Taxable Lease Rental Refunding of Bonds 2020-008

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RESOLUTION NO. 2020-008

BOARD OF CONNISSIONERS OF

STARKE COUNTY, INDIANA

WHEREAS, the Board of Commissioners (“Board”) of Starke County, Indiana (“County”) approved a lease dated as of September 16, 2013 between the Starke County

Building Corporation (“Corporation”), as lessor, and the County, as lessee; and

WHEREAS, the Board has been advised that market conditions may permit the issuance of refunding bonds by the Corporation in order to reduce the annual lease rental payments made by the County which will, in turn, result in an interest cost savings;

NOW, IYEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF STARKE COUNTY, INDIANA, THAT:

Section 1. The Board hereby approves the refunding of the Ad Valorem Property Tax Economic Development Income Tax Lease Rental Bonds of 2013, provided it results in a minimum net present value savings of $200,000. The Board hereby directs the Corporation to work with Ice Miller LLP, as bond counsel; Baker Tilly Municipal Advisors, LLC, as municipal advisor; and Martin R. Lucas, as counsel to the Corporation; the Corporation will select an escrow trustee for the refunded bonds and will select an underwriter or placement agent to market the refunding bonds.

Section 2. The Board and the Auditor are hereby authorized to execute a bond purchase agreement with the underwriter or direct purchaser, or to execute a bond placement agreement with the placement agent upon successful negotiation of the terms of the sale of the refunding bonds, provided that such terms fit within the parameter set forth above.

Section 3. The Board and the Auditor are hereby authorized to execute all other appropriate documents necessary to accomplish the refunding.

Section 4. This resolution shall be effective upon passage.

Passed and adopted by the Board of Commissioners this 17th day of February, 2020.

STARKE COUNTY BOARD OF COMMISSIONERS