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Home My WebLink About08. 15-204 APRIL 28, 2015 15-204 RESOLUTION (CARRIED___7-0___LOST________LAID OVER________WITHDRAWN________) PURPOSE: INITIAL RESOLUTIONS AUTHORIZING NOT EXCEEDING $19,485,000 GENERAL OBLIGATION BONDS OF THE CITY OF OSHKOSH INITIATED BY: CITY ADMINISTRATION B I R by the City Council of the City of Oshkosh, Winnebago County, ETESOLVED Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal amount not exceeding $1,830,000 for the public purpose of laying out, opening and widening streets and providing street improvements. 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 IF R by the City Council of the City of Oshkosh, Winnebago ET URTHERESOLVED County, Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal amount not exceeding $4,180,000 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 general obligation bonds of said City in an aggregate principal amount not exceeding $1,020,000 for the public purpose of providing fire engines and other fire protection equipment. For the purpose of paying the various installments of principal of and interest on said bonds as they severally mature, prior to the i 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. BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal amount not exceeding $12,455,000 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. BE IT FURTHER RESOLVED by the Clty COUCIC11 of the Clty of Oshkosh, Winnebago 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. Adopted April 28, 2015. Approved April 28, 2015. Recorded April 28, 2015. /s/ Steve Cummings Mayor Attest: /s/ Pamela R. Ubrig City Clerk � The City Clerk was then directed to publish notice of adoption of the foregoing Initial Resolutions, one time in the official city newspaper, not later than May 13, 2015, such notice to be in substantially the form as follows: � City of Oshkosh Finance Department 215 Church Ave., PO Box 1130 OIHKQIH Oshkosh, WI 54903-1130 (920) 236-5006 (9201 236-5039 FAX ON THE WATER MEMORANDUM TO: Honorable Mayor and Members of the Common Council FROM: Trena Larson, Finance Director DATE: Apri122, 2015 RE: Approve Initial Resolutions Authorizing General Obligation and Utility Revenue Bond Funding to Finance Projects Included in the City's 2015 Capital Improvement Plan and to Refinance Prior Obligations of the City for Debt Service Savings Approve Resolution directing the advertisement and sale of approximately $19,485,000 aggregate principal amount of General Obligation Corporate Purpose Bonds, Series 2015-A, approximately $4,345,000 aggregate principal amount of General Obligation Promissory Notes, Series 2015-B, approximately $15,560,000 aggregate principal amount of Storm Water Utility Revenue Bonds, Series 2015 approximately $7,080,000 Sewer System Revenue Bonds, Series 2015, and approximately $7,060,000 Water Revenue Bonds, Series 2015, of the City of Oshkosh, Winnebago County, Wisconsin BACKGROUND In order to borrow money through the bonding process, the City is required to issue initial resolutions 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$23,830,OOO,includes the following: • Up to $19,485,000 (projects and equipment costs of$6,902,900 and $12,211,059 for advance refunding the 2005A, 2007A, 2008A G.O. Bonds) of tax exempt general obligation corporate purpose bonds to fund projects that call for twenty year borrowing included in the 2015 Capital Improvement Plan(per attached EXHIBIT A) as approved by the Council on November 25, 2014, except the Utility projects for which debt will be issued separately as revenue bonds. • Up to $4,345,000 (project costs of$4,267,500) of tax exempt general obligation promissory notes for projects that call for ten year borrowing included in the 2015 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 25, 2014, In addition, staff is proposing additional borrowing of$29,700,000 through issuance of utility revenue bonds as noted below: • Up to $7,080,000 (project costs of$6,480,200) of sewer revenue bonds for the sewer projects that call for twenty year borrowing included in the 2015 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 25, 2014, • Up to $15,560,000 (projects costs of$11,537,700 and $2,853,937 for current refunding of the Series 2005C bonds) of storm water revenue bonds for the storm water projects that call for twenty year borrowing included in the 2015 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 25, 2014, and • Up to $7,060,000 (projects costs of$6,530,100) of water revenue bonds for the water projects that call for twenty year borrowing included in the 2015 Capital Improvement Plan (EXHIBIT A) as approved by the Council on November 25, 2014. 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: �� c�o�.or�, �� Trena Larson Mark Rohloff Finance Director City Manager S °o v S g a�o c e o �+ m � E ^' `o � N 9 O O O 9 m � � m � N m J C � � 3 K udl C o g � m � v c � o � m y d � d m � 3 q � d g � � $ z° c 0 .� m � O m d c d l7 � C m c � A � J C 9 1�Y C � N � � F y f' N W y� N N � a c g g °a 0 00 a o c 3 0 � •q m N m O rl a :. 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