HomeMy WebLinkAbout35316 / 89-7 Res. k 7
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in regular� open� public session at its regular meeting place 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, Thomas J. 6inner,
floyd R. Chaoin, Robert C. Jungwirth and Jair,es A. 6iather
and the following members absent: none
. ♦ ♦ +
(Other Business)
The City Clerk stated that one purpose of the meeting was the consider-
ation of proposaLs received for the purchase of 52,635,000 aggregate principal amaunt of
Corporate Purpose Bonds, Series 1999, o[ the City of Oshkosh, pursuant to sealed bids.
Thereupon the following resolution was introduced by
Kutchera and read in full and, pursuant to motion made by .
� utc era and seconded by Pressley . Was
not �edopted by the following vote: � �
Aye: fJone
Ney: Kutchera, ProGP. Pressley, Chapfn, Jungwirth, Mather
Absent or Not Voting: Binner
_ �z _
� Res. # 7
- RESOLIIT[ON determining to issue $2,635,000 Corporate
Purpase Bonds, Series 1989, of the City of Oshkosh, Winnebago
County, Wisconsin, providing details, prescribing the form of
bond, awarding the bonds to the highest bidder� and levying
texes.
� WHEREA$ by initial resolutions dWy adopted on March 16, 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:
E734,000 for the purpose of constructing and extending the water
plant and water mains;
E674,000 for the purpose of eonstructing street improvements;
$183,000 for the purpose of extending flnd improving public parks;
5372,000 for tfie purpose of improving and extending the storm sewer
system;
E669,000 for the purpose of improving and extending the sanitary
sewers of the City;
and
WHEREAS, officisl notice of the adoption oP said initial resolutians was
published on March 17, 1989, in The Oshkosh Northwestern, and, to the date of this
Resolution, no pe[ition has been filed with the City Clerk of the City requesting that any
oY said initial 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
WHEREAS, it is now necessary that said bonds be sold end issued for the
purposes aforesaid in the aggregate prineipal amount of 52,635,000; flnd
WFiEREAS, pursuant to advertisement, sealed bids were received for the
purchese of said eorporate purpose bonds in said amount until 10:30 A.M., C.D.T., on
April 20, 1989, which bids are as follows:
Nflme of Bidder Net Interest Rate
(SEE ATTACHEll)
� and
WHEREAS� the bid of Blunt Ellis � Loewi, Inc.
of Chica�o Illinois � and �
associates at a price of $2,636,331.50 plus accrued interest to the date of delivery, was
the best bid submitted, which bid is as follows:
2
Res. # 7
Name of Biddez Ne[ Interest Rate
Blunt Ellis & Loewi, Inc. , Chicago, IL $1,844,066.00 6.85390
Northern Trust Co. , Chicago, IL 1,908,028.45 7.091
Smith, Barney, Narris, Upham & Co. ,
Chicago, IL 1,926,262.00 7.15949�
First National Bank of Chicago,
Chicago, IL 1,931,325.00 7.178313
First Wisconsin National Bank,
Milwaukee, WI 1,935,255.00 7.1929
Harris Trust & Savings Bank, Chicago, IL 1,938,357.50 7.2044
John Nuveen & Co. I�c. , Chicago, IL 1,964,237 SO 7.3006
Bank One, Milwaukee, SA, yilwaukee, WI 1 ,970,8�9.7� 7.3252
_Zp_
.. � BID F06M Res. # 7
. MEMBERS OF THE CITY CO[INCIL Aptil 20, 1989
_ CITY OF OSHKOSH, WISCO[iSIN
We offer to purchase the $2,635,000 Corporate Purpoae Bonds, Series
1969, of the City of Oahkosh, Hieconsin to 6e dated May 1, 1989 and
offered for sale on the above date, on the terms and conditione e[ated in
the OFficial Notice of Sale and the Official � Stetement therefor, for a
price of z-� 636 33 / . 5�7 (not lesa [han $2,635,000), and accrued
interest to da[e of delivery. The Bonda of the varlous maturi[ies [o
bear Sn[ereat at the following annual ratea:
20,UO,� for Bonds due May 1, 1990
2�.'D�X for Bonda due May 1� 1991
Ia_�X for Bonds due May 1, 1992
2D�OpX far Bonda due May 1� 1993
2�•�7% foi Bonds due May 1� 1994
20� �% for Bonda due May 1� 1995
ZO_�X for Bonds due May 1, 1996
2ls o� X for Bonds due May 1, 1997
x.o,0 X for Bonda due May 1, 1998
7,voX for Bonda due May 1, 1999
� �•�OX for Bonde due May 1, 2000
?��U X for Bonds due May 1� 2007.
