HomeMy WebLinkAbout35317 / 89-8 REs. # 8
The City Council of the City oF Oshkosh, Winnebego County, Wisconsin,
met in regular, open, public session at its regular meeting plflce on April 20, 1989, et 7:00
o'clock P.M., with the following members present:
�on H. Kutchera, Kathleen M. propp, Donald W. Pressley, Thoinas J. Uinner,
Floyd R. Chapin, Robert C. JungwirLh and Jam^s F. Flather
and the following members absent: none
r . • •
(Other Business)
The City Clerk stated that one purpose of the meeting was the consider-
ation of proposals received tor the purchese of 51�000,000 eggregate principal amount ot
Taxable (Tax Increment Supported) Corporate Purpose Bonds, Series 1989-A, of the City
of Oshkosh, pursuant to sealed bids.
Thereupon the following resolution was introduced by
Chapin and read in full and, pursuent to motion made by
Chapin and seconded by Binner � was
� adopted by the following vote:
Aye: Propp, Pressley, 6inner, Ghapin, Jungwirth, Mather �
Ney: KuLdiera
Absent or Not Voting: fJOne
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RES. #8
RESOLUT[ON determining to issue 51�000,000 Te�cable (Tax
Increment Supported) Corporate Purpose Bonds, Series 1989-A,
of the City of Oshkosh, Winnebago Coun[y, Wisconsin,
providing details, prescribing the form of bond, awarding the
bonds to the highest bidder, and levying taxes.
WHEREAS, this City Council has determined that it is desirable to
construM certain improvements in or near an industrial park which will constitute a tax
incremental district and to pay for such construction through the issuance of general
obligation bonds� end
WHEREAS, by initial resolutions duly adopted on March 16, 1989, there
have been authorized to be issued bonds of the City of Oshkosh, Winnebego County,
Wisconsin (the "City") For the public purpose projects as follows:
$202�500 for the purpose of constructing and extending the water
plant and water mains;
$25,000 for the purpose of constructing street improvements;
$340,000 for the purpose of purchasing land for an industrial park;
5432,5�a for the purpose of improving and extending the sanitary
sewers of the City;
and
WHEREAS, officisl notice of the adoption of said initial resolutions was
published on March 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 initiel resolutions be submitted to the electors; and
WHEREAS, the City is authorized by Section 67.05(13), Wisconsin Statutes,
to combine bonds authorized under various initial resolutions into one issue; and
WH6REAS, it is now necessary that said bonds be sold and issued For the
purpases aForesaid in the aggregate principal amount of $1,000,000; and
WHEREAS, pursuant to advertisement, sealed bids were received for the
purchase of said Tflxable (Tax [ncrement Supported) corparate purpase bonds in said
amount until 1U:30 A.M., C.D.T., an April 20� 1969, which bids are as follows:
Name of Bidder Net Interest Rate
Northern Trust_Co. , Chicago, IL $1,383,35350 10.15�
Miller Securities, Minneapolis, MN 1,395,163.00 10.2397
First Wisconsin National Bank, Milwaukee, WI 1,397,484.00 10.2567
Shearson Lehman HutCOn, Inc. , Chicago, IL 1,422,281.25 10.4387
_Z_
RES. #8
; and
WHEREAS, the bid of Northern Trus[ Co.
oF Chicaao Illinois � and
associates at a price of $1,000.009.00 plus accrued interest to the date of delivery, was
the best bid submitted, which bid is as Follows:
3
f RES. #8
�
BID YOHlI
MEPIDE&S OF TI6 CITY COUPCIL April 20� 1989
CITY OF OSKKOSH� XISCONSIN
We offer to purchnee the �1�000�000 Tnxeble (Tax Incrwent Sup-
ported) Corporate Purpoae Bonda� Seriea 1989-A� of the City of Oehkoeh,
Niaconain to be dated May 1� 1989 nntl offered for sale on the nbove dnte,
oa the terme end condltlone etated Sn the OEficial Notice oF Sale anA the
Offieinl Stat�ent thereEOr, for s price of /�!->D .ail�% � (no[
lese thnn �1,000,000), eaA accrued intereec co dnte oF delivery. The
Bonda of the verioue mnturltiee to Deer intereet at the folloving annvnl
ratee: 3d
�X for Bonde dve Povember 1� 1995
�/�i for Bonde due Povember 1� 1996
//S-OX for Bonda due Aovember 1� 1997
//1�4/1S for Banda due Fovember 1� 1998
l�,n�i for Bonde due Rovember 1, 1999
X for Boade due Bovr�ber 1, 2000
S for Boade due November 1, 2001
x for Boade due Povembet 1, 2002
S for Bonda dve PovemDer 1, 2003
S for Bonde due November 1, 2004
X for Bonds due November I, 2005
x for Banda due November 1� 2006
S for Bonde dve Povember 1, 2007
S for Bonde due Povember 1, 2008
Our compu[atlon of Che total amow[ of SntereeC from dace oF Sesue
to meturlty repreeented by the intereet retes apecified nbove� nnd of [he
ne[ intereat coet of thie bld, vhile not a pert of thSe bid, are ee[
forth belov. '
11tie b1d ie made for prompt atceptnx�ce end eub,ject to the coadlUone
of the Off1c1a1 Potice of Sale. Ne enclose, herevlth, our certifled
check or henk cashier's or treeaurer'e check, in the emoimt of 520,000,
xhich ie to be 6eld Dy [he City pending complience vi[h [he condl[Sone of
[h1e bid.
