HomeMy WebLinkAbout11-46FEBRUARY 8, 2011
11 -46 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER WITHDRAWN )
PURPOSE: INITIAL RESOLUTIONS AUTHORIZING NOT EXCEEDING
$31,415,000 GENERAL OBLIGATION BONDS OF THE
CITY OF OSHKOSH
INITIATED BY: CITY ADMINISTRATION
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 $4,460,000 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 $450,000 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 $330,000 for the public purpose of
providing parking lots and parking 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 $135,000 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
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 $10,040,000 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.
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 $16,000,000 for the public purpose of
refunding certain outstanding municipal obligations of said City and the interest thereon.
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 the City Manager, the City Clerk, the City Director of Finance
and the City Treasurer and all other officers of the City are hereby authorized to execute
all documents and certificates and to take all such actions as may be necessary in
connection with the authorization, issuance, sale and delivery of said bonds and the
performance of the obligations of the City hereunder and to carry out and comply with
the terms of this resolution, and documents shall be in substantially the same form as
indicated in this Resolution, any changes in the final execution copies of such
documents to be deemed approved by the respective signatures of the City officers
named above.
The City Clerk is hereby directed to publish notice of adoption of the foregoing
Initial Resolutions, one time in the official city newspaper, not later than March 22, 2011.
1)
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
OfHKO.IH (920) 236 -5006 (920) 236 -5039 FAX
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: February 8, 2011
RE: Approve Initial Resolution Authorizing Not Exceeding $31,415,000 General Obligation
Bonds of the City of Oshkosh
Approve Resolution directing the advertisement and sale of approximately $9,000,000
aggregate principal amount of General Obligation Refunding Bonds, Series 2011 -A,
approximately $7,000,000 aggregate principal amount of Taxable General Obligation
Refunding Bonds, Series 2011 -B, approximately $11,015,000 aggregate principal
amount of General Obligation Corporate Purpose Bonds, Series 2011 -C, approximately
$7,070,000 aggregate principal amount of General Obligation Promissory Notes, Series
2011 -D, approximately $4,400,000 aggregate principal amount of Taxable General
Obligation Corporate Purpose Bonds, Series 2011 -E, approximately $15,915,000
aggregate principal amount of Storm Water Utility Revenue Bonds, Series 2011,
approximately $4,970,000 Sewer System Revenue Bonds, Series 2011, and
approximately $4,335,000 Water Revenue Bonds, Series 2011, of the City of Oshkosh,
Winnebago County, Wisconsin.
BACKGROUND
In order to borrow money through a general obligation 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 general obligation borrowing, of $31,415,000, includes the following:
Up to $11,015,000 of tax exempt general obligation corporate purpose bonds to fund projects
that call for twenty year borrowing included in the 2011 Capital Improvement Plan (per
attached EXHIBIT A) as approved by the Council on November 23, 2010, except the Utility
projects for which debt will be issued separately as revenue bonds,
Up to $4,400,000 of taxable general obligation corporate purpose bonds to fund projects that
call for twenty year bonds included in the 2011 Capital Improvement Plan (EXHIBIT A) as
approved by the Council on November 23, 2010, and
Up to $16,000,000 needed to refinance existing debt (per attached EXHIBIT B).
In addition, staff is proposing additional borrowing of $32,290,000 through other funding mechanisms
as noted below:
• Up to $7,070,000 of tax exempt general obligation promissory notes for projects that call for
ten year borrowing included in the 2011 Capital Improvement Plan (EXHIBIT A) as
approved by the Council on November 23, 2010,
• Up to $4,970,000 of sewer revenue bonds for the sewer projects that call for twenty year
borrowing included in the 2011 Capital Improvement Plan (EXHIBIT A) as approved by the
Council on November 23, 2010,
• Up to $15,915,000 of storm water revenue bonds for the storm water projects that call for
twenty year borrowing included in the 2011 Capital Improvement Plan (EXHIBIT A) as
approved by the Council on November 23, 2010, and
• Up to $4,335,000 of water revenue bonds for the water projects that call for twenty year
borrowing included in the 2011 Capital Improvement Plan (EXHIBIT A) as approved by the
Council on November 23, 2010.