,20X fot Bonda due May 1� 2002
•O5X for Bonds due May 1� 2003
-OSX for Bo¢ds dve May 1, 2004
Ovr computation of the total amount of interest from da[e of issue
to maturlty repreaented by the Sncezeat rates apecified above, and of che
net interest cost of [hie bid, while not a part oF this bid, are eet
for[h below.
This 61d is made for prompt acceptance and sub,ject to [he conditlons
of the Official Notice of Sale. We enclose, herewith, our certified
check or bank cashler'e or treasurer'e check, in the emount� of $50,000,
which is to be held by the City pending compllance vith the conditione of
thia bid.
� ReaPectfully aubmitted,
B1Unt Ellis & Loewi, Inc.
Syndicate Manager
By . Robert Lind
ssistant Vice President
Interes[ Computation
We compute the [otal emount of in[erest from da[e of isave [o
maturity, represented by the intereat ra[ea specified Sn the hid, to
be 1 m"�r, '°�-`�.�'ior a Ne[ Rate of 6- 8.53 X.
l, sy�600
6.95�
The foregoing bid is hereby accepted by and on behalf of the City of
� Oshkosh, Wisconsin [his 20th day of April, 1989. .
City Manager
Direc[or of Finance/Treasurer
RES. # 7
- NOW, THEREFORE, Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Definitions. Far all purposes of this Resolution, except as
otherwise espressly provided herein or unless the cantext otherwise requires, the terms
defined 3n this Section 1 shall have the meanings set forth below, and shall include the
plural as well es the singuler:
"Bond" or "Bonds" shall mean one or more oY 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" shell mean the City oY Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"Registrar" shall mean First Wiseonsin Trust Company, in Milwaukee,
Wisconsin, or a successor designated as Registraz hereunder.
"Resolution" shall mean this resolution es adopted by the Governing Hody oF
the City.
3ection 2. Authorization. The issuance of 52,635,000 aggregete principal
amount of corporete purpose bonds is hereby authorized tor the purpose af providing
funds in the amaunts and for the projects set out in the preamble hereto. The Bonds shal]
be designated "Corporate Purpose Bonds, Series 1989", shall be dated May 1, 1999, as
origifially issued, and shall also-bear the date 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 Hond shall represent installments of principal
maturing on more than one date), shall 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 Yollows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
1s90 550,000 20.0% 1997 100,000 20.0%
1991 75,000. Z�.O 1998 100�000 20.0
1992 125,000 20.0 1999 275,000 �•0
1993 100,000 Z�•� 2000 300,000 �•�
1994 100,000 2�•0 2001 300,000 ��1
1995 100�000 Z��� 2002 285�000 �•2
1996 100,00U Z�•� 2003 300,000 ��>
2004 325,000 •�5
'q'
Res. k 7
� 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 foq at the rates set out above, such interest (computed upon
the basis of a 360-day year of twelve 30-day months) being peyeble on May 1 and
November 1 of eflch year� commencing on May 1, 1990. Interest 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 fifteenth day oY the calendar month next preceding
the applicable interest payment date. The principal of each Bond shall be payable 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 shell be executed on
behalf of the City with the facsimile signature oY the City Manager of the City and with
the facsimile signature of the City Clerk of the City, end sealed with the oYYicialseal of
the City or a printed facsimile thereoY. In case any officer whose signature shall eppear
on any Hond shall cease to be such officer before the delivery oP such Bond, such signa-
ture shal] nevertheless be valid and sufficient tor ell 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 hereinflfter 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 far any purpose or be entitled to any security or benefit under this Resolution
unless and until such eertiYicate oP 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 sueh Bond has been authenticated and delivered under
this Resolution. The certiYieate of authentication on any Hond shall be deemed to have
been executed by the Registrar if signed by an�authorized oYYicer of the Registrar, but iT
shall not be necessary that the same officer sign the certificate of authentication on all
of the Honds issued hereunder: -
Section 5. Regish�ation of Bonda; Persons Treated as Owners. The City
shell cause books (the "Bond Register") for the registration 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 oY the City with
respect to the Bonds herein authorized.
