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MARCH 14, 2006 06-111RESOLUTION
(CARRIED__5-1__LOST _______LAID OVER _______WITHDRAWN ______)
PURPOSE:INITIAL BORROWING / LEASE REVENUE BONDS /TID NO. 21 /
MERCURY MARINE ACQUISITION
INITIATED BY:DEPARTMENT OF COMMUNITY DEVELOPMENT
W, the City of Oshkosh, Winnebago County, Wisconsin (the
HEREAS
“Municipality”) has established the Fox River Corridor Tax Incremental Financing District
No. 21 (the “TIFDistrict”) to permit certain costs incurred by the Municipality for
redevelopment of the TIF District (the “Project Costs”) to be reimbursed from property
tax increments; and
W, the Municipality has established the Redevelopment Authority of the
HEREAS
City of Oshkosh, Wisconsin (the “Authority”) to carry out redevelopment projects in
designated redevelopment areas; and
W, the Municipality is authorized, by Section 66.1105(9)(a) of the
HEREAS
Wisconsin Statutes, as amended, to pay the Project Costs from the proceeds of bonds
issued under Section 66.0621 of the Wisconsin Statutes, as amended; and
W, Section 66.0621 permits the Municipality to issue revenue obligations
HEREAS
to provide for purchasing, acquiring, leasing, constructing, extending, adding to,
improving, conducting, controlling, operating or managing a public utility, and to provide
funds for refunding outstanding bonds, which obligations shall not be considered an
indebtedness of the Municipality; and
W, for the purposes of financing under Section 66.0621, the term “public
HEREAS
utility” means any revenue producing facility or enterprise owned by the Municipality and
operated for a public purpose, and further provides that any necessary public works
project undertaken by the Municipality is a public utility for financing purposes under
Section 66.0621; and
W, the Municipality is authorized, by Section 66.1333(13) of the
HEREAS
Wisconsin Statutes, as amended, to assist any redevelopment project by furnishing
services or facilities, providing property, lending or contributing funds, or entering into
cooperation agreements; and
W, the Municipality desires to enter into a Cooperation Agreement with
HEREAS
the Authority (the “Cooperation Agreement”), in anticipation of selling to the Authority its
revenue obligations, purchasing from and contributing to the Authority certain property,
and to lease back the same property; and
MARCH 14, 2006 06-111RESOLUTION
CONT’D
W, the Municipality desires to enter into a Lease with the Authority
HEREAS
through which the Authority will agree to lease certain real property improvements to the
Municipality, and the Municipality will agree to lease such real property and
improvements from the Authority (the “Lease”);
N, , BE IT RESOLVED by the Common Council of the City of
OWTHEREFORE
Oshkosh as follows:
Section 1.Issuance of Obligations. For the purposes of fulfilling the terms of
the Cooperation Agreement and the Lease, the Municipality is hereby authorized and
directed to take all actions necessary to issue its municipal revenue obligation in an
amount not to exceed $6,750,000.00 (the “Municipal Revenue Obligation”), including
entering into the Cooperation Agreement, the Lease, and all documents relating to the
issuance of the Municipal Revenue Obligation. The Municipal Revenue Obligation shall
be issued in an amount equal to and payable on the same days as the interest payable
from time to time on the redevelopment lease revenue bonds to be issued by the
Authority on the same date of issuance as the Municipal Revenue Obligation pursuant
to a final resolution to be approved by this body.
Section 2.Effective Date; Conformity. This Resolution shall be effective
immediately upon its passage and approval. To the extent that any prior resolutions of
this body are inconsistent with the provisions hereof, this Resolution shall control and
such prior resolutions shall be deemed amended to such extent as may be necessary to
bring them in conformity with this Resolution.
Adopted:March 14, 2006
Mayor
Clerk