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HomeMy WebLinkAbout35216 / 89-475 zeia� RESOLUTION NO 4�5 AMENDED AND RESTATED INITIAL RESOLUTION REGARDING REVENUE BOND FINANCING FOR EAA AVIATION FOUNDATION, INC. WHEREAS, EAA Aviation Foundation, Inc. (hereinafter called "BO=rower" ) desices to acquire, construct and improve an airplane hanger and museum facility in the City of Oshkosh (hereinafter called the "City") which would thereby contribute to the well-being of the City; and WHEREAS, in connection with the pioposed -acqu:sit:on, construction and improvement of its facility, Borrower has represented to the City that it would be an encouragement and inducement for Borrowei if the project could 6e financed with industrial development revenue bonds; and WHEREAS, the project is desccibed as follows : The construction of improvements and the acquisition of equipment for a 99 , 800 squace foot airplane hanger and museum facility to be known as the "EAA Eagle Squadron Hangar, " and to be located at Wittman Airfield in the City of Oshkosh (the "Project") ; and wHEREAS, the Project will be owned by Horzower and the cost of the Project is presently estimated to be not less than $2, 500, 000; and WHEREAS, it is in the best interests of the City to promote, attract, stimulate, rehabilitate, and revitalize commerce, industry, and manufacturing, to promote recreational facilities and the betterment of the environment of the City, to encourage tourism and to stimulate the flow of private investment funds into the City; and WHEREAS, it is the findir.g and determination of this Council that it is desirable for the City to encourage the Borrowec to conduct operations in the City so that the City may derive substantial municipal benefits, including zetention of steady employment for its citizens, stimulation of eaisting and new businesses, stimulation of private investment funds from financial institutions, stimulation of tourism, retention of eaisting industry in, and attraction of new industry to, the City, and protection of the health, welfare and safety of the citizens of the City; and WHEREAS, it is the finding and determination of this Council that the Project will significantly increase the number of persons traveling to the municipality for business or recreation. WHEREAS, the City, as a municipality organized and existing under and pursuant to the laws of the State of Wisconsin, is authorized by Section 66 . 521 (hereinafter ieferred to as "the Act") of the Wisconsin Statutes to: (a) Constzuct, equip, re-equip, acquire by gift, lease, or pu=chase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, eatend or remodel projects as defined in Section 66. 521; (b) Borrow money and issue cevenue 6onds to finance di=ectly the costs of the above; (c) Enter into revenue agreements with eligi6le participants with respect to a project, whereby the eligible participant agiees to cause said project to be constructed and to pay the City an amount of funds sufficient to provide for the prompt payment when due of the principal and interest on said revenue bonds; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Oshkosh, Wisconsin, as follows : 1. It is the finding and detezmination of this Council that the Project is a qualified "project" within the meaning of the Act, and Borrower is an "eligible participant" within the meaning of the Act. The City shall : (a) Finance the P=ojeCt in an amount not eaCeeding $2, 500, 000; and (b) Issue revenue bonds (the "BOnds") in an amount not to eaceed $2, 500, 000 in order to finance costs of the PrOjeCt. 2. The aforesaid plan of financing contemplates and is conditioned upon the following: (a) The Bonds shall never constitute an indebtedness of the City within the meaning of any state constitutional provision or statutory limitation; (6) The Bonds shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taaing powers; (c) The Project shall be subject to property taaation in the same amount and to the same extent as though the Project were not financed with development revenue bonds; (d) The Borrower shall Find a purchaser for all of the Bonds ; and -Z- . (e) The out-of-pocket costs, including Trustee fees and City fees, in connection with the issuance and sale of the Bonds shall be paid either from the proceeds of said Honds or by the Borrower. 3 . The aforesaid plan of financing shall not be legally binding upon the City nor be finally implemented unless a�d until : (a) The details and mechanics of the same are authorized and approved by a further Resolution of this Council; (b) The City Clerk shall cause notice of adoption of this Resolution to be published once in a newspaper of general circulation in the City, and the electors of the City shall have been given the opportunity to petition for a ceferendum on the matter of the aforesaid bond issue, all as required by law; (c) Either no such petition shall be timely filed or such petition shall have been filed and said referendum shall have approved the bond issue; and (d) The City Clerk shall have received an employment impact estimate issued under Section 560. 034(1) of the statutes. 4 . The authority given 6y this Resolution shall eapiie two years from the date of this Resolution unless the bonds shall by then have 6een issued or the authority granted this Resolution shall have been eatended either befoie or after the eapiration of said two-year period. 5. Pursuant to the terms of Section 66 . 521(11) (b)2 of the Wisconsin Statutes, all requirements that the Project be subject to the contiacting requirements contained in Section 66. 