The City of Winooski (the “City”) undersigned will receive sealed bid proposals until 10:00 A.M. Eastern Time on March 18, 2024, at the offices of Municipal Capital Markets Group, Inc., 8400 East Prentice Avenue, Suite 500, Greenwood Village, Colorado 80111, for the purchase of its SIXTEEN MILLION EIGHT HUNDRED TWENTY THOUSAND DOLLAR ($16,820,000) General Obligation Capital Improvement Bond, Main Street Revitalization Project (the “Bond”). The Bond is being issued to provide interim financing for capital improvements for the City’s Main Street Revitalization Project, consisting of water system improvements, wastewater improvements, and community facilities, street and sidewalk reconstruction and improvements.
The City will not be preparing a disclosure document in connection with the Bond.
The Bond will be payable with semiannual installments of interest only, expected to commence within 9 months of the date of issuance, and principal at maturity of three years from date of issuance. The City requests bids with a stated fixed rate of interest. The City will consider bids, however, at a variable rate of interest. The Bond will be issued on a tax-exempt basis.
The principal amount of the Bond and any accrued interest will be payable on the maturity date of three years from the date of issuance (expected April 1, 2027), with the proceeds of three long-term bonds to be issued to the U.S. Department of Agricultural, Rural Development (“Rural Development”) for the water system improvements, sewer system improvements, and community facilities road improvements. Right is reserved to prepay the Bond in part or in full without premium or penalty on or after two years from the date of issuance when the conditions for the Rural Development loan or loans have been satisfied.
The Bond will be payable at such place as the registered holder may designate. Each bid submitted must state the purchase price, which must not be less than the par amount of the Bond.
Please e-mail a PDF version of the bid proposal by 10:00 AM EASTERN TIME on March 18, 2024 to Chris Perlitz at cperlitz@municapital.com, Municipal Capital Markets Group, Inc., 8400 East Prentice Avenue, Suite 500, Greenwood Village, Colorado 80111. Please state the period for which your rate and fee quotes are firm and any closing conditions that are assumed. Please provide any additional information that you regard as relevant to your proposal.
Requests for bid materials and questions should be directed to Chris Perlitz at cperlitz@municapital.com. Thereafter, at the regular meeting of the City Council to be held at 6:00 P.M. Eastern Time on March 18, 2024, bid proposals will be considered. No proposal will be received after 10:00 A.M. Eastern Time on March 18, 2024. The City and Municipal Capital Markets Group, Inc. will assume no liability for the inability of the bidder to reach Municipal Capital Markets Group, Inc. prior to the time of sale specified above. The right is reserved to reject any and all bids. If all bids are rejected, the City may engage in discussions and negotiations with one or more institutions that submit proposals or bids.
Dated: March 6, 2024