HomeMy WebLinkAbout90-24 � � Res. #90-24
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in regular, open, public session at its regular meeting place on April 19, 1990, at 7:00
o'clock P.M., with the following members present:
Don H. Kutchera, Kathleen M. Propp, James A. Mather, Donald W. Pressley and
Thomas J. Binner
and the following members absent:
Robert C. Jungwirth and Floyd R. Chapin
* * * *
(Other Business)
The City Clerk stated that one purpose of the meeting was the con-
sideration of proposals received for the purchase of =1,200,000 aggregate principal
amount of Promissory Notes, Series 1990-A, of the City of Oshkosh, pursuant to sealed
bids.
Thereupon the following resolution was introduced by Binner
and read in full, and, pursuant to motion made by Kutchera and
seconded by Pro�p , was adopted by the following vote:
Aye: Kutchera, Pro
pp, Mather, Pressley
Present: Binner
Nay: None
Absent or Not Voting:
Jungwirth, Chapin
REs. #90-24
RESOLUTION determining to borrow $1,200,000 and to issue
Promissory Notes, Series 1990-A, of the City of Oshkosh,
Winnebago County, Wisconsin, in such amount, providing
details, prescribing the form of note, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, cities are authorized by the provisions of Section 67.12(12),
Wisconsin Statutes, to issue promissory notes for projects undertaken for public purposes;
and
WHEREAS, cities, in the exercise of their public powers, ordinarily provide
for traffic signals, sidewalks, municipal equipment, municipal buildings and building
improvements; and
WHEREAS, it is considered necessary and desirable by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin (the "City"), that the City borrow the
aggregate principal amount of $1,200,000 for the public purposes aforesaid and that the
City issue its promissory notes to evidence the indebtedness thereby incurred; and
WHEREAS, pursuant to advertisement, sealed bids were received for the
purchase of such promissory notes in said aggregate principal amount until 10:30 A.M.,
C.D.T., on April 19, 1990, which bids were publicly read at 11:00 a.m. and are as follows:
Name of Bidder Net Interest Rate
First Wisconsin :Vational Bank of Milwaukee,
Milwaukee, WI $620,654.55 - 7.0329�
Northern Trust Co. , Chicago, IL 622,317.29 - 7.0517
Robert W. Baird � Co. , Milwaukee, WI 625,951.52 - 7.0929
; and
WHEREAS, the bid of First ti�isconsin National Bank of Milwaukee ,
of Milwaulcee , Wisconsin , and
associates at a price of $ 1,200,270.45 plus accrued interest to the date of delivery,
was the best bid submitted, which bid is as follows:
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' BID FOBM
1�'�MBERS OF THE CITY COUNCIL April 19, 1990
CITY OF OSHKOSH, WISCONSIN
We offer to purchase the $1,200,000 Promissory Notes, Series 1990A,
of the City of Oshkosh, Wisconsin, to be dated May i, 1990, and offered
for sale on the above date, on the terms and conditions stated in the
Official Notice of Sale and the Official Statement therefor, for a price
of $. 1,200,270.45 (not less than $1,200,000) and accrued interest to
date of delivery. The Notes of the various maturities to bear interest
at the following annual rates:
$�Qy for Notes due December 1, 1991
�_noY. for Notes due December 1, 1992
�_�ny for Notes due December 1, 1993
g nnY. for Notes due December 1, 1994
8.009: for Notes due December 1, 1995
6•$ Y. for Notes due December 1, 1996
6.9 9� for Notes due December 1, 1997
7•0 % for Notes due December 1, 1998
7•0 % for Notes due December 1, 1999
Our computation of the total amount of interest from date of issue to
maturity represented by the interest rates specified above, and of the
net interest cost of this bid, while not a part of this bid, are set
forth below.
This bid is made for prompt acceptance and sub�ect to the conditions
of the Official Notice of Sale. We enclose, herewith, our certified or
bank cashier's check or treasurer's check, in the amount of $20,000,
which is to be held by the City pending compliance with the conditions of
this bid.
Respectfully submitted,
First Wisconsin idational Qank
f Manager
�-
__�
By
Interest Computation
We compute the total amount of interest from date of issue to
maturity, represented by the interest rates specified in the bid, to be
$ 620,654.55 for a Net Rate of 7.0329 %,
The foregoing bid is hereby accepted by and on behalf of the City of
Oshkosh, Wisconsin this 19th day of April, 1990.
