HomeMy WebLinkAbout11-47FEBRUARY 8, 2011 11 -47 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER WITHDRAWN )
PURPOSE: 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
INITIATED BY: CITY ADMINISTRATION
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 $16,000,000 for the
purpose of refunding certain outstanding municipal obligations of the City, including the interest
thereon; 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 Refunding Bonds, Series 2011 -A in an
approximate aggregate principal amount of $9,000,000 (the "Refunding Bonds') for the purpose of
refunding certain outstanding municipal obligations of the City, including the interest thereon, for
which an initial resolution has been adopted; and
WHEREAS, it is considered necessary and desirable by the City Council of the City that the
City borrow money and issue its Taxable General Obligation Refunding Bonds, Series 2011 -B in an
approximate aggregate principal amount of $7,000,000 (the "Taxable Refunding Bonds') for the
purpose of refunding certain outstanding municipal obligations of the City, including the 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 $11,015,000 for the
purpose of acquiring, constructing and improving streets and street improvements, garbage,
rubbish and refuse disposal facilities, parking lots and parking facilities, parks and park
improvements 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 2011 -C in an
approximate aggregate principal amount of $11,015,000 (the "Bonds') for the purpose of acquiring,
constructing and improving streets and street improvements, garbage, rubbish and refuse disposal
facilities, parking lots and parking facilities, parks and park improvements 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 $7,070,000 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 2011 -D in an
approximate aggregate principal amount of $7,070,000 (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 necessary that funds be raised by the City in an approximate aggregate
principal amount of $4,400,000 for the purpose of acquiring, constructing and improving projects in
tax increment financing districts 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 Taxable General Obligation Corporate Purpose Bonds,
Series 2011 -E in an approximate aggregate principal amount of $4,400,000 (the "Taxable Bonds')
for the purpose of acquiring, constructing and improving projects in tax increment financing districts,
for which an initial resolution has been adopted; and
WHEREAS, cities are authorized by Section 66.0621 of the Wisconsin Statutes, as
supplemented and amended, to borrow money and to issue revenue bonds to finance any project
undertaken for a public utility and to refund revenue bonds, including interest thereon; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
not to exceed $15,915,000 for the purpose of acquiring, constructing and improving the storm water
sewer system in said City; and
1)
WHEREAS, it is considered necessary and desirable by the City Council of the City that the
City borrow money and issue its Storm Water Utility Revenue Bonds, Series 2011 in an aggregate
principal amount not to exceed $15,915,000 (the "Storm Water Revenue Bonds') for the purpose of
acquiring, constructing and improving the storm water sewer system in said City; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
not to exceed $4,970,000 for the purpose of acquiring, constructing and improving the sanitary
sewer system in said City; and
WHEREAS, it is considered necessary and desirable by the City Council of the City that the
City borrow money and issue its Sewer System Revenue Bonds, Series 2011 in an aggregate
principal amount not to exceed $4,970,000 (the "Sewer Revenue Bonds') for the purpose of
acquiring, constructing and improving the sanitary sewer system in said City; and
WHEREAS, it is necessary that funds be raised by the City in an aggregate principal amount
not to exceed $4,335,000 for the purpose of acquiring, constructing and improving the water
system in said City; and
WHEREAS, it is considered necessary and desirable by the City Council of the City that the
City borrow money and issue its Water Revenue Bonds, Series 2011 in an aggregate principal
amount not to exceed $4,335,000 (the "Water Revenue Bonds') for the purpose of acquiring,
constructing and improving the water system in said 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 Refunding Bonds, the Taxable Refunding Bonds,
the Bonds, the Notes, the Taxable Bonds Storm Water Revenue Bonds, the Sewer Revenue Bonds
and the Water Revenue Bonds for sale, the Finance Director of the City is hereby authorized to
cause appropriate notices 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 Official Statements, including Official Terms of Offering, with respect to the Refunding
Bonds, the Taxable Refunding Bonds, the Bonds, the Notes, the Taxable Bonds, the Storm Water
Revenue Bonds, the Sewer Revenue Bonds and the Water Revenue Bonds.
Section 2. After bids shall have been received for the Refunding Bonds, the Taxable
Refunding Bonds, the Bonds, the Notes, the Taxable Bonds and the Revenue Bonds, 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 Refunding Bond, Taxable Refunding Bond, Bond, Note, Taxable
Bond, Storm Water Revenue Bond, Sewer Revenue Bond and Water Revenue Bond, and will levy
taxes in the specific amount necessary to pay the principal of and interest on the Refunding Bonds,
the Taxable Refunding Bonds, the Bonds, the Notes and the Taxable Bonds.
Section 3. 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 the Refunding Bonds, the Taxable Refunding Bonds, the Bonds, the
Notes, the Taxable Bonds, the Storm Water Revenue Bonds, the Sewer Revenue Bonds and the
Water Revenue Bonds, and the performance of the obligations of the City hereunder and to carry
out and comply with the terms of this Resolution. 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.
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