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Home My WebLink About13. 13-192 APRIL23,2013 13-192 RESOLUTION (CARRIED___7-0___ LOST________ LAID OVER________ WITHDRAWN_______) PURPOSE: INITIAL RESOLUTION AUTHORIZING NOT EXCEEDING $9,120,000 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 $2,150,000 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 $5,695,000 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. 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 $1,275,000 for the public purpose of financing parking lot 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 the City Manager, the City Clerk, the 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. 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 23, 2013, 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 $2,150,000 streets and street improvements 5,695,000 building for the housing of machinery and equipment 1,275,000 parking lot improvements 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 23, 2013, 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 23, 2013 /s/ Pamela R. Ub City Clerk 1) Funding Details - Draft 2013 CIP as of 11/26/12 Streets /Sidewalks Utilities Assessment Assessment Storm Water Area Pages . Project Amount Amount Amount Other Funding City/Borrowing 2O Year Bonds 10 year Notes Taxable Bands Water Bonds Sewer Bonds Bonds Comprehensive Streets- Utility Improvements 2 -8 $11,827,800 $1,414,100 $321,200 $2,062,700 $2,062,700 $1,629,800 $1,717,200 $4,682,800 Comprehensive Streets - New Development 9 -11 $934,500 $462,300 $460,200 $12,000 - $0 $0 Public Infrastructure - OtherStreets. 12 -13 $50,000 $0 $0 $0 $50,000 $50,000 Public Infrastructure - Other Utilities 14-16 $1,161,800 $0 $549,800 $0 $0 $378,500 $233,500 Public infrastructure - StormWater 17 -20 $11,555,600 $0 $7,500 $1,800,000 $900,000 $900,000 $10,000 $8,838,100 Public Infrastructure - Sewer 21 -22 $1,550,000 $0 $150,000 $0 $0 $1,400,000 Public Infrastructure - Water 23-25 $471,800 $0 $49,900 $0 $0 $421,900 Public Infrastructure- Sidewalks 26-27 $340,000 $258,500 $0 $81,500 $81500 Traffic Improvements 28-29 $105,000 $0 $0 $0 $105,000 $105,000 Park Improvements - 30 -32 $360,000 $160,000 $192,500 $192,500 $7,500 Public Property Improvements - Non - Utility 33-35 $7,079,900 $6,848,900 $5,950,000 $898,900 - $231,000 Public Property Improvements - Utility 36-38 $1,367,500 $508,000 $0 $803,500 $56,000 Major Equipment 39 $4,051,300 $1,180,800 $392,500 $392,500 $416,000 $2,051,000 $11,000 TIF District Improvements 40 -42 $4,373,000 $3,773,000 $600,000 $600,000 TOTALS $45,228,200 $2,134,900 $1,538,600 $7,433,800 $11,233,100 $8,962,700 $1,670,400 $6 00,000 $3,649,700 $5,467,700 $13,770,400 City of Oshkosh, W1 EHLERS General Obligation Bond & Note Sizing Worksheet 40 LEADERS IN PUBLIC FINANCE ISSUE #1 Sale TED Dated TED Capital Projects' Comprehensive Streets - Utility Improvements Public Infrastructure - Other Streets Public Infrastructure - Stormwater Public Property Improvements - Non-Utility Central Garage Reconstruction Parking Lot Improvements Other Public Infrastructure - Sidewalks Traffic Improvements Park Improvements Major Equipment - Non-Utility Airport Business Park Land Acquisition Subtotal Capital Projects Purpose #1 Purpose #2 Purpose #3 2013-A Tax Levy Tax Levy Tax Levy Tax Levy Tax Levy Tax Levy Tax-Exempt ISSUE #2 Sate TED Dated TED 2013-B Tax-Exempt Taxable Estimated Issuance Expenses Ehlers (Financial Advisor) Chapman & Cutler (Bond Counsel) Maximum Discount (Bid Item) Moody's Investors Service (Rating Fee) U.S. Bank (if Term Bond Option Selected) TOTAL TO BE FINANCED 2,150,352 1,272,328 5,699,734 9,122,414 1,131379 