City Manager
Director of Finance/Treasurer
� ' Res. #90-24
NOW, THEREFORE, Be It Resolved by the City Couneil of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Definitions. For all purposes of this Resolution, except as
otherwise expressly provided herein or unless the context otherwise requires, the terms
defined in this Section 1 shall have the meanings set forth below, and shall include the
plural as well as the singular.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"Note" or "Notes" shall mean one or more of the Promissory Notes, Series
1990-A, authorized to be issued by the terms of this Resolution.
"Note Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Notes.
"Registrar" shall mean First Wisconsin Trust Company, in Milwaukee,
Wisconsin, or a successor designated as Registrar hereunder.
"Resolution" shall mean this resolution as adopted by the Governing Body of
the City.
Section 2. Authorization. The issuance of $1,200,000 aggregate prineipal
amount of promissory notes is hereby authorized for the purpose of providing funds in the
amounts and for the purposes, ineluding finaneing costs, as follows:
Amount Pur ose
$ 66,000 Traffic Signals
44,000 Sidewalks
978,000 Equipment Purchases
112,000 Municipal Buildings and Building
Improvements
The Notes shall be designated "Promissory Notes, Series 1990-A," shall be dated May ],
1990, as originally issued, and shall also bear the date of their authentication by the
Registrar. The Notes shall be in fully registered form, shall be in denominations of
$5,000 each and integral multiples thereof, shall be numbered consecutively from one
upward, shall mature on December 1 of each of the years and shall bear interest at the
rates per annum as follows:
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� � Res. #90-24
Year Amount Interest Rate
1991 $ 10,000 8.0 %
1992 50,000 8.0 96
1993 30,000 8.0 %
1994 30,000 8.0 96
1995 85,000 8.0 96
1996 260,000 6.8 %
1997 270,000 6.9 96
1998 255,000 7.0 %
1999 210,000 7.0 %
Section 3. Interest; Payment Provisions. The Notes shall bear interest
from their date or from the most recent interest payment date to which interest has
been paid or duly provided for, at the interest rates set out above, such interest (com-
puted upon the basis of a 360-day year of twelve 30-day months) being payable on June 1
and December 1 of each year, commencing on June 1, 1991. Interest on each Note shall
be paid by check or draft of the Registrar to the person in whose name such Note is
registered at the close of business on the fifteenth day of the calendar month next
preceding the applicable interest payment date. The principal of each Note shall be
payable in lawful money of the United States of America upon presentation and surrender
of such Note at the principal corporate trust office of the Registrar in Milwaukee,
Wisconsin.
Section 4. Eaecution; Authentication. The Notes shall be executed on
behalf of the City with the facsimile signature of the City Manager of the City and with
the facsimile signature of the City Clerk of the City, and sealed with the official seal of
the City or a printed facsimile thereof. In case any officer whose signature shall appear
on any Note shall cease to be such officer before the delivery of such Note, such signa-
ture shall nevertheless be valid and sufficient for all purposes, the same as if such officer
had remained in office until delivery.
All Notes shall have thereon a certificate of suthentication substantially in
the form hereinafter set forth duly executed by the Registrar as suthenticating agent of
th� P;;t�r ar.4 showing the date of suthentication thereof. No Note shall be valid or
obligatory for any purpose or be entitled to any security or benefit under this �.esolution
unless and until such certificate of authentication shall have been duly executed by the
Registrar by manual signature, and such certificate of authentication upon any such Note
shall be conclusive evidence that such Note has been authenticated and delivered under
this Resolution. The certifieate of authentication on any Note shall be deemed to have
been executed by the Registrar if signed by an authorized officer of the Registrar, but it
shall not be necessary that the same officer sign the certificate of authentication on all
of the Notes issued hereunder.
Section 5. Registration of Notes; Persons 1�eated as Owners. The City
shall cause books (the "Note Register") for the registration and for the transfer of the
Notes as provided in this Resolution to be kept at the principal corporate trust office of
the Registrar, which is hereby eonstituted and appointed the registrar of the City with
respect to the Notes herein authorized.
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� Res. 90-24
Upon surrender for transfer of any Note at the principal corporate trust
office of the Registrar duly endorsed by, or accompanied by a written instrument or
instruments of transfer in form satisfactory to the Registrar duly executed by, the
registered owner thereof or his attorney duly suthorized in writing, the City shall
execute and the Registrar shall authenticate, date and deliver in the name of the trans-
feree or transferees a new fully registered Note or Notes of the same maturity of
authorized denomination or denominations, for a like aggregate principal amount. Any
fully registered Note or Notes may be exchanged at said office of the Registrar for a like
aggregate principal amount of Note or Notes of the same maturity of other suthorized
denominations. The eaecution by the City of any fully registered Note shall constitute
full and due authorization of such Note and the Registrar shall thereby be authorized to
authenticate, date and deliver such Note; provided, however, that the principal amount
of the outstanding Notes authenticated by the Registrar shall never exceed the author-
ized principal amount of the Notes, less previous reti:ements.
