HomeMy WebLinkAbout35379 / 89-82 � � auserl/natrhg/712190-c/1/041189
Resolution #82
The City Council of the City o£ Oshkosh, Winnebago County, Wisconsin,
met in regWar, open, public session at its regular meeting place on May 18, 1989, at 7:00
o'clock P.M., with the following members present:
Donald Pressley, Thomas Binner, Floyd Chapin, Robert Jungwir*h, Don Kutchera
and James Mather
and the following members absent:
Kathleen Propp
• + + «
(Other Business)
The City Clerk stated that one purposc of the meeting was the consider
ation of proposals received for the purchase oF $2,635,000 aggrega[e principal amoun[ of
Corporate Purpose Bonds, Series 1989� of the City of Oshkosh, pursuant to sealed bids.
Thereupon the following resoWtion was introduced by
Kutchera and read in full and, pursuant to motion made by
K h ra and seconded by Pressley ____ _� was
adopted by the following vote:
Aye: pressley, Chapin, jungwirth, Kutchera, Mather
Nay: None
Absent or Not Voting: 3inner
RESOLOTION determining to issue $2,635,000 Corporate
Purpose Bonds, Series 1989, of the City of Oshkosh, Winnebago
� County, Wisconsin, providing details� prescribing the Form of
bond, awarding the bonds to the highest 6idder, and levying
taxes.
WHEREAS, by initia] resolu[ions duly adopted on March I6� 1989, there
have been authorized to be issued bonds of the City of Oshkosh, Winnebago County,
Wisconsin (the "City") for the public purpose projects as Follows:
$734,000 for the purpose of constructing and extending the water
plant and water mains;
$677,000 for the purpose of constructing street improvements;
$183,000 for the purpose of extending and improving public parks;
$372,000 for the purpose of improving and extending the storm sewer
-eystem7
$669,000 for the purpose of improving and extending the sanitary
sewers of the City;
and
WEiEREAS, official notice oF the adoption of said initial resolutions was
published on 97arch 17, 1989, in The Oshkosh Northwestern, and, to the date of this
Resolution, no petition has been filed with the City Clerk of the City requesting that any
of said initial resolutions be submitted to the electors; and
WAEREAS, the City is authorized by Section 67.05(13), Wisconsin Statutes,
to combine bonds authorized under various initial resolutions into one issue; and
WHEREAS, it is now necessary that said bonds be sold and issued for the
purposes aforesaid in the aggregate principal amount of $2�635�000� and �
WHEREAS, pursuant to advertisement, sealed bids were received for the
purchase of said corporate purpose bonds in said emount until 10:30 A.M., C.D.T., on May
19, 1989, which bids are as follows:
Name of Bidder Net Interest Rate
Scc iL�aahcd
; and
WHERF.AS� the bid of 1'irsL Wiscunsin f;at. l��nal Bank of )lilwaulmc
of >I3lwaulccc l�isconsin � �and
associates at a price of $ 2,635,00O.00plus accrued interest to the date of delivery, was
the best bid submitted, which bid is as follows:
-2-
A�eme oC Ridder NeL inLeresL r.ii_c
First Wiaconain National Bank of Milwaukee, $1,855,190.00 6.89i3�
Milwaukee, WI
Shearson, Lehman, Hut[on Inc. , Chicago, IL. 1,858,09250 6.90(il
John Nuveen & Co. Inc. , Chicago, IL 1,568,670.00 6.9454
Nor[hern Tr�st Co. , Chicago, IL 1,874,663.50 6.967
Harris Trus[ & Savings Bank, Chicago, IL 1,881,595.00 6.9934
Blunt Ellis & Loewi, Inc. , Chicago, IL 1,882,143.30 6.99ii
Firs[ Chicago Capital Markets, Inc. , Chicago, IL 1,890,954.00 7.02H262
lla�lc Onc, Milwaukcc �'.il. , P1L1watJcco, ldl I ,897,`)��.7G 7.U'>4';3
BID FOBM
. MEMBE&S OF TF� CITY COUNCIL May 18. 1989
CITY OF OSHKOSH, WISCONSIN
We offer to purchase [he $2,635,000 Corporate Pvrpose Bonds� Series
1989� of the Ci[y of Oshkosh, Hisconsin [o be dated May 1, 1989 and
offered for sale on the above date, on the terms and condi[ions stated in
the Official Notice of Sale and [he Official Seatement therefor, for a
price of '�i9. h�iS000 (not lesa than $2,635,000) , and accrved
interest to date of delivery. The Bonds of the varioue maturities to
bear interest at che folloving annual rates:
� ,70 X for Sonds due May 1, 1990
3,7c X for Bonds due May 1, 1991
,7oX for Bonds due May 1, 1992
3.•7oY. for Bonds due May 1, 1993
- .5o X for Bonds due May 1, 1994
��Y. far Bonds dve May 1, 1995
6�No X for Bonds due May 1� 1996
6 .&o X for Bonds due May 1� 1997
t, so X for Bonds dve May 1, 1998
�I�X for Bonds due May 1, 1999
/c.SOX for 9onds dve May 1, 2000
��fiJ X for Bonds due May 1, 2001
��% for Bonds due May 1, 2002
6�SU X for Bonds due May 1� 2003
<o,SUX for Bonda due May 1, 2004
Our computation of [he total amount of interest from date of issue
to maturity represented by the interest rates specified above, and of the
net Snteres[ cost of this bid� while not a part o£ this bid, are set
forth belov.
