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HomeMy WebLinkAbout02-09.docJANUARY 8, 2002 02-09 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN PURPOSE: INITIATED BY: RESOLUTION DIRECTING THE ADVERTISEMENT AND SALE OF APPROXIMATELY $12,225,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2002-A, APPROXIMATELY $2,260,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2002- B, AND APPROXIMATELY $7,580,000 AGGREGATE PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2002-C, OF THE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN. 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 to refund municipal obligations, including interest thereon; 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 $12,225,000 for the purpose of acquiring, constructing and improving streets, storm sewers, sanitary sewers, water mains and water system improvements, parks and improvements within tax increment financing districts; 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 Corporate Purpose Bonds, Series 2002-A in an approximate aggregate principal amount of $12,225,000 (the "Bonds'~ for the purpose of acquiring, constructing and improving streets, storm sewers, sanitary sewers, water mains and water system improvements, parks and improvements within tax increment financing districts, for which initial resolutions have 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 issue promissory notes to finance any project undertaken for a public purpose and to refund municipal obligations, including interest thereon; and JANUARY 8, 2002 02-09 RESOLUTION CONT'D WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of $2,260,000 for the purpose of acquiring, constructing and improving sidewalks, traffic signals, equipment and improvements to public lands and public buildings in 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 Promissory Notes, Series 2002-B in an approximate aggregate principal amount of $2,260,000 (the "Notes'~ for the purpose of acquiring, constructing and improving sidewalks, traffic signals, equipment and improvements to public lands and public buildings in the City; and WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of $7,580,000 for the purpose of acquiring and constructing improvements within tax increment financing districts in 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 Taxable General Obligation Corporate Purpose Bonds, Series 2002-C in an approximate aggregate principal amount of $7,580,000 (the "Taxable Bonds'~ for the purpose of acquiring and constructing improvements within tax increment financing districts in the City; and WHEREAS, it is considered desirable to offer all of the Bonds, the Notes and the Taxable Bonds at one 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 for sale the Bonds, the Notes and the Taxable Bonds, the Finance Director of the City is hereby authorized to cause an appropriate notice of the sale thereof to be published in 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, the Notes and the Taxable Bonds. Section 2. After bids shall have been received for the Bonds, the Notes and the Taxable 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 Bond, Note and Taxable Bond and will levy taxes in the specific amount necessary to pay the principal of and interest on the Bonds, the Notes and the Taxable Bonds.