The ftegistrar may, but shall not be required to, transfer or exchange any
Note during the period of fifteen (15) days next preceding any interest payment date on
such Note, nor to transfer or exchange any Note after notice calling such Note for pre-
payment has been mailed nor during the period of fifteen (15) days next preceding mail-
ing of a notice of prepayment of any Notes.
The person in whose name any Note shall be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of the principal of,
premium (if any) or interest on any Note shall be made only to or upon the order of the
registered owner thereof or his legal representative. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such Note to the extent of the
sum or sums so paid.
The Registrar shall never register any Note to bearer.
No service charge shall be made for any transfer or exchange of Notes, but
the City or the Registrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or
exchange of Notes except in the case of the issuance of a Note or Notes for the unpre-
paid portion of a Note surrendered for prepayment.
Section 6. Pr�ps��ent. T?�� RTCtes cns�turing on December 1, 1997 and
thereafter shall be subject to prepayment at the option of the City as a whole, or in part
(less than all of the Notes of a single maturity to be seleeted by the Registrar as
hereinafter provided), on Deeember 1, 1996, and on any interest payment date
thereafter, at a prepayment price of par plus accrued interest to the date fixed for
prepayment.
The Notes shall be prepaid only in the principal amount of $5,000 each and
integral multiples thereof. At least forty-five (45) days prior to the date fixed for pre-
payment (unless a shorter notice shall be satisfactory to the Registrar), the City shall
notify the Registrar of such date fixed for prepayment and of the principal amount of
Notes to be prepaid on such date. For purposes of any prepayment of less than all of the
outstanding Notes of a single maturity, the particular Notes or portions of Notes to be
prepaid shall be selected by the Registrar from the outstanding Notes by such method as
the ftegistrar shall deem fair and appropriate, and which may provide for the selection
for prepayment of Notes or portions of Notes in principal amounts of $5,000 and integral
multiples thereof.
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, � Res. #90-24
The Registrar shall promptly notify the City in writing of the Notes or
portions of Notes selected for prepayment and, in the case of any Note selected for
partial prepayment, the principal amount thereof to be prepaid.
Section 7. Prepayment Procedure. Unless waived by any registered owner
of Notes (or portions thereof) to be prepaid, notice of the call for any such prepayment
shall be given by the ftegistrar on behalf of the City by mailing the prepayment notice by
registered or certified mail, postage prepaid, not less than thirty (30) days prior to the
date fixed for prepayment to the registered owner of the Note or Notes to be prepaid at
the address shown on the Note Register or at such other address as is furnished in writing
by such registered owner to the R.egistrar. Failure to give such notice by mailing to any
owner of any Note, or any defect therein, shall not affect the validity of any proceedings
for the prepayment of any other Notes.
All notices of prepayment shall state:
(1) the date fixed for prepayment,
(2) the prepayment price,
(3) if less than all outstanding Notes are to be prepaid, the identification,
including CUSIP numbers, (and, in the case of partial prepayment, the respective
principal amounts) of the Notes to be prepaid,
(4) that on the date fixed for prepayment the prepayment price will become
due and payable upon each such Note or portion thereof called for prepayment,
and that interest thereon shall cease to accrue from and after said date, and
(5) the place where such Notes are to be surrendered for payment of the
prepayment price, which place of payment shall be the principal corporate trust
office of the Registrar.
Prior to any prepayment date, the City shall deposit with the Registrar an
amount of money sufficient to pay the prepayment price of all the Notes or portions of
Notes which are to be prepaid on that date.
Notice �f prepayment ���ia� ��en g�Yen as aforesaid, the Notes or portions
of Notes so to be prepaid shall, on the date fixed for prepayment, become due and pay-
able at the prepayment price therein specified, and from and after such date (unless the
City shall default in the payment of the prepayment price) such Notes or portions of
Notes shall cease to bear interest. Upon surrender of such Notes for prepayment in
accordance with said notice, such Notes shall be paid by the Registrar at the prepayment
price. Installments of interest due on or prior to the date fixed for prepayment shall be
payable as herein provided for ayment of interest. Upon surrender for any partial
prepayment of any Note, there s 11 be prepared for the registered owner a new Note or
Notes of the same maturity in th amount of the unpaid principal. All Notes which have
been prepaid shall be cancelled an destroyed by the Registrar and shall not be reissued.