This bid is made for prompt acceptance and suh,jec[ to the conditions
of [he Official Notice of Sale. Ne enclose, herewith, our certiFied
check or bank cashier's or treasurer's check� in the amonnt of $50,000,
- which Ss to be held by the Ci[y Pending compliance with the conditions of
thia bid.
Respectfully s�bmltted,
in I�ational 6ank
Synd e ger
By
Interest Computation
Ne compute the total amount of lnterest From date of lssue co
mat�rity, represented by the interest rates specified in the bid, to
be �/ a'SS,/q0,0ofor a Net Rate of 6,iT9S3 x.
The foregoing bid is hereby accepted by and on behalf of the Ci[y of
Oshkosh, Wisconsin this 18th day of May, 1989.
City Manager
Director of Finance/Treasurer
NOW, THF,RHPORE, Be It Resolved by the City Council of [he 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 shal] include the
plura] as well as the singutar:
"Bond" or "Bonds" shall mean one or more oF the Corporate Purpose Bonds,
Series 1989, authorized to be issued by the terms of this Resolution.
"Bond Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Bonds.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"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 $2,635,000 aggregate principal
amount of corporate purpose bonds is hereby authorized for the purpose of providing
funds in the amounts and for the projects set out in the preamble hereto. The Bonds shall
be designated "Corporate Purpose Bonds� Series 1989", shall be dated May 1� 1989, as
originally issued, and shal] also bear the date oF their authentication by the Registrar.
The Bonds shall be in fully registered form, shal] be in denominations of $5,000 each and
integral multiples thereof (but no single Bond shall represent installments of principal
maturing on more than one date), shal] be numbered consecutively starting with the
number one� shall mature serially on May 1 of each of the years 1990 to 2004, inclusive,
in the amounts and shall bear interest at the rates per annum, as follows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
1990 $50,000 8J0 % 1997 100,000 6.AO%
1991 75,000 SJO 1998 100,000 6.riU
1992 125,000 8.70 1989 275�000 (�.7�
1993 100�000 8.70 2000 300,000 6.A1�
1994 100,000 8 SO 2001 300,000 6.EU
1995 100,000 6.80 2002 285,000 6.N0
1996 100,000 6.80 20U3 300,000 6.90
2004 325,000 b.9U
_q_
Section 3. Interest; Payment Provisions. The Bonds 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 rates set out above, such interest (computed upon
the basis of a 360-day year of twelve 30-day months) being payable on May 1 and
November 1 oF each year, commencing on �tay 1, 1990. In[erest on each Bond shall be
paid by check or draft of the Registrar to the person in whose name such Bond is regis-
tered at the close of business on the fifteen[h day of the calendar month next preceding
the applicable interest payment date. The principal of each Bond shall be payeble i❑
]awful money of the United States of America upon presentation and surrender of such
Bond at the principal corporate trust oFfice of the Registrar in Milwaukee, Wisconsin.
