Bond Sale Notice

BOND SALE NOTICE

 

            The undersigned will receive sealed bids at the office of the City Treasurer in St. Albans, Vermont until ten o’clock (10:00 EDT) in the forenoon of Monday, May 9, 2022 for the purchase of all but no part of the Five Million Dollar ($5,000,000) public recreation improvement bond of the City of St. Albans (the “City”), which bond shall be dated May 13, 2022, principal payable in twenty-five (25) annual installments on May 13 of each year, commencing May 13, 2023 and annually each year thereafter through May 13, 2047 with interest payable semi-annually on November 13 and May 13, commencing November 13, 2022.  Thereafter, at a meeting of the City Council of the City to be held at seven o'clock (7:00 EDT) in the afternoon of Monday, May 9, 2022 such bids will be opened and considered.

            Right is reserved to prepay the bond in full without premium or penalty.  The bond will be payable at such place as the registered holder may designate.  Bids will be submitted only in the face amount of the bond without discount or premium. The bond shall bear interest at a rate not to exceed 2.14% per annum.  Right is reserved to reject any or all bids.  Approving legal opinion of Primmer, Piper, Eggleston & Cramer, PC, of Burlington, Vermont, will be furnished to the purchaser free of charge.  The bond will be issued in registered form, both as to interest and principal.  The bond will be designated a “bank qualified obligation” under Section 265(b) of the Internal Revenue Code of 1986.  In the opinion of counsel, interest paid on the bond is not included in gross income of the recipient thereof for present federal and Vermont income tax purposes.

            Interested persons are advised that the City has not prepared nor disseminated an official statement, offering memorandum or other disclosure materials with respect to the issuance and sale of the bond.  The City has not applied for nor received a credit rating or any form of credit enhancement with respect to the issuance and sale of the bond, nor has it engaged an underwriter or financial advisor, nor has it undertaken any commitment to make post-issuance disclosure of material events under Securities Exchange Commission Rule 15c2-12.

 

            Address sealed bids to the undersigned marked “Proposal for Bond.”

 

Dated:  May 2, 2022                            ____________________

                                                            Arleigh A. Young

                                                            City Treasurer

                                                            100 North Main Street P.O. Box 867

                                                            St. Albans, VT  05418-0867

                                                            (802) 524-1500 ext. 264

 

                                                            CERTIFICATE

 

The undersigned Clerk of the City of St. Albans does certify that the foregoing Bond Sale Notice was posted on the City website (www.stalbansvt.com) and in the office of the St. Albans City Clerk on May 4, 2022, and published in the Bond Buyer, a financial newspaper published in the City of New York, on May 4, 2022, and in The Messenger, a newspaper published in St. Albans, Vermont and generally circulating in the County of Franklin and in the City of St. Albans on May 6, 2022.          

 

                                                                        ___________________________

                                                                        City Clerk