HomeMy WebLinkAbout02-471.docDECEMBER 23, 2002 02-471 RESOLUTION
(CARRIED
LOST LAID OVER WITHDRAWN
PURPOSE:
INITIATED BY:
RESOLUTION DIRECTING THE ADVERTISEMENT AND
SALE OF APPROXIMATELY $11,675,000 AGGREGATE
PRINCIPAL AMOUNT OF GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 2003-A,
APPROXIMATELY $2,615,000 AGGREGATE PRINCIPAL
AMOUNT OF GENERAL OBLIGATION PROMISSORY
NOTES, SERIES 2003-B, AND APPROXIMATELY
$1,420,000 AGGREGATE PRINCIPAL AMOUNT OF
TAXABLE GENERAL OBLIGATION CORPORATE
PURPOSE BONDS, SERIES 2003-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 $11,675,000 for the purpose of acquiring, constructing and improving
streets, storm sewers, sanitary sewers, water mains and water system improvements,
parks and projects 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 2003-A in an approximate aggregate principal amount of $11,675,000
(the "Bonds") for the purpose of acquiring, constructing and improving streets, storm
sewers, sanitary sewers, water mains and water system improvements, parks and
projects 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
WHEREAS, it is necessary that funds be raised by the City in an approximate
aggregate principal amount of $2,615,000 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 2003-B in an approximate aggregate principal amount of $2,615,000 (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 $1,420,000 for the purpose of acquiring and constructing
projects 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 2003-C in an approximate aggregate principal amount of
$1,420,000 (the "Taxable Bonds") for the purpose of acquiring and constructing
projects 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.
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