HomeMy WebLinkAbout35318 / 89-9 Res. k 9
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in regular, open, public session at its regular meeting plece on April 20, 1989, at 7:00
o'clock P.M., with the following members present:
Don H. Kutchera, Kathleen M. Propp, Donald W. Pressley, ihonas J. 6[nner,
Floyd R. Ghap9n, Robert C. Jungwirth and Janes A. Mather
and the tollowing members absent: ❑^re
W ♦ • rt
(Other Business)
The City Clerk stated thflt one purpose of the meeting was the con-
sideration of prc�osals received for the purchese of $805,000 aggregate principal amount
of Promissory Notes, Series 1989, of the City of Oshkosh, pursuant to sealed bids.
Thereupon the Yollowing resolution was introduced by Propp
and read in fuIl, and, pursuant to motion made by Propp and
. seconded by Binner , wes adopted by the following vote:
Aye: Propp, Pressl2y, 3[nner, Chapin, JungiairLh, f9a±rer
Nay: Kutche:^a
Absent or Not Vating: f:nn2
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Res. ti 9
RESOLUTION determining to borcow E805�000 and to issue
Promissory Notes, Series 1989, of the Clty of Oshkosh,
Winnebago County, Wiswnsin, in such amount, providi�g
details, prescribing the form of note, awarding the notes to the
highest bidder, and levying taxes.
WfIEREAS, cities are authorized by the prov3sions of Seetion 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 sidewalks, traffic signek, municipal equipment, repair and renovation of public
buildings and equipment and water system improvements; and
➢VfiEREAS� it is considered necessary flnd desirflble by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin (the "City"), that the City borrow the
aggregate princlpal amount of $805,000 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 20, 1989, which bids are as follows:
Name oY Bidder Net Interest Rate
Nor[hern Trust Co. , Chicago, IL $461,739.00 - 7.1039
Harris Trust & Savings Bank, Chiwgo, IL 462,187.50 - 7.1105
First Wisconsin Yational Bank,
Milwaukee, WI 466,412.50 - 7.1755
13ank One, P1il�aaukee, NA, Piilwaukee, WT 470,217.50 - 7.2340
; and
WHEREAS� the bid of \'orthern 'frust Co.
Of Chicdko I77imis � and
associates at a price of S 80�.061.00 plus acerued interest to the date of delivery,
was the best bid submitted, which bid is as follows:
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Res. k 9
NOW, THEREPORE� Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wtsconsin, es follows:
Section 1. Deflnitiona. For all purposes of this Resolution, except as
atherwise expressly provided herein or uNess the context otherwise requires, the terms
defined in this Section 1 shall have the meanings set forth below, and shell include the
plural as well es the singular.
"City" shall mean the City of Oshkosh� Winnebago County, Wisconsin.
"Governing Hody" shall mean the City Council oY the City.
"Note" or "Notes" shall meen one or more oY the Promissory Notes, Series
1989, authorized to be issued by the terms of this Resolution.
"Note Register" shell mean the books of the City kept by the Registrar to
evidence the regis4ation and transYer oY the Notes.
"Registrar" shall mean First Wisconsin Trust Company, in Milwaukee,
Wisconsin, or a successor designated as Registraz hereunder.
"Resolution" shell mean this resolution as adopted by the Governing Body af
the City.
