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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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BOCC
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10/1/2019
Meeting Type
Regular Meeting
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Agenda
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6-a
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Agenda 10-01-19 Regular Board Meeting
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80 <br /> disclosures on EMMA, such annual disclosures were not always properly linked to each of the County's <br /> CUSIP numbers. <br /> In April 2019, the County determined that it had in some circumstances inadvertently failed to <br /> post on the EMMA system information regarding its approved County budget for the 2018-19 fiscal year, <br /> as required by some of the County's continuing disclosure obligations, although the County's CAFR <br /> included some budget information. Upon becoming aware of this issue, the County promptly moved to <br /> properly link the required budget information to all relevant CUSIP numbers. <br /> The County has filed notices of failure to file the items described above as required by Rule 15c2- <br /> 12,which describe the occasions of non-compliance and corrected compliance. <br /> The County is not aware of any other occasions in which it was in material noncompliance with <br /> any of its continuing disclosure undertakings. The County has not knowingly failed to comply with its <br /> prior continuing disclosure undertakings. The County believes that at this point, it has filed all the <br /> financial information that its previous commitments require, and that all required financial information is <br /> posted with regard to all relevant CUSIP numbers.] <br /> UNDERWRITING <br /> The Underwriters have agreed under the terms of a Bond Purchase Agreement (the "Purchase <br /> Agreement") to purchase all of the 2019B Bonds, if any of the 2019B Bonds are to be purchased, at a <br /> purchase price equal to 100% of the principal amount of the 2019B Bonds, plus/less [net] original issue <br /> premium/discount of$ , less an Underwriters' discount of$ . The Underwriters' <br /> obligation to purchase the 2019B Bonds is subject to certain terms and conditions set forth in the <br /> Purchase Agreement. <br /> FTN Financial Capital Markets is a division of First Tennessee Bank National Association and <br /> FTB Advisors, Inc. is a wholly-owned subsidiary of First Tennessee Bank National Association. FTN <br /> Financial Capital Markets has entered into a distribution agreement with FTB Advisors, Inc. for the <br /> distribution of the Bonds at the original issue prices. Such arrangement generally provides that FTN <br /> Financial Capital Markets will share a portion of its underwriting compensation or selling concession <br /> with FTB Advisors,Inc. <br /> On April 1, 2019, Baird Financial Corporation, the parent company of Robert W. Baird & Co. <br /> Incorporated ("Baird"), acquired HL Financial Services, LLC, its subsidiaries, affiliates and assigns <br /> (collectively "Hilliard Lyons"). As a result of such common control, Baird and Hilliard Lyons are now <br /> affiliated. It is expected that Hilliard Lyons will merge with and into Baird later in 2019. <br /> The Underwriters may offer and sell the 2019B Bonds to certain dealers (including dealers <br /> depositing the 2019B Bonds into investment trusts) and others at prices lower than the initial public <br /> offering prices stated on the inside front cover page hereof. The public offering prices may be changed <br /> from time to time by the Underwriters. <br /> RATINGS <br /> Moody's, S&P and Fitch have assigned ratings of"�]," "[�" and "�]," respectively, to <br /> the 2019B Bonds. These ratings reflect only the view of such rating agencies, and an explanation of the <br /> significance of such ratings may be obtained from such rating agencies. Certain information and <br /> materials not included in this Official Statement were furnished to such rating agencies. There is no <br /> assurance that such ratings will continue for any given period of time or that such ratings will not be <br /> 24 <br />
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