Bespecifully eubmitled
The N ern Ust mpany
Synd a g a sociates
i .�t�
By. 3rk F. RimY.us
Bond Investment Officer
In[eree[ Coopntstioa
He compute tLe iotal emount of interee[ from da[e oi Saeue to
maturity zepreeensed by the Sntereat retee epecified in the bid, to
be /. � fr3, j53✓tor a Nee 8nte of i X.
The foregaing bid ie IIereby eccepted by end on behelf of the Lity of
Oahkoeh, Wleconeia thie 20th dny of Apr11. 1989.
City Managez
Director of FSnance/Treaeurer
RES. #8
. NOW� THEREFORE� Be It Aesolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Seetion 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 singulflr:
"Bond" or "Bonds" shflll mefln one or more of the Taxflble (Tax Increment
Supported) Corporate Purpose Bonds, Series 1969-A, 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 Honds.
"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 es adopted by the Governing Body of
the City.
Section 2. Authorization. The issuance of $1,000,000 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 "Taxable (Tax Increment Supported) Corporate Purpose Bonds� Series
1989-A", shall be dated May 1� 1989� as originally issued, and shall also bear the dete of
their authentication by the Registrar. The Bonds shall be in fully registered form, shall
be in denominations of $5,000 each and integral� multiples thereof (but no single Bond
shall represent installments of principel mflturing on more than one date)� shall be
numbered consecutively starting with the number one, shall mature serielly on November
1 of each of the years 1995 to 2008, inclusive, in the amounts and shai] bear interest at
the rates per annum, as follows:
Principal Interest Principal [nterest
Year Amount Rate Year Amount Rate
1995 $25,000 11.3% 2002 $ 75,000 10.0 g�,
1996 50,000 11.5 2003 75,000 10.0
1997 75,000 I1.5 2004 75,000 10.0
issa zs,000 la.s zoos 7s,aoa io.o
isss 7s,000 io•a zoas 7s,000 io.o
zooa 7s,000 lo.o zoo7 7s,000 lo.�
aooi 7s,000 1�•0 2oos ioo,aoo io.o
-s-
RES. #8
- Seetion 3. [nterestq 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 sei out above, such interest (computed upon
the basis of fl 360-day year of twelve 30-dey months) being payable on May 1 and
November I of eflch year, commencing on May 1, 1990. Interest on each Hond shall be
paid by check or dreft of the Registrar to the person in whose name such Bond is regis-
tered at the close of business on the fifteenth day of the calendar month next preceding
the applicable interest payment date. The principal of each Bond shall be payeble in
lawful 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. Esecution; Authentication. The Bonds shall be executed on
behalf of the City with the Facsimile signeture of the City Maneger of the City and with
the facsimile signeture of the City Clerk of the City, and sealed with the official seal of
the City or a printed facsimile thereof. In cese any oFficet whose signature shall appear
on any Bond shall cease to be such o£ficer 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 Resolution
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 Bond
shal] be conclusive evidence that such Bond has been authenticated and delivered under
this Resolution. The certificate of authentication on any Bond shell be deemed to have
been executed by the Registrar if signed by an fluthorized officer of the Registrflr, but it
shall not be necessary that the same officer sign the certiFicate of authentication on al]
of the Bonds issued hereunder.