Section 4. Exeeution� Authentication. The Bonds shall be executed on
behalf of the City with the facsimile signature of the City Manager of the City end 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 Bond shall cease to be such officer before the delivery of such Bond, 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 Bonds shall have thereon a certificate of authentication substantially in
the Form hereinafter set forth duly executed by the Registrar as authenticating agent of
the City and showing the date of authentication thereof. No Bond shall be valid or
obligatory for any purpose or be entitled to any security or benefit under this ResoWtion
uNess 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 Bond
shall be conclusive evidence that such Bond has been authenticated and delivered under
this Resolution. The certificate o£ authentication on any Bond shall be deemed to have
been executed by the Registrar iF signed by an authorized officer of the Registrar, but it
shell not be necessary that the same officer sign the certificate of authentication on all
of the Bonds issued hereunder.
Section 5. Registration of Bonds7 Persons 17eated as Owners. The City
shall cause books (the "Bond Register") for the registration and Cor the transfer of the
Bonds as provided in this Resolution to be kept at the principal co:porate trust office of
the Registrar, which is hereby constituted and appointed [he registrar of the City with
respect to the Bonds herein authorized.
Upon surrender for transfer of any Bond 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 d�ly executed by, the
registered owner thereof or his attorney doly authorized in writing, the City shall
exec�te and the Registrar shall authentica.e, date and deliver ia [he name of the trans-
feree or transferees a new fully registered Bond or Bonds of the same maturity of
euthorized denomination or denominations, for a like aggregate principal amount. Any
fully registered Bond or Bonds may be exchanged at said office of the Registrar for a like
aggregate principal amount o£ Bond or Bonds of the same maturity of other authorized
denominations. The execution by the City oF any fully registered Bond shall constitute
full and due authorization of such Bond and the Registrar shall thereby be authorized to
authenticate, date and deliver such Bond; provided, however, that the principa] amount
of the outstanding Bonds authenticated by the Registrar shall never exceed the author-
ized principal amount of the Bonds, less previous retirements.
-5-
The Registrar may, but shall not be required to, transfer or exchange any
Bond during the period of fifteen QS) days next preceding any interest payment date on
such Bond, nor to transfer or exchange any Bond after notice calling such Bond for pre-
payment has been mailed nor during the period of fifteen (15) days next preceding
mailing of a notice of prepayment of any Bonds.
The person in whose name any Bond shall be registered shal] be deemed and
regarded as the absoWte owner thereof for all purposes, and pflyment of the principal of,
premium (if any) or interest on any Bond 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 effectua] to satisfy and discharge the liability upon such Bond to the extent of the
sum�or sums so peid.
No service charge shall be made for any transfer or exchange of Bonds, 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 Bonds except in the case of the issuance of a Bond or Bonds for the unre-
deemed portion of a Bond surrendered for redemption.
Section 6. Prior Redemption. Bonds maturing on and after May 1, 1999,
shal] be subject to redemption prior to maturity at the option of the City es a whole, or
in part in inverse order of their maturity (less than all o£ the Bonds of a single maturity
to be selected by the Registrar as hereinafter provided)� on May 1, 1998, and on any
interest payment date thereafter� at a redemption price of par plus accrued interest to
the date fixed for redemption.
The Bonds shall be redeemed only in the principel amoont of $5,000 each
and integral multiples thereof. At ]east forty-five (45) days prior to the date Fixed for
redemption (unless a shorter notice shall be satisfactory to the Registrar), the City shall
notify the Registrar of such date fixed for redemption and of the principa] amount of
Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding
Bonds of a single mahvity, the particular Bonds or portions of Bonds to be redeemed
shall be selected by the Registrar from the outstanding Bonds of the longest maturity
then outstanding by such method as the Registrar shal] deem fair end appropriate, and
which may provide for the selection for redemption of Bonds or portions of Bonds in
principal amounts of $5,000 and integral multiples thereof.
The Registrar shall promptly notify the City in writing of the Bonds or
portions of Bonds selected for redemption prior to maturity and, in the case of any Bond
selected for partial redemption� the principal amount thereof to be redeemed.
Seetion 7. Redemption Procedure. Unless waived by any registered owner
of Sonds (or portions thereof) to be redeemed, notice of the call for any such redemption
prior to maturity shal] be given by the Registrar on behalf of the City by mailing the
redemption notice by registered or certified mail, postage prepaid, not less than thirty
(30) days prior to the date fixed for redemption to the registered owner of the Bond or
Bonds to be so redeemed at the address shown on the Bond Register or at such other
address as is furnished in writing by such registered owner to the Registrar. 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 redemption oF any other Notes.