Section 8. Authorization. The issuance of 5805,000 aggregate principal
amount oY promissory notes ts hereby authorized for the purpose of providing Funds in the
amounts and for the purposes, including finaneing costs, as follows:
Amount Purpose
$6�000 Sidewalks
270,000 Municipel Equipment
35,000 1Yaffic Lighting
494,000 Public Building [mprovements
The Notes shall be designated "Promissory Notes, Series 1999," shall be dated May 1,
1989, as originally issued, and shall also bear the date of their authenticetion by the
Registrar. The Notes shall be in fully registered form, shall be in �enominations of
55,000 each and integral multiples thereof @ut no single Note shall represent instal]-
ments of principal maturing on more than one date), shall be numbered consecutively
from one upwerd� shell mature serially on May 1 of each of the years 199� to 1999,
inclusive, in the amounts, and shall bear interest at the rates per annum, es tollows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
1990 E10,000 7.0 % 1995 S 50,000 9.� %
1991 10,000 �•� 1996 15U,000 �-0
1992 10,000 �•� 1997 175,000 6.95
1993 10,000 �•0 1998 175,000 �•�
1994 15.000 �•0 1999 200�000 �•�
Section 3. Interest; Payment Provisions. The Notes shall bear interest
ftom their date or from the most recent interest payment date to which interest has
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. � BID FOBl1
MEMRE@S OF TNE CITY COIINCIL April 20, 1989
CITY OF OSHKOSH� WISCONSIN
Ne offer Co purchase the $805�000 Promisaory Notes, Serlea 1989, of'
the CSty of Oshkosh, Nisconsin to be dated May 1, 1989 and offered for
eale on [he above date� on the terma and conditions stated in [he
Offidal Notice of §$le and the Official S[atement therefor, for a price
of �O S O /O/"`— (not lesa than SBO5,000), and accrued interest to
date of delivery. The Notes of the variovs maturities to bear in[erest
at the follorring annual rates:
- ���X for Notes due May 1, 1990
X for Notea due May 1, 1991
X for Notes due May 1� 1992
X for Notea due May 1, 1993
% for Notes due May 1� 1994
�'SbX foi Notes due May 1, 1995
Zd-DX for ftotes due May 1, 1996
�L�for Notes due May 1, 1997
QCX for Notes due May 1, 1998
�X for Notes due May 1, 1999
Our computation of [he to[al amoun[ of in[erest from date of issue
to maturity represented by the interest ratea specified above, and of the
net interest cost of this bid, while not a part of this bid, are se[
forth below.
Thls bid is made for prompt acceptance and eubject to [he conditions
of the Official Notice of Sale. We encloae, herevith� our certified
check or bazilc cashier's or treasurer'e check, in the amount of $15,000,
vhich Sa to be held by the City pending compliance with the conditions of
this bid.
Bea ectful evbmitted �
P /Y)
The o�thern r s � n
Synd e M a rjn ciates
�--c..�
By Mark F. Rimkus
Bond Investment Officer
Intereat Computatioa
We compute the to[al emount of intereat from daCe of issue to
maturity, repreaented by the interest rates speclfied in the bid, to
be �('t(� �39 for a Net Rate of 7/O�' X.
The foregoing bid is hereby accep[ed by and an behalf of [he City of
Oshkosh, Wisconsin [his 20[h day of April� 1989.
Cicy Manager
Director of Finance/Treasurer
Res. #9
been peid ar duly provided Yor� at the interest rates set out above, such interest (com-
puted upon the basis oF a 360-day year oY twelve 30-day months) being payable on May 1
and November 1 of each year, cammencing on May 1, 1990. Interest on each Note shall
be paid by check or draft of the Registrer to the person in whose name such Note is
registered at the close of business on the fifteenth day of the ealendar 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 end surrender
of such Note at the principal corporate trust office of the Registrar in Milwaukee,
Wisconsin.
Section 4. Esecution; Authenticatlon. 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 oY the City, and sealed with the official seal of
the City or a printed facsimile thereof. In cflse flny oYYicer 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 aa if such officer
had remained in office until delivery.
All Notes 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 Note shall be valid or
obligatory for any purpose or be entitled to any security or benefit under this Resolution
unless and until such certificate of authentication shall have been duly executed by the
Registrar by manuel signature, and such certifieate of authentication upon any such Note
shall be conclusive evidence that such Note has been authentieated and delivered under
this Resolution. The certificate of authentication on any Note shall be deemed to have
been executed by the Registraz if signed by an authorized officer of the Registraz, but it
shall not be necessary that the same officer sign the certificate of authentication on all
of the Notes issued hereunder.
Section 5. Regish�ation of Notes; Persons 1Yeated 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 Registrflr, which is hereby �constituted and appointed the registrar of the City with
respect to the Notes herein authorized.
� � Upon surrender for transfer oY any Note at the principal corporate trust
office oP the Registrar duly endorsed by, or aceompanied by a written instrument or
instruments oY 4ansfer in farm satisFactory to the Registrar duly executed by, [he
registered owner thereof or his attorney duly authorized in writing, the City shall
exeeute 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
Yully registered Note ar 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 authorized
denominations. The execution by the City of any fully registered Note shall constitute
Yull and due authorization oY such Note end 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 retirements.
