HomeMy WebLinkAbout20. 12-189
APRIL 24, 2012 12-189 RESOLUTION
(CARRIED___7-0_____LOST________LAID OVER________WITHDRAWN________)
PURPOSE: APPROVE INITIAL RESOLUTION AUTHORIZING NOT
EXCEEDING $23,700,000 GENERAL OBLIGATION
BONDS OF THE CITY OF OSHKOSH
INITIATED BY: FINANCE DEPARTMENT
B I R by the City Council of the City of Oshkosh, Winnebago County,
ETESOLVED
Wisconsin, that there shall be issued the general obligation bonds of said City in an aggregate
principal amount not exceeding $4,185,000 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.
B IF R by the City Council of the City of Oshkosh, Winnebago
ET URTHERESOLVED
County, Wisconsin, that there shall be issued the general obligation bonds of said City in an
aggregate principal amount not exceeding $3,050,000 for the public purpose of providing a
building for the housing of machinery and equipment. 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.
B I FR by the City Council of the City of Oshkosh, Winnebago
ETURTHER ESOLVED
County, Wisconsin, that there shall be issued the general obligation bonds of said City in an
aggregate principal amount not exceeding $10,825,000 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 $5,640,000 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.
Be it further resolved that the City Clerk is directed to publish notice of adoption of the
foregoing Initial Resolutions, one time in the official city newspaper, not later than May 8,
2012, such notice to be in substantially the form as follows:
OFFICIAL NOTICE TO ELECTORS
OF ADOPTION OF
INITIAL RESOLUTIONS
Initial resolutions were adopted at the regular meeting of the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, on April 24, 2012, and promptly recorded, providing for the
issuance of general obligation bonds of the City in the amounts and for the public purposes, as follows:
AMOUNT PURPOSE
$ 4,185,000 streets and street improvements
3,050,000 building for the housing of machinery and equipment
10,825,000 projects in tax increment financing districts
For the purpose of paying the various installments of principal of and interest on the aforesaid
bonds as they severally mature, prior to their issuance and delivery there shall be levied on all taxable
property in the City a direct annual irrepealable tax sufficient for that purpose.
The bonds authorized to be issued by the various Initial Resolutions set out above, shall be
issued by the City of Oshkosh unless, before 4:00 P.M., on May 24, 2012, a petition is filed in the
office of the City Clerk by electors numbering at least ten percent (10%) of the votes cast for governor
in the City at the last general election requesting that the initial resolution be submitted to the electors.
Dated: April 24, 2012
/s/ Pamela R. Ubrig
City Clerk
* *
City of Oshkosh
Finance Department
215 Church Ave.,PO Box 1130
Oshkosh,WI 54903-1130
OIHKOIH (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: April 24, 2012
RE: Approve Initial Resolution Authorizing Not Exceeding $23,700,000 General Obligation
Bonds of the City of Oshkosh
Approve Resolution directing the advertisement and sale of approximately $5,640,000
aggregate principal amount of Taxable General Obligation Refunding Bonds, Series
2012-A, approximately $18,060,000 aggregate principal amount of General Obligation
Corporate Purpose Bonds, Series 2012-B, approximately $5,405,000 aggregate
principal amount of General Obligation Promissory Notes, Series 2012-C,
approximately $11,875,000 aggregate principal amount of Storm Water Utility Revenue
Bonds, Series 2012, approximately$6,430,000 Sewer System Revenue Bonds,
Series 2012, and approximately$5,470,000 Water Revenue Bonds, Series 2012, 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$23,700,000, includes the following:
• Up to $12,645,000 (projects costs of$12,437,600) of tax exempt general obligation
corporate purpose bonds to fund projects that call for twenty year borrowing included in the
2012 Capital Improvement Plan (per attached EXHIBIT A) as approved by the Council on
November 22, 2011, except the Utility projects for which debt will be issued separately as
revenue bonds,
• Up to $5,415,000 (project costs of$5,300,000) of taxable general obligation corporate
purpose bonds to fund projects that call for twenty year bonds included in the 2012 Capital
Improvement Plan(EXHIBIT A) as approved by the Council on November 22, 2011, and
• Up to $5,640,000 needed to refinance existing debt(per attached EXHIBIT B).
