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NOTICE OF INTENT TO RECEIVE BIDS FOR THE SALE OF REAL PROPERTY
Notice is hereby given that sealed bids for the sale of approximately 0.4 acres of real property (the “Property”) located at 123-127 N. Wood Street, Griffith, Indiana 46319 will be received by the Town Council of the Town of Griffith, by and through its Clerk-Treasurer at:Town of Griffith Town Hall111 N. Broad StreetGriffith, Indiana 46319
Sealed bids will be received beginning 12:00pm, March 1, 2017, and the sale will continue from day to day thereafter until not later than 4:00pm, May 1, 2017. Bids received after that time will be returned unopened. All bids shall be open to public inspection. A bidder may raise the bidder’s prior bid and such a raise shall be deemed effective upon the Clerk-Treasurer, or the Clerk- Treasurer’s designee, giving written notice of the raised bid to all other bidders who would have submitted bids. Such an opportunity to raise any prior bid shall be afforded until 4:00pm,May 1, 2017. All times are local times in Griffith, Indiana.
PLEASE CLICK HERE TO SEE THE FULL ANNOUNCEMENT WITH DETAILS!
The Griffith Town Council Study Session scheduled for April 25, 2017 at 6:00 p.m. has been cancelled. The next town council meeting will be on May 2, 2017 at 7:00 p.m. with a Study Session prior to the meeting starting at 6:30 p.m. Meetings will be held at the Griffith Town Hall, 111 N Broad St., Griffith, IN 46319.
John C. Volkmann
Town of Griffith
OFFICIAL NOTICE OF INTENT TO SELL BONDS
TOWN OF GRIFFITH, INDIANA
SANITARY DISTRICT BONDS, SERIES 2017
NOTICE IS HEREBY GIVEN that upon not less than twenty-four (24) hours’ notice (the “Notice”) given by telephone, facsimile, electronically or otherwise on behalf of the Town of Griffith, Indiana, Sanitary District (the “District”), separate electronic and sealed bids will be received on behalf of the District in care of the District’s municipal advisor (the “Municipal Advisor”), H.J. Umbaugh & Associates, c/o John Julien, 112 Ironworks Avenue, Suite C, Mishawaka, Indiana 46544, (574) 935-5178, (574) 935-5928 (facsimile) or via e-mail to firstname.lastname@example.org, in the manner set forth herein for the purchase of the bonds of the District designated as “Town of Griffith, Indiana, Sanitary District Bonds, Series 2017” (the “Bonds”), in the aggregate principal amount of Nine Million Seven Hundred Fifty Thousand Dollars ($9,750,000), bearing interest at a rate or rates not exceeding five percent (5.00%) per annum.
TYPES OF BIDS ALLOWED. Bids may be submitted electronically via PARITY in accordance with this Official Notice of Intent to Sell Bonds, until 11:00 a.m. (Griffith Time) on the date identified in the notice given by or on behalf of the District, not less than twenty-four (24) hours prior to the sale of the Bonds, but no bid will be received after the time for receiving bids specified above. For further information about PARITY, potential bidders may contact the Municipal Advisor, or i-Deal LLC at 1359 Broadway, 2nd Floor, New York, New York 10018, telephone (212) 849-5021. Sealed bids may be submitted to the Municipal Advisor at the address described above until 11:00 a.m. (Griffith Time) on the date identified in the notice given by or on behalf of the District, not less than twenty-four (24) hours prior to the sale of the Bonds. It is currently anticipated that bids will be requested to be submitted on April 12, 2017.