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Res. #9
The Registrar may, but shall not be required to, transfer or exchange any
Note during the period of YiYteen (15) days next preeeding 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 L5e period of fifteen (15) days next preceding mail-
ing of a notice of prepayment of any Nates.
The person in whose nane any Note shall be registered shall be deemed and
regarded es the absolute owner thereof for ell 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 flnd discharge the liability upon sueh Note to the extent of the
sum or sums so paid.
The Registrar shall never register any Note to bearer.
No service cherge shall be made for any transYer or exchange of Notes, but
the City or the Registrar may require payment of a sum sufficient to cover any taz; or
other governmental charge that may be imposed in connection with any transfer or
exchange of Notes exeept in the case of the issuance of a Note or Notes for the unpre-
paid portion of a Note surrendered for prepayment.
Seetion 6. Prepayment. Notes maturing on and after May 1, 1997, shal] be
subject to prepayment at the option of the City as a whole, or in part in inverse order of
their maturity (]ess than all of the Notes of a single maturity to be selected by the
Registrar as hereinafter provided), on May 1, 1996, end on any interest payment date
thereafter, at a prepayment price of per 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 oY such dete 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 oY a single maturity, the particular Notes or portions oY Notes to be
prepaid shall be selected by the Registrar from the outstanding Notes of tAe longest
maturity then outstanding by such method as the Registrar shall deem fair and appro-
priaie, and which may provide for the selection for prepayment oY Notes or portions of
Notes in principal amounts of $5�000 and integrel multiples thereof.
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
partiel prepayment, the principal amount thereaf to be prepaid.
Section 7. Prepayment Procedure. Unless waived by any registered owner
04 Notes (or portians thereot) to be prepaid, notice of the call for any such prepayment
shell be given by the Registrar on behalf oY the City by mailing the prepayment notice by
registered or certified mflil, postage prepaid, not less than thirty (30)-days prior to the
date fixed tor 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 4urnished 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 prepayment of any other Notes.
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Res. #9
All notices of prepayment shall state:
(1j 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 prepeyment, 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 upan each such Note or portion thereof called tor prepayment,
and thflt Interest thereon shall cease to accrue from and aYter 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 prineipal 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 ere to be prepaid on that date.
Notiee oY prepayment having been given as aforesaid, the Notes or portions
oY 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 sueh date (unless the
City shall default in the payment of the prepayment price) such Notes or portions of
Notes shall cease to bear interegt. Upon �surrender of such Notes For prepayment in
aecordance with said notice, such Notes shall be paid by the Registrar et the prepayment
price. Installments of interest due on or prior to the dete fixed for prepayment shall be
payable as herein provided for payment of interest. Upon surrender for any partial
prepayment of any Note� there shall be prepared for the registered owner e new Note or
Notes of the same maturity in the amount af the unpaid principal. All Notes which have
been prepaid shall be cancelled and destroyed by the Registrar and shall not be reissued.
Section 8. Form of Notes. The Notes, the certificate of authentication to
be endorsed thereon and the farm of assignment to be endorsed thereon are a11 to be in
substantially the following forms with necessary and appropriate variations, omissions
and insertions as permitted or required by this Resolution:
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Res. #9
(Form of Note)
United States of America
3tate oY Wisconsin
Cowty o4 Winnebago
City of Oshkosh
Promissory Note, Series 1989
See Reverse Side
For Additional
Provisions
No.
Rflte of
Interest MaturiTy Date Dated Dflte Cusip Number
May 1, 19_ May 1, 1989
Registered Owner:
� Prineipal�Amount: � - � �
BNOW AI.L MEN BY THESE 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 identified, or regis-
tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the
Principal Amount hereinabove identified and to pay interest (wmputed on the besis of a
360-day year of twelve 30-day months) on such Principal Amount Yrom the Dated Date
hereinabove identified or from the most recent interest payment date to which interest
has been paid at the Rate oY Interest per annum hereinabove identiYied on May 1 and
Novembei' 1 of each year, commencing on May 1, 1990, until said Principal Amount is
paiG� except as the provisions hereinaYter set forth with respect to prepayment may be
and become epplfcable hereto.
