Regular Meeting - Gateway Technical College

RESOLUTION NO. F-2013-2014A.2
RESOLUTION AWARDING THE SALE OF
$6,750,000 GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2013-2014A
WHEREAS, the District Board of Gateway Technical College District, Racine, Kenosha
and Walworth Counties, Wisconsin (the "District") has, by a resolution adopted May 16, 2013
(the "Authorizing Resolution"), authorized the issuance of General Obligation Promissory Notes,
Series 2013-2014A (the "Notes"), pursuant to Section 67.12(12) of the Wisconsin Statutes, in the
amount of $1,500,000 for the public purpose of financing building remodeling and improvement
projects and in the amount of $5,250,000 for the public purpose of financing the acquisition of
movable equipment;
WHEREAS, the Secretary of the District caused Notices to Electors to be published in
the Kenosha News and the Journal Times on May 22, 2013 and in the Elkhorn Independent on
May 23, 2013 giving notice of adoption of the Authorizing Resolution, identifying where and
when the Authorizing Resolution could be inspected, and advising electors of their right to
petition for a referendum on the question of the issuance of general obligation promissory notes
to finance building remodeling and improvement projects and the acquisition of movable
equipment;
WHEREAS, no petition for referendum has been filed with the Secretary and the time to
file such a petition will expire on June 24, 2013; and
WHEREAS, it is the finding of the District Board that it is necessary, desirable and in the
best interest of the District to sell the Notes to Robert W. Baird & Co. Incorporated (the
"Purchaser"), pursuant to the terms and conditions of its note purchase proposal attached hereto
as Exhibit A and incorporated herein by this reference (the "Proposal").
NOW, THEREFORE, BE IT RESOLVED by the District Board of the District that:
Section 1. Sale of the Notes. For the purpose of paying the cost of the Project, there
shall be borrowed pursuant to Section 67.12(12), Wisconsin Statutes, the principal sum of SIX
MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($6,750,000) from the
Purchaser in accordance with the terms and conditions of the Proposal. The Proposal is hereby
accepted (subject to the condition that no valid petition for a referendum is filed by June 24,
2013 in connection with the Notes), and the Chairperson and Secretary or other appropriate
officers of the District are authorized and directed to execute an acceptance of the Proposal on
behalf of the District. To evidence the obligation of the District, the Chairperson and Secretary
are hereby authorized, empowered and directed to make, execute, issue and sell to the Purchaser
for, on behalf of and in the name of the District, the Notes aggregating the principal amount of
SIX MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($6,750,000) for the sum
set forth on the Proposal, plus accrued interest to the date of delivery.
Section 2. Terms of the Notes. The Notes shall be designated "General Obligation
Promissory Notes, Series 2013-2014A"; shall be issued in the aggregate principal amount of
$6,750,000; shall be dated July 2, 2013; shall be in the denomination of $5,000 or any integral
June 20, 2013
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