173,620 400,775 1,705,774 600,000 Estimated Interest Eamings (781) (463) (2,069) (3,314) (411) (631 (145) (619) 0 Rounding 429 2,125 (2,664) 900 4,032 1,443 (6M 4,845 0 NET BOND OR NOTE SIZE [=� [=� 135 175 000 [=00 000 Prepared by Ehlers 3/25/2013 Leaders in Public Finance File: Oshkosh Base Case Sizing 2013 City of Oshkosh, 1 EHLERS Revenue Bond Sizing Worksheet � LEADERS IN PUBLIC FINANCE ISSUE #3 Sole TBD Dated TBD M f MI l IlBll Capital Projects' Construction Public Property Improvements Major Equipment Subtotal Capital Projects Reserve Fund Adjustments New Reserve Fund Requirement' Less Current Reserve Requirement Net Deposit to Reserve Fund Required Estimated Issuance Expenses Ehlers (Financial Advisor) Chapman & Cutler (Bond Counsel) Underwriter's Discount Moody's Investors Service (Rating Fee) U.S. Bank (if Term Bond Option Selected) TOTAL TO BE FINANCED Estimated Interest Earnings' Rounding NET BOND SIZE 2013 -C Tax - Exempt 15,026,149' (5,164)'; 4; 15,025,4f00 ISSUE #4 Sole TBD Dated TBD 2013 -D Tax - Exempt 3,685,753: 2,310,765 5,996,518 (1,260); (790) (2,050) 507: 25' 532 3,685,000 ',2,310,000 5,995,0(500 NOTES: Capital projects amounts taken from "2013 -2017 Capital Improvements Program" dated 11 -2 -2012 and provided by P. Steeno on 3 -22 -2013. ' Sewer and water assume 125% annual average debt service test. Storm requires MAIDS. Water & sewer calculations exclude Elf loans. 'Assumes temporary investment ofavailable proceeds for 90 days at 0.015 %. ISSUE #5 Sale TBD Dated TBD 2013 -E Tax - Exempt 2,530,737 1,269,967 3,800,705 (1,519); (762)', (2,281)'; 781 i 795 1,576 2,530,000 1,270,000 3,800,0000 Prepared by Ehlers 3/25/2013 Leaders in Public Finance File: Oshkosh Base Case Sizing 2013 City of Oshkosh Finance department 215 Church Ave., PO Box 1130 Oshkosh, Wt 54903 -1130 O.fHKQIH (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 23, 2013 RE: Approve Initial Resolution Authorizing Not Exceeding $9,120,000 General Obligation Bonds of the City of Oshkosh Approve Resolution directing the advertisement and sale of approximately $9;120,000 aggregate principal amount of General Obligation Corporate Purpose Bonds, Series 2013 -A, approximately $1,710,000 aggregate principal amount of General Obligation Promissory Notes, Series 2013 -13, approximately $15,025,000 aggregate principal amount of Storm Water Utility Revenue Bonds, Series 2013, approximately $5,995,000 Sewer System Revenue Bonds, Series 2013, and approximately $3,800,000 Water Revenue Bonds, Series 2013, 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 $9,120,000, includes the following: • Up to $9,120,000 (projects costs of $8,962,700) of tax exempt general obligation corporate purpose bonds to fund projects that call for twenty year borrowing included in the 2013 Capital Improvement Plan (per attached EXHIBIT A) as approved by the Council on November 27, 2012, except the Utility projects for which debt will be issued separately as revenue bonds. In addition, staff is proposing additional borrowing of $26,530,000 through other funding mechanisms as noted below: Up to $1,710,000 (project costs of $1,670,400) of tax exempt general obligation promissory notes for projects that call for ten year borrowing included in the 2013 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 27, 2012, Up to $5,995,000 (project costs of $5,467,700) of sewer revenue bonds for the sewer projects that call for twenty year borrowing included in the 2013 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 27, 2012, Up to $15,025,000 (projects costs of $13,770,400) of storm water revenue bonds for the storm water projects that call for twenty year borrowing included in the 2013 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 27, 2012, and Up to $3,800,000 (projects costs of $3,649,700) of water revenue bonds for the water projects that call for twenty year borrowing included in the 2013 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 27, 2012. 