The principal of this Note is payable in lawful money oP the United States
of America upon presentation and surrender of this Note at the principal corporate trust
oYfice af First Wisconsin Trust Company� in Milwaukee, Wisconsin, as registrar and
paying agent (the "Registrar"). Payment of each installment oY 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 dflte and shall be paid by
check or draft of the Registrar mailed to such registered owner at his address es it
� appears on such registration books or at such other address as may be furnished in writing
by such registered owner to the Registrar.
Reference is hereby made to the further provisions of this Note set forth
on the reverse side hereof, and such furtner provisions shall for all purposes have the
same effect es if set forth on the front side hereof.
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Res. #9
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, tagether with all other indebtedness of the City, does not
exceed any limitation prescribed by law� and that the City has levied a direet annual
irrepealable tax sufficient to pay the interest hereon when it falls due and also to pay
and discharge the principal hereoY at maturity.
The full Yaith, credit and resources of the City are hereby pledged for the
payment of the principal oY and interest on this Note and the issue oY which it is a part as
the same respectively become due and for the levy and collection of sufficient taxes for
thaY purpase.
This Note shall not be valid or become obligatory for any purpose until the
certiYicate oY authentication hereon shall have been signed by the Registrar.
IN WTTNES3 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 seel ot a facsimile thereof to be impressed or reproduced
hereon, as oF the Dated Date hereinabove identified.
� (fac5imile 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 1989, of the City of Oshkosh� Winnebago
County, Wisconsin.
Date of Authentication:
FIRST WISCONSIN TRUST COMPANY,
es Note Registrar
Hy
Authorized Officer
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REs. #9
[Form of Note - Reverse Side]
This Note is one oY an authorized issue of Notes aggregating the principal
amount of E805,000 (the "Notes") issued to pay the cost of municipal equipment, traffic
signals, sidewalks and public building improvements pursuant to and in all respects in
compiiance with Chapter 67, Wisconsin Statutes, and a resolution adopted by the City
Council of the City on April 20, 1989.
Notes af the issue of which this Note is one maturing on and aftet May 1,
1997, are subject to prepayment at the option of the City es a whole, or in part in inverse
oeder of their maturity (in integral mWtiples ot $5,000, less than al] the Notes of a single
maturity to be selected by the Registrar in such manner as it shall deem fair and appro-
priate) on May 1, 1996, and on any interest payment date thereaYter, 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 oY each Note to be prepaid (in whole or in pert) at the address
shown on the registration books of the City maintained by the Registrar or at such other
address es is furnished in writing by such registered owner to the Registrar. When so
called for prepayment, this Note, or the partion hereof being so called for prepayment,
will ceese to bear interest on the specified prepayment da[e, provided funds for prepey-
ment are on deposit at the place of payment at that time� end shall nat be deemed to be
outstanding. �
� This Note is transferable by the registered owner hereof in person or by his
8ttorney 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 prineipal amount will
be issued to the transferee in exchange herefor.
The Notes flre issuable in fully registered Yorm 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 matutity of other authorized denominations, upon the terms set forth in the author-
izing resolution.
The City and the Registrar may Geem and treet the registered owner
hereof es the absolute owner hereof for the purpose of receiving payment of or on
account of principal hereof and inierest due hereon and for all other purpases and neither
the City nor the Registrar shal] be aFfected by any notice to the contrary.
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Res. k9
ASSIGNMENT
FOR 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 Registrar, to
transfer said Note on the books kept far registration thereoY 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
� particWar, 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
Northern Trust Co. and �associates, at the price of
S 805.061.U0 plus accrued interest to the date of delivery, is hereby confirmed. The
City 1Teasurer 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 Arbih�age; Notes to Remain in Registered
Form. The principal proceeds of the Notes shall be deposited in a special Pund 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 Hody hereby covenants and agrees that said principal proceeds shall be
devoted to and used with due diligence for such purposes.
The Governing Body of the City recognizes that the purchasers and owners
of the Notes will heve accepted them on, and paid therefor a price whieh rePlects� 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 Federel 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 Yor which the
Notes are hereby authorized to be issued.