Upon surrender for transfer oY any Hond at the principal corporate trust
office of the Registrar duly endorsed by, or :eccompanied by fl written instrument or
instruments of transfer in form sa:isfactory to the Registrar duly executed by, the
. registered owner thereof or his attorney duly authorized in writing, the City shall
execute and the Registtar shall authenticate, date and deliver in the name of the trans-
[eree or transFerees a new Yully registered Bond or Bonds of the same maturity of
authorized denominatian or denominations� far a like aggregflte principfll amount. Any
fully registered Bond or Bonds may be exchanged at said oPfice of the Registrar for a like
aggregate principal amount of Bond or Bonds oY the same maturity of other authorized
denominatians. 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 principal amount
of the outstanding Bonds authenticated by the Registrar shall never exceed the author-
ized principal amount of the Bonds, less previaus retirements.
-5-
REs. k 7
� The Registrar may, but shall 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 aftet notice celling 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 shall be deemed and
regerded as the absolute owner thereof For all purposes, and payment oY the principal of,
premium (if eny) or interest on any Bond shal] 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 Bond to the extent of the
sum or sums so paid.
No service charge shall be made for any transfer or ezchange of Bonds, but
the City or the Registrer mfly 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 oY Bonds except in the case of the issuance of a Hond or Honds for the unre-
deemed portion of a Bond surrendered Yor redemption.
SectSon 6. Prior Redemption. Bonds maturing on and �after May 1, 1999,
shell 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 Bands of a single maturity
to be selected by the Registrar as hereinafter provided), on May 1, 1998, and on any
interest payment date thereafter, et a redemption�price of par pLus accrued interest to
the date fixed for redemption.
The Bonds shall be redeemed only in the principal amount of 55,000 each
and integral multiples thereof. 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 o[ sueh date fixed for redemption and of the principal amount of
Bonds to be redeemed. For purposes of eny redemption of less than all of the outstanding
- Bonds of a single maturity, the particular Bonds or portions of Honds 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 and appropriate, and
whieh may provide for the selection for redemption of Bonds or portions of Bonds in
principal amaunts ot 55,000 and integral multiples thereof.
- The Registrar shall promptly notify the City in writing of the Bonds or
partions of Bonds selected for redemption prior to maturity and, in the case oY any Bond
selected for pactia: redenption, the principal amount thereof to be redeemed.
3ectian 7. Redemption Procedure. Unless waived 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 behalf of the City by mailing the
redemption notice by regisYered or certified mail� postage prepaid, not less than thir[y
(30) days prior to the date Yixed Yor redemption to the registered owner of the Hond or
Bonds to be so redeemed at the address shown on the Bond Register or at such other
address es is Yurnished in writing by such registered owner to the Registrar. Failure to
give such notice by mailing to any owner of any Note, or flny defect therein, shall not
affect the validity of any proceedings for the redemption of any other Notes.
-6-
Res. H 7
- All notices of redemption sha11 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 CUSIP numbers (and, in the case of partial redemption, the respective
principal amounts) of the Bonds to be redeemed,
(4) thet 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 accrue from and after said date, and
(5) the place where such Bonds are to De surrendered for payment of the
redemption price, which place of payment shall be the principel corporate trust
office of the Registrar.
Prior to any redemption date, the C3ty shall deposit with the Registrer an
amount of money sufficient to pay the redemption price of all the Bonds or portions af
Bonds which are to be redeemed on that date.
Notice of redemption having been given es aforesaid, the Bonds or portions
of Bonds so to be redeemed shall, on the date fixed for redemption, become due and
payable at the redemption price therein specified, and from and after such date (unless
the City shell default in the payment of the redemption price) such Bonds or portions of
Honds shall cease to bear interest. Upon surrender of such Bonds for redemption in
accordance with said notice, such Bonds shall be paid by the Registrar at the redemptian
price. Installments of interest due on or priot to the date fixed for redemption sha11 be �
payable as herein provided for payment of interest. Upon surrender for any partial
redemption of eny Hond, 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 Honds which have '
been redeemed shall be cancelled and destroyed by the Registrer and shall not be
reissued.
