HomeMy WebLinkAbout10-53FEBRUARY 23, 2010 10 -53 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER WITHDRAWN
PURPOSE: APPROVE INITIAL RESOLUTION AUTHORIZING NOT
EXCEEDING $37,951,000 GENERAL OBLIGATION BONDS OF
THE CITY OF OSHKOSH
INITIATED BY: FINANCE DEPARTMENT
BE IT RESOLVED by the City Council of the City of Oshkosh, Winnebago County,
Wisconsin, that there shall be issued the general obligation bonds of said City in an
aggregate principal amount not exceeding $6,611,000 for the public purpose of laying
out, opening and widening streets and providing street improvements. For the purpose
of paying the various installments of principal of and interest on said bonds as they
severally mature, prior to the issuance and delivery of said bonds there shall be levied
on all taxable property in said City a direct annual irrepealable tax sufficient for that
purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $4,421,000 for the public purpose of
constructing sanitary sewer improvements. For the purpose of paying the various
installments of principal of and interest on said bonds as they severally mature, prior to
the issuance and delivery of said bonds there shall be levied on all taxable property in
said City a direct annual irrepealable tax sufficient for that purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $19,087,000 for the public purpose of
providing storm sewer improvements. For the purpose of paying the various
installments of principal of and interest on said bonds as they severally mature, prior to
the issuance and delivery of said bonds there shall be levied on all taxable property in
said City a direct annual irrepealable tax sufficient for that purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $5,232,000 for the public purpose of
providing water mains and water system improvements. For the purpose of paying the
various installments of principal of and interest on said bonds as they severally mature,
prior to the issuance and delivery of said bonds there shall be levied on all taxable
property in said City a direct annual irrepealable tax sufficient for that purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $1,425,000 for the public purpose of
providing garbage, rubbish and refuse disposal facilities. For the purpose of paying the
various installments of principal of and interest on said bonds as they severally mature,
prior to the issuance and delivery of said bonds there shall be levied on all taxable
property in said City a direct annual irrepealable tax sufficient for that purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $1,025,000 for the public purpose of
providing parks and park improvements. For the purpose of paying the various
installments of principal of and interest on said bonds as they severally mature, prior to
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the issuance and delivery of said bonds there shall be levied on all taxable property in
said City a direct annual irrepealable tax sufficient for that purpose.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued the general obligation bonds of said City
in an aggregate principal amount not exceeding $150,000 for the public purpose of
financing projects within tax increment financing districts. For the purpose of paying the
various installments of principal of and interest on said bonds as they severally mature,
prior to the issuance and delivery of said bonds there shall be levied on all taxable
property in said City a direct annual irrepealable tax sufficient for that purpose.
Upon motion of Council Member , seconded by Council Member
, the following members voted:
AYE:
NAY:
ABSENT OR NOT VOTING:
Adopted February 23, 2010.
Approved January 23, 2010.
Recorded January 23, 2010.
/s/ Paul J. Esslinger
Mayor
Attest:
/s/ Pamela R. Ubrig
City Clerk
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City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
OfHKQfH (920) 236 -5080 (920) 236 -5039 FAX
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: February 23, 2010
RE: Approve Initial Resolutions Authorizing Not Exceeding $37,951,000 General Obligation
Bonds of the City of Oshkosh
Approve Resolution Directing the Advertisement and Sale of Approximately
$37,951,000 Aggregate Principal Amount of General Obligation Corporate Purpose
Bonds, Series 2010 -A, and Approximately $4,425,000 Aggregate Principal Amount of
General Obligation Promissory Notes, Series 2010 -13, of the City of Oshkosh, Winnebago
County, Wisconsin
BACKGROUND
In order to borrow money through a bonding process, the City is required to issue an initial resolution
stating its intent, along with another resolution that authorizes staff to proceed with the preparation and
documentation needed to sell the bonds and receive the proceeds. The sale of the bonds and notes will
occur at least 30 days after the initial resolution is authorized.
ANALYSIS
The currently proposed borrowing of $42,376,000 includes a multitude of projects which were included
in the 2009 Capital Improvement Plan as approved by the Council on November 24, 2009, as shown on
the attached spreadsheet (EXHIBIT A).
FISCAL IMPACT
The above amounts, if borrowed, will be added to the City's outstanding debt obligations, with the
Notes, $4,425,000, being paid off over ten years, and the Bonds, $37,951,000, being paid off over twenty
years.
RECOMMENDATION
Staff recommends adoption of both of the above noted resolutions.
Respectfully Submitted, Approved:
eg g fte e n o Mark Rohloff
Finance Director City Manager
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