HomeMy WebLinkAbout10-54FEBRUARY 23, 2010 10 -54 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE RESOLUTION DIRECTING THE ADVERTISMENT
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 -B, OF THE
CITY OF OSHKOSH
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 $37,951,000 for the purpose of acquiring, constructing and improving streets,
sanitary sewers, storm sewers, water mains and water system improvements, buildings
for the housing of machinery and equipment, parking lots and facilities, parks and
projects in tax increment financing districts; 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 2010 -A in an approximate aggregate principal amount of $37,951,000 (the
"Bonds') for the purpose of acquiring, constructing and improving streets, sanitary
sewers, storm sewers, water mains and water system improvements, garbage, rubbish
and refuse disposal facilities, parks and projects in tax increment financing districts, 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 $4,425,000 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
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
2010 -B in an approximate aggregate principal amount of $4,425,000 (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
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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.
Upon motion of Council Member , seconded by Council Member
, the following members voted:
FWAY i
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. Ubric
City Clerk
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