HomeMy WebLinkAbout91-110 , � Res 91-110
The following resolution was introduced by Kutche�^a
and read in full:
RESOLUTION directing the advertisement and sale of
$890,000 Promissory Notes, Series 1991-A, $3,435,000 Cor-
porate Purpose Bonds, Series 1991-A, and $5,500,000 Tax and
Revenue Anticipation Notes, Series 1991, and $875,000
Taxable General Obligation Promissory Notes, Series 1991-A
of the City of Oshkosh.
WHEREAS, it is necessary that funds be raised by the City of Oshkosh,
Winnebago County, Wisconsin (the "City") in the amount of $890,000 for the purpose of
providing for projects undertaken for public purposes including water system
improvements, sidewalks, traffic signals, municipal equipment and property
improvements; and
WHEREAS, cities are authorized by the provisions of Section 67.12(12) of
the Wisconsin Statutes to borrow money and issue promissory notes for the purpose
aforesaid; and
WHEREAS, it is considered necessary and desirable by the City Council of
the City that the City borrow an aggregate amount of $3,435,000 for the purpose of
providing funds for public projects, as set out in various initial resolutions adopted on
March 7, 1991; and
WHEREAS, it is desirable to combine the bonds authorized by the aforesaid
initial resolutions into one issue, as permitted by Section 67.05(13), Wisconsin Statutes;
and
WHEREAS, it is considered necessary and desirable by the City Council of
the City that the City borrow an aggregate principal amount of $5,500,000 for the pur-
pose of anticipating the receipt of certain taxes and revenues to be paid to the City
during the year 1991; and -�-°---°--~--
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� � Res 91-110
. WHEREAS, it is desirable to issue general obligation promissory notes for
the purpose of purchasing land for inclusion in an Industrial Park, as permitted by Section
67.05(5), Wisconsin Statutes and to issue such notes on a taxable basis; and
WHEREAS, it is considered desirable to offer all the aforesaid securities at
one time in order to obtain the best possible terms for the City;
NOW, THEftEFORE, Be It Resolved by the City Couneil of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of offering for sale $890,000 aggregate princi-
pal amount of Promissory Notes, Series 1991-A; $3,435,000 aggregate principal amount
of Corporate Purpose Bonds, Series 1991-A; and $5,500,000 aggregate principal amount
of Tax and Revenue Anticipation Notes, Series 1991; and $875,000 Taxable General
Obligation Promissory Notes, Series 1991-A, the Finance Director of the City is hereby
authorized to cause an appropriate notice of the sale thereof to be published in The
Oshkosh Northwestern, published in Oshkosh, Wisconsin, not later than April 8, 1991. The
Finance Director of the City shall also cause to be prepared and distributed an Official
Statement, including an Official Notice of Sale, with respect to the aforesaid bonds and
notes.
Section 2. After bids shall have been received for said Promissory Notes,
Taxable Promissory Notes, Corporate Purpose Bonds and Tax and Revenue Anticipation
Notes, this City Council will adopt additional proceedings to award the same to the best
bidder, prescribe the terms thereof, and the forms of note and bond and, where
appropriate, levy taxes in the specific amount necessary to pay the principal thereof and
interest thereon.
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Upon motion of Kutchera , seconded by
Jungwirth , the following members voted:
Aye: �ungwirth, Kutchera, Propp, Mather, Pressley, Chapin, Binner
Nay: None
Absent or not voting: None
Adopted March 7, 1991.
Approved March �, 1991.
Recorded March �, 1991.
�
ayor
Attest:
� /1/,t� �,���/aJ�[�
City Clerk
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' Res 91-110
* * �
(Other Business)
There being no further business to come before the City Council it was
moved by Pressley , seconded by Chapin , and un-
animously carried that the City Council adjourn.
�
'1,
or
Attest:
d����� �, ���1���
City Clerk
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STATE OF WISCONSIN )
) SS:
COUNTY OF WINNEBAGO)
I, DONNA C. SERWAS, hereby certify that I am the duly qualified and
acting City Clerk of the City of Oshkosh, Winnebago County, Wisconsin, and as such
official I further certify that attached hereto is a copy of excerpts from the minutes of
the meeting of the City Couneil of said City held on March 7, 1991; that I compared said
copy with the original minute record of said meeting in my official custody; and that said
copy is a true, correct and complete transcript from said original minute record insofar
as said original record relates to the proposed $3,435,000 Corporate Purpose Bonds,
Series 1991-A, $890,000 General Obligation Promissory Notes, Series 1991-A; $5,500,000
Tax and Revenue Anticipation Notes, Series 1991 and $875,000 Taxable General
Obligation Promissory Notes, Series 1991-A of said City.
WITNESS my official signature and the seal of said City this 7th day of
March, 1991.
