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Home My WebLink About07-245 SEPTEMBER 11, 2007 07 -245 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN PURPOSE: APPROVE AMENDMENT TO BONDS I OSHKOSH ELDERLY HOUSING AUTHORITY I GABRIELS VILLA HOUSING FACILITY INITIATED BY: LEGAL DEPARTMENT A Resolution Approving Amendment of Bonds Issued by the Elderly Housing Authority of the City of Oshkosh, Wisconsin in Respect to Gabriels Villa Housing Facility WHEREAS, on February 5, 1997, the Elderly Housing Authority of the City of Oshkosh, Wisconsin (the "Authority") issued revenue bonds (the "Authority Bonds") to provide financing for a rental housing facility for elderly persons located at 215 North Westfield Street (the "Project") in the City of Oshkosh, Wisconsin (the "City"), which Project is owned by Gabriels Villa, Inc., a Wisconsin nonstock, nonprofit corporation ("Borrower"); and WHEREAS, Borrower has requested that the Authority agree to certain amendments to the interest rate, maturity date and other terms of the Authority Bonds and related documents, which amendments have been approved by M&I Marshall & Ilsley Bank, the sole owner of the Authority Bonds; and WHEREAS, on August 30, 2007, a public hearing was held before a designee of the Authority with respect to the proposed amendment of the Authority Bonds; and WHEREAS, notice of such public hearing, in the form attached as Exhibit A hereto and incorporated herein (the "Notice"), was published by at least one insertion in the official newspaper of the City for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes, which is a newspaper of general circulation in the City, no less than 14 days prior to the date of such public hearing; and WHEREAS, the representative of the Authority conducting such hearing has made a report of such public hearing to this body, which report this body has considered; and WHEREAS, this body is an elected legislative body of the City of Oshkosh; and WHEREAS, the Authority Bonds are revenue obligations of the Authority payable solely from revenues provided by the Borrower and derived from the Project and do not constitute an indebtedness of the City within the meaning of any State constitutional provision or statutory limitation and do not constitute or give rise to a pecuniary liability, direct or contingent, of any kind or degree whatsoever, of the City or a charge against its general credit or taxing powers; Now, THEREFORE, BE IT RESOLVED: 1. Approval of Amendment of Bonds. For the purposes of Section 147(f) and other applicable provisions of the Internal Revenue Code of 1986, this body hereby approves the amendment and reissuance by the Authority of up to $1,800,000 in outstanding principal amount of the Authority Bonds originally issued in 1997 for the financing of the Project on behalf of the Borrower. ***** Adopted: September 11, 2007 APPROVAL OF RESOLUTION BY MAYOR The foregoing Resolution No. 07-045, entitled A RESOLUTION APPROVING AMENDMENT OF BONDS ISSUED BY THE ELDERLY HOUSING AUTHORITY OF THE CITY OF OSHKOSH, WISCONSIN IN RESPECT TO THE GABRIELS VILLA HOUSING FACILITY which was adopted by the Common Council of the City of Oshkosh, Wisconsin, on September 11, 2007, is hereby approved. Dated: September 11, 2007. Mayor - 2 - MILW_2584770.1 EXHIBIT A NOTICE OF PUBLIC HEARING NOTICE is hereby given that a representative of the Elderly Housing Authority of the City of Oshkosh, Wisconsin (the "Authority") will hold a public hearing at 9:00 AM. on August 30, 2007, at the offices of the Authority, 600 Merritt Avenue, Oshkosh, Wisconsin, regarding the proposed amendment and extension of the maturity of up to $1.8 million in principal amount of the Authority's Housing Revenue Bonds, Series 1997 (Gabriel's Villa, Inc. Project) (the "Bonds") previously issued by the Authority pursuant to Section 66.1213 (formerly Section 66.395) of the Wisconsin Statutes, as amended, on behalf of Gabriel's Villa, Inc. The Bonds financed the construction and equipping of a 41 unit assisted living facility located at 215 N. Westfield Street in the City of Oshkosh. The current owner of the facility is Gabriel's Villa, Inc. The public hearing will be conducted in a manner that provides a reasonable opportunity to be heard for persons with differing views on both the amendment and extension of the Bonds and the location and nature of the financed facility. Any person desiring to be heard on this matter is requested to attend the public hearing or send a representative. Written comments (not exceeding 250 words) to be considered at the hearing may be submitted to the Authority, c/o Executive Director, 600 Merritt Avenue, Oshkosh, Wisconsin 54903. Comments made at the hearing are for the consideration of the Mayor of the City of Oshkosh, Wisconsin. Publication Date: August 16, 2007 Isl Brad Masterson Executive Director MILW_2584770.1 CERTIFICATIONS BY CLERK I, Pamela R. Ubrig, hereby certify that I am the duly qualified and acting Clerk of the City of Oshkosh, Wisconsin (the "Municipality"), and as such I have in my possession, or have access to, the complete corporate records of said Municipality and of its Common Council (the "Governing Body") and that attached hereto is a true, correct, and complete copy of the resolution (the "Resolution") entitled: Resolution Approving Amendment of Bonds Issued by the Elderly Housing Authority of the City of Oshkosh, Wisconsin in Respect to the Gabriels Villa Housing Facility I do hereby further certify as follows: 1. Meetinq Date. On September 11,2007, a meeting of the Governing Body was held commencing at 6:00 p.m. 2. Postinq. On September 7, 2007 (and not less than 24 hours prior to the meeting), I posted or caused to be posted at the Municipality's offices in Oshkosh, Wisconsin a notice setting forth the time, date, place, and subject matter (including specific reference to the Resolution) of said meeting. 3. Notification of Media. On September 7, 2007 (and not less than 24 hours prior to the meeting), I communicated or caused to be communicated, the time, date, place, and subject matter (including specific reference to the Resolution) of said meeting to those news media who have filed a written request for such notice and to the official newspaper of the Municipality. 4. Open Meetinq Law Compliance. Said meeting was a regular meeting of the Governing Body that was held in open session in compliance with Subchapter V of Chapter 19 of the Wisconsin Statutes and any other applicable local rules and state statutes. 5. Members Present. Said meeting was duly called to order by the Mayor (the "Presiding Officer"), who chaired the meeting. Upon roll I noted and recorded that there were 7 members of the Governing Body present at the meeting, such number being a quorum of the Governing Body. 6. Consideration of and Roll Call Vote on Resolution. Various matters and business were taken up during the course of the meeting without intervention of any closed session. One of the matters taken up was the Resolution. A proper quorum of the Governing Body was present for the consideration of the Resolution, and each member of the Governing Body had received a copy of the Resolution. All rules of the Governing Body that interfered with the consideration of the Resolution, if any, were suspended by a two-thirds vote of the Governing Body. The Resolution was then introduced, moved, and seconded, and after due consideration, upon roll call, 7 of the Governing Body members voted Aye, 0 voted Nay, and 0 Abstained. - 1 - MILW_2584770.1 7. Adoption of Resolution. The Resolution was supported by the affirmative vote of a majority of a quorum of the members of the Governing Body in attendance. The Presiding Officer then declared that the Resolution was adopted, and I recorded the adoption of the Resolution. 8. Approval of Presidinq Officer. The Resolution was approved by the Presiding Officer on September 11, 2007 and I have so recorded. IN WITNESS WHEREOF, I have signed my name and affixed the official seal of the City hereto on this 11th day of September, 2007. [Seal] Pamela R. Ubrig, City Clerk - 11 - MILW_2584770.1