6-
All notices oP redemption shall state:
(1) the date Fixed for redemption,
(2) the redemption price,
(3) if less then alL outstanding Bonds are to be redeemed, the identification,
including CUSIP numbers (and, in the case of par[ial redemption, the respective
principa] amounts) of the Bonds to be redeemed,
(4) that on the date fixed for redemption the redemption price will become
due and payable upon each such Bond or portion thereof called for redemption, and
that interest thereon shal] cease to acerue From and after said date, and
(5) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principa] corporate trust
ofFice of the Registrar.
Prior to any redemption date� the City shall deposit with the Registrar an
amount of money sufficient to pay the redemption price of all the Bonds ar portions of
Bonds which are to be redeemed on tha[ date.
Notice of redemption having been given as aforesaid> the Bonds or portions
of Bonds so to be redeemed shall, on the date fixed for redemption, become due and
payable at the redcmption price therein specified, and from and after such date (unless
the City shal] default in the payment of the redemption price) such Bonds or portions of
Bonds shall cease to bear interest. Upon surrender o£ such Bonds for redemption in
accordance with said notice, such Bonds shall be paid by the Registrar at the redemption
price. Installments oF interest due on or prior to the date fixed For redemption shall be
payable as herein provided for payment o£ interest. Opon surrender for any partial
redemption oF any Bond, there shall be prepared for the registered owner a new Bond or
Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have
been redeemed sha❑ be cancelled and destroyed by the Registrar and shall not be
reissued.
Section 8. Form of Bonds. The Bonds� the certificate of authentication to
be endorsed thereon and the form of assignment to be endorsed thereon are all to be in
substantially the following forms with necessary and appropriate variations, omissions
and insertions as permitted or required by this Resolution:
'7_
(FOrm of Bond)
United States of America
State of Wisconsin
County of Winnebago
City of Oshkosh
Corporate Purpose �ond, Serics 1989
See Reverse Side
For Additional
Provisions
No.
Rflte af
Interest Naturity Date Da[ed Date Cusip N�mber
:�fay 1, 11ay ]� 1989
Registered Owner:
Principal Amount:
HNOW ALL MEN BY TfIESF. PRESENTS: 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 ideniified� or regis-
tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the
Principa] 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 identi£ied or from the most recent interest payment date to which interest
has been paid at the Rate of Interest per annum hereinabove identified on May 1 and
November 1 of each year� commencing on �tay 1, 1990� until said Principal Amount is
paid� ezcept as the provisions hereinafter set for[h with respect to redemption prior to
maturity may be and become applicable hereto.
The principa] of this Bond is payable in ]awful money of the United States
of America upon presentation and surrender of this Bond 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 inierest 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 such other address as may be furnished in writing
by such registered owner to the Registrar.
-8-
Reference is hereby made to the further provisions of this Bond set forth
on the reverse side hereof, and such further provisions shall for all purposes have Ihe
same effect as if set forth on the front side hereof.
It is hereby certified, recited and declared that all acts, conditions and
things required to be done, exist, happen and be performed precedertt to and in the issu-
ance of this Bond 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 Bond, together with all other indebtedness of the City, does not
exceed any ]imitation prescribed by ]aw, 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 Bond and the issue of which it is a part as
the same respectively become due and For the ]evy and collection of sufficient tflxes for
that purpose.
This Bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shal] have been signed by the Registrar.
UI WITNESS Wf[F,REOF the City of Oshkosh� Winnebago County� Wisconsin,
by its City Council, has caused this Bond to be ezecuted with the duly authorized fac-
simile signature of its City Manager and with the duty authorized £acsimile 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 3fanager ��
[SEAL]
CERTIFICATE OF AOTtIENTICATLON
This Bond is one of the Bonds described in the within mentioned Resolution,
and is one of the Corporate Purpose Bonds, Scries 1989, of the City of Oshkosh,
Winnebago County, Wisconsin.