Section 5. Regish�ation of Bonds; Persons Treated as Owners. The City
shall cause books (the "Bond Register") for the registrfltion and for the transfer of the
Honds as provided in this Resolution to be kept at the principal corporate trust office of
the Registrar, which is hereby constituted and eppointed the 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 accompflnied by a written instrument or
instruments of transfer in form satisfactory to the Registrar duly executed by, the
registered ownet thereoP or his attorney duly authorizetl in writing, the City shall
execute and the Registrar shall authenticate� date and deliver in the name of the trans-
Feree ar transFerees a new Fully registered Bond or Bonds of the same maturity of
authorized 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 of Bond or Bonds of the same mflturity of other authorized
denominations. The execution by the City of any fully registered Bond shall constitute
full and due authorization of such Hond and the Registrar shall thereby be authorized to
authenticate, date and deliver such Bond; provided� however, that the principal amount
of the outstanding Bonds authenticated by the Registrar shal] never exceed the author-
ized principal amount of the Bonds, less previous retirements. �
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RES. #8
� The Registrar may, but shflll not be required to� transfer or exchange any
Bond during the period of fifteen (15) days next preceding any interest payment date on
such Bond, nor to transfer or exchange any Bond after notice calling such Bond for pre-
peyment has been mailed nor during the period of fifteen (15) deys next preceding
mailing of a notice of prepayment of any Bonds.
The person in whose name any Bond shall be registered shflll be deemed and
regarded as the absolute owner thereof for all purposes, and payment of the principa] 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 effectual to satisfy and discharge the liability upon such Hond to the extent of the
sum or sums so paid.
No service charge shall be made for any trensfer 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
November 1� 2000, shflll be subject to redemption prior to maturity at the option of the
City as a whole, or in part in inverse order oF their maturity (less than all of the Bonds of
a single maturity to be selected by the Registrar as hereinefter provided), on November
1, 1999, and on any interest payment date thereafter, at a redemption price of par plus
accrued interest to the date fixed for redemption.
The Bonds shflll be redeemed only in the principal amount of $5�000 each
and integral multiples thereaf. At least 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 principal amount of
Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding
Bonds of a single maturity� 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 shall deem fair end flppropriete, and
which may provide for the selection for redemption of Bonds or portions of Bonds in
principal amounts of 55,000 and integral multip7es thereof.
The Registrar shall promptly notify the City in writing of the Bonds or
portions of Honds selected For redemption prior to maturity and� in the case of any Hond
selected for partial redemption, the principal amaunt thereof to be redeemed.
Section 7. Redemption Procedure. Unless waivetl by any registered owner
of Bonds (or portions thereof) to be redeemed, notice of the call for any such redemption
prior to maturity shall be given by the Registrar on behelf of the City by mailing the
redemption notice by registered or certified mail� postage prepaitl, not less than thirty
(30) days prior to the dete 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 Registrer. Failure to
give such notice by mailing to any owner of any Note, or any defect therein, shall not
aftect the validity of any proceedings for the redemption of any other Notes.
7
RES. #8
All notices of redemption shall state:
(1) the date fixed for redemption,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the identiFication,
including CUS[P numbers (and, in the case of pertifll redemption, the respective
principal 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 shall cease to accrue from and after said date, and
(5) the place where such Honds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal corporate trust
office of the Registrar.
Prior to any redemption date, the City shall deposit with the Registrar an
amaunt of money sufficient to pay the redemption price of all the Bonds or portions of
Bonds which are to be redeemed on that date.
Notice of redemption having been given as aforesaid, the Bonds or portions
of Honds so to be redeemed shall, on the date fixed for redemption, become due and
payable at the redemption price therein specified, and from and afYer such date (unless
the City shall default in the payment oY the redemption price) such Honds or portions of
Bonds shall ceflse to bear interest. Upon surrender of such Bonds £or 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 oY interest. Upon surrender for any partial
redemption of any Bond, there shall be prepared For the registered owner a new Hond or
Bonds of the same maturity in the amount oF the unpaid principal. All Bonds which have
been redeemed shall be cancelled and destroyed by the Registrar and shall not be
reissued.
Section 8. Form of Bonds. The Bonds, the certificflte 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 eppropriate variations, omissions
and insertions as permitted or required by this Resolution:
_g_
RES. #8
(Form of Bond)
United States of America
State of Wisconsin
� County ot Winnebago
City of Oshkosh
Taseble (Tea Increment Supported) Corporate
Purpose Bond, Series 1989-A
See Reverse Side
For Additional
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
November 1, May 1, 1989
Registered Owner:
Principal Amount:
%NOW ALL MEN BY THESE PRESENI'S: That the City oF Oshkosh in the
County oF Winnebagq 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 May 1 and
November 1 of each year, commencing on May 1, 1990, until said Principal Amount is
paid, except as the provisions hereinafter set forth with respect to redemption prior to
maturity may be and become applicable hereto.