3ection 8. Form of Notes. The Notes, the certificate of authentication to
be endorsed thereon and the for of assignment to be endorsed thereon are all to be in
substantially the following form with necessary and appropriate variations, omissions
and insertions as permitted or req ired by this Resolution:
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- � Res. #90-24
(Form of Note)
United States of America
State of Wisconsin
County of Winnebago
City of Oshkosh
Promissory Note, Series 1990-A
See Reverse Side
For Additional
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
December 1, _ May 1, 1990
Registered Owner:
Principal Amount:
HNOW ALL MEN BY THESE PAESENTS: That the City of Oshkosh in the
County of Winnebago, Wisconsin (the "City"), hereby acknowledges itself to owe and for
value received promises to pay to the Registered Owner hereinabove identified, or regis-
tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the
Principal Amount hereinabove identified and to pay interest (computed on the basis of a
360-day year of twelve 30-day months) on such Principal Amount from the Dated Date
hereinabove identified or from the most recent interest payment date to which interest
has been paid at the Rate of Interest per annum hereinabove identified on June 1 and
December 1 of each year, cvcnmencing en June 1, 1991, until said Principal Amount is
paid, except as the provisions hereinafter set forth with respect to prepayment may be
and become applicable hereto.
The principal of this Note is payable in lawful money of the United States
of America upon presentation and surrender of this Note at the principal corporate trust
office of First Wisconsin Trust Company, in Milwaukee, Wisconsin, as registrar and
paying agent (the "Registrar"). Payment of each installment of interest hereon shall be
made to the registered owner hereof who shall appear on the registration books of the
City maintained by the Registrar at the close of business on the fifteenth day of the
calendar month next preceding the applicable interest payment date and shall be paid by
check or draft of the Registrar mailed to such registered owner at his address as it
appears on such registration books or at sueh other address as may be furnished in writing
by such registered owner to the Registrar.
fteference is hereby made to the further provisions of this Note set forth
on the reverse side hereof, and such further provisions shall for all purposes have the
same effect as if set forth on the front side hereof.
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, � Res. #90-24
It is hereby certified, recited and declared that all acts, conditions and
things required to be done, exist, happen and be performed precedent to and in the issu-
ance of this Note have been done, have existed, have happened and have been performed
in due time, form and manner as required by the Constitution and statutes of the State of
Wisconsin, that this Note, together with all other indebtedness of the City, does not
exceed any limitation prescribed by law, and that the City has levied a direct annual
irrepealable tax sufficient to pay the interest hereon when it falls due and also to pay
and discharge the principal hereof at maturity.
The full faith, credit and resources of the City are hereby pledged for the
payment of the principal of and interest on this Note and the issue of which it is a part as
the same respectively become due and for the levy and collection of sufficient taxes for
that purpose.
This Note shall not be valid or become obligatory for any purpose until the
certificate of suthentication hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF the City of Oshkosh, Winnebago County, Wisconsin,
by its City Council, has caused this Note to be executed with the duly authorized fac-
simile signature of its City Manager and with the duly authorized facsimile signature of
its City Clerk and its official seal or a facsimile thereof to be impressed or reproduced
hereon, as of the Dated Date hereinabove identified.
(facsimile signature) (facsimile signature)
City Clerk City Manager
[SEAL]
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes described in the within mentioned Resolution,
and is one of the Promissory Notes, Series 1990-A, of the City of Oshkosh, Winnebago
County, Wisconsin.
Date of Authentication:
FIRST WISCONSIN TRUST COMPANY,
as Note Registrar
By
Authorized Officer
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. ' Res. #90-24
[Form of Note - Reverse Side]
This Note is one of an authorized issue of Notes aggregating the principal
amount of $1,200,000 (the "Notes") issued to pay the cost of traffic signals, sidewalks,
equipment purchases, municipal buildings and building improvements pursuant to and in
all respects in compliance with Chapter 67, Wisconsin Statutes, and a resolution adopted
by the City Council of the City on April 19, 1990.
Notes of the issue of which this Note is one maturing on and after
December 1, 1997 are subject to prepayment at the option of the City as a whole, or in
part (in integral multiples of $5,000, the specific Notes to be prepaid to be selected by
the Registrar in such manner as it shall deem fair and appropriate) on December 1, 1996,
and on any interest payment date thereafter, at a prepayment price of par plus accrued
interest to the date fixed for prepayment.
