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HomeMy WebLinkAbout21. 12-190 APRIL 24, 2012 12-190 RESOLUTION (CARRIED____7-0____LOST________LAID OVER________WITHDRAWN________) PURPOSE: 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 INITIATED BY: FINANCE DEPARTMENT W,cities are authorized by Chapter 67 of the Wisconsin Statutes, as HEREAS 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 W, it is necessary that funds be raised by the City of Oshkosh, Winnebago HEREAS County, Wisconsin (the “City”), in an approximate aggregate principal amount of $5,640,000 for the purpose of refunding certain outstanding municipal obligations of the City, including the interest thereon; and W, it is considered necessary and desirable by the City Council of the City that HEREAS the City borrow money and issue its Taxable General Obligation Refunding Bonds, Series 2012-A in an approximate aggregate principal amount of $5,640,000 (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 necessary that funds be raised by the City of Oshkosh, Winnebago County, Wisconsin (the "City'), in an approximate aggregate principal amount of $18,060,000 for the purpose of acquiring, constructing and improving streets and street improvements, a building for the housing of machinery and equipment 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 2012-B in an approximate aggregate principal amount of $12,645,000 (the "Bonds') for the purpose of acquiring, constructing and improving streets and street improvements, a building for the housing of machinery and equipment and projects in tax increment financing districts, for which initial resolutions have 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 Community Development Bonds, Series 2012 in an approximate aggregate principal amount of $5,415,000 (the "Taxable Bonds') for the purpose of acquiring, constructing and improving 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 $5,405,000 for the purpose of acquiring, constructing and improving sidewalks, traffic signals, parks and park improvements, 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 2012-C in an approximate aggregate principal amount of $5,405,000 (the "Notes') for the purpose of acquiring, constructing and improving sidewalks, traffic signals, parks and park improvements, public equipment, public lands and improvements to public lands and public buildings in the City; 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 approximate aggregate principal amount of $11,875,000 for the purpose of acquiring, constructing and improving the storm water 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 Storm Water Utility Revenue Bonds, Series 2012 in an approximate aggregate principal amount of $11,875,000 (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 approximate aggregate principal amount of $6,430,000 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 2012 in an approximate aggregate principal amount of $6,430,000 (the "Sewer Revenue Bonds') for the purpose of acquiring, constructing and improving the sanitary sewer system in said City; and n WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of $5,470,000 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 2012 in an approximate aggregate principal amount of $5,470,000 (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 Bonds, the Taxable Bonds, the Notes, the 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 Bonds, the Taxable Bonds, the Notes, 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 Bonds, the Taxable Bonds, the Notes, the Storm Water Revenue Bonds, the Sewer Revenue Bonds and the Water 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, Bond, Taxable Bond, Note, 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 Bonds and the Notes. 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 Bonds, the Taxable Bonds, the Notes, 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.