I �,
City lerk
(SEAL)
EXHIBIT A
NOTICE OF SALE
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
$890,000 PROMISSORY NOTES, SERIES 1991-A
$3,435,000 CORPORATE PURPOSE BONDS, SERIES 1991-A
$5,500,000 TAX AND REVENUE ANTICIPATION NOTES, SERIES 1991
$875,000 TAXABLE GENERAL OBLIGATION PROMISSORY NOTES, SERIES 1991-A
SEPARATE SEALED BIDS for the above Notes, Bonds, Taxable Notes and
Tax and Revenue Anticipation Notes ("TRANS") will be received until 10:30 A.M.,
C.D.T., on April 18, 1991, in the City Hall in the City of Oshkosh. Bids will be opened
and read at 11:00 A.M. Award will be at 7:00 P.M. on said date. The Notes, Bonds and
Taxable Notes are general obligations of the City issued for the purpose of providing
funds for various public purposes. The TRANS are obligations of the City issued for the
purpose of anticipating certain ad valorem taxes in the process of collection, shared
revenues to be paid to the City by the State of Wisconsin, and certain other revenues
expected to be received by the City during 1991 which ordinarily are used for general and
current municipal expenses.
The Notes and Bonds will be in denominations of $5,000 and integral
multiples thereof, in fully registered form, dated May 1, 1991. The TRANS will be in
bearer form, dated May 9, 1991. The Notes, Bonds and TRANS will mature on the dates
and in the amounts as follows:
$890,000 $3,435,000 $875,000
Promissory Notes, Corporate Purpose Bonds, Taxable Promissory Notes
Series 1991-A Series 1991-A SeriPs 1991-A
December 1 December 1 December 1
of the of the of the
Year Amount Year Amount Year Amount
1992 $ 45,000 1992 $ 30,000 1993 $ 10,000
1993 85,000 1993 30,000 1994 10,000
1994 90,000 1994 30,000 1995 10,000
1995 90,000 1995 80,000 1996 10,000
1996 130,000 1996 135,000 1997 10,000
1997 110,000 1997 105,000 1998 10,000
1998 115,000 1998 120,000 1999 10,000
1999 100,000 1999 80,000 2000 805,000
2000 125,000 2000 235,000
2001 270,000
2002 230,000
2003 . 195,000
2004 175,000
2005 16�,000
2006 105,000
2007 305,000
2008 355,000
2009 375,000
2010 420,000
$5,500,000
Tax and Revenue Anticipation Notes,
Series 1991
March 1
of the
Year Amount
1992 $5,500,000
Notes maturing on December 1, 1996, and thereafter are callable for prepayment in
whole, or in part by lot in inverse order of maturity, on December l, 1995, and on any
interest payment date thereafter, at a prepayment price of par plus accrued interest.
Bonds maturing on December 1, 2001, and thereafter are callable for redemption in
whole, or in part by lot in inverse order of maturity, on December 1, 2000, and on any
interest payment date thereafter, at a redemption price of par plus accrued interest.
Taxable Notes maturing on December 1, 2000 are callable for prepayment in whole on
December 1, 1996 and on any interest payment date thereafter at a prepayment price of
par plus accrued interest. The TRANS are callable for prepayment in whole or in part,
on December i, 1991, and on the first day of any month thereafter upon five (5) days
notice, at a redemption price of par plus accrued interest to the date of prepayment.
First Wisconsin Trust Company, in Milwaukee, Wisconsin will be Registrar
and Paying Agent for all issues. Interest on the Notes and the Bonds will be payable on
June 1, 1992, and semiannually thereafter, and interest on the TRANS will be payable at
maturity or prepayment, by check or draft of the Paying Agent.
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, The City will provide at its expense the printed Notes, Bonds and TRANS
and the legal opinion of Chapman and Cutler. The Official Statement, Official Notice of
Sale and Bid Form may be obtained from the undersigned, at City Hall, 215 Church
Avenue, Oshkosh, Wisconsin 54902, telephone (414) 236-5006, or from Springsted
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143,
Attention: Daniel W. Hartman, Vice President, telephone (612) 223-3000.
/s/ Edward A. Nokes
Director of Finance
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EXHIBIT B
OFFtCIAL NOTICE OF SALE
CITY OF OSHBOSH, WINNEBAGO COUNTY, WISCONSIN
$890,000
Promissory Notes, Series 1991-A
$3,435,000
Corporate Purpose Bonds, Series 1991-A
$5,500,000
Tax and Revenue Anticipation Notes, Series 1991
$875,000
Taxable Promissory Notes, Series 1991-A
NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago County,
Wisconsin (the "City"), will receive separate sealed bids only for the above captioned
Promissory Notes ("Notes"), Corporate Purpose Bonds ("Bonds") and Tax and Revenue
Anticipation Notes ("TRANS") and Taxable Promissory Notes ("Taxable Notes") consisting
of four (4) separate issues, until 10:30 A.M., C.D.T., on April 18, 1991. The bids for each
issue will be publicly opened and announeed at 11:00 A.M. in the City Hall in the City of
Oshkosh. Award will be made at a meeting of the City Council of the City at 7:00 P.M.
on said date.