Section 8. Form of Bonds. The Bonds, the certificate of authentication to
be endorsed thereon flnd the Yorm of essignment to be endorsed thereon are all to be in
substantielly the following Yorms with necessary and appropriete veriations, omissions
and insertions as permitted or required by [his Resalution: .
_7_
REs. # 7
(Form of Bond)
United States of America
� State of Wisconsin
Countyof Winnebago
City oC Oshkosh
Corporate Purpose Bond, Series 1989
See Reverse Side
For Additiona]
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
May 1, _ May 1, 1989 '
Registered Owner: �
Principal Amount:
BNOW ALL MEN BY THESE PRESENIS: Thet the City of Oshkosh in the
County of Winnebago, Wiswnsin (the "City")� hereby acknowledges itself to owe end for
value received promises to pfly to the Registered Owner hereinabove identified� or regis-
tered assigns as hereinafter provided, an the�Maturity Date hereinabove identified, the
Principal Amount hereinabove identified and to pay interest (computed on the basis of a
360-day yeer of twelve 30-day months) on such Principal Amount from the Dated Date
hereinabove identified or from the most reeent interest payment date to which interest
hes 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 hereinaYter set Yorth with respect to redemption prior to
maturity may be and become applicable hereto. .-
The principal of this Bond 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 'h�ust Company, in Milwaukee, Wisconsin, as registrar and
paying agent (the "Registrar"). Payment of each installment of interest hereon shall be
mflde [o 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 Yifteenth day of the
calendflr 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.
_g_
Res. H 7
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 the
same effect as if set forth on the front side hereof.
It is hereby certified, recited and declered that all 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 heve been performed
in due time, form and mflnner 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, and that the City has levied a direct annual
irrepealable tax suffieient 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 levy and collection of sufficient tases for
that purpose.
This Bond shall not be valid or become obligatory Yor any purpose until the
certificate of authentication hereon shall have been signed by the Registrer.
IN WITNESS WHEREOP the City of Oshkosh, Winnebago County, Wisconsin,
by its City Council, has caused this Bond to be executed with the duly authorized fac-
simile signature oP its City Manager and with the duly authorized facsimile signature of
its City Clerk and its official seal or a facsimile thereof to be impressed or reproduced
hereon, as o[ the Dated Date hereinabove identified.
� (Yacsimile signature) (facsimile signature)
City Clerk City Manager
[$EAL]
CERTIFICATE OF AUTAENT[CATION
This Bond is one of the Bonds described in the within mentioned Resolution,
and is one of the Corporate Purpose Bonds, Series 1989, of the City of Oshkosh,
Winnebago County� Wisconsin. .
Date of Authentication: -
FIRST WISCONSIN TRUST COMPANY,
. as Bond Registrar
By
Authorized Officer
-9-
Res. # 7
� [Form of Bord - Reverse Side]
This Hond is one of an authorized issue of Honds aggregating the principal
emount of E2,635,000 (the "Bonds") issued to pay the cost oF providing public projects in
the amounts and for the purposes as follows
5734,000 far the purpose o� constructing and extending the water
plant and water mains;
$677,000 Yor the purpose of eonstructing street improvements;
5183,000 for the purpose of extending and improving public parks;
5372,000 for the purpose of improving and extending the storm
sewer system;
f669�00� for the purpose of improving and extending the sanitflry
sewers of the City;
and
pursuant to and in all respects in compliance with Chapter 67, Wisconsin Statutes, and a
resolution adopted by the City Council of tt City on April 20, 1989.
Bonds of the issue of which !±us Bond is one ma[uring on and after May 1,
1999, ere subject to redemption prior to ms<urity at the option of the City as a whole, or
in part in inverse order oY their maturity (i�ir.tegral multiples of 55,000, less than all the
Bonds ot a single maturity to be selected 'o; the Registrar in such manner as it shall
� deem tair and appropriate) on May 1, 1998, erd on any interest payment date thereafter, �
at a redemption price oY per plus accrued interest to the date fized for redemption.
