features the public wants.
Property tax dollars would repay the loan, which will replace old debt and not affect the tax rate, library officials said.
Library gets OK to study, buy property
By SARAH MICHALOS
The Johnson County Public Library District owns land adjacent to the Franklin branch but has found that it is unsuitable for building expansion.
Aug. 19, 2009
The Johnson County Public Library District will spend $2 million to study and buy land for a new branch.
The library board voted unanimously to borrow the money to plan a downtown Franklin branch after conducting a public hearing Tuesday. The money can be spent on consultants, a design for a new building, preliminary site work and land. Property tax rates will not increase because of the bond.
Franklin resident Terry Lancer spoke in favor of a new library, saying the current branch is crowded when he visits and he sees students who aren't able to study because of the commotion.
"Is this the right time to issue bonds for a $2 million appropriation?" he said. "I feel the answer is yes. The library is retiring past bonds, and the new bonds will not negatively affect the tax rate. Now is a good time to borrow money when interest rates are low.
"Now is a great time to purchase real estate when the values have been reduced, and I think now is a good time to stimulate the economy. I think now is always a good time to plan for the future."
On Monday, the Franklin City Council voted 6-0 to endorse the loan.
But some council members and people who attended the council meeting raised concerns about why the current library can't be expanded, where in downtown a new branch would be and why it would need to be so large.
Others urged the council to approve the bond request and said that a library with space for meetings and programs would help revitalize downtown.
Although the library system - which operates branches in Franklin, Trafalgar, New Whiteland and White River Township - has its own tax district and board of directors, Indiana law says it has to get permission from local government before borrowing money.
County council members, whose approval is not needed for the project, asked library officials earlier this month to slice the bond amount to a half-million dollars or less after expressing concerns about whether an economic downturn is the time to ask for $2 million to study a new branch.
Estimates show that the new branch could be up to 90,000 square feet, more than four times the size of the current Franklin branch, which is on State Street across from Indiana Masonic Home.
"I can see a new library, but the size is what boggles me," council member Ann Gordon said.
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