The principal of this Hond is payable in lawful 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. Wiseonsin, as registrflr and
paying agent (the "Registrar"). Payment of each installment of interest herean shal] be
made to the registered owner hereof who shall appear on the registration books of the
City maintained by the Registrer at the close of business on the fifteenth day of the
celendar month next preceding the applicable interest payment date and shall be paid by
check or draft of [he 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.
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' RES. #8
Reference is hereby mede to the further provisions oF this Bond 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 hereoY.
It is hereby certified, recited and declared that al] acts, conditions and
things required to be done, exist, happen and be performed precedent 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 limitation prescribed by law, flnd thet the City has levied a direct annual
irreparable 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 far the levy and colleetion of sufficient taxes For
that purpose.
This Bond shall not be valid or become obligatory for any purpose until the
certificete of authentication hereon shell heve been signed by the Registrar.
IN WPfNESS WHEREOP the City of Oshkosh, Winnebago County, Wisconsin,
by its City Council, hfls caused this Bond 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 oFficia] sea] or a facsimile thereof to be impressed or reproduced
hereon, as oF the Dated Date hereinabove identified.
(facsimile signflture) (facsimile signature)
City Clerk City Manager
[SEAL]
CERTIFICATE OF AUTHENTICATION
This Bond is one oF the Bonds described in the within mentioned Resolution,
and is one of the Taxable (Tax Inerement Supported) Corporate Purpose Bonds, Series
1989-A� of the City of Oshkosh� Winnebago County, Wisconsin.
Date of Authentication:
FIRST WISCONSIN TRUST COMPANY,
as Bond Registrar
By __
Authorized O£ficer
-10-
. RES. #8
[Form of Bond - Reverse Side]
This Bond is one of fln authorized issue of Bonds aggregating the principal
amount of 53,000,000 (t�e "Honds") issued to pay the cost of providing public projeMS in
the amounts and for the purposes as follows:
$202,500 for the purpose of constructing and extending the wflter
plant flnd water mflins;
$25,000 for the purpose of constructing street improvements;
$34U,000 for the purpose of purchasing land for an industrial park;
� $432,500 for the purpose of improving and extending the sanitary
sewers of the City;
and
pursuant to and in all respects in complience with Chapter 67, Wisconsin Statutes, and a
resolution adopted by the City Council of the City on April 20, 1989.
Bonds of the issue of which this Bond is one maturing on and after
November 1, 2000, are subject to redemption prior to maturity at the option of the City
as a whole, or in part in inverse order of their maturity (in integral multiples of $5,0�0,
less than all the Bonds of a single maturity to be selected by the Registrar in such
mflnner as it shell deem fair and appropriflte) on November 1� 1999, and on any interest
payment date thereafter, et a redemption price of par plus accrued interest to the date
fixed for redemption.
Notice of any intended redemption shall be sent by registered or certiFied
mail, postage prepaid, not less than thirty (30) days prior to the date 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 Bond� or the portion hereof being so called for
redemption, will cease to bear interest on the specified redemption date, provided funds
for redemption are on deposit at the place of payment at that time, and shall not be
deemed to be outstanding. .
This Bond is transierable by the registered owner hereof in person or by his
attorney duly authorized in writing at the pcincipal 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 transfer a new Bond or Bonds of the same maturity
of fluthorized denomination or denominetions, for a like aggregate principfll 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 multiples thereof. This Bond may be exchanged at the principal corpo-
rate trust office of the Registrar for a like aggregate principal amount of Honds of the
same maturity of other authorized denominations, upon the terms set Forth in the author-
izing resolution.
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RES. #8
The City and the Registrar may deem end treet the registered owner
hereof as the absolute owner hereof for the purpase of receiving peyment of or on
account of principal hereof end interest due hereon and for all other purposes and neither
the City nor the Registrar shall be affected by any notice to the contrflry.
ASSIGNMENT
FOR VALUE RECE[VED, the undersigned sells, assigns and transfers unto
(Nflme and Address of Assignee)
the within Bond and does hereby irrevoeably constitute and flppoint
� , or its successor as Registrar, to
transfer the said Bond on the books kept for registration thereo£ with ful] power of
substitution 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 Bond 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 Bonds. The sale of the Bonds to
Northern Trust Co. and associates� at the price of
E 1.000.009.00 p�us 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 peyment of the purchase price.
Section 10. Use of Proceeds; Application of Tax Increments. 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
shall be used oNy to pay the costs of public projects aforesaid, and the Governing Body
hereby covenents and agrees that said principal proceeds shall be devoted to and used
with due diligence for such purposes.