Notice of any intended redempt.nn 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 pflrt) at the
address shown on the registration books of the City meintained by the Registrar or at
such other address as is Yurnished 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 specitied redemption date, provided Yunds
for redemption are on deposit at the place of payment at that time, anG shall not be
deemed to be outstanding.
This Bond is transferable by the registered owner h�ereof in person or by his
attorney duly authorized in writing at the principal corporate trust office of the Regis-
trflr in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon
payment of the charges pravided 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 authorized denomination or denominations, Yor a like aggregate principal amount will
be issued to the transferee in exchange herefor. �
� The Bonds are issuable in fr.11y registered form in denominations oY 55,000
eac� flnd integral multiples thereof. This Bond may be exchanged at the principal corpo-
rate trust offiee of the Registrar Por a like aggregate principal amount of Bonds of the
same maturity of other authorized denominations, upon the terms set forth in the author
izing resotution.
-10-
REs. # 7
� The City and the Registrar may deem and treat the registered owner
hereof as the absolute owner hereof for the purpose of receiving payment of or on
account oP principal hereof and interest due hereon and Yor all other purposes and neither
the City nor the Registrar shall be affected by any notice to the contrary.
ASS[GNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transYers unto
(Name and Address of Assignee)
the within Bond and does hereby irrevocably const3tute and appoint
, or its successor as Registraz, to
transfer the said Bond on the books kept for registration thereof with £ull power af
substitution in the premises.
Dated:
NOTICE: The signature ta this essignment must correspond with the name of the
registered owner es it appears upon the face of the within Bond in every
particular, without alteration or eNargement or any change whatever.
Signature guaranteed:
NOTICE: Signature(s) must be guaranteed by a member firm ot the New York Stock
Exchange or a commercial bank or trust company.
Sectlon 9. Sele ot Bonds. The sale oY the Bonds to
Blunt Ellis & Loewi, Inc. and associates, at the price of
$ 2,636,331.50 plus accrued interest to the dete oY delivery, is hereby confirmed. The
City 1'reasurer of the City is hereby authorized to deliver the Bonds to said purchasers
upon payment of the purchase price.
Section 10. Use oY Proceeds; No Arbitrege; Honds to Remain in Registered
Form. The principal proceeds of the Bonds shall be deposited in a special fund and used
solely for Lhe purpose for which the Bonds were fluthorized. The principal proceeds from
the sale of the Honds shall be used only to pay the costs of public projects atoresaid and
the Governing Body hereby covenants and agrees that said principal- proceeds shall be
devoted to and used with due diligence for such pueposes.
T�e Governing Hody here�y directs the City Treasurer to create a trust
Yund into which there shall be deposited any monies which must be rebated ta the United
States by reason of investment oY the proceeds of the Notes.
The Governing Body oY the City recognizes that the purchasers and owners
of the Bonds will have accepted them on� and paid thereYor a price which reflects, the
understanding that interest thereon Is exempt trom Federal income texation under laws
in force at the time the Bonds shall have been delivered. In this connection the City
agrees that it shall teke no action which may render the interest on any oY the Bonds
-11-
Res. � 7
� subject to Feder� income taxation flnd 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 authorizetl to be issued.
The City Manager, the City Clerk, the City Finance Director and the City
'h�easurer oY the City, or any of them, ere hereby authorized to execute on behalf of the
- City a Certificate end Agreement with Respect to Tax Exemption to assure the
purchasers and owners of the Bonds that the proceeds of the Bonds are not expected to
be used in a manner which would or might resWt in the Bonds being "arbitrage bonds"
under Section 148 oY the Internal Revenue Code of 1986, (the "Code") or the regulations
of the United States 17eesury Department currenfly in effect or proposed. Such CertiFi-
cate and Agreement With Respect to Ta�c Exemption shall constitute a representation,
certifieation and covenant of the City and shall be incorporated herein Dy reYerence, and
no investment of Bond proceeds or ot moneys accumWated to pay the Bonds herein
authorized shall be made in violation of the expectations prescribed by said Certificate
and Agreement With Respect to Tas Exemption.
