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Home My WebLink About90-49 r Res. #90-49 CITY OF OSHKOSH, WISCONSIN ZNITIAL RESOLUTION FOR REVENUE BONDS WHEREAS, the City of Oshkosh, Wisconsin (the "Municipality" ) is authorized by Wisconsin Statutes including, without limitation, Section 66. 521 and Chapter 67 to issue Bonds to finance costs of certain projects including printing facilities ; and WHEREAS, Service Litho-Print, Inc. , a Wisconsin corporation, Alden G. Ferguson and/or Susan A. Ferguson ( individually, or as part of any combination, joint venture or partnership, the "Borrower" ) , wish to pursue the expansion of an existing facility in the Municipality and make related improvements ( the "Project" ) for use in connection with the printing facility presently operated by Service Litho-Print, Inc. and for related service activities; and WHEREAS, the Borrower has asked the Municipality to indicate its intention to provide financing for all or a portion of the Project before it proceeds; WHEREAS, the Borrower has represented that it presently expects the Project to create fifteen new jobs and maintain seventy- three present jobs in the Municipality; WHEREAS, the Project will benefit the Municipality. NOW, THEREFORE, IT IS RESOLVED: 1. To encourage the Borrower to undertake the Project, the Municipality will pursue a financing plan ( the "Financing" ) under which it will: (a) issue and sell to one or more purchasers obligations, in one or more series, in an amount not to exceed $350, 000 ( the "Bonds" ) and (b) enter into one or more revenue agreements with the Borrower providing the Municipality with revenue sufficient to pay the principal of, pr�mium, if any� and interest on the Bonds when due and requiring the Borrower to provide the portion of the Project to be financed with the Bonds; 2 . The Bonds shall never constitute an indebtedness of the Municipality within the meaning of any state constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Municipality or its officers or a charge against the Municipality ' s general credit or taxing powers . 3 . The appropriate officers of the Municipality are authorized to negotiate the terms of the Financing and all related documents. The terms of the Financing and all related documents will be subject to this Resolution and the Act and will not be binding until r 1 (a) the details of the Financing and the issuance of the Bonds are approved and authorized by further resolution of this Common Council ; (b) the procedural requirements for the issuance of the Bonds have been met; and (c) all documents required in connection with the Financing have been duly executed and delivered by the parties. 4 . The Clerk is directed to (a) publish the Notice to Electors in substantially the form attached to this Resolution as a class 1 notice under Wisconsin Statutes Chapter 985, in a newspaper eligible to make such publication for the Municipality and (b) file with the Secretary of the Department of Development of the State of Wisconsin a copy of this Resolution and a copy of the Notice to Electors . Adopted �-�rj � �q , 1990 � � ,. ; � . � City Clerk Approved �-�)�� , 1990 � r' Mayor c,�� MUF/556/00001400-8 041790/2 -2- NOTICE TO ELECTORS OF THE CITY OF OSHKOSH, WISCONSIN On April 19, 1990 the Common Council of the City of Oshkosh, Wisconsin (the "Municipality" ) , adopted an initial resolution pursuant to Wisconsin Statutes Section 66. 521 stating the intent of the Municipality ( i ) to issue revenue bonds in one or more series in an amount not to exceed $350, 000 for the purpose of financing all or a portion of the costs related to the expansion of an existing facility in the Municipality and the making of related improvements ( the "Project" ) to be used in connection with the printing facility presently operated by Service Litho-Print, Inc. , a Wisconsin corporation, and for rela�ed s�rvice activities; ard ( ii) to enter into one or more related revenue agreements with Service Litho-Print, Inc. , Alden G. Ferguson and/or Susan A. Ferguson ( individually, or as part of any combination, joint venture or partnership, the "Borrower" ) . IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM A REVENUE AGREEMENT OR AGREEMENTS RELATING TO THE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF THE REVENUE AGREEMENT OR AGREEMENTS, AS OTHERWISE AUTHORIZED BY THE MUNICIPALITY AND PERMITTED BY LAW. THE BONDS WOULD NOT CONSTITUTE AN INDEBTEDNESS OF THE MUNICIPALITY WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION AND WOULD NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE MUNICIPALITY OR ITS OFFICERS OR A CHARGE AGAINST THE MUNICIPALITY' S GENERAL CREDIT OR TAXING POWERS. The Borrower has represented to the Municipality that it presently expects the Project to create fifteen new jobs and maintain seventy-three present jobs in the Municipality. The resolution may be inspected by any elector of the Municipality at the office of the City Clerk, City Hall, 215 Church Avenue, Oshkosh, Wisconsin, during bu�iness hours. Wisconsin Statutes Section 66 . 521( 10) (d) reads as follows with respect to the opportunity to petition for a referendum upon the question of the issuance of the Bonds: " (d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for such bonds, a petition, signed by not less than 5� of the registered electors of the municipality, or, if there is no registration of electors in the municipality, by 10$ of the number of electors of the municipality voting � for the office of governor at the last general election as determined under s. 115. 01( 13 ) , is filed with the clerk of the municipality requesting a referendum upon the question of the issuance of the bonds . If such a petition is filed, the bonds shall not be issued until approved by a majority of the electors of the municipality voting thereon at a general or special election. " Dated: % i � , 1990. ,� ---��'�LZ�� ,�'�� City Clerk Si.iBh'ITTED BY A ^JV;�'y _____ ----__.__ � MUF/556/00001400-14 ~� 041790/2 -2- � � � U .� .� � > -I-� S-. N N � t/') 'D\ C tn f--� "� C S- O O O� L� N C � �.--. O C � •,-+ N U .�� +> > C F- ^' d' ~ Ol OW W � O +� -I--� � Q Q �Z tt � C C 1 a' �•.-� O E � pl Ol �--� Q d �- � � O 1 Z �W •,� �-" O .-+ O t--� +� N � •� � �' N •�--� > � � I- � � �-�i p J Q � U