HomeMy WebLinkAbout19. 22-197
MAY 10, 2022 22-197 RESOLUTION (CARRIED___ 7-0___LOST________LAID OVER_________WITHDRAWN________)
PURPOSE: RESOLUTION DIRECTING THE ADVERTISEMENT AND SALE OF NOT TO EXCEED $21,625,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, NOT TO EXCEED $9,140,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PROMISSORY NOTES, APPROXIMATELY $8,780,000 AGGREGATE PRINCIPAL AMOUNT OF STORM WATER UTILITY REVENUE BONDS, APPROXIMATELY $8,615,000 AGGREGATE PRINCIPAL AMOUNT OF WATER SYSTEM REVENUE BONDS AND APPROXIMATELY $14,820,000 AGGREGATE PRINCIPAL AMOUNT OF SEWER SYSTEM REVENUE BONDS, OF THE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN INITIATED BY: FINANCE DEPARTMENT
WHEREAS, cities are authorized by Chapter 67 of the Wisconsin Statutes, as supplemented
and amended, to borrow money and to issue bonds to finance any project undertaken for a public
purpose; and
WHEREAS, it is necessary that funds be raised by the City of Oshkosh, Winnebago County,
Wisconsin (the “City”), in an aggregate principal amount not to exceed $21,625,000 for the
following public purposes: (i) street improvements, (ii) buildings for the housing of machinery
and equipment and (ii) parks and public grounds (collectively, the “General Obligation Bond
Purposes”); and
WHEREAS, it is considered necessary and desirable by the Common Council of the City
(the “Council”) that the City borrow money and issue its General Obligation Corporate Purpose
Bonds in an aggregate principal amount not to exceed $21,625,000 (the “General Obligation
Bonds”) for the General Obligation Bond Purposes, for which an initial resolution has been
adopted; and
WHEREAS, cities are authorized by the provisions of Section 67.12(12) of the Wisconsin
Statutes, as supplemented and amended, to borrow money and to issue promissory notes to finance
any project undertaken for a public purpose of the City; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
not to exceed $9,140,000 for various public purposes of the City, including, but not limited to,
acquiring, constructing and improving sidewalks, traffic signals and other traffic improvements,
purchasing equipment and vehicles, constructing and improving parking lots, improving public
buildings and property and making lakeshore improvements (collectively, the “Note Purposes”);
and
WHEREAS, it is considered necessary and desirable by the Council that the City borrow
money and issue its General Obligation Promissory Notes in an aggregate principal amount not to
exceed $9,140,000 (the “Notes”) for the Note Purposes; and
WHEREAS, cities are authorized by Section 66.0621 of the Wisconsin Statutes, as
supplemented and amended, to borrow money and to issue revenue bonds to finance any project
undertaken for a public utility; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
of approximately $8,780,000 for the purpose of acquiring, constructing and improving the storm
water sewer system of the City and refunding outstanding indebtedness payable from the storm
water sewer system (collectively, the “Storm Water Purposes”); and
WHEREAS, it is considered necessary and desirable by the Council that the City borrow
money and issue its Storm Water Utility Revenue Bonds in an aggregate principal amount of
approximately $8,780,000 (the “Storm Water Revenue Bonds”) for the Storm Water Purposes;
and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
of approximately $8,615,000 for the purpose of acquiring, constructing and improving the water
system of the City and refunding outstanding indebtedness payable from the water system
(collectively, the “Water Purposes”); and
WHEREAS, it is considered necessary and desirable by the Council that the City borrow
money and issue its Water System Revenue Bonds in an aggregate principal amount of
approximately $8,615,000 (the “Water Revenue Bonds”) for the Water Purposes; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
of approximately $14,820,000 for the purpose of acquiring, constructing and improving the
sanitary sewer system of the City and refunding outstanding indebtedness payable from the sewer
system (collectively, the “Sewer Purposes”); and
WHEREAS, it is considered necessary and desirable by the Council that the City borrow
money and issue its Sewer System Revenue Bonds in an aggregate principal amount of
approximately $14,820,000 (“Sewer Revenue Bonds” and, collectively with the General
Obligation Bonds, the Notes, the Storm Water Revenue Bonds and the Water Revenue Bonds, the
“Obligations”) for the Sewer Purposes:
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oshkosh,
Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of offering the Obligations for sale, the Director of
Finance/City Treasurer of the City is hereby authorized to cause appropriate notices of the sale
thereof to be published in a newspaper to be selected by the Director of Finance/City Treasurer of
the City. The Director of Finance/City Treasurer of the City shall also cause to be prepared and
distributed Official Statements, including Official Terms of Offering, with respect to the
Obligations. The Director of Finance/City Treasurer of the City may assign different series
designations to each of the General Obligation Bonds, the Notes, the Storm Water Revenue Bonds,
the Water Revenue Bonds and/or the Sewer Revenue Bonds than the series designations, if any,
provided herein, and each of the General Obligation Bonds, the Notes, the Storm Water Revenue
Bonds, the Water Revenue Bonds and Sewer Revenue Bonds may be issued in one or more series.
Any series of the Obligations may be issued such that the interest thereon is included in gross
income of the owners thereof for federal income tax purposes, or that the interest thereon is
excluded from gross income of the owners thereof for federal income tax purposes. Each of the
Storm Water Revenue Bonds, the Water Revenue Bonds and the Sewer Revenue Bonds may be
issued in an amount in excess of the approximate amounts set forth in this resolution due to the
effects of increasing interest rates or yields, provided however, that the aggregate maximum
principal amount shall not exceed $8,845,000 for the Storm Water Revenue Bonds, $8,695,000 for
the Water Revenue Bonds and $14,960,000 for the Sewer Revenue Bonds.
Section 2. After bids shall have been received for the Obligations or any series of them,
this Council will adopt additional proceedings to award the same to the best bidder or bidders,
prescribe the terms thereof and the forms of Obligations and will levy taxes in the specific amount
necessary to pay the principal of and interest on the General Obligation Bonds and the Notes.
Section 3. The City Manager, the City Clerk, the Director of Finance/City Treasurer
and all other officers of the City are hereby authorized to execute all documents and certificates
and to take all such actions as may be necessary in connection with the authorization, issuance,
sale and delivery of the Obligations, and the performance of the obligations of the City hereunder
and to carry out and comply with the terms of this Resolution. Documents shall be in substantially
the same form as indicated in this Resolution, or in any other resolution adopted by the Council
further providing for the issuance of the Obligations or any of them, any changes in the final
execution copies of such documents to be deemed approved by the respective signatures of the
City officers named above.
Adopted May 10, 2022.
Approved May 10, 2022.
Recorded May 10, 2022.
Mayor
Attest:
City Clerk