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HomeMy WebLinkAbout06-331 NOVEMBER 14, 2006 06-331 RESOLUTION (CARRIED 7 -0 LOST LAID OVER WITHDRAWN RESOLUTION directing the advertisement and sale of approximately $12,500,000 aggregate principal amount of General Obligation Corporate Purpose Refunding Bonds, Series 2006-0, of the City of Oshkosh, Winnebago County, Wisconsin, and approximately $13,500,000 aggregate principal amount of Water Revenue Refunding Bonds, Series 2006-E, of the City of Oshkosh, Winnebago County, Wisconsin. 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 $12,500,000 for the purpose of refunding certain outstanding municipal obligations of 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 Corporate Purpose Refunding Bonds, Series 2006-0 in an approximate aggregate principal amount of $12,500,000 (the "Bonds") for the purpose of refunding certain outstanding municipal obligations of the City, for which an initial resolution has been adopted; and WHEREAS, cities are authorized by Section 66.0621 of the Wisconsin Statutes, as supplemented and amended, to issue bonds to provide funds for purchasing, acquiring, constructing, extending, adding to, improving, conducting, controlling, operating and managing a public utility from the proceeds of such bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees, and to refund such bonds; and WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of 13,500,000 for the purpose of refunding certain outstanding revenue bonds of the City, payable from the revenues of the water system of the City, which is a public utility; and WHEREAS, it is considered necessary and desirable by the City Council of the City that the City borrow money and issue its Water Revenue Refunding Bonds, Series 2006-E in an approximate aggregate principal amount of $13,500,000 (the "Revenue Bonds") for the purpose of refunding such bonds; and NOVEMBER 14, 2006 06-331 RESOLUTION WHEREAS, it is considered desirable to offer all of the Bonds and the Revenue 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 the Bonds and the Revenue Bonds for sale, 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 and the Revenue Bonds. Section 2. After bids shall have been received for the Bonds and the Revenue 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 and Revenue, and will levy taxes in the specific amount necessary to pay the principal of and interest on the Bonds.