FORM, MATURITY AND PAYMENT OF BONDS. Interest on the Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred sixty (360)-day year and shall be payable semiannually on February 1 and August 1 in each year, commencing August 1, 2017. The Bonds will be issued as fully registered bonds in book-entry-only form in denominations of $5,000 each or any integral multiples thereof, not exceeding the aggregate principal amount of such Bonds maturing on the applicable principal payment date, and when issued, may be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York. If Cede & Co. is the registered owner of the Bonds as nominee of DTC, purchasers of beneficial interests in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates and ownership by the Beneficial Owners will be evidenced by book-entry only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest will be made directly to such registered owner, which will in turn, remit such payments to the DTC Participants for subsequent disbursement to the Beneficial Owners. Neither the District nor the registrar and paying agent for the Bonds (the “Registrar and Paying Agent”) shall have any liability for the failure of DTC or any DTC Participant to remit the payment or provide any notice to any Beneficial Owner. The Bonds shall be numbered consecutively from 17R-1 upward, shall bear an original issue date which shall be the date the Bonds are issued and shall mature on the dates and in the amounts provided in the Notice.
The District reserves the right to adjust principal amounts within maturities to achieve approximate level annual debt service of the District based upon the rates bid by the successful bidder and other obligations of the District payable from ad valorem taxes levied on all taxable property in the District. In addition, the District reserves the right to decrease the entire principal amount of the Bonds issued based on the actual interest rates bid by the successful bidder. If the maximum principal amount of the Bonds issued decreases, the District reserves the right to adjust principal amounts within maturities based on the parameters set forth in this paragraph.
As an alternative to part or all of the above series of maturities, the District will consider bids for a term bond or bonds, subject to mandatory sinking fund redemption by lot prior to maturity consistent with the dates and the amounts set forth in the Notice at a price equal to the principal amount thereof, plus accrued interest to the date of redemption, without premium.
All payments of interest on the Bonds will be paid by check or draft mailed one business day prior to each interest payment date, to the registered owners of the Bonds at the address as it appears on the registration books kept by the Registrar and Paying Agent as of the fifteenth day of the month immediately preceding the interest payment date or at such other address as is provided to the Registrar and Paying Agent in writing by such registered owner. Principal of the Bonds will be payable at the designated office of the Registrar and Paying Agent. Notwithstanding the foregoing, so long as DTC or its nominee is the registered owner of the Bonds, principal of and interest on the Bonds will be paid directly by the Registrar and Paying Agent to DTC as provided hereinbefore.
REDEMPTION PROVISIONS. The Bonds maturing on or after August 1, 2027 are redeemable prior to maturity at the option of the District, in whole or in part, upon 30 days’ notice, in amounts and maturities selected by the District, and by lot within maturities, on any date not earlier than February 1, 2027, at face value plus accrued interest to the date fixed for redemption and without any redemption premium.
INTEREST RATES. Each bid must be for all of the Bonds and must state the rate or rates of interest therefor, not exceeding the maximum per annum interest rate hereinbefore specified. Such interest rate or rates must be in multiples of one-eighth (1/8) or one-hundredth (1/100) of one percent (1.00%). Bids specifying more than one interest rate must also specify the amount and maturities of the Bonds bearing each rate. All Bonds maturing on the same date shall bear the same rate of interest, and the interest rate bid on any maturity of Bonds shall be equal to or greater than the interest rate bid on any and all prior maturities of Bonds. Although not a term of sale, it is requested that each bid show the net dollar cost to final maturity and the net effective interest rate on the entire issue.
BIDDING DETAILS. Any person interested in submitting a bid for the Bonds must furnish written notice of such intent along with such person’s name, address and telephone number, on or before 11:00 a.m. (Griffith Time), on April 7, 2017, to the Municipal Advisor. The person may also furnish an e-mail address. The District will cause each person so registered to be notified of the date and time bids will be received for the Bonds, 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 electronically if an e-mail address has been furnished. No conditional bid or bids for less than ninety-nine percent (99.0%) of the par value of the Bonds will be considered. The District reserves the right to reject any and all bids and to waive any informality in any bid. If no acceptable bid is received on the date fixed for sale of the Bonds, the sale may be continued from day to day thereafter without further advertisement for a period not to exceed thirty (30) days, but if so continued, no bid will be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale.
