Details for Notice of intent to sell bonds

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, South Montgomery Community School Corporation
(the “School Corporation”) will receive and consider bids for the
purchase of the following described Bonds. Any person interested
in submitting a bid for the Bonds may furnish in writing to the
School Corporation c/o Stifel, Nicolas & Company, Incorporated
(“Stifel”), 30 South Meridian Street, Suite 600, Indianapolis, Indiana
46204; (317) 808-7104, (317) 808-7137 (facsimile) or by e-mail to
mwschumaker@stifel.com or lbruggeman@stifel.com on or before
11:00 a.m. (Indianapolis Time) October 24, 2019, 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 e-mail, if an e-mail address has been received.
Notice is hereby given that electronic proposals will be received
via PARITY®, in the manner described below, until the time and
date specified in the Notice provided at least 24 hours prior to
the sale, which is expected to be 11:00 a.m. (Indianapolis Time),
on October 30, 2019. Bids may be submitted electronically via
PARITY® pursuant to this Notice until the time specified in this
Notice, but no bid will be received after the time for receiving bids
specified above. To the extent any instructions or directions set
forth in PARITY® conflict with this Notice, the terms of this Notice
shall control. For further information about PARITY®, potential
bidders may contact the School Corporation’s municipal advisor at
(317) 808-7104 or PARITY® at (212) 849-5021.
At the time designated for the sale, the School Corporation will
receive at the offices of Stifel, 30 South Meridian Street, Suite 600,
Indianapolis, Indiana 46204, and consider bids for the purchase of
the following described Bonds:
South Montgomery Community School Corporation General
Obligation Bonds of 2019 (the “Bonds”), an Indiana political
subdivision, in the principal amount of $3,000,000; Fully registered
form; Denomination $5,000 and integral multiples thereof (or in
such other denomination as requested by the winning bidder);
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,
2020, and semiannually thereafter; These Bonds will be initially
issued in a Book Entry System (as defined in the Bond Resolution
(as hereinafter defined)) unless otherwise requested by the winning
bidder. 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 Huntington National
Bank (the “Registrar”) on the fifteenth day immediately preceding
such interest payment date; Maturing or subject to mandatory
redemption on January 15 and July 15 beginning July 15, 2020
through no later than January 15, 2026 on the dates and amounts
as provided by the School Corporation prior to the sale.
As an alternative to PARITY®, bidders may submit a sealed
bid or e-mail the bid electronically to the School Corporation’s
municipal advisor at the address described above until the time
and on the date identified in the notice given by, or on behalf of
the School Corporation, twenty-four hours prior to the sale of the
Bonds. Upon completion of the bidding procedures described
herein, the results of the sealed, non-electronic bids received
shall be compared to the electronic bids received by the School
Corporation.
The Bonds are not subject to optional redemption prior to
maturity.
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 prior to the sale 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 prior to the sale.
In the case of any redemption, 30 days’ notice will be given
by mail to the registered owners of the Bonds to be redeemed,
and accrued interest will be paid to the date fixed for redemption.
Interest on the Bonds so called for redemption will cease on the
redemption date fixed in said notice if funds are available at the
place of redemption to redeem the Bonds so called on the date
fixed in said notice, or thereafter when presented for payment.
The Bonds have been designated as qualified tax-exempt
obligations for purposes of Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended (the “Code”).
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, 1/20th or 1/100th of 1%. The maximum interest