The public improvements to be financed from a portion of the proceeds of
the Bonds will be located in or near a tax incremental district including the area in which
the land being purehased with a portion of the Bond proceeds is located. This Governing
Body will levy an irrepealable tax in amounts sufficient to amortize the bonds; however,
it is considered desirable to use tax increments emenating from said tax incremental
district for the payment of principal of and interest on the Bonds as and when such tax
increments become available. To that end the Director of Finance is hereby authorized
to deposit such tax inerements in the ➢ebt Service Fund created in Section 14 hereof.
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RES. #8
Seetion 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
❑ereby authorized to attest, and said City Manager and City Clerk are hereby authorized
to deliver, the Registrar's standerd form of agreement between the City and the
Registrar with respect to the obligations and duties of the Registrar hereunder which
shall include the Following:
(a) to act as Registrar� authenticflting agent, paying agent and [rflnsfer
agent as provided herein;
(b) to give notice of redemption of Bonds as provided herein;
(c) to cancel and destroy Bonds whieh have been pflid at maturity or upon
earlier redemption or submitted for exchange or trensYer;
(d) to furnish the City at ]east annually a certificate of destruction with
respect to Honds cancelled and destroyed; and
(e) to furnish the City at least annually an audit confirmation of Bonds
peid, Honds outstanding and payments made with respect to interest on the Bonds.
Section 12. Tsa I.evy. In order to provide for the collection of a direct
annual tax sufficient to pay the interest on the Honds and to pay and discharge the prin-
cipal thereof at mflturity, there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tarz in amounts sufficient for that purpase, to-wit:
Year Amount Year Amount
. 1989 $ 153,862.50 1999 $145,000.00
1990 102,575.00 2000 137,500.00
1991 102,575.00 2001 130,000.00
lgg2 102,575.00 2002 122,500.00
1993 102,575.00 2003 115,000.00
1994 127,575.00 2004 107,500.00
1995 149,750.00 2005 100,000.00
1996 169,D00.00 2006 92,500.00
lgg7 160,375.00 ypp7 110,000.00
lggg 152,500.00
In each of said years from 1989 to 2007, inclusive, the direct annual tax
above ]evied shall be extended upon the tax rolls of the City in the same man�er 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 principel of and interest on the Bonds as long as
any of the Bonds remain outstanding.
Section 13. Suf[iciency. Interest or principal maturing�at any time during
the life oF the Bonds when there shal] be insufficient funds on hand From the above tax
levy to pay the same shal] 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
]evied when the same shall heve been collected.
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RES. #8
� Section 1S. Debt Service Pund. There hes been ordered to be estflblished
in the City 1Y'easury a fund separete and distinet from all other funds of the City to be
designated the "Debt Service Fund"� which fund shal] be used solely for the purpose of
peying principal of, premium, if any, and interest on municipal obligations issued
pursuant to Chapter 67, Wisconsin Stetutes. There is hereby created, and there shal] be
deposited in� an account known as the "Series 1969-A Taxable (Tax [ncrement Supported)
Corporate Purpose Bond Account", to be held es a pert of the Debt Service Fund, all
premium� if any� and accrued interest paid on the Bonds flt the time the Bonds are
delivered to the purchasers thereof; all money raised by teaation pursuant to Section 12
hereof; tax increments; 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.
Section 15. Prior Action. The action of the Director of Finance of the
City in publishing notice oY the sale of the Bonds is hereby in all respects retified and
confirmed.
Section 16. Severabtlity. If any section, paragraph or provision of this
Resolution shall be held to be invalid or unenforceable Por any reflson, the invalidity or
unenforceability or such section, paragraph or provision shall not affect any of the
remaining sections, peragraphs 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 certificetes necessary in connection with the
authorization and delivery of the Bonds, including without limitation an oFficia] state-
ment describing the Bonds and the City.
. 3ection 18. Conflicting Proeeedings 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 to the
extent of such conflict, and this Resolution shall be in effect from and after its passage.
Adopted April 20, 1989.
Approved Apri] %�� !N_, 1989.
Recorded April ,i��,,;.�, 1989.
(-.
(SEAL) }° �� r � �� .
� 0 '' 7 l.�j�:l $
Attest: �- ' Mayor
� �� ,. !.. ' J): �� �. ', ' z
CiTy Clerk
14-
RES. #8
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
meeting 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 official custody; and that
said copy is a true, correct and complete transcript from said originfll minute record
insofar as said original reeord relates to the 51,000,000 aggregate principal amount of
Tazable (Tax Increment Supported) Corporate Purpose Bonds, Series 1989-A, of said City,
dated May 1, 1969.
WITNESS my official signature and ii�e setl �f ;aid C:tp thi� � day
of April� 1989.
� i%
// I
City Clerk
(SEAL)
SIIASll'��g•::D BY �
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