The Governing Body oY the City further recognizes that Section 149(a) of
the Code requires the Honds to be issued and to remain in fully registered form in order
that interest thereon is exempt from Federal income taxation under laws in Yorce at the
time the Bonds are delivered. In this connection, the CiTy agrees that it will not take
any ection to permit the Bonds to be issued in, or converted into, bearer or coupon form.
Section 11. Duties of Regis�ar. If requested by the Registrar, the City
Manager of the City is hereby euthorized 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
� Registrar with respect to the obligations and duties of the Registrar hereunder which
- � shflll include the following: � �
(a) to act as Registrar, authentieating agent, paying agent and transfer
egent es provided herein;
(b) to give notice of redemption of Bonds as provided herein;
(c) to ceneel and destroy Bonds which have been paid at maturity or upon
earlier redemption or submitted for exchange or transfer;
. (d) to Yurnish the City at least annually a certificate af destruction with
respect to Bonds cflncelled end 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.
Section 12. Tax Levy. In arder to provide Yor the collection of a direct
annuel tarz sufficient to pey 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 tax in amounts sufficient for that purpose, to-wit:
-12-
RES. # 7
Year Amount Year Amount
1989 $ 423,573.75 1996 5212,382.50
1990 309,882.50 1997 192,382.50
1991 339,882.50 1996 347,757.i0
1992 292,382.50 1999 352,632.50
1993 272,382.50 2000 331,482.50
1994 252,382.50 2001 295,572.50
1995 232,382.50 2002 300,237.50
2003 325,081.25
In each of said years from 1989 to 2003, inclusive, the direct annual tas
above levied shall be extended upon the tax rolls of the City in the same manner and
time es taees for general city purposes, and when collected the proceeds of said taxes
shall be deposited into the account of the debt service Yund established in favor of the
Bonds, to be used solely Yor paying the principal oY and interest on the Bonds es long as
any of the Bonds remain outstanding.
3eetion 13. Sufficiency. Interest or principal maturing at any time during
the life of the Bonds when there shall be insufficient funds on hand from the above tax
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 oP the proceeds of taxes hereby
levied when the same shall have been collected.
Section 14. Debt Service Fund. There hes been ordered to be established
in the City Treesury a Pund 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 municipal obligetions issued
puesuant td Chapter 67, Wisconsin Statutes. There is hereby created, and there shall be
deposited in, an account knbwn as the "Series 1989 Corporate Purpose Bond Account", to
be held es 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 ta the purchasers thereof; all money
raised by ta�cation pursuant to Section 12 hereof; and such other sums as may be
necessary to pay interest on the Honds when the same shall become due end to retire the
Bonds at their respective maturity dates.
Section 15. Prior Action. The action oY 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 section, paragraph or provision of this
Resolution shal] 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
remaining sections� paragraphs and provisions of this Resolution.
3ection 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 connection with the
authorization and delivery of the Bonds, including without limitation an official state-
ment describing the Bonds and the City.
-13-
RES. # J
� Section 18. Conflieting Praceedings 3uperseded 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.
Rejected Apri120, 1989.
Rejected April �_, 1989.
Recorded April �(_, 1989.
(SEAL) �
�lr�r + � ; r ,.�/,1 ii ,
Attest: � 7� � Mayor
n����li. .�] . .
City Clerk -
-14-
' � Res. N 7
STATE OF WISCONSiN )
) SS.
COUNTY OF WINNEBAGO )
I� Donne C. Serwas� hereby certify that I am the duly qualified and acting
City Clerk of the City of Oshkosh, Winnebego County, Wisconsin, and as such official 1
further certify that attached hereto is a copy of excerpts from the minutes oF the
meeting oY the City Council of said City heid on April 20, 1989; that 1 have compared
said copy with the originel minute record of said meeting in my official custody; and that
said eopy is a true, correct and complete transcript from said original minute record
insofar as said original record relates to the $2,635,000 aggregate principal amount of
Corporate Purpose Bonds, Series 1999, of said City, dated May 1, 1989.
WITNESS my officisl signature and the seal of said City this � day
of April, 1989.
� � '�
City Clerk
(SEAL)
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