521(11) (b)1 are hezeby waived, the City having found that the Borrower is able to negotiate satisEactory arrangements foc completing the Project, and that the City' s interests are not thereby prejudiced. fi . The City Clerk is directed, following adoption of this resolution, to publish notice of such adoption not less tha❑ one time in the official newspaper of the City, such Notice to be in substantially the following form, and to file a copy of this Resolution together with a statement indicating when such notice was published with the Secretary of Development of the State of Wisconsin within twenty days following publication of such notice. -3- NOTICE TO ELECTORS OF THE CITY OF OSHKOSH TAKE NOTICE, that the Council of the City of Oshkosh, Wisconsin (the "City") , at a regular meeting held on January 19 , 1989, adopted an amended initial resolution pursuant to Section 66.521 of the Wisconsin Statutes, as amended, eapressing the intention to issue not to eaceed $2, 500, 000, aggregate principal amount of industrial development revenue bonds of the City (the "BOnds") on behalf of EAA Aviation Foundation, Inc. (the "BO=rower") . The Bonds are for the purpose of financing costs of a project (the "Project") in the City descriLed as follows : The construction of improvements and the acquisition of equipment for a 99 , 800 square foot airplane hanger and museum facility located at Wittman Airfield in the City of Oshkosh. The Council has found and determined in the Amended Initial Resolution that the Project will significantly increase the numbez of persons traveling to the City for business or recreation. Puisuant to the terms of Section 66 . 521(11) (b)2 of the Wisconsin Statutes, all iequirements that the Project be subject to the contracting requirements contained in Section 66.521(11) (b)1 have been waived, the City having found that the Borrower is able to negotiate satisfactory arrangements for completing the Project, and that the City' s interests are not thereby prejudiced. THE BONDS SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE CITY NOR SHALL THE BONDS GIVE RISE TO ANY PECUNIARY LIABILITY OF THE CITY NOR SHALL THE BONDS BE A CHARGE AGAINST THE GENERAL CREDIT OR TAXING POWERS OF THE CITY. RATHER, THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER AMOUNTS DERIVED OR PURSUANT TO THE REVENUE AGREEMENT RELATING TO SAID PROJECT TO BE ENTERED INTO BETWEEN THE CITY OF OSHROSH AND EAA AVIATION FOUNDATION, INC. The initial resolution may be inspected in the office of the City Clerk at 215 Churcn Avenue, Oshkosh, Wisconsin, during business hours . TAKE FURTHER NOTICE, THAT THE ELECTORS OF THE CITY OF OSHKOSH MAY PETITION FOR A REFERENDUM ON THE QUESTION OF THE BOND ISSOE. Unless within thirty days from the date of the publication of this Notice a petition signed by not less than five pezcent (5�) of the registered electors of the City is filed with the City Clerk requesting a referendum upon the question of the issuance of the Bonds, the City will issue the Bonds without submitting the proposition to the electors of the city for approval. If such a petition is filed as aforesaid, then the Bonds shall not be issued until approved by a majority of the electors of the City voting thereo❑ at a general or special election. Donna C. Serwas, City Clerk -4- CERTIFICATION BY CITY CLERK I, Donna C. Serwas, being first duly sworn, hereby certify that I am the duly qualified and acting Clerk of the City of Oshkosh, in the County of Winnebago, State of Wisconsin, and as such I have in my possession, or have access to, the complete corporate records of said City and of its Council; that I have carefully compared the transcript hereto attached with the aforesaid records; that said transcript hereto attached is a true, correct, and complete copy of all the records in relation to the adoption of Resolution No. 475 entitled: AMENDED AND RESTATED INITIAL RESOLUTION REGARDING REVENUE BOND FINANCING FOR EAA AVIATION FOUNDATION, INC. I hereby further certify as follows : 1. Said Resolution was considered for adoption by the City Council at a meeting held at 215 Church Avenue, Oshkosh, wisconsin at �_ p.m. on January 19 , 1989 . Said meeting was a regular meeting of the City Council and was held in open session in compliance with Subchapter IV of Chapter 19 of the Wisconsin Statutes. 2 . Said Resolution was on the agenda for said meeting, and public notice theceof was given not less than twenty-four hours prior to the commencement of said meeting in compliance with Section 19 . 84 of the Wisconsin Statutes, including, without limitation, by posting on the bulletin board in City Hall, by notice to those news media who have filed a written request for notice of ineetings, and by notice to the official newspaper of the City. 3 . Said meeting was called to order by Navor Mather who chaired the meeting. Upon roll, I noted and recorded that the following Council members were present: �on Kutchera Robert Jungwirth Kathteen Propp James Mather Donald Pressle�� ihomas Binner Flovd Chaoin -5- and that the following Council members were absent: none I noted and recorded that a quorum was present. Various matters and business were taken up during the course of the meeting without intervention of any closed session. One of the matters taken up was said Resolution, which was introduced, and its adoption was moved by Kutchera and seconded by fhapin Following discussion and after all Council members who desired to do so had eapressed their views for or against said Resolution, the question was called and, upon roll being called and the continued presence of a quorum being noted, the recorded vote was as follows : Ave: K trhPra 7ufaWil'th Prnpin MatheY PPPGCIPV I'�l.lR]fl N�: none P e_C� Binner Whereupon the Clerk declared said Resolution adopted, and x so cecorded it . IN WITNESS WHEREOF, I have signed my name and affiaed my seal of the City hereto on this 20th day of January, 1989 . IMUNICIPAL SEAL1 �\(�' 1?,,'^/7 ' L - il"?/.(,F(�:1i� Donna C. Serwas, City Clerk 2819j -6- (7 � C� A T JJ ➢ O a N r lD A -i � < � In .T) �-: G (D N • .. O O� 7 .- m Z Z C O �� `G !D .Tl A � (D V W �n V� tO O O vaaa - � -- A O K O O G mmmo � �+ �n �n v+ v io m ti m o � o ti�� � T O l v T � a �• � � � n c � rr � -s a