FISCAL IMPACT
The above amounts, if borrowed, will be added to the City's outstanding debt obligations, and funded
through the applicable budgets (Debt Service Fund /General Fund, Water Utility Fund, Sewer Utility
Fund, and Storm Water Utility Fund).
RECOMMENDATION
Staff recommends adoption of both of the above noted resolutions.
Respectfully Submitted, Approved:
0 7, c- e"
Peggy 5teeno Mar Rohloff
Finance Director City Manager
EXHIBIT A
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EXHIBIT B
City of Oshkosh, WI EHLERS
-f HFZV General Obligation Bond & Note sizing Worksheet
Amount Needed to Refund Taxable GO Refunding Bonds, Series 2003D (2012 -2023)
Principal & Interest due 3/15/11
Less: amount available from 2011 levy
State Trust Fund Loans (do not include 2011 maturity on any of the State Trust Fund Loans)
Amount Needed to Refund $1,012,000 State Trust Fund Dated 5/15/02
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $375,000 State Trust Fund Loan Dated 3/19/03
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $1,365,720 State Trust Fund Dated 7/2/03 need to confirm taxablility
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $226,000 State Trust Fund Dated 9/24/03
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $99,000 State Trust Fund Dated 12/07/04
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $100,000 State Trust Fund Dated 9/15/04
Principal & Interest due on 3/24/11 call date
Less: amount available from 2011 levy (Combined State Trust Funds)
Estimated Issuance Expenses
4,208,700
670,326
267,059
958,777
169,693
78,030
79,661
0
Ehlers & Associates (Financial Advisor - Est)
20,482
G.O. Rfdg,
Txbl G. 0. Rfdg,
10,000
10,000
Series 1011 -A
Series 2011 -B
64,350
Tax- Exempt
Taxable
Refunding
8,560,422
6,334,368
Amount Needed to Advance Refund GO Bonds Series 2003A (2013 -2022)
CPA Verification Fee (Firm)
2,500
Estimated Escrow Cost
8,112,810
0
Less: amount available from 2011 levy
?C,7
Amount Needed to Refund GO Refunding Bonds, Series 2003E
Principal & Interest due on 4/1/11
470,798
Less: amount available from 2011 levy
Amount Needed to Refund Taxable GO Refunding Bonds, Series 2003D (2012 -2023)
Principal & Interest due 3/15/11
Less: amount available from 2011 levy
State Trust Fund Loans (do not include 2011 maturity on any of the State Trust Fund Loans)
Amount Needed to Refund $1,012,000 State Trust Fund Dated 5/15/02
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $375,000 State Trust Fund Loan Dated 3/19/03
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $1,365,720 State Trust Fund Dated 7/2/03 need to confirm taxablility
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $226,000 State Trust Fund Dated 9/24/03
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $99,000 State Trust Fund Dated 12/07/04
Principal & Interest due on 3/24/11 call date
Amount Needed to Refund $100,000 State Trust Fund Dated 9/15/04
Principal & Interest due on 3/24/11 call date
Less: amount available from 2011 levy (Combined State Trust Funds)
Estimated Issuance Expenses
4,208,700
670,326
267,059
958,777
169,693
78,030
79,661
0
Ehlers & Associates (Financial Advisor - Est)
20,482
17,574
Chapman & Cutler (Bond Counsel - Est)
10,000
10,000
Maximum Discount (Bid Item)'
86,900
64,350
Moody's Investors Service (Rating Fee - Est.)
7,600
6,000
Escrow Agent fee (Estimate)
1,000
0
CPA Verification Fee (Firm)
2,500
0
U.S. Bank (if Term Bond Option Selected)
0
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TOTAL TO BE FINANCED
Estimated Interest Earnings'
Rounding
NET BOND SIZE
8,688,904 6,432,292
0
1,096 3,375
8,690,000 6,435,000
NOTES:
' Maximum underwriter's discount allowed is $10.00 /$1,000. Actual discount determined by competitive bid.
' Assumes temporary investment of available proceeds for 15 days at 0.025 %.
Prepared by Ehlers and Associates, Inc. 2/3/2011
Leaders in Public Finance File: Oshkosh Base Case mlz.xlsx /G.O. Sizing2011 refdg
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