Each of the bids for the Bonds not submitted via PARITY shall (i) be sealed in an envelope marked “Bid for the Town of Griffith, Indiana, Sanitary District Bonds, Series 2017;” (ii) be on the form approved by the District, without additions, alterations or erasures, which form may be obtained from the Municipal Advisor at the address set forth herein; and (iii) be delivered to the Municipal Advisor on behalf of the District as set forth herein.
INTERNET BIDS. If using PARITY, bidders must first visit the PARITY web site where, if they have never registered with PARITY, they can register and then request admission to bid on the Bonds. Only NASD registered broker dealers and dealer banks with DTC clearing arrangements will be eligible to bid using PARITY. Any questions pertaining to the PARITY web site may be directed to PARITY at (212) 849-5021.
RULES OF ELECTRONIC BIDDING. The “Rules” of PARITY can be viewed on its website and are incorporated herein by reference. Bidders must comply with the requirements of PARITY in addition to requirements of this Official Notice of Intent to Sell Bonds if the bidder is using PARITY. To the extent there is a conflict between the Rules of PARITY and this Official Notice of Intent to Sell Bonds, this Official Notice of Intent to Sell Bonds shall control.
CLOSED AUCTION. Bidders may change and submit bids as many times as they wish during the sale period for the Bonds, 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 bidders will see any other bidder’s bid, nor will they see the status of their bid relative to other bids (i.e. whether their bid is the leading bid).
AMENDMENTS. The District reserves the right to amend any information contained in this Official Notice of Intent to Sell Bonds. The District also reserves the right to postpone, from time to time, the date established for the receipt of bids on the Bonds. Any such amendment or postponement will be announced at any time prior to the date and time established for the sale. If any date fixed for the sale is postponed, any alternative sale date will be announced at least twenty-four (24) hours prior to such alternative sale date.
BASIS FOR AWARD. The sale of the Bonds will be awarded to the bidder making a bid that conforms to the specifications herein and which produces the lowest Net Interest Cost to the District. The lowest Net Interest Cost is determined by computing the total interest on all of the Bonds to their maturities based upon the schedule provided herein and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount. In the event of a bidder’s error in interest cost calculations, the interest rates, premium, if any, and discount, if any, set forth or incorporated by reference in the Official Bid Form will be considered as the intended bid.
GOOD FAITH DEPOSIT. The successful bidder will be required to deliver to the Municipal Advisor, on behalf of the District, a certified or cashier’s check or wire transfer consisting of immediately available funds to the District as instructed by the Municipal Advisor on behalf of the District, or a financial surety bond, in the amount of Ninety-Seven Thousand Five Hundred and 00/100 Dollars ($97,500) (the amount of such check, wire transfer or financial surety bond being referred to hereinafter as the “Deposit”) within twenty-four (24) hours after the bid is accepted. If a check is submitted, it must be drawn on a bank or trust company that is insured by the Federal Deposit Insurance Corporation. If a financial surety bond is used, it must be from an insurance company. In either case, the Deposit must be submitted to the District or its Municipal Advisor within 24 hours after the bid is accepted in order to qualify the bid and shall be made payable to “Town of Griffith, Indiana, Sanitary District ,” as a guarantee of the good faith of the bidder. In the event the bidder to whom the Bonds are awarded shall fail or refuse to comply with the provisions of the bid and this Official Notice of Intent to Sell Bonds, such Deposit shall become the property of the District and shall be taken and considered as liquidated damages of the District on account of such failure or refusal.
The successful bidder will be required to make payment for the Bonds in Federal Reserve or other immediately available funds and accept delivery of the Bonds within five (5) days after being notified that the Bonds are ready for delivery, at a bank designated by the District. Any premium bid must be paid in cash at the time of delivery as a part of the purchase price of the Bonds. The Bonds will be ready for delivery within sixty (60) days after the date on which the award is made, and if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the Deposit will be returned. Any notice of rescission must be in writing. At the request of the District, the successful bidder shall furnish to the District, simultaneously with or before delivery of the Bonds, a certificate in form satisfactory to the District regarding the price at which a substantial amount of Bonds of each maturity was re-offered to the public.
