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HomeMy WebLinkAbout05-206.doc JUNE 28, 200505-206RESOLUTION (CARRIED __7-0___ LOST _______ LAID OVER _______ WITHDRAWN_______) PURPOSE:AUTHORIZE BORROWING / STATE TRUST FUND INITIATED BY:CITY ADMINISTRATION WHEREAS, by the provisions of sec. 24.66 of the Wisconsin Statutes, all municipalities may borrow money for such purposes in the manner prescribed; and, WHEREAS, by the provisions of Chapter 24 of the Wisconsin Statutes, the Board of Commissioners of Public Lands of Wisconsin is authorized to make loans from the State Trust Funds to municipalities for such purposes. (Municipality as defined by Sec. 24.60(2), Wisconsin Statutes, means a town, village, city, county, public inland lake protection and rehabilitation district, town sanitary district created under sec. 60.71 or 60.72, metropolitan sewerage district created under sec. 200.05 or 200.23, joint sewerage system created under sec. 281.43 (4), school district or technical college district.) NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Oshkosh that the City of Oshkosh, in the County of Winnebago, Wisconsin, is authorized to borrow from the Trust Funds of the State of Wisconsin, a sum of up to Eight Hundred Thirty Five Thousand Dollars ($835,000) for the purpose of property acquisition, clearance and rehabilitation in Tax Incremental District 13, and infrastructure improvements in Tax Incremental District 8 and for no other purposes. The loan is to be payable within 20 years from the 15th day of March preceding the date the loan is made. The loan will be repaid in annual installments with interest at the rate of 4.50 percent per annum from the date of making the loan to the 15th day of March next and thereafter annually as provided by law. BE IT FURTHER RESOLVED, that there shall be raised and there is levied upon all taxable property, within the City of Oshkosh, in the County of Winnebago, Wisconsin, a direct annual tax for the purpose of paying interest and principal on the loan as they become due. BE IT FURTHER RESOLVED, that no money obtained by the City of Oshkosh by such loan from the state be applied or paid out for any purpose except property acquisition, clearance and rehabilitation in Tax Incremental District 13, and infrastructure improvements in Tax Incremental District 8 without the consent of the Board of Commissioners of Public Lands. JUNE 28, 200505-206RESOLUTION CONT’D BE IT FURTHER RESOLVED, that in case the Board of Commissioners of Public Lands agrees to make the loan, that the City Manager and Clerk of the City of Oshkosh in the County of Winnebago, Wisconsin, are authorized and empowered, in the name of the City to execute and deliver to the Commission, certificates of indebtedness, in such form as required by the Commission, for any sum of money that may be loaned to the City pursuant to this resolution. The City Manager and Clerk of the City will perform all necessary actions to fully carry out the provisions of Chapter 24 Wisconsin Statutes, and these resolutions. BE IT FURTHER RESOLVED, that this preamble and these resolutions and the “aye” and “no” vote by which they were adopted, be recorded, and that the Clerk of this City forward this certified record, along with the application for the loan, to the Board of Commissioners of Public Lands of Wisconsin.