| NOTICE OF INTENT TO SELL BONDS $3,800,000 SC |
| NOTICE OF INTENT TO SELL BONDS $3,800,000 SCHOOL TOWN OF HIGHLAND (LAKE COUNTY, INDIANA) GENERAL OBLIGATION BONDS, SERIES 2016 Upon not less than twenty-four (24) hours' notice given or caused to be given by the undersigned Secretary prior to the ninetieth day after this notice is first published, the School Town of Highland, Lake County, Indiana (the "School Corporation"), will receive bids for the following described bonds. Any person interested in submitting a bid for the bonds must furnish in writing to the School Corporation c/o H.J. Umbaugh & Associated Certified Public Accountants, LLP at 112 Ironworks Avenue, Suite C, Mishawaka, Indiana 46544, (574) 935- 5178, (574) 935-5928 (facsimile) or by email to pletcher@umbaugh.com on or before 2:00 p.m. (EST) June 6, 2016, 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 the 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. It is anticipated that the sale will occur on or around 11:00 a.m. (EST) June 8, 2016. At the time designated for sale, the School Corporation will receive bids (i) at the office of its financial advisor, H.J. Umbaugh & Associates Certified Public Accountants, LLP,at 112 Ironworks Avenue, Suite C, Mishawaka, Indiana 46544, via mail, email or fax;or (ii) electronically via PARITY in accordance with this notice, and consider the same for the purchase of the following described Bonds: General Obligation Bonds, Series 2016 (the "Bonds") of the School Corporation, an Indiana political subdivision, in the principal amount of $3,800,000; Fully registered form; Denomination $5,000 and integral multiples thereof; Originally dated the date of delivery; Bearing interest at a rate or rates to be determined by bidding, payable on June 30, 2017, and semiannually thereafter; These Bonds will be initially issued in a Book Entry System (as defined in the Bond Resolution) unless the purchaser requests physical delivery. 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 Registrar on the first day of the month immediately preceding such interest payment date; Maturing no later than December 30, 2023, in accordance with the maturity schedule provided prior to the bond sale. 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 set forth above. 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 or 1/100th of 1%. The maximum interest 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 99.5% of the face value of the Bonds will be considered. The Bonds will be awarded to the highest qualified bidder who has submitted a bid in accordance herewith. The highest bidder 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 herein before fixed, the sale may be continued from day to day thereafter, during which time no bids for less than the highest bid received at the time of the advertised sale will be considered. No conditional bids will be considered. Each bid may be submitted by fax at (574) 935-5928or email to pletcher@umbaugh.com. If bids are submitted by mail, they should be addressed to the School Corporation, c/o H.J. Umbaugh & Associates Certified Public Accountants, LLP, attention of Curt Pletcher, 112 Ironworks Avenue, Suite C, Mishawaka, Indiana 46544, in a sealed envelope addressed to the Corporation and marked on the outside "Bid for General Obligation Bonds, Series 2016". Bids may also be submitted electronically via PARITY in accordance with this notice. 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 financial advisor, H.J. Umbaugh & Associates, Certified Public Accountants, LLP at (574) 935-5178 or PARITY at (212) 849-5021. A good faith deposit ("Deposit") in the form of cash or certified or cashier's check in the amount of one percent (1%) of the par amount of the Bonds payable to the order of the School Corporation is required to be submitted by the successful purchaser (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 successful bidder shall make payment to the School Corporation and accept delivery of the Bonds within five days after being notified that the Bonds are ready for delivery, at such place in the City of Indianapolis, Indiana, as the successful bidder may designate. The Bonds will be ready for delivery within 20 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 twentieth day after the date of sale, the bidder may secure the release of his bid upon request in writing, filed with the School Corporation. The successful bidder is expected to apply to a securities depository registered with the SEC to make such Bonds depository-eligible. At the time of delivery of the Bonds to the successful bidder, the bidder 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. 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 unqualified approving opinion of Taft Stettinius & Hollister LLP, bond counsel of Chicago, Illinois, 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 funding various independent capital projects throughout the District including the Student Technology Project and the Athletic Facilities Project, and the necessary and incidental costs of issuance of the bonds (each a "Project", and collectively, the "Projects"), 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 INDIANA CODE6-1.1-20.6. The School Corporation is organized pursuant to the provisions of INDIANA CODE 20-23, and the Bonds will not be "private activity bonds" as defined in Section 141 of the Internal Revenue Code of 1986. The Bonds constitute an indebtedness only of the School Corporation. 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 relating to the Bonds which it has deemed to be a nearly final official statement. A copy of the Preliminary Official Statement may be obtained in limited quantities prior to submission of a bid by request from the Corporation's financial advisor. Within seven (7) business days of the sale, the School Corporation will provide the successful bidder with 15 copies of the final official statement at the School Corporation's expense. Additional copies, at the purchaser's expense, must be requested within five (5) business days of the sale. Inquiries concerning matters contained in the nearly final official statement must be made and pricing and other information necessary to complete the final Official Statement must be submitted by the successful bidder within two (2) business days following the sale to be included in the final official statement. The School Corporation has agreed to enter into a Continuing Disclosure Undertaking in order to permit the successful purchaser to comply with the SEC Rule 15(c)2-12. A copy of such Agreement is available from the School Corporation or financial advisor at the addresses below. Further information relative to said issue and a copy of the nearly final official statement may be obtained upon application to H.J. Umbaugh & Associates Certified Public Accountants, LLP, 112 Ironworks Avenue, Suite C, Mishawaka, Indiana 46544, financial advisor to the School Corporation; or School Town of Highland Administration Building, 9145 Kennedy Avenue, Highland, Indiana. Dated this 18th day of May, 2016. /S/ CAROL GREEN-FRALEY, SECRETARY, BOARD OF SCHOOL TRUSTEES SCHOOL TOWN OF HIGHLAND 5/24, 31 - 20763237 - hspaxlp |
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