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the Bonds in accordance with the terms of its bid. No CUSIP identification number shall be deemed to be a part of any Bond or the contract evidenced thereby, and no liability shall hereafter attach to the District or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing or typing of CUSIP numbers on the Bonds shall be paid by the District; provided, however, that it shall be the responsibility of the successful bidder to timely obtain the numbers and to pay the CUSIP Service Bureau charge for the assignment of the numbers. The successful bidder will also be responsible for any other fees or expenses it incurs in connection with the resale of the Bonds.
AUTHORITY, PURPOSE AND SOURCE OF SECURITY. The Bonds are being issued under the provisions of the Indiana Code for the purpose of procuring funds to finance the cost of certain sanitary district improvements in the District, together with the expenses necessarily incurred in connection therewith, including the expenses incurred in connection with the sale and issuance of the Bonds.
The principal of and interest on the Bonds will be payable solely from ad valorem taxes levied on all taxable property in the District.
BOND DELIVERY. At the time of delivery of the Bonds, the approving opinion of Barnes & Thornburg LLP, Indianapolis, Indiana, bond counsel (“Bond Counsel”), as to the validity of the Bonds, together with a transcript of bond proceedings, the printed Bonds and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the District. In addition, unless Bond Counsel is able, on the date of delivery, to render an opinion to the effect that (1) under existing laws, regulations, judicial decisions and rulings, interest on the Bonds is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes, and (2) the interest on the Bonds is exempt from income taxation in the State of Indiana for all purposes, except the Indiana financial institutions tax, the successful bidder shall have the right to rescind the sale, and in such event the Deposit will be returned.
If bids are submitted by mail, they should be addressed to the District in care of the Municipal Advisor at the address listed above.
OFFICIAL STATEMENT AND CONTINUING DISCLOSURE. A copy of the Preliminary Official Statement prepared at the direction of the District may be obtained in limited quantities prior to submission of a bid by request from the Municipal Advisor at the address set forth above. Said Preliminary Official Statement will be in a form deemed final by the District, pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”), subject to completion as permitted by the Rule.
The Preliminary Official Statement when further supplemented by an addendum or addenda specifying the interest rates of the Bonds, and any other information referred to in paragraph (b)(1) of the Rule, shall constitute a “Final Official Statement” of the District with respect to the Bonds, as that term is defined in the Rule. By awarding the Bonds to a successful bidder, the District agrees that, no more than seven (7) business days after the date of such award, it shall provide to the senior managing underwriter of the syndicate to which the Bonds are awarded up to twenty-five (25) copies of the Official Statement at the District’s expense, any additional copies to be at the expense of the underwriting syndicate. The District designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each participating underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the District (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all participating underwriters of the Bonds for purposes of assuring the receipt by each such participating underwriter of the Final Official Statement.
In order to assist bidders in complying with paragraph (b)(5) of the Rule, the District will undertake, pursuant to a Continuing Disclosure Agreement which shall be delivered to the successful bidder at the closing on the Bonds, to provide annual reports, certain financial information, and notices of certain events as required by Section (b)(5) of the Rule. A description of this undertaking is set forth in the Preliminary Official Statement and will also be set forth in the Final Official Statement.
MISCELLANEOUS. The successful bidder shall be responsible for providing (i) in writing the initial re-offering prices and other terms, if any, to the Municipal Advisor as and at the time requested, and (ii) a certification verifying information as to the bona fide initial offering prices of the Bonds to the public and sales of the Bonds appropriate for determination of the issue price of, and the yield on, the Bonds under the Internal Revenue Code of 1986, as amended, as and at the time requested by Bond Counsel.
Dated this 22nd day of March, 2017.
TOWN OF GRIFFITH, INDIANA, SANITARY DISTRICT
Article On Griffith's Downtown
Please click HERE to read a story from Crain's Chicago Business on the turn-around of downtown Griffith.