NOTICE OF INTENT TO SELL BONDS
$3,000,000
GENERAL OBLIGATION BONDS OF 2019
SOUTH MONTGOMERY COMMUNITY SCHOOL CORPORATION
rate of the Bonds shall not exceed 5.00% 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 lowest responsible
and responsive bidder who has submitted a bid in accordance
herewith (the “Purchaser”). The Purchaser will be the one who
offers the lowest net interest cost to the School Corporation, to
be determined by computing the total interest on all of the Bonds
to their maturities based upon the schedule provided by the
School Corporation 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 without further advertisement, during
which time no bid which provides a higher net interest cost to the
Corporation than the best bid received at the time of the advertised
sale will be considered.
Each bid not submitted via PARITY® must be enclosed in a
sealed envelope addressed to the School Corporation and marked
on the outside “South Montgomery Community School Corporation
Bid for General Obligation Bonds of 2019. A good faith deposit
(“Deposit”) in the form of cash, wire transfer, or certified or cashier’s
check in the amount of $30,000 payable to the order of the School
Corporation is required to be submitted by 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 School Corporation
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 School Corporation as liquidated
damages.
The Purchaser shall make payment for such Bonds and accept
delivery thereof within five days after being notified that the Bonds
are ready for delivery, at such place in the City of Indianapolis,
Indiana, as the Purchaser may designate, or at such other location
mutually agreed to by the School Corporation and the Purchaser.
The Bonds will be ready for delivery within 45 days after the date
of sale. If the School Corporation 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 Purchaser may secure the release of the
bid upon request in writing, filed with the School Corporation. The
Purchaser is expected to apply to a securities depository registered
with the Securities and Exchange Commission (“SEC”) to make
such Bonds depository-eligible. If the Bonds are reoffered, at the
time of delivery of the Bonds to the Purchaser, the Purchaser will
be required to certify to the School Corporation the initial reoffering
price to the public of a substantial amount of each maturity of the
Bonds.
All provisions of the bid form and Preliminary Official Statement
(as hereinafter defined) are incorporated herein. As set forth in the
Preliminary Official Statement, the Purchaser agrees by submission
of their bid to assist the School Corporation in establishing the
issue price of the Bonds under the terms outlined therein and
shall execute and deliver to the School Corporation at closing
an “issue price” certificate, together with the supporting pricing
wires or equivalent communications, with such modifications as
may be appropriate or necessary, in the reasonable judgment of
the Purchaser, the School Corporation and Ice Miller LLP (“Bond
Counsel”).
Bidders must comply with the rules of PARITY® (the “Rules”)
in addition to requirements of this Notice. To the extent there is a
conflict between the Rules and this Notice, this Notice shall control.
Bidders may change and submit bids as many times as they wish
during the sale, but they may not withdraw a submitted bid. The
last bid submitted by a bidder prior to the deadline for the receipt
of bids will be compared to all other final bids to determine the
winning bid. During the sale, no bidder will see any other bidder’s
bid, nor will they see the status of their bid relative to other bids
(e.g., whether their bid is a leading bid).
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 School Corporation 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 School Corporation; 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 Bond Counsel, 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 School Corporation.
The Bonds are being issued for the purpose of renovation of
and improvements to Southmont Junior and Senior High School,
including site improvements and the purchase of equipment,
vehicles and technology, and will be direct obligations of the School
Corporation payable out of ad valorem taxes to be collected on
the taxable property within the School Corporation; however,
the School Corporation’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 School Corporation 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 School Corporation may not be able to levy
or collect additional property taxes to make up this shortfall. The
School Corporation is a school corporation organized pursuant to
the provisions of l.C. 20-23; the Bonds will not be “private activity
bonds” as defined in Section 141 of the Code.
The Bonds constitute an indebtedness only of the School
Corporation. In the opinion of Bond Counsel, under the existing
federal statutes, decisions, regulations and rulings, the 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 School Corporation has prepared a Preliminary Official
Statement (the “Preliminary Official Statement”) relating to the
Bonds which it has deemed nearly final. A copy of the Preliminary
Official Statement may be obtained from the School Corporation’s
municipal advisor, Stifel, Nicolas & Company, Incorporated, 30
South Meridian Street, Suite 600, Indianapolis, Indiana 46204.
Within seven (7) business days of the sale, the School Corporation
will provide the successful bidder with sufficient copies of the
Final Official Statement (the “Final Official Statement”) at the
School Corporation’s expense in order for such bidder to comply
with Section (b)(4) of the SEC Rule 15c2-12 and the rules of the
Municipal Securities Rulemaking Board. Additional copies, at the
Purchaser’s expense, must be requested within five (5) business
days of the sale. Inquiries concerning matters contained in the
Preliminary Official Statement must be made and pricing and other
information necessary to complete the Final Official Statement
must be submitted by the Purchaser within two (2) business days
following the sale to be included in the Final Official Statement.
If the Bonds are reoffered by an underwriter, the School
Corporation agrees to amend and supplement its continuing
disclosure undertaking (the “Master Agreement”) in order to
permit the Purchaser to comply with the SEC Rule 15c2-12, as
amended to the date hereof (the “SEC Rule”). A copy of the Master
Agreement is available from the School Corporation or municipal
advisor at the addresses below.
The School Corporation has further agreed to comply with the
Purchaser’s reasonable requests to provide or disclose information
and make appropriate filings which may be required in order for
such purchaser to comply with the SEC Rule.
Further information relative to said issue and a copy of the
Preliminary Official Statement may be obtained upon application
to School Corporation c/o Stifel, Nicolaus & Company,
Incorporated, 30 South Meridian Street, Suite 600, Indianapolis,
Indiana 46204, municipal advisor to the School Corporation; or
Superintendent of the School Corporation, 6425 U.S. 231 South,
Crawfordsville, Indiana 46038. If bids are submitted by mail, they
should be addressed to the School Corporation, attention of the
Superintendent of the School Corporation, c/o Stifel, Nicolaus
& Company, Incorporated, 30 South Meridian Street, Suite 600,
Indianapolis, Indiana 46204.
Dated this 10th day of October, 2019.
/s/ Jerry Kinkead
Secretary, Board of School Trustees
South Montgomery Community School Corporation
hspaxlp 10/10 & 10/17 2t

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