Date of Authentication:
FIRST WISCONSIN TROST COMPANY,
as Bond Registrar
By
Authorized OFFicer
9-
[Form of Bond - Reverse Side]
This Bond is one of an authorized issue of Bonds aggregating the principal
amount oF $2,635,000 (the "Bonds") issued to pay the cost of providing public projects in
the amounts and for the purposes as follows:
$734,000 for the purpose of constructing and extending the water
plant and water mains;
$677,000 For the purpose of constructing street improvements;
$183,000 for the purpose of extending and improving public parks;
$372,000 for the purpose of improving and extending the storm
sewer system;
$669,000 for the purpose of improving and extending the sanitary
sewers of the City;
and
pursuant to and in all respects in compliance with Chapter 67, Wisconsin StaWtes, and a
resolution adopted by the City Council of the City on May 18, 1989.
Bonds of the issue of which this Bond is one maturing on and after May 1,
1999, are subject to redemption prior to maturity at the option of the City as fl whole, or
in part in inverse order of their maturity (in integral multiples of $5�000, ]ess than all the
Bonds of a single maturi[y to be selected by the Registrar in such manner as it shall
deem fair and appropriate) on May 1� 1998, and on any interest payment date thereafter,
a[ a redemption price of par pWs accrued interest to the date fixed for redemption.
No[ice of any intended redemption shal] be sent by registered or certified
mail, postage prepaid, not less than thirty (30) days prior to the da[e fixed for redemp-
tion to the registered owner of each Bond to be redeemed (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 redemption, this Hond, or the portion hereof being so called for
redemption� will cease to bear interest on the specified redemption dflte� provided funds
for redemption are on deposit at the plaee of payment at that time� and shal] not be
deemed to be outstanding.
This Bond 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 Bond. Upon such Vansfer a new Bond or Bonds 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 Bonds are issuable in fully registered form in denominations of $5,000
each and integral mWtiples thereof. This Bond may be exchanged at the principal corpo-
rate trust office of the Registrar for a like aggregate principal amount of Bonds of the
same maturity of other authorized denominations, upon the terms set forth in the author
izing resolution.
-10-
The City and the Registrar may deem and treat the regis[ered 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 alt other purposes and nei[her
the City nor the Registrar shall be affected by any notice to the contrary.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells� assigns and transFers unto
(Name and Address of Assignee) -
the within Bond and does hereby irrevocably constitute and appoint
, or its successor as Registrar, to
[ransfer the said Bond on the books kept for registration thereof with full power of
substitution in the premises.
Dated:
NOT[CE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the face of the within Bond in every
particular� without alteration or enlargement or any change whatever.
Signature guarenteed:
NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock
Ezchange or a commercial bank or trust company.
Section 9. Sale o[ Bonds. The sale of the Bonds to
First Wisconsin National Bank of Milwaukee and assOClateS� at the price of
$ 2,635.000.00 plus accrued interest to the date of delivery, is hereby confirmed. The
City Treasurer of the City is hereby authorized to deliver the Bonds to said purchasers
upon payment of the purchase price.
Scetion 10. Use of Proceedsp No Arbitragep Bonds to Remain in Registered
Form. The principal proceeds of the Bonds shall be deposited in a special fund and used
solely for the purpose for which the Bonds were authorized. The principal proceeds from
the sale of the Bonds shal] 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 for such purposes.
The Governing Body hereby direMS the City Treasurer to create a [rust
fund into which there shall be deposited any monies which must be rebated to the United
States by reason of investment of the proceeds oY the Notes.
The Governing Body of the City recognizes that the purchasers and owners
of the Bonds will have accepted them on, 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 Bonds shall have been delivered. In this connection the City
agrees that it shall take no action which may render the interest on any of the Bonds
-11-
subject to Federal income taxation and that the principal proceeds of the sale of the
Bonds shall be devoted to and used with due diligence for the purpose for which the Bonds
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
purchasers and owners of the Bonds that the proceeds of the Honds are not expected to
be used in a manner which would or might result in the Bonds being "arbitrage bonds"
under Section 148 of the Internal Revenue Code of 1986� (the "Code") or the regulations
of the United States Treasury Department currently in effect or proposed. Such Certifi-
cate and Agreement With Respect to Taz Exemption shal] constitute a represen[ation,
certification and covenant of the City and shall be incorporated herein by reference, and
no investment of Bond proceeds or of moneys accumulated to pay the Bonds herein
aothorized shall be made in violation of the expectations prescribed by said Certifica[e
and Agreement With Respect to Tax Exemption.
The Governing Hody oY the City Further recognizes that Section 149(a) of
the Code requires the Bonds to be issued and to remain in fully registered form in order
that interest Ihereon is exempt from Federal income taxation under laws in force at the
time the Bonds are delivered. In this connection� the City agrees that ii will not [ake
any action to permit the Bonds to be issued in, or converted into, bearer or coupon form.
