HomeMy WebLinkAbout01. Revenue Bond Financing/UWO Foundation Alumni Welcome & Conference Ctr Project CITY HALL
215 Church Avenue
P.O.Box 1130
Oshkosh,Wisconsin Ci
54903-1130 ty of Oshkosh
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TO: Honorable Mayor and Members of the Common Council
FROM: Lynn A. Lorenson, City Attorney
DATE: December 6, 2012
RE: Public Hearing Regarding Revenue Bond Financing to benefit the
University of Wisconsin Oshkosh Foundation, Inc. (Alumni Welcome and
Conference Center Project)
At its November 13, 2012 meeting the Common Council passed an initial resolution
declaring its intent to issue revenue bond financing to assist with the completion of an
alumni welcome and conference center to be located at 625 Pearl Avenue in the City of
Oshkosh as requested by the University of Wisconsin Oshkosh Foundation, Inc. and/or
the UW Oshkosh Foundation Alumni Welcome and Conference Center. The University
Foundation is requesting that the Council hold the public hearing during the December
11, 2012 Council meeting in anticipation of bringing forward a Final Resolution
authorizing the issuance of the bonds at the Council's January 8, 2013 meeting.
Federal and state laws allow municipalities to issue municipal bonds as a conduit issuer
for certain purposes in compliance with all of the law's requirements. The issuance of
these bonds provides a benefit to the underlying organization by providing the
organization funding at a significantly reduced interest rate compared to other types of
financing. The bonds are municipal bonds but are not general obligations of the City
and do not count against the City's borrowing capacity. There is no anticipated fiscal
impact to the City from the proposed borrowing. The City of Oshkosh would not be
liable for payment of principal or interest on the bonds and would not have any ongoing
responsibilities for monitoring or reporting with regard to the bonds or the proposed
projects.
The Public Hearing is a requirement of the Federal Internal Revenue Code and provides
an opportunity for residents of the municipality issuing the bonds to be heard regarding
the proposed project and method of financing.
Res ectfully Submitted, Approved:
Lynn k Lorenson Mark A. Rohloff
City Attorney City Manager