O’Brien County Supervisor Meeting

Date posted - October 17, 2012

PROCEEDINGS OF O’BRIEN COUNTY SUPERVISORS

October 16, 2012

The Board of Supervisors met as per adjournment in regular session at 9:00 a.m. with all members present.

Moved by DeBoom, seconded by R. Haack to abate the taxes on parcel 160/0000507700 in the City of Sutherland located at 103 Main Street on Tax Sale Certificate # 110100 in the amount of $794.00. Motion carried by all ayes.

Moved by J. Haack, seconded by DeBoom to approve the minutes of October 9, 2012. Motion carried by all ayes.

Moved by Farnsworth, seconded by DeBoom to approve the utility construction applications of Osceola Rural Water between Section 25 & 26, Hartley Township and between Sections 17 & 18, Summit Township. Motion carried by all ayes.

Moved by J. Haack, seconded by Farnsworth to approve the tile crossing application of Mark Guggisberg between Sections 26 & 27, Lincoln Township. Motion carried by all ayes.

Moved by R. Haack, seconded by DeBoom to approve a claim to Boyer Trucks for a 2013 Western Star tandam axel truck for $111,740.00. Motion carried by all ayes.

Moved by Farnsworth, seconded by DeBoom to purchase a box, hoist, and snow equipment from Northern Truck in the amount of $62,645.00. Motion carried by all ayes.

Moved by J. Haack, seconded by R. Haack to purchase a tailgate sander from Northern Truck for $4,338.00. Motion carried by all ayes.

County Treasurer of O’Brien County, State of Iowa, met in the Office of the Board of Supervisors, 155 South Hayes Avenue, Primghar, Iowa, at 10:00 o’clock A.M., on the above date. There were present the following: Barbara Rohwer & Tim Oswald

This being the time and place for the opening of bids for the sale of $1,520,000 (dollar amount subject to change) General Obligation Refunding Capital Loan Notes, Series 2012, the meeting was opened for the receipt of bids for the notes. The following actions were taken:

1. Sealed bids were filed and listed in the minutes while unopened, as follows:

Name & Address of Bidders:
None

2. The County Treasurer then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced.

3. Electronic bids received were accessed and announced as follows:

Name & Address of Bidders:
Zions First National Bank, Salt Lake City, UT
Hutchinson, Shockey, Erley & Co., Chicago, IL
D.A. Davidson & Co, Denver, CO
UMB Bank N.A., Kansas City, MO
Bankers Bank, Madison, WI

4. The best bid was determined to be as follows:

Name & Address of Bidder: Bankers Bank, Madison, WI

True Interest Rate: 0.826%

True Interest Cost: $37,816.28

All bids were then referred to the Board for action in accordance with the Notice of Sale

The Board of Supervisors of O’Brien County, State of Iowa, met in regular session, in the O’Brien County Courthouse, 155 South Hayes Avenue, Primghar, Iowa, at 11:00 o’clock A.M., on October 16, 2012. There were present Chairperson Waund in the chair, and the following named Board Members:

Waund, Haack, Haack, Farnsworth, DeBoom
Absent: None

Board Member J. Haack introduced the following Resolution entitled “RESOLUTION DIRECTING SALE OF $1,515,000 GENERAL OBLIGATION REFUNDING CAPITAL LOAN NOTES, SERIES 2012″ and moved its adoption. Board Member R. Haack seconded the motion to adopt. The roll was called and the vote was,
AYES: Waund, Haack, Haack, Farnsworth, DeBoom
NAYS: None

Whereupon, the Chairperson declared the Resolution duly adopted as follows:

RESOLUTION DIRECTING THE SALE OF $1,515,000 GENERAL OBLIGATION REFUNDING CAPITAL LOAN NOTES, SERIES 2012

WHEREAS, pursuant to notice as required by law, bids have been received at public sale for General Obligation Refunding Capital Loan Notes, Series 2012, in the principal amount of $1,515,000, and the best bid received is determined to be the following:

Name & Address of Bidder: Bankers Bank, Madison, WI
Purchase Price $1,511,200
True Interest Rate: 0.82500%
True Interest Cost: $37,324.17

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF O’BRIEN COUNTY, IN THE STATE OF IOWA:

Section 1. That the bid for the notes as above set out is hereby determined to be the best and most favorable bid received and, the notes are hereby awarded based on the bid.

