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2025-061
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Last modified
10/13/2025 12:21:41 PM
Creation date
10/13/2025 12:18:40 PM
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Resolutions
Resolution Number
2025-061
Approved Date
10/07/2025
Agenda Item Number
14.C
Resolution Type
Authorizing the Sale of Recenue Bonds
Entity Name
Sandridge Golf Club
Subject
Authorizing Capital Revenue Bonds for the Sandridge Golf Club new clubhouse.
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availability and cost of such insurance. THE COUNTY DOES NOT GUARANTEE THE <br />AVAILABILITY OF SUCH INSURANCE, THE DELIVERY OR RECEIPT OF ANY <br />INFORMATION IN CONNECTION WITH SUCH INSURANCE OR SATISFACTION OF <br />ANY CONDITIONS TO THE ISSUANCE OF A MUNICIPAL BOND INSURANCE POLICY. <br />Any failure in the availability of such insurance or the delivery or receipt of such information will <br />not be regarded as a basis for contesting the award of the Bonds to the successful bidder. If the <br />Bonds are delivered on an insured basis, reference to such policy shall appear on the Bonds and in <br />the final Official Statement for the Bonds. FAILURE OF ANY BOND INSURER TO ISSUE ITS <br />POLICY SHALL NOT CONSTITUTE CAUSE FOR A FAILURE OR REFUSAL BY THE <br />SUCCESSFUL BIDDER TO ACCEPT DELIVERY OF OR PAY FOR THE BONDS. IN THE <br />EVENT OF SUCH FAILURE, THE COUNTY SHALL AMEND THE OFFICIAL STATEMENT <br />AND THE COST OF PRINTING AND MAILING SUCH SUPPLEMENT SHALL BE BORNE <br />BY THE SUCCESSFUL BIDDER ALONE. <br />If the Bonds are delivered on an insured basis, at the time the County delivers the Bonds, <br />the successful bidder shall furnish to the County a certificate acceptable to Nabors, Giblin & <br />Nickerson, P.A. to the County ("Bond Counsel"), verifying information as to the premium paid for <br />the municipal bond insurance policy and the present value of the interest reasonably expected to <br />be saved as a result of the issuance of such policy. Such certificate shall be substantially in the <br />form of Exhibit C to this Official Notice of Sale. <br />RATING <br />S&P Global Ratings, a division of Standard & Poor's Financial Services LLC ("S&P") has <br />assigned a rating to the Bonds of " " ( outlook) to the Bonds. There is no assurance <br />that each such rating will continue for any given period of time or that it will not be lowered or <br />withdrawn entirely by the rating agency, if in its judgment, circumstances so warrant. A downward <br />change in or withdrawal of such rating may have an adverse effect on the market price of the <br />Bonds. An explanation of the significance of the rating can be received from the rating agency. <br />ADJUSTMENT OF PRINCIPAL AMOUNTS <br />The schedule of maturities set forth above (the "Initial Maturity Schedule") represents an <br />estimate of the principal amount and maturities of the Bonds that will be sold. The Issuer reserves <br />the right to change the Initial Maturity Schedule by announcing any such change not less than 20 <br />hours prior to the time the bids are to be received, via The Municipal Market Monitor (TM3). If <br />no such change is announced, the Initial Maturity Schedule will be deemed the schedule of <br />maturities for submission of the bid. <br />Furthermore, if after final computation of the bids, the Issuer determines in its sole <br />discretion that the funds necessary to accomplish the purpose of the Bonds is more or less than the <br />proceeds of the sale of all of the Bonds, the Issuer reserves the right to increase or decrease the <br />principal amount, by no more than 15% of the principal amount of the Bonds, or 25% within a <br />given maturity of the Bonds (to be rounded to the nearest $5,000) or by such other amount as <br />approved by the winning bidder; provided, that the aggregate principal amount of the Bonds may <br />not exceed $13,000,000. In the event of any such adjustment, no rebidding or recalculation of the <br />
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