HomeMy WebLinkAbout03-220.doc The following resolution was introduced by Mayor Hintz and read in full:
RESOLUTION NO. 03-220
RESOLUTION directing the advertisement and sale of
approximately $5,000,000 aggregate principal mount of General
Obligation Refunding Bonds, Series 2003-F, of the City of
Oshkosh, Winnebago County, Wisconsin.
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 to refund mu~nicipal obligations, including interest thercon;
and
WHEREAS, it is necessary that funds be raised by the City of Oshkosh, Winnebago
County, Wisconsin (the "City') in an approximate aggregate principal amount of $5,000,000 for
the purpose of refunding certain outstanding obligations of the City; and
WHEREAS, it is considered necessary and desirable by the City Council of the City that
the City borrow money and issue its General Obligation Refunding Bonds, Series 2003-F in an
approximate aggregate principal amount of $5,000,000 (the "Bonds") for the purpose of
refunding certain obligations of the City for ~vhich an initial resolution has been adopted; and
WHEREAS, cities are authorized by Section66.0621 of the Wisconsin Statutes, as
supplemented and amended, to issue bonds to provide funds for purchasing, acquiring,
constructing, extending, adding to, improving, conducting, controlling, operating and managing a
public utility from the proceeds of such bonds, and for the purpose of refunding such bonds,
which bonds are to be payable only from the revenues received from any soume by such utility,
including all rentals and fees; and
WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate
principal amount of $2,000,000 for the purpose of refunding certain refunding revenue bonds of
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the City, which were issued to refund certain revenue bonds of the City which were issued to
acquire, construct and improve the water system of the City, which is a public utility; and
WHEREAS, it is considered necessary and desirable by the City Council of the City that
the City borrow money and issue its Water Refunding Revenue Bonds, Series 2001-G in an
approximate aggregate principal amount of $2,000,000 (the "Revenue Bonds ") for the purpose of
refunding said refunding revenue bonds; and
WHEREAS, it is considered desirable to offer all of the Bonds and the Revenue Bonds at
one time or close in time in order to obtain the best possible terms for the City;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh,
Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of offering the Bonds for sale, the Finance Director of the
City shall determine in his discretion whether the Bonds shall be general obligation bonds or
promissory notes, and is hereby authorized to cause an appropriate notice of the sale thereof to be
published ~n a newspaper to be selected by the Finance Director of the City. The Finance
Director of the City shall also cause to be prepared and distributed an Official Statement,
including Official Terms of Offering, with respect to the Bonds and an Official Statement,
including Official Terms of Offering, with respect to the Revenue Bonds.
Section 2. After bids shall have been received for the Bonds and the Revenue Bonds~
this City Council will adopt additional proceedings to award the same to the best bidder or
bidders, prescribe the terms thereof and the forms of Bonds and the Revenue Bonds and levy
taxes in the specific amount necessary to pay the principal of and interest on the Bonds.
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Upon motion of Council Member Castle, seconded by Council Member Esslinger, the
following members voted:
AYE: Tower, Poeschl, Esslinger, Harris, Mattox, Castle & Hintz
NAY: n/a
ABSENT OR NOT VOTING: n/a
Adopted July 22, 2003.
Approved July 22, 2003.
Recorded July 22, 2003.
Attest:
/s/Pamela R. Ubrig
City Clerk
/s/Stephen Hintz
Mayor
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(Other Business)
There being no further business to come before the City Council it was moved by Council
Member Castle, seconded by Council Member Esslinger, and unanimously carried that the City
Council adjourn.
Attest:
/s/Stephen Hintz
Mayor
/s/Pamela R. Ubrig
City Clerk
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STATE OF WISCONSIN )
) ss
COUNTY OF WINNEBAGO )
I, PAMELA R. UBRIG, hereby certify that I am the duly qualified and acting City Clerk of
the City of Oshkosh, Winnebago County, Wisconsin, and as such official I further certify that
attached hereto is a copy of excerpts from the minutes of the meeting of the City Council of said
City held on July 22, 2003; that I have compared said copy with the original minute record of
said meeting in my official custody; and that said copy is a true, correct and complete transcript
from said original minute record insofar as said original record relates to the proposed General
Obligation Refunding Bonds, Series 2003-F and the proposed Water Refunding Revenue Bonds,
Series 2003-G, of said City.
WITNESS my official signature and the seal o.~f said City this 22nd day of~J~uly, 2003.
(SEAL)