The City Manager, the City Clerk, the City Finance Director flnd the City
Treasurer of the City, or any of them, are hereby authorized to execute on behelf 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 "arbitrege bonds" under
Section 148 of the Internal Revenue Code of 1986 or the regulations of the United States
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Res. #9
Treasury Department currently in effect or proposed. Such CertiFicate and Agreement
With Respect to Tvc 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 aceumulated to pay the Notes herein authorized shell be
made in violation of the expeetations prescribed by said Certificate and Agreement With
Respect to Tax Exemption.
The Governing Body hereby directs the City Treasurer to creete a trust
Yund into which there shall be depasited any monies which must be rebated to the United
States by reeson of investment of the proceeds of the Notes.
The Governing Body of the City further recognizes 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 Yrom Federal ineome taxation under laws in Yorce at the
time the Notes are delivered. [n this connection, the City egrees that it will not tflke
any ection to permit the Notes to be issued in, or converted into, bearer or coupon Yorm.
Sectlon 11. Duties of Regish�ar. If requested by the Registrar, the City
Manager oP 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 [he 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 notiee of prepayment of Notes as provided herein;
(e) to cancel and destroy Notes which have been paid at maturity or upon
earlier prepayment or submitted Yor 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 oP Notes
paid, Notes outstanding and payments made witN respect to interest on the Notes.
3ection 12. Taz Levy. In order to provide Yor the collection of a direct
annual ta�c sufYieient to pay the interest an the Notes and to pay and discharge the prin-
cipal therea4 at maturity� there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tax in amounts sufficient for that purpose, to-wit:
Year Amount Year Amount
1989 595,918.75 1994 $101,2&7.50
1990 �� 66,462.50 1995 193,662.50
1991 65,762.50 1996 � 207,331.25
1992 65,062.50 1997 195,125.00
1993 69,187.50 1998 207,000.00
In each of said years from 1989 to 1999, inclusive, the direct annual tax
above levied shall be extended upon the tax roLls of the City in the same manner and
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Res. #9
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.
Section 13. Sufficiency. Interest or principal maturing at any time during
the life oF the Notes when there shall be insuffieient funds on hand from the above tas
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 proceeds of taxes hereby
levied when tAe same shall have been colleeted.
3ection 14. Debt Service Fund. There has been established in the City
1Teasury a fund separate and distinet from all other [unds oY the City to be designated
the "Debt Service Fund", which fund shall be used solely for the purpose o[ paying the
princlpfll of, premium, if any, and interest on municipal obligations issued pursuant to
Chapter 67, Wisconsin Statutes. There is hereby created, flnd there shall be deposited in,
an account known es the "Series 1989 Promissory Note AccounY', 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 maney raised by taxation
pursuant to Section 12 hereof; and such other sums as may be necessary to pay interest
on the Nates when the same shall become due and to retire the Notes at their respective
maturity dates.
3eetion 15. Advertisement. The action of the Director of Finance of the
City with respect to publication of the notice oY sele oY the Notes is hereby in all re-
� spects ratified and wnfirmed. � _
Section 16. Severability. If any section, pazagraph 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 Director and all other officers of the City are hereby
authorized to execute all documents and certificates necessary in eonnection with the
authorization and delivery oC the Notes, including without limitation an official State-
ment describing the Notes and the City. -
-ia-
REs. N9
Section 18. Conflicting Proceedings 3uperseded. All ordinences,
resolutions or orders, or parts thereof, heretofore enacted, adopted or entered, in con-
Ylict with the provisions of this Resolution, shall be and in the same are hereby
superseded to the extent of such confl3et, and this Resolution shall be in effect from and
after its passage. �
Adopted April 20, 1989.
Approved April ,��; , 1989.
Recorded April rC� , 1989.
f
(SEAL) .� � . _ �
.^,f �� ,�p ; wf' �
k: �;� ' � i .�
Attest: � Mayor
r -. �� �
City Clerk .
-14-
Res. #9
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I� Donna 0. Serwas, hereby certify that I am the duly qualified and acting
City Clerk oY 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 20, 1989; that I have compared said
copy with the original minute record of said meeting in my offieial custody; and that said
copy is a true, correct and complete transcript from said original minute record insofar
es said original reeord relates to the E805,000 aggregate principal amount of Promissory
Notes, Series 1989� of said City, dated May 1� 1989.
WITNESS my official signature and the seal of said City this r ! :�.�� day
of April� 1989.
l�;,_ , � � i
City Clerk
(SEAL)
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