Section 11. Duties of Registrar. 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 a[test, and said City Manager and City Clerk are hereby authorized
to deliver, the Registrar's standard form of agreement between the City and the
Registrar with respect to the obligations and duties of the Registrar hereunder which
shal] include the following:
(a) to act as Registrar, euthenticating agent, paying agen[ and transfer
agent as provided herein;
(b) to give notice of redemption of Bonds as provided herein;
(c) to cance] and destroy Bonds which have been paid at maturity or upon
earlier redemption or submitted for exchange or transfer
(d) to furnish the City at least annually a certificate of destruetion with
respect to Bonds cancelled and destroyed; and
(e) to furnish the City at least annually an audit confirmation of Bonds
paid, Bonds outstanding and payments made with respect to interest on the Bonds.
Seetion 12. Tas Levy. In order to provide for the collection of a direct
annual tax sufficient to pay the interest on the Bonds 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 taz in amounts sufficient for that purpose, to-wit:
-12-
Year Amount Year Amount
1989 g328,913.75 1996 g 231 ,442. 50
1990 254,780.00 1997 224,642.50
1991 296,080.00 1998 386,961 .25
1992 261,292.50 1999 392,480.OU
1993 252,692.50 2000 372,080.00
1994 245,042 SO 2001 337, 190.00
1995 238,24250 2002 332,300.UU
2003 336,050.00
!n each of said years from 1989 to 2003� 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
Bonds, to be used solely For paying the principal of and interest on the Bonds as long as
any of the Bonds remain outstanding.
Section 13. Sufticiency. Interest or principal maturing et any time during
the life oF the Bonds when there shall be insufficient funds on hand from the ebove tax
levy to pay the same shall be paid promptly when due from the genera] Fund of the City,
and said fund shall be reimbursed in a like amount out of the proceeds of taxes hereby
levied when the same shall have been collected.
Section 14. Debt Servicc Fund. There has been ordered to be 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 principal of, premium, if any, and interest on municipa] obligations issued
pursuant to Chapter 67, Wisconsin Statutes. There is hereby created, and there shall be
deposited in, an account known as the "Series 1989 Corporate Purpose Bond AccounY', to
be held as a part of the Debt Service Fund, all premium, if any, and accrued interest paid
on the Bonds at the time the Bonds 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 Bonds when the same shall become due and to retire the
Bonds at their respective maturity dates.
Seetion 15. Prior Action. The action of the Director of Finance oF the
City in publishing notice of the sale of the Bonds is hereby in all respects ratified and
confirmed.
Section 16. Severability. If any sec[ion, paragraph or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidi[y or
unenforceability or such section, paragraph or provision shall not affect any of the
remaining sections� paragraphs and provisions of this Resolution.
Section 17. Other pocuments. The City Manager� the City Clerk, the City
Treasureq the City Finance Director and a❑ other officers of the City are hereby
authorized to ezecute al] documents and certificates necessary in connection with the
authorization and delivery oF [he Bonds, including without limitation an official state-
ment describing the Bonds and the City.
-13-
Section 18. Conflicting Proceedings Superseded. All ordinances, resolu-
tions or orders, or parts thereof, heretofore enacted, adopted or entered, in conflict with
the provisions of this Resolution, shall be and in the same are hereby superseded m the
extent oP such conflict, and this Resolution shall be in eYCeet from and after its passage.
Adopted S1ay 18, 1989.
Approved May 7$ , 1989.
Recorded May 18 , 1989/.�
(SEAL) •R'j_ (�i'�j/f �LL��IL
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Attest: l�— Mayor �
\
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�—. ., - City Clerk ��
-14-
STATE OF WISCONSIN )
) SS.
COUNTY O£ WIVNEBAGO )
[, Donna C. Serwas, hereby certify that [ 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 Council of said City held on May 18, 1989; 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 origina] minute record insofar
as said original record relates to the $2,635,000 aggregate principal amount oF Corporate
Purpose Bonds, Series 1989� of said City, dated May 1� 1989.
WITNESS my oF£icial signature and the seal of said City this 19th day
G. :idp. i43S.
;� '7 /', . . J �
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City Clerk�
(SEAL)
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