HomeMy WebLinkAbout08-128APRIL 22, 2008 08-128 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE DECLARATION OF INTENT TO REIMBURSE
EXPENDITURES FOR SAFE DRINKING WATER LOAN PROGRAM
INITIATED BY: DEPARTMENT OF PUBLIC WORKS
WHEREAS, the City of Oshkosh owns and operates a water supply and distribution
system (the "System") as a public utility; and
WHEREAS, the City plans to construct improvements to the water supply facilities in
the system (the "Project"); and
WHEREAS, the city expects to receive a loan (the "Loan") from the State of
Wisconsin Safe Drinking Water Loan Program (the "Program") to finance the project and
expects to issue tax exempt bonds (the "Bonds") to the Program in evidence of the Loan;
and
WHEREAS, because the Loan will not become available prior to June of 2008, the
Municipality must provide interim financing to cover costs of the Project incurred prior to
receipt of the Loan; and
WHEREAS, it is necessary, desirable, and in the best interests of the Municipality to
advance moneys from its funds on hand on an interim basis until the Loan becomes
available and the Bonds can be issued.
NOW, THEREFORE, BE IT RESOVLED, by the Common Council of the City of
Oshkosh, Wisconsin, that:
The City shall make expenditures as needed from its funds on hand to pay the costs
of the Project until bond proceeds become available.
The Municipality hereby officially declares its intent under Treas. Reg. Section
1.150-2 to reimburse said expenditures with proceeds of the Bonds, the principal amount
of which is not expected to exceed $ 6,870,273.00.
No funds for payment of the Project from sources other than the Bonds are, or are
reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set
aside by the Municipality pursuant to its budget or financial policies, provided, that the
Municipality has $2,200,000 on hand for the cost of the project from an unrelated
borrowing that it anticipates to use to pay for a portion of the project.
APRIL 22, 2008
08-128 RESOLUTION
CONT'D
This resolution shall be made available for public inspection at the City Clerk's
office within thirty (30) days after its approval in compliance with applicable State law
governing the availability of records of official acts including subchapter II of Chapter 19,
and shall remain available for public inspection until the Bonds are issued.
This resolution shall be effective from and after its passage and publication.