HomeMy WebLinkAbout11. 14-242
MAY27,2014 14-242 RESOLUTION
(CARRIED__7-0______ LOST________ LAID OVER________ WITHDRAWN_______)
PURPOSE: APPROVE RESOLUTION DIRECTING ADVERTISEMENT AND SALE
OF APPROXIMATELY $15,130,000 AGGREGATE PRINCIPAL
AMOUNT OF GENERAL OBLIGATION CORPORATE PURPOSE
BONDS, SERIES 2014-B, 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
INITIATED BY: CITY ADMINISTRATION
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 $6,100,000
for the purpose of acquiring, constructing and improving a building for the housing of
machinery and equipment; and
W, it is considered necessary and desirable by the City Council of the City that
HEREAS
the City borrow money and issue its General Obligation Corporate Purpose Bonds,
Series 2014 in an approximate aggregate principal amount of $15,130,000 (the “Bonds”) for
the purpose of acquiring, constructing and improving a building for the housing of machinery
and equipment and refunding certain outstanding obligations of the City, including the interest
thereon, for which initial resolutions have been adopted; and
14-242
2215838 • CLJ • 5/28/14
WHEREAS, cities are authorized by the provisions of Section 67.12(12) of the Wisconsin
Statutes, as supplemented and amended, to borrow money and to 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 $2,805,000 for the purpose of acquiring, constructing and improving
streets and street improvements, sidewalks, traffic signals and improvements, parks and park
improvements, library 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 2014 in an
approximate aggregate principal amount of $2,805,000 (the "Notes') for the purpose of
acquiring, constructing and improving streets and street improvements, sidewalks, traffic
signals and 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 $8,485,000 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 2014 in an
approximate aggregate principal amount of $8,485,000 (the "Storm Water Revenue Bonds')
1)
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 $6,210,000 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 2014 in an
approximate aggregate principal amount of $6,210,000 (the "Sewer Revenue Bonds') for the
purpose of acquiring, constructing and improving the sanitary sewer system in said City; and
WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate
principal amount of $3,950,000 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 2013 in an approximate
aggregate principal amount of $3,950,000 (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 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 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 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 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 Bonds and the Notes.
Section 3. 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 the 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.
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
c
(Other Business)
There being no further business to come before the City Council it was moved,
seconded and unanimously carried that the City Council adjourn.
/s/ Burk Tower
Mayor
Attest:
/s/ Pamela R. Ubrig
City Clerk
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