HomeMy WebLinkAbout35438 / 89-150 June 15, 1989 # 150 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: AUTHORIZE BORROWING/STATE TRUST FUND
INITIATED BY: CITY ADMINISTRATION
WHEREAS, by the provisions of sec. 67. 05 (5) (b) of the Wis.
Stats. , all municipalities may borrow money for such purposes in the
manner prescribed; and
WHEREAS, by the provisions of Chapter 24 of the Wisconsin Stats. ,
the Board of Commissioners of Public Lands of Wisconsin is authorized
to make loans from the State Trust Funds to municipalities for such
purposes. (Municipality as defined by sec. 24. 60 (2) , Wis. Stats. ,
means a town, village, city, caunty, school district or V�AE
district. ) ;
NOW, THEREFORE, BE IT RESOLVED, that the City of Oshkosh in the
County of Winnebago, Wisconsin, borrow from the Trust Funds of the
State of Wisconsin, the sum of Three Hundred Seventy Thousand Dollars
($370, 000. 00) for the purpose of developing a public parking lot and
for no other purpose.
The loan is to be payable within 20 years from the 15th day of
March preceding the date the loan is made. The loan will be repaid in
annual principal installments with interest at the rate of seven and
one-half percent (7 1/2%) per annum from the date of making the loan
to the 15th day of March next and thereafter annually as provided by
law.
BE IT FURTHER RESOLVED that there shall be raised and there is
levied upon all taxable property, within the City of Oshkosh, in the
County of Winnebago, Wisconsin, a direct annual tax for the purpose of
paying interest and principal on the loan as they become due.
BE IT FURTHER RESOLVED that no money obtained b� the City of
Oshkosh by such loan from the state be applied or paid out for any
purpose except the development of a public parking lot without the
consent of the Board of Commissioners of Public Lands.
BE IT FURTHER RESOLVED, tna� in case the Board of Commissior�ers
of Public Lands agrees to make the loan, that the City Manager and
City Clerk of the Cit� of Oshkosh in the County of Winnebago,
Wisconsin, are authorized and empowered, in the name of the City to
execute and deliver to the Commission, certificates of indebtedness,
in such form as required by the Commission, for anx sum of money that
may be loaned to the city pursuant to this resolution. The City
Manager and City Clerk of the city will perform all necessary actions
to fully carry out the provisions of Chapter 24 and Sec. 67. 05 (5) (b) ,
Wis. Stats. , and these resolutions.
BE IT FURTHER RESOLVED, that this prea
the aye and no vote by which they were ad�op ted, be recorded, and th t
the clerk of this city forward this ce ���+ik�'8�$��o,�d, alo�n with_ th
application, for the loan to the Board of Commissioners of--Pu--b�Iic
Lands of Wisconsin.
✓L/�G�i����
- 32 - APPROVED
-�
� �
� �
A:�
�
�.P� N
�� �
a�
�
�
�
N
\
�
� �-..-.
•� �
3 �-�
O H
L � N N
O 00 � � O
00 dl �C Q Z
O �
i-c� N
r- N •
� •� � • �
S- �- Z W
O O �-+
tn � N � Q'
� � � O Q
Q 7 � U
•' ` ' ` '