The Notes, Taxable Notes and Bonds, as originally delivered to the
purchaser, will be dated May 1, 1991, will be in fully registered form, and will mature on
the dates and in the amounts as follows:
$890,000 $3,435,000 $875,000
Promissory Notes, Corporate Purpose Bonds, Taxable Promissory Notes
Series 1991-A Series 1991-A Series 1991-A
December 1 December 1 December 1
of the of the oF the
Year Amount Year Amount Year Amount
1992 $ 45,000 1992 $ 30,000 1993 $ 10,000
1993 85,000 1993 30,000 1994 10,000
1994 90,000 1994 30,000 1995 10,000
1995 90,000 1995 80,000 1996 10,000
1996 130,000 1996 135,000 1997 10,000
1997 110,000 1997 105,000 1998 10,000
1998 115,000 1998 120,000 1999 10,000
1999 100,000 1999 80,000 2000 805,000
2000 125,000 2000 235,000
2001 270,000
2002 230,000
2003 195,000
2004 175,000
2005 160,000
2006 105,000
2007 305,000
2008 355,000
2009 375,000
2010 420,000
$5,500,000
Tax and Revenue Anticipation Notes,
Series 1991
March 1
of the
Year Amount
1992 $5,500,000
The TRANS will be dated May 9, 1991, the date of their expected delivery to the
purchaser, will mature in the amount of $5,500,000 on March 1, 1992 and will be in
bearer form.
Notes maturing on December 1, 1996, and thereafter are callable for
prepayment in whole, or in part by lot in inverse order of maturity, on December 1, 1995,
and on any interest date payment thereafter, at a prepayment price of par plus accrued
interest. Bonds maturing on December 1, 2001, and thereafter are callable for
redemption in whole, or in part by lot in inverse order of maturity, on December 1, 2000,
and on any interest payment date thereafter, at a redemption price of par plus accrued
interest. TRANS are callable for prepayment in whole or in part, on December 1, 1991,
and on the first day of any month thereafter at a redemption price of par plus accrued
interest to the date fixed for prepayment, upon five days prior notice. Taxable Notes
maturing on December 1, 2000 are callable for prepayment in whole or in part on
December 1, 1996 and on any interest payment date thereafter at a prepayment price of
par plus accrued interest.
The Notes, Taxable Notes and Bonds, as originally delivered, will be in
denominations of $5,000 each or such integral multiples thereof as may be designated by
the purchaser within one (1) week from the date of sale. The '1'RANS will be in
denominations of ;100,000 or such integral multiples thereof as may be designated by the
purchaser within one (1) day of the date of sale. If the purchaser fails to designate the
denominations, the denominations for original delivery will be determined by the
Director of Finance of the City. After initial delivery, the TRANS will not be
exchangeable for other denominations. First Wisconsin Trust Company, in Milwaukee,
Wisconsin, will act as the Registrar and Paying Agent. Principal will be payable upon
presentation of each Note, Taxable Note, Bond or TRAN at the principal corporate office
of the Paying Agent/Registrar and interest on the Notes, Taxable Notes and Bonds will
be payable by check or draft of the Paying Agent/Registrar mailed to the registered
owner of each Note, Taxable Note or Bond. The City will pay reasonable and customary
charges for the services of the Paying Agent and Registrar. Interest on the Notes
Taxable Notes and Bonds will be payable on June 1, 1992, and semiannually thereafter on
each June 1 and December 1, and interest on the TRANS will be payable at maturity or
prepayment, upon presentation at the office of the Paying Agent/Registrar.
Bidders are requested to name the interest rate or rates the Notes, Taxable
Notes, Bonds and TRANS are to bear in multiples of 1/20th or 1/8th of one percent. No
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rate of interest specified for any maturity shall exceed the rate of interest specified for
any subsequent maturity by more than two percent (296). Une rate of interest shall apply
to all Notes, Taxable Notes and Bonds of the same maturity of an issue. Interest payable
on any Notes, Taxable Notes, Bonds or TRANS on any interest payment date shall be
represented by one (1) rate of interest only. No bid will be considered for less than par
plus accrued interest for each issue.
Unless ell bids for an issue are rejected, the Notes, Taxable Notes Bonds
and TRANS will be awarded by the City Council on the sale date to the bidder whose bid
complies with this notice and results in the lowest net interest cost to the City, to be
determined by computing total interest on the Notes, Taxable Notes and Bonds from
May 1, 1991, and on the TRANS from May 9, 1991 to their respective maturities, and
deducting therefrom the premium bid, if any.
