Brighton Central School District- Other
BRIGHTON CENTRAL SCHOOL DISTRICT
MONROE COUNTY, NEW YORK
SCHOOL DISTRICT (SERIAL) BONDS, 2020
SEALED/FACSIMILE PROPOSALS (585-924-4636), or, at the option of the bidders, proposals delivered via the Ipreo’s electronic bid submissions system (“PARITY”) will be received and considered as more fully described in the Notice of Bond Sale, by the undersigned President of the Board of Education of Brighton Central School District (the School District”), Monroe County, New York, at the Offices of Bernard P. Donegan, Inc., 345 Woodcliff Drive, 2 nd Floor, Fairport, New York 14450 until 11:30 A.M., Prevailing Time, on
Thursday, May 14, 2020
at which time and place the bids will be opened, for the purchase IN FEDERAL FUNDS at not less than par and accrued interest of $29,000,000 School District (Serial) Bonds, 2020, (the “Bonds”), maturing on June 15 of each year as follows:
2021 $ 1,135,000
2026 $ 1,340,000
2031 $ 1,555,000
2036 $ 1,800,000
* The aggregate principal amount of the Bonds, the purchase price thereof and the principal amounts of the installments listed in the table above are subject to change depending upon the actual interest rates bid and the successful bidder’s initial reoffering yields, in order to (i) meet the requirements of substantially level or declining annual debt service in accordance with the New York Local Finance Law, and (ii) ensure the Bonds comply with applicable Federal tax law provisions regarding over-issuance. Accordingly, the School District reserves the right, after selecting the lowest bidder, to decrease the size of the issue and/or adjust the maturity amounts of the Bonds to the extent necessary to satisfy such requirements. The successful bidder may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, shall be promptly communicated to the successful bidder, and shall be binding upon the successful bidder. The Bonds of each maturity, as adjusted, will bear interest at the same interest rate as specified for that maturity in the Proposal for Bonds submitted by the successful bidder for the Bonds, and must have the same initial reoffering yields as thereafter specified by such bidder. Notwithstanding any post-bid adjustment, and provided the School District will receive at the time of delivery of such Bonds an amount which together with the amount of the good faith deposit theretofore received is at least equal to the par amount (as the same may have been adjusted) of the Bonds, the School District will hold constant, on a per bond basis, the successful bidder’s underwriting spread with respect to such Bonds. However, the award shall be made to the bidder whose bid produces the lowest net interest cost rate solely on the basis of the Bonds offered, without taking into account any adjustment in the amount of the Bonds pursuant to this paragraph.
The Bonds will be dated June 4, 2020 and will bear interest payable semi-annually on June 15 and December 15 of each year commencing December 15, 2020.
The Bonds maturing on or after June 15, 2029 are subject to redemption at the option of the School District on or after June 15, 2028 in accordance with the terms set forth in the Notice of Sale.
Each bid, accompanied by a good faith check or wire transfer in the amount of $580,000 as more fully described in the Notice of Bond Sale, must be for all of said $29,000,000 School District (Serial) Bonds. The Bonds will be awarded to the bidder offering to purchase the Bonds at such rates of interest as will produce the lowest net interest cost in accordance with the terms set forth in the Notice of Bond Sale.
The Bonds WILL NOT be designated or deemed designated as “Qualified Tax-Exempt Obligations” pursuant to Section 265 of the Internal Revenue Code.
The Bonds will be issued by means of a book-entry-only system with The Depository Trust Company, Jersey City, New Jersey, which will act as securities depository for the Bonds. The School District will furnish the Bonds and the approving legal opinion of Harris Beach PLLC, Pittsford, New York, Bond Counsel on or about June 4, 2020.
THE SCHOOL DISTRICT RESERVES THE RIGHT TO CHANGE THE TIME AND/OR DATE FOR THE OPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF A SUPPLEMENTAL NOTICE OF SALE OVER THE TM3.
Requests for copies of the Notice of Sale herein summarized and the Official Statement relating to the Bonds and such other information as the State Comptroller may prescribe by rule or order may be directed to Bernard P. Donegan, Inc., 345 Woodcliff Drive, 2 nd Floor, Fairport, New York 14450; Phone (585) 924-2145; Fax (585) 924-4636.
Dated: April 30, 2020
Rochester, New York
President, Board of Education