Section 2. That the statement of information for note bidders and the form of contract for the sale of the notes are hereby approved and the Chairperson and Auditor are authorized to execute the same on behalf of the County.

Section 3. That all acts of the County Treasurer and other officials done in furtherance of the sale of the notes are hereby ratified and approved.

PASSED AND APPROVED this 16th day of October, 2012.

Emily Waund
Chairperson

ATTEST:

Barbara Rohwer
County Auditor

Board Member Farnsworth introduced the following Resolution entitled “RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2005, OF O’BRIEN COUNTY, STATE OF IOWA, DATED JULY 1, 2005, AND DIRECTING NOTICE BE GIVEN” and moved its adoption. Board Member DeBoom seconded the motion to adopt. The roll was called the vote was, AYES: Farnsworth, DeBoom, J. Haack, R. Haack & Waund NAYS: none

Whereupon, the Chairperson declared the resolution duly adopted as follows:

RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2005, OF O’BRIEN COUNTY, STATE OF IOWA, DATED JULY 1, 2005, AND DIRECTING NOTICE BE GIVEN

WHEREAS, the County did by resolution dated June 28, 2005, authorize the issuance of $3,085,000 General Obligation Capital Loan Notes, Series 2005, (the “Notes”) dated July 1, 2005; and

WHEREAS, the Notes are redeemable in any order of their numbering on December 1, 2012, or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Notes; and

WHEREAS, it is deemed necessary and advisable that $1,490,000 be so redeemed on December 1, 2012, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Notes.

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF O’BRIEN COUNTY, STATE OF IOWA:

Section 1. That outstanding General Obligation Capital Loan Notes, dated July 1, 2005, in the principal amount of $1,490,000, be and the same are hereby redeemed as of December 1, 2012.

Bankers Trust Company, of Des Moines, Iowa, in their capacity as Registrar and Paying Agent of the Notes, is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Notes by certified mail, and to notify DTC and EMMA (via searchable PDF electronic filing).

Section 2. The County Treasurer is hereby authorized and directed to cause to be deposited in a separate fund a sum sufficient to pay all principal and interest on the redeemed Notes to the date of redemption.

Section 3. That the form of such notice be substantially as follows:

NOTICE OF THE CALL OF NOTES FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED NOTES:

Please take notice that the Notes described below have been called for redemption. Owners of the notes should present their Notes for payment on the redemption date.

Issuer: O’Brien County, State of Iowa
Original Issue Amount: $3,085,000
Note Issue: General Obligation Capital Loan Notes, Series 2005
Dated Date: July 1, 2005
Redemption Date: December 1, 2012
Redemption Price: At par, plus accrued interest

Notes Called for Redemption

CUSIP Principal Interest
Numbers Amount Rate Maturity

67081V BB7 $125,000 3.40% June 1, 2013
67081V BR2 $125,000 3.40% December 1, 2013
67081V BC5 $130,000 3.50% June 1, 2014
67081V BS0 $130,000 3.50% December 1, 2014
67081V BD3 $130,000 3.60% June 1, 2015
67081V BT8 $135,000 3.60% December 1, 2015
67081V BE1 $135,000 4.00% June 1, 2016
67081V BU5 $140,000 4.00% December 1, 2016
67081V BF8 $145,000 4.00% June 1, 2017
67081V BV3 $145,000 4.00% December 1, 2017
67081V BG6 $150,000 4.00% June 1, 2018

No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Notes.

The Above Notes should be presented to Bankers Trust Company, Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption date.

Bankers Trust Company, Des Moines, Iowa

PASSED AND APPROVED this 16th day of October, 2012.

Emily Waund, Chairperson

Attest: Barbara Rohwer, County Auditor

Moved by DeBoom, seconded J. Haack to adjourn to October 23, 2012. Motion carried by all ayes.

Attest: Barbara Rohwer Emily Waund
County Auditor Chairperson

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