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PROOF OF PUBLICATION
NOTICE OF SALE OF TAX
ANTICIPATION WARRANT OF
NORTHERN WELLS COMMUNITY SCHOOLS
Notice is hereby given, that representatives of the Board of School Trustees of Northern Wells Community Schools, on September 8, 2008, at 1:00 p.m. (Eastern Time) at the Administration Offices located at 312 North Jefferson Street, Ossian, Indiana, will receive sealed bids, or by prior arrangement with the school corporation, telecopied bids, on and let to the highest bidder therefore, the following described time warrants:
Time warrants in anticipation of taxes levied and in the sum of $2,090,000 for the General Fund, $450,000 for the Capital Project Fund and $290,000 for the Transportation Fund, all maturing on December 31, 2008, and dated as of the date of delivery thereof to the Purchaser or Purchasers; all such warrants shall mature bear interest at a rate to be determined by this bidding payable at maturity of the warrants. Interest shall be calculated on a 365-day basis. Principal and Interest payable at the office of the school treasurer. It is anticipated that the time loan warrants will be delivered on or about September 12, 2008. The Warrants have been designated as bank qualified under Internal Revenue Code Section 265(b)(3).
A bid may be for all or a portion of the warrants but no bids for less than par nor for a portion of less than $100,000.00 will be considered. Interest rates shall be stated as multiples of 1/100 of 1 percent. The warrants shall be awarded to the bidder and/or bidders submitting the lowest net interest rate or rates after deducting therefrom the premium bid, if any, for the warrants or portion thereof bid for. The right is reserved to reject any and all bids and to deliver less than the whole issue if an approving opinion cannot be obtained covering the whole issue. If acceptable bids are not received on the sale date covering the warrants, the sale of the unpurchased portion thereof, may be continued from day to day thereafter, for not exceeding thirty (30) days without readvertisement of the sale. Each bid shall be accompanied by a certified Cashier's check or Financial Surety Bonds in the amount of one percent (1%) of the amount of the warrants bid for, made payable to the Treasurer of Northern Wells Community Schools to guarantee the School against default by such bidder in complying with the terms of this notice and of its bid. At the time of delivery, the successful bidder will be required to certify as to the price at which a substantial amount of the warrants was reoffered to the public.
Said warrants are being issued under the provision of Indiana Code, Title 20, Article 48, Chapter 1, to evidence temporary loans for the purpose of obtaining funds to be used for the General, Capital Projects and Transportation Funds for the purpose of meeting expenses of the School Corporation included in the regular budget and appropriations adopted for the year 2008, which expenses must be met prior to the December settlements and distributions of taxes in the year of 2008. There has been appropriated and pledged a sufficient amount of current revenues of the School Corporation to be derived from the General Fund Levy, the Capital Projects Fund Levy, the Transportation Fund Levy, the State Tuition Support Distributions to be received in the General Fund from July, 2008, through and including December, 2008 and the Debt Service Fund Levy respectively, made in the year of 2007, payable in the year 2008, to pay the principal of and interest on said warrants at maturity. The warrants are issued on a parity basis with the $2,070,000 of warrants issued by the School Corporation on January 2, 2008.
The approving opinion of Ice Miller LLP, Bond Counsel of Indianapolis, Indiana, covering the legality of such warrant will be furnished to the Purchaser at the Purchaser's expense, together with the usual closing certificates and a transcript of the legal proceedings. No conditional bids shall be considered. The warrants for each Fund of this issue shall be delivered at the time set above. The successful bidder or bidders shall accept delivery of the warrants and make payment therefore at such Bank as such bidder or bidders shall designate.
NORTHERN WELLS
COMMUNITY SCHOOLS
Board of School Trustees
nb 8/21, 28