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 Steeno Mark Robloff Finance Director City Manager Funding Derails- Draft 201.3 CIP as of 31/26/12 Streets /Sldewalfcs Udlitles ' Assessment Assmysm ed! Storm Water Q�Q Pdaes PmlectAmount amou" Amount OtherPundtrra C7&5orrowfna 20YrarBofrds 12gonyores Taxableawids WaterOon gw So. iids ¢g-FI& Comprehemwe Streets - Utlllty Improvements 2.8 $11,827,800 $1,414,100 $321,200 - S2,062,700 $2,062,796 $1,629,800 SL717,200 $4,682,800 Comprehensive Streets - New Development 9.11 $934500 $462,300 $460,200 $12,000 - $0 $0 _ Public lnfmsavcture - OtherSweets. 12.13 $50,000 SO $6 $o 550,000 $50,600 Public Infrastructure - OtherUtilities 14.16 •$L161,800 $0 5549,800 $0 SO $378500 S733S00 Public infrastructure - StormWater 17.20 $11,555,600 $0 $7,SD0 $L800A00 $900,000 $900,OOQ $10,000 $8,838,100 Public lnftasuucture -Sewer 21 -22 51550,000 $D $150,000 $o $0 $1,400,000 Public lnfranructure -Water 23 -25 $471,800 $D 549,900 $o $D $421,900 Public lnfras ; r=rxe - Sidewalks 26 -27 $340,000 $258500 $0 SB7.,500 $81500 Traffic Improvements - 28.29 $105,006 $0 Sa $0 $105,000 5105,000 Park Improvements 36 -32 $360,000 $166,600 5192500 5192,500 $7500 Public Propertv Improvements - Non- Utlflry 33 -35 57,079500 $6,848,900 $5,950,000 5898,900 52SLOOD PubllcPro ertylmprovements- Utllkv 36 -38 $1,367,500 $508,060 $o 5803,500 556,000 Ma cr Equipment 39 54,651,300 $1,180 $392500 S392,50o $416,000 $10514000 $SL00o TtF District improvements 40 -42 54,373,000 53,773,000 $600,000 $600,006 TOTALS 565,278,200 $2,134,900 $1,538,6170 $7,433,866 $13,233,300 $8,9 $1,670,400 5600,000 $2,649,700 $5,467,700 $13,770,400 Q City of Oshkosh, Wl ja EHLERS General Obligation Bond & Note Sizing Worksheet 9 eAXCt ISSUE 01 ISSUE x 2 Sale TSD Sale TBD Dated r9D Doted rSD � a rl d Lottr r Hoasfn arMach 4 j - 1 Stmt G.O cote i t� � ` '� - "' '_, � lssary - StoteTrtutfund. PRE —SALE ESTIMATE a o ,* 6ener�r „ T ° f'� t wan a . rmprovemerres _� .... Frn!!lNes & E9a1P• Purpose 01 Purpose t12 Purpose $t3 2013 -A 2013 -B Tax Levy Tax levy Tax Levy Taff Levy Tax Levy Tax levy capital Projects Tax-Exempt Tax' Exempt Taxable Comprehensive Streets- Utility Improvements 2,062700 C[°"' Publiclnfrastructure - Other Streets ..$0000 h - 50000, a - PubllcInfrastructure - Stormwater 900,000 - 900000! " ,. I II x> Non-Utility Public Property Improvements- Central Garage Reconstruction .. 5,600,000 - S,600 Parkin Lot Improvements ,f 350,000 35000D Other .. 0 728 900 70 000 B9890D �" Y W Public Infrastructure - Sidewalks E5 105 000 105 000 Traffic Improvements D 6 192500 I, ']92,500'' Park Improvements ; aj Al rEgtsipment• Non -Udlit i, _e r ' : N _ 0 3923D0 7 : ;342,500 rp ort Business Park Land A vlsi[roh .:Cry .. - .'WA'= _ - ' -'- - 0 - i - ..600,00D Subtotal capital Projects .2,112,7W �, :1,L3?pW _ m = L, L_M,962,700 ..'1 .107.900 - ':.,x=;370 �392,500� 0: _,_ MR0,40 Estimated Issuance Expenses ....- �—�- -. - -T _ Ehlers (Financial Advisory :4,396 - :2 ]1,645;1 '. 18,648 - - 5 ,867 5 2,068 Chapman &Cutler (bond Counsel) '2,829 1,678 7493 ` } -- _ 12,000 3,982 4 1,404' 6,000: Maximum Discount {Bidltem} I b. ,875 >„ ¢,938 71XB8� 114,000 - -.1].350 �,., 4,000' - 17,100. Moody's Investors Service {Rating Fee) b ,"375.. a ° .x;001 s w i 14316 1,782 -1 628 2,684 US. Bank (if Term Sand option Selected) 750 498_ ___- 175 _750 "'A TOTAL TO BE FINANCED ,.. -211:50352 ..' + -- - �nY .. 