HomeMy WebLinkAbout10. 14-241
MAY27,2014 14-241 RESOLUTION
(CARRIED__7-0______ LOST________ LAID OVER________ WITHDRAWN_______)
PURPOSE: APPROVE INITIAL RESOLUTION AUTHORIZING NOT EXCEEDING
$15,130,000 GENERAL OBLIGATION BONDS OF THE CITY OF
OSHKOSH
INITIATED BY: CITY ADMINISTRATION
B IR by the City Council of the City of Oshkosh, Winnebago County,
ET ESOLVED
Wisconsin, that there shall be issued the general obligation bonds of said City in an aggregate
principal amount not exceeding $6,100,000 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 $9,030,000 for the public purpose of refunding
certain outstanding obligations of said City, including 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.
BIFRby the City Council of the City of Oshkosh, Winnebago
E T URTHER ESOLVED
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.
Upon motion of Council Member seconded by Council Member
the following members voted:
AYE:
NAY:
ABSENT OR NOT VOTING:
Adopted May 27, 2014.
Approved May 27, 2014.
Recorded May 27, 2014.
/s/ Burk Tower
Mayor
Attest:
/s/ Pamela R. Ubrig
City Clerk
The City Clerk was then directed to publish notice of adoption of the foregoing Initial
Resolution relating to $6,100,000 aggregate principal amount of general obligation bonds one
time in the official city newspaper, not later than June 10, 2014, such notice to be in
substantially the form as follows:
OFFICIAL NOTICE TO ELECTORS
OF ADOPTION OF
INITIAL RESOLUTIONS
An initial resolution was adopted at the regular meeting of the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, on May 27, 2014, and promptly recorded, providing
for the issuance of general obligation bonds of the City in the amount of $6,100,000 and for
the public purposes 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 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 June 26, 2014, 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: May 27, 2014
/s/ Pamela R. Ubrig
City Clerk
City of Oshkosh
Finance Department
215 Church Ave., PO Sox 1130
Oshkosh. W1 OfHKI..CJ H 9 0)236-5006 90(920)236-5039 FAX
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: May 27, 2014
RE: Approve Initial Resolution Authorizing Not Exceeding$15,130,000 General Obligation
Bonds of the City of Oshkosh
Approve Resolution directing the advertisement and sale of approximately
$15,130,000 aggregate principal amount of General Obligation Corporate Purpose
Bonds, Series 2014-13, approximately$2,805,000 aggregate principal amount of
General Obligation Promissory Notes, Series 2014-C, approximately$8,485,000
aggregate principal amount of Storm Water Utility Revenue Bonds, Series 2014-A,
approximately$6,210,000 Sewer System Revenue Bonds, Series 2014-D, and
approximately$3,950,000 Water Revenue Bonds, Series 2014-E, 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$15,130,000, includes the following:
• Up to $15,130,000 (projects costs of$6,000,000 and $9,049,530 advance refunding for the
2004A and 2006A G.O.Bond) of tax exempt general obligation corporate purpose bonds to
fund projects that call for twenty year borrowing included in the 2014 Capital Improvement
Plan(per attached EXHIBIT A) as approved by the Council on November 26, 2013, except
the Utility projects for which debt will be issued separately as revenue bonds.
In addition, staff is proposing additional borrowing of$21,450,000 through other funding mechanisms
as noted below:
• Up to $2,805,000 (project costs of$3,741,200 which includes the equipment fund levy of
$1,000,000) of tax exempt general obligation promissory notes for projects that call for ten
year borrowing included in the 2014 Capital Improvement Plan (EXHIBIT A) as approved by
the Council on November 26, 2013,
• Up to $6,210 ,000 (project costs of$5,597,000) of sewer revenue bonds for the sewer
projects that call for twenty year borrowing included in the 2014 Capital Improvement Plan
(EXHIBIT A) as approved by the Council on November 26, 2013,
• Up to $8,485,000 (projects costs of$7,741,100)of storm water revenue bonds for the storm
water projects that call for twenty year borrowing included in the 2014 Capital Improvement
Plan(EXHIBIT A) as approved by the Council on November 26,2013, and
Up to $3,950,000 (projects costs of$3,698,600)of water revenue bonds for the water projects
that call for twenty year borrowing included in the 2014 Capital Improvement Plan
(EXHIBIT A) as approved by the Council on November 26, 2013.
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:
lvncL
Trena Larson Mark Rohloff
Finance Director City Manager
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