In addition, staff is proposing additional borrowing of$29,180,000 through other funding mechanisms
as noted below:
• Up to $5,405,000 (project costs of$4,680,000 plus $635,000 of refunding notes) of tax
exempt general obligation promissory notes for projects that call for ten year borrowing
included in the 2012 Capital Improvement Plan (EXHIBIT A) as approved by the Council on
November 22, 2011,
• Up to $6,430,000 (project costs of$5,872,000) of sewer revenue bonds for the sewer projects
that call for twenty year borrowing included in the 2012 Capital Improvement Plan
(EXHIBIT A) as approved by the Council on November 22, 2011,
• Up to $11,875,000 (projects costs of$10,960,000) of storm water revenue bonds for the
storm water projects that call for twenty year borrowing included in the 2012 Capital
Improvement Plan(EXHIBIT A) as approved by the Council on November 22, 2011, and
• Up to $5,470,000 (projects costs of$5,107,100) of water revenue bonds for the water projects
that call for twenty year borrowing included in the 2012 Capital Improvement Plan
(EXHIBIT A) as approved by the Council on November 22, 2011.
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:
Peggy Peggy Mark Rohloff
Finance Director City Manager
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EXHIBIT B
City of Oshkosh, WI 0 EHLERS
Taxable G.O. Refunding Bond Sizing Worksheet
Txbi G.O.Rfdg, I
Series 2012-A
Refunding
Amount Needed to Advance Refund$1,420,000 Taxable G.O.Bonds,Series 2003C
Estimated cost of Escrow 970,537
Less:Tax Increments from TIDs 13, 16,17&20-Budgeted 2012 Payments on Existing Bonds (26,363)
Amount Needed to Refund$1,163,000 State Trust Fund Loan dated 12/20/05
Principal&Interest due on 6/25/12 call date 914,660
Amount Needed to Refund$656,000 State Trust Fund Loan dated 12/20/05
Principal&Interest due on 6/25/12 call date 515,883
Amount Needed to Refund$1,419,815 State Trust Fund Loan dated 1/28/08
Principal&Interest due on 6/25/12 call date 1,249,452
Amount Needed to Refund$1,322,463 State Trust Fund Loan dated 4/21/09
Principal&Interest due on 6/25/12 call date 992,954
Amount Needed to Refund$792,933 State Trust Fund Loan dated 11/10/09
Principal&Interest due on 6/25/12 call date 660,558
Amount Needed to Refund$256,068 State Trust Fund Loan dated 9/13/10
Principal&Interest due on 6/25/12 call date 240,389
Total Amount Needed for Refunding 5,518,071
Estimated Issuance Expenses
Ehlers&Associates(Financial Advisor) 19,284
Chapman&Cutler(Bond Counsel) 15,000
Maximum Discount(Bid Item)' 56,250
Moody's Investors Service(Rating Fee) 11,500
Escrow Agent Fee(Estimate) 1,000
Open Market Purchasing Agent 2,000
U.S.Bank(if Term Bond Option Selected) 675
TOTAL TO BE FINANCED 5,623,780
Estimated Interest Earnings2 (320)
Rounding 1,540
NET BOND SIZE 5,625,000
NOTES:We want to add$15,000 more in the authorizing resolution incase escrow/refunding costs increase
'Maximum underwriter's discount allowed is$10/$1,000 for the Bonds. Actual discount determined by competitive bid.
'Assumes temporary investment of available proceeds for 20 days at 0.015%.
Prepared by Ehlers 4/19/2012
Leaders in Public Finance File: Oshkosh Base Case_2012-4-10/Rfdg Sizing Detail