5, 699.734 .9222;614 -:: -- :1.111 179 -.. ':173.620.. „"'$ 40 0, 7 75 1 ,705,774 .ti':600A00 Estimated Interest Earnings' RaundlnH 429 ___.�.3� �._ �. - ................:.. ...._.. .� .�.._.�.�...!.._..r._ ,.u.- -- ...r1,664�- r':9G4 ^, '-= 4032 .. .�..w._1.443. 630^ '.; .'..'.aA45 NET BOND OR NOTE SIZE ?'150;000' 1,275.000 5.695.000 4.]30;000: .. 175.000` „„:.:." "400.000" �.. 7:7Y0,000 fi00;000,. NOTES: s [apltal pro}acta amounts taken fmm'2013 -2017 Capiral Imp —moms Program' dated 11- 2 -2D12 and provlded 6y PA U— otr 322 -2013. , Makmum allowable diamunt of 1-25% for t Series 2013Aeehds, and 1.0%for theserim 20139 Notes. ' Assumes temporary Investment of wallabfe proceeds for 90 days at 0.01596 Prepared by Ehlers 3/25/2013 Leaders in Public Finance File: Oshkosh Base Case Sizing 2013 City of Oshkosh, W1 EHLERS VJ rT1�VJ rl Revenue Bond Sizing Worksh ltAn CRS IN PUBLIC FINANCE Reserve Fund Adjustments New Reserve Fund Requirement Less Current Reserve Requirement Net Depositto Reserve Fund Required Estimated Issuance Expenses Ehlers (Financial Advisor) Chapman & Cutler (Bond Counsel) Underwriter's Discount Moody's Investors Service (Rating Fee) US. Sank (if Term Bond Option Selected) TOTAL TO BE FINANCED Estimated Interest Earnings Rounding NET BOND SIZE ISSUE #3 ISSUE #5 ISSUE #4 Sale TSD Sale TBD Dated T&D Sale TSD ° Teo Yea Dated TSD AmorhraRro Amortization. , Dated TSD PRE -SALE ESTIMATE sta�inwater '' rwerttyr en ea ft 2013 -E R AmorGZatlort olon .. 2013 -C 2013 -D Capital Projects' Tax- Exempt Tax- Fxempt Construction ( ,528,400, 3,360 700 77 " SAO Public Property Improvements 731,000.' P wk ; 56000: t ,000 Major Equipment ' °'11,000'1 2,051,000. Subtotal Capital Projects -- 3.360, 1 2 ,107,000 Reserve Fund Adjustments New Reserve Fund Requirement Less Current Reserve Requirement Net Depositto Reserve Fund Required Estimated Issuance Expenses Ehlers (Financial Advisor) Chapman & Cutler (Bond Counsel) Underwriter's Discount Moody's Investors Service (Rating Fee) US. Sank (if Term Bond Option Selected) TOTAL TO BE FINANCED Estimated Interest Earnings Rounding NET BOND SIZE 430 00 -� Tr 803,500 N O 416.000- -32 :43 _, 100 3,385,789 1180,032 :.739,722 1,919 5? ,641995 82443 {2 373 365) (930,237), (583,734) (1598,0$3) 802 2001 3 Z 400 283) ", 4 1,012,424 249 ,795 156 ,588 406 83 °43 ,912s LK.22.043 '65 ;955°'. NOTES: i Capital protects amounts taken from "20132017 Capinl improvements Program" dated 11 -2 -2012 and provided by P. Steen on 3 -22 -2013. Sewer and water assume 125% annual avenge debt service test storm requires MASS. Water & sewer calculations exclude EIF loans. 'Assumes temporary investment of avallable proceeds for 90 days at 0.015'x. Prepared by Ehlers 3/25/2013 Leaders in Public Finance File: Oshkosh Base Case Sizing 2013 ISSUE #5 Sale TSD Dated T&D Twerrgr eo ° Teo Yea water f eieriuq AmorhraRro Amortization. , Bo 2013 -E Tax - Exempt 430 00 -� Tr 803,500 N O 416.000- -32 :43 _, 100 3,385,789 1180,032 :.739,722 1,919 5? ,641995 82443 {2 373 365) (930,237), (583,734) (1598,0$3) 802 2001 3 Z 400 283) ", 4 1,012,424 249 ,795 156 ,588 406 83 °43 ,912s LK.22.043 '65 ;955°'. NOTES: i Capital protects amounts taken from "20132017 Capinl improvements Program" dated 11 -2 -2012 and provided by P. Steen on 3 -22 -2013. Sewer and water assume 125% annual avenge debt service test storm requires MASS. Water & sewer calculations exclude EIF loans. 'Assumes temporary investment of avallable proceeds for 90 days at 0.015'x. Prepared by Ehlers 3/25/2013 Leaders in Public Finance File: Oshkosh Base Case Sizing 2013