Notice of any such prepayment shall be sent by registered or certified mail,
postage prepaid, not less than thirty (30) days prior to the date fixed for prepayment to
the registered owner of each Note to be prepaid (in whole or in part) at the address
shown on the registration books of the City maintained by the Registrar or at such other
address as is furnished in writing by such registered owner to the Registrar. When so
called for prepayment, this Note, or the portion hereof being so called for prepayment,
will cease to bear interest on the specified prepayment date, provided funds for prepay-
ment are on deposit at the place of payment at that time, and shall not be deemed to be
outstanding.
This Note is transferable by the registered owner hereof in person or by his
attorney duly authorized in writing at the principal corporate trust office of the Regis-
trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon
payment of the charges provided in the authorizing resolution, and upon surrender and
cancellation of this Note. Upon such transfer a new Note or Notes of the same maturity
of authorized denomination or denominations, for a like aggregate principal amount will
be issued to the transferee in exchange herefor.
The Notes are issuable in fully registered form in denominations of $5,000
each and integral multiples thereof. This Note may be exchanged at the principal corpo-
rate trust office of the Registrar for a like aggregate principal amount of Notes of the
same maturity of other authorized denominations, upon the terms set forth in the author-
izing resolution.
The City and the Registrar may deem and treat the registered owner
hereof as the absolute owner hereof for the purpose of receiving payment of or on
account of principal hereof and interest due hereon and for all other purposes and neither
the City nor the Registrar shall be affected by any notice to the contrary.
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, � Res. #90-24
ASSIGNMENT
FOft VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
the within Note and does hereby irrevocably constitute and appoint
, or its successor as Ftegistrar, to
transfer said Note on the books kept for registration thereof with full power of substi-
tution in the premises.
Dated:
NOTICE: The signature to this Assignment must correspond with the name of the
registered owner as it appears upon the face of the within Note in every
particular, without alteration or enlargement or any change whatever.
Signature guaranteed:
NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company.
Section 9. Sale of Notes. The sale of the Notes to First Wisconsin
National Bank of Milwaukee and BSSOCiates, at the pr1Ce of
$ 1,200,270.45 plus accrued interest to the date of delivery, is hereby confirmed. The
City Treasurer of the City is hereby authorized to deliver the Notes to said purchasers
upon payment of the purchase price.
Section 10. Use of Proceeds; No Arbitrage; Notes to Remain in Registered
Form. The principal proceeds of the Notes shall be deposited in a special fund and used
solely for the purpose for which the Notes were authorized. The principal proceeds from
the sale of the Notes shall be used only to pay the costs of public projects aforesaid, and
the Governing Body hereby covenants and agrees that said principal proceeds shall be
devoted to and used with due diligence �ar such purposes.
The Governing Body of the City recognizes that the purchasers and owners
of the Notes will have accepted them or., and paid therefor a price which reflects, the
understanding that interest thereon is exempt from Federal income taxation under laws
in force at the time the Notes shall have been delivered. In this connection, the City
Council agrees that it shall take no action which may render the interest on any of the
Notes subject to Federal income taxation and that the principal proceeds of the sale of
the Notes shall be devoted to and used with due diligence for the purpose for which the
Notes are hereby authorized to be issued.
The City Manager, the City Clerk, the City Finance Director and the City
Treasurer of the City, or any of them, are hereby authorized to execute on behalf of the
City a Certificate and Agreement With Respect to Tax Exemption to assure the pur-
. chasers and owners of the Notes that the proceeds of the Notes are not expected to be
used in a manner which would or might result in the Notes being "arbitrage bonds" under
Section 148 of the Internal Revenue Code of 1986 or the regulations of the United States
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� • Res. #90-24
Treasury Department currently in effect or proposed. Such Certificate and Agreement
With ftespect to Tax Exemption shall constitute a representation, certification and
covenant of the City and shall be incorporated herein by reference, and no investment of
Note proceeds or of moneys accumulated to pay the Notes herein authorized shall be
made in violation of the expectations prescribed by said Certificate and Agreement With
Respect to Tax Exemption.
The Governing Body hereby directs the City Treasurer to create a trust
fund into which there shall be deposited any monies which must be rebated to the United
States by reason of investment of the proceeds of the Notes.
