HomeMy WebLinkAbout00-410.docSEPTEMBER 26,2000
SEPTEMBER 13, 2000
AUGUST 22, 2000
00-345
00-388
00-410
PENDING
RESOLUTION
(CARRIED 5-0 LOST
LAID OVER
WITHDRAWN
RESOLUTION AUTHORIZING AMENDMENTS
WITH RESPECT TO
INDUSTRIAL REVENUE BONDS, SERIES 1997
(SHALLBETTER PROJECT)
WHEREAS, on May 23, 1997, the City of Oshkosh, Wisconsin (the
"Municipality") issued and sold to initial purchasers $2,000,000 aggregate principal
amount Industrial Revenue Bonds, Series 1997, (Shallbetter Project), dated as of May
23, 1997, (the "Original Bonds") to finance a portion of costs relating to acquiring land
and constructing, equipping and improvement of manufacturing and related facilities in
the Municipality. Shallbetter Properties, LLC a Wisconsin limited liability company
("Properties"), owns the real estate and manufacturing facility and leases it to
Shallbetter Bros., Inc. ("Shallbetter"), and Shallbetter agreed to purchase and install
equipment for such facility for its use in connection with its business of the manufacture
of electric power distribution equipment and related manufacturing and service
activities (which acquisition of land, constructing and equipping and related
improvements is referred to herein as the "Project") (Properties and Shallbetter are
herein collectively referred to as the "Company"); and
WHEREAS, in connection with the issuance of the Original Bonds (a) the
Company and the Municipality entered into a Loan Agreement dated as of May 1, 1997
(the "Agreement") with respect to the Project; and (b) the Agreement was assigned and
the payments thereunder pledged to American National Bank and Trust Company of
Chicago as Trustee (the "Trustee"), pursuant to an Indenture of Trust between the
Municipality and said Trustee dated as of May 1, 1997 (the "Indenture").
WHEREAS, the Company has requested that the Loan Agreement, the
Indenture, and the Bonds be amended as provided in the First Amendment to Loan
Agreement and Indenture of Trust referred to below; and
WHEREAS, Wis. Stats. Section 66.521(3)(g) provides the Municipality with
authority to consent to changes in the terms of the Loan Agreement, the Indenture, and
the Bonds; and
WHEREAS, the changes requested by the Company are necessary and
desirable to fulfill the purposes of Wis. Stats. Section 66.521; and
WHEREAS, a public hearing has been held in accordance with the notice
attached hereto; and
WHEREAS, the Company has caused to be prepared and herewith submitted to
this Governing Body forms of the following documents:
(a)
First Amendment to Loan Agreement and Indenture of Trust
among the Company, the Municipality and the Trustee
(annexed hereto as Exhibit A, incorporated herein by
reference and referred to herein as the "First Amendment to
Loan Agreement and Indenture").
NOW, THEREFORE, BE IT RESOLVED BY THIS COMMON COUNCIL OF THE
CITY OF OSHKOSH THAT:
Authorization of Amendments. Subject to such changes or revisions therein as
counsel for the Municipality or Quarles & Brady as Bond Counsel may from time to time
approve, the First Amendment to Loan Agreement and Indenture of Trust, in
substantially the form submitted (including the Replacement Bond attached thereto),
and the Project described therein are hereby approved. The City Manager and City
Clerk, or persons authorized by law to sign on their behalf, are authorized on behalf of
the Municipality to execute and deliver the First Amendment to Loan Agreement and
Indenture of Trust. The City Manager and City Clerk and persons authorized by law to
sign on their behalf and other officials of the Municipality are hereby authorized to
prepare and to execute, file and deliver, as appropriate, all such documents (including
substitute bond and note certificates attached as exhibits to the above-described First
Amendment), financing statements, certificates and other instruments as may be
required by this resolution or deemed necessary by said officials or by Bond Counsel to
accomplish the changes envisioned hereby.
Adopted September 26, 2000.
City Clerk
Adopted September 26, 2000.
Mayor