Bids must be accompanied by a certified check or bank cashier's or
treasurer's check or Financial Security Bond ("Bid Bond") in the amount of $15,000 for
the Notes, $15,000 for the Taxable Notes, $70,000 for the Bonds, and $120,000 for the
TRANS, payable in each case to the City Treasurer of the City as a guarantee of good
faith, to be forfeited to the City by the successful bidder as liquidated damages should he
fail to take up and pay for the Notes, Taxable Notes, Bonds or TRANS when ready. A Bid
Bond must be issued by an insurance company licensed to issue such bond in the State of
Wisconsin, pre-approved by the City, and submitted to Springsted Incorporated prior to
the opening of bids. Any Bid Bond must identify each bidder on whose behalf it is
submitted. If the Notes, Taxable Notes, Bonds or Trans are awarded to a bidder using a
Bid Bond, then that purchaser is required to submit its good faith deposit to Springsted
Incorporated in the form of a certified or cashier's check or wire transfer as instructed
by Springsted Incorporated not later than 3:30 P.M., Central Daylight Time, on the
business day next following the award. If such deposit is not received by that time, the
Bid Bond may be drawn by the City to satisfy the deposit requirement.
The good faith check of the bidder whose proposal for an issue is accepted
will be held uncashed until delivery of that issue or forfeiture, and the good faith checks
of the unsuccessful bidders will be returned upon the determination of the best bid. In
the event of the failure of the City to deliver the Notes, Taxable Notes, Bonds or TRANS
to the purchaser in accordance with the terms of this notice within sixty (60) days after
the date of sale, at the option of the purchaser, said good faith check will be returned to
the purchaser promptly.
The Notes, Taxable Notes and Bonds will be the direct general obligations
of the City of Oshkosh payable from unlimited taxes to be levied on all taxable property
in the City. The Notes, Taxable Notes and Bonds are being issued for the purpose of
providing funds for projects undertaken for various governmental purposes. TRANS are
being issued for the purpose of providing funds for general municipal expenses, in
anticipation of receipt by the City of ad valorem taxes, and taxes, revenues and grants to
be paid to the City by the State of Wisconsin and the United States of America.
If the Notes, Taxable Notes, Bonds or TRANS Bonds qualify for issuance of
any policy of municipal bond insurance or commitment therefor at the option of the
bidder, the purehase of any such insurance policy or the issuance of any such
commitment shall be at the sole option and expense of the purchaser. Any increased
costs of insurance resulting from such purchase of insruance shall be paid by the
purchaser, except that, if the City has requested and received a rating from a rating
agency, the City will pay that rating fee. Any other rating agency fees shall be the
responsibility of the purchaser.
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Failure of the municipal bond insurer to issue the policy after the Notes,
Taxable Notes, Bonds or TRANS have been awarded to the purchser shall not constitute
cause for failure or refusal by the purchaser to accept delivery thereof.
The printed Notes, Taxable Notes, Bonds or TRANS and the opinion of
Chapman and Cutler with respect to each issue, together with the transcript, including a
no-litigation certificate dated as of the date of delivery of the issues, will be furnished
to the purchaser at the expense of the City. The successful purchaser will be expected
to pay for the assignment of CUSIP numbers for the issue purchased.
The Notes and Bonds are expected to be available for delivery within forty
(40) days after the sale. The TRANS are expected to be available for delivery on May 9,
1991. Delivery within the continental United States, at the option of the purchaser, will
be made at the expense of the City against payment in immediately available funds.
Simultaneously with or before delivery of the Notes, Taxable Notes, Bonds
and TRANS, the successful bidder shall furnish to the City information acceptable to
bond counsel to facilitate completion of a form 8038-G with respect to the Notes, Bonds
and TRANS.
Separate bids for each issue should be addressed to the undersigned
Director of Finance of the City and should be submitted in a sealed envelope marked "Bid
for Promissory Notes, Series 1991-A,", "Bid for Taxable Promissory Notes, Series 1991-
A", "Bid for Corporate Purpose Bonds, Series 1991-A" or "Bid for Tax and Revenue
Anticipation Notes, Series 1991," as the case may be. Copies of the Official Statement
may be obtained from the undersigned at City Hall, 215 Church Avenue, Oshkosh,
Wisconsin 54902, telephone (414) 236-5006, or from Springsted Incorporated, 85 East
Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143, Attention: Daniel W.
Hartman, Vice President, telephone (612) 223-3000.
The right is reserved to reject any and all bids and to waive informalities in
any bid accepted.
/s/ Edward A. Nokes
Director of Finance
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