The Governing Body of the City further reeognizes that Section 149(a) of
the Code requires the Notes to be issued and to remain in fully registered form in order
that interest thereon is exempt from Federal income taxation under laws in force at the
time the Notes are delivered. In this connection, the City agrees that it will not take
any action to permit the Notes to be issued in, or converted into, bearer or coupon form.
Section 11. Duties of Kegistrar. If requested by the Registrar, the City
Manager of the City is hereby authorized to execute, and the City Clerk of the City is
hereby authorized to attest, and said City Manager and City Clerk are hereby authorized
to deliver, the Registrar's standard form of agreement between the City and the Regis-
trar with respect to the obligations and duties of the Registrar hereunder, which shall
include the following:
(a) to act as Registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(b) to give notice of prepayment of Notes as provided herein;
(c) to cancel and destroy Notes which have been paid at maturity or upon
earlier prepayment or submitted for exchange or transfer;
(d) to furnish the City at least annually a certificate of destruction with
respect to Notes cancelled and destroyed; and
(e) to furnish the City at least annually an audit confirmation of Notes
paid, Notes outstanding and payments made with respect to interest on the Notes.
3eetion 12. Taa Levy. In order to provide for the collection of a direet
annuel tax suffieient to pay the interest on the Notes and to pay and discharge the prin-
cipal thereof at maturity, there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tax in amounts suffieient for that purpose, to-wit:
Year Amount
1990 $144•995
1991 134�46p
1992 110,46p
1993 �.08�06p
1994 160�660
1995 �28�86p
1996 �gp
1997 7R7�55p
1998 2�4,7�0
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. � Res. #90-24
In each of said years from 1990 to 1998, inclusive, the direct annual tax
above levied shall be extended upon the tax rolls of the City in the same manner and
time as taxes for general City purposes, and when collected the proceeds of said taxes
shall be deposited into the account of the debt service fund established in favor of the
Notes, to be used solely for paying the principal of and interest on the Notes as long as
any of the Notes remain outstanding.
3ection 13. Sufficiency. Interest or principal maturing at any time during
the life of the Notes when there shall be insufficient funds on hand from the above tax
levy to pay the same shall be paid promptly when due from the general fund of the City,
and said fund shall be reimbursed in a like amount out of the proeeeds of taxes hereby
levied when the same shall have been collected.
Section 14. Debt Service Fund. There has been established in the City
Treasury a fund separate and distinet from all other funds of the City to be designated
the "Debt Service Fund", which fund shall be used solely for the purpose of paying the
principal of, premium, if any, and interest on municipal obligations issued pursuant to
Chapter 67, Wisconsin Statutes. There is hereby created, and there shall be deposited in,
an account known as the "Series 1990-A Promissory Note Account", to be held as a part
of the Debt Service Fund, all premium, if any, and accrued interest paid on the Notes at
the time the Notes are delivered to the purchasers thereof; all money raised by taxation
pursuant to Section 12 hereof; and such other sums as may be necessary to pay interest
on the Notes when the same shall become due and to retire the Notes at their respective
maturity dates.
Section 15. Advertisement. The action of the Director of Finance of the
City with respect to publication of the notice of sale of the Notes is hereby in all re-
spects ratified and confirmed.
Section 16. Severability. If any section, paragraph or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability or such section, paragraph or provision shall not affect any of the re-
maining sections, paragraphs and provisions of this Resolution.
Section 17. Other pocuments. The City Manager, the City Clerk, the City
Treasurer, the City Finance Direc*_or �r.� all other officers of the City are hereby
suthorized to execute all documents and certificates necessary in connection with the
authorization and delivery of the Notes, including without limitation an officisl State-
ment describing the Notes and the City.
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Section 18. Conflicting Proceedings Superseded. All ordinances,
resolutions or orders, or parts thereof, heretofore enacted, adopted or entered, in con-
flict with the provisions of this Resolution, shall be and in the same are hereby
superseded to the extent of such conflict, and this Resolution shall be in effect from and
after its passage. �
Adopted April 19, 1990.
Approved April ��, 1990.
Recorded April �g , 1990.
(SEAL) �
Attest: ay
r
,� �!� J ,. ' _ ' ,�J1
City Clerk
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� � Res. #90-24
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 meet-
ing of the City Council of said City held on April 19, 1990; that I have 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
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Promissory Notes, Series 1990-A, of said City, dated May 1, 1990.
WITNESS my official signature and the seal of said City this ��t.h daY
of April, 1990.
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City Clerk
(SEAL)
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SUBivIITTED BY
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