HomeMy WebLinkAbout08-31JANUARY 22, 2008 08-31 RESOLUTION
(CARRIED~V LOST LAID OVER WITHDRAWN )
PURPOSE: RESOLUTION DIRECTING THE ADVERTISEMENT AND
SALE OF APPROXIMATELY $5,105,000 AGGREGATE
PRINCIPAL AMOUNT OF GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 2008-A,
APPROXIMATELY $1,565,000 AGGREGATE PRINCIPAL
AMOUNT OF GENERAL OBLIGATION PROMISSORY
NOTES, SERIES 2008-B, OF THE CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN.
INITIATED BY: 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 $5,105,000 for the purpose of acquiring, constructing and improving streets,
engine houses, buildings for the housing of machinery and equipment and parks; 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 2008-A in an approximate aggregate principal amount of $5,105,000 (the
"Bonds") for the purpose of acquiring, constructing and improving streets, engine
houses, buildings for the housing of machinery and equipment and parks, 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 $1,565,000 for the purpose of acquiring, constructing
and improving sidewalks, traffic signals, public equipment, public lands and
improvements to public lands and public buildings in the City; and
JANUARY 22, 2007 08-31 RESOLUTION
CONT'D
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 2008-B in an approximate aggregate principal amount of $1,565,000 (the
"Notes") for the purpose of acquiring, constructing and improving sidewalks, traffic
signals, public equipment, public lands and improvements to public lands and public
buildings in the City; and
WHEREAS, it is considered desirable to offer all of the Bonds and the Notes 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 Notes 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 Notes.
Section 2. After bids shall have been received for the Bonds and the Notes,
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 Note, and will levy
taxes in the specific amount necessary to pay the principal of and interest on the Bonds
and the Notes.