HomeMy WebLinkAbout35182 / 89-436 , Res. k436
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in special open, public session at its regWar meeting place on December 21, 1988, at
12:00 Noon o'dock P.M.� with the following members presenh
Floyd R. Chapin, Robert C. Jungwirth, Don H. Kutchera, �Kathleen M. Propp,
Donald W. Pressley and Thomas J. Binner
and the following members absent:
James A. Mather
+ . * s
(Other Business)
The City Clerk stated that one purpose oF the meeting was the
consideration of proposals received for the purchase oF $4,000,000 aggregate principal
amount oF Promissory Notes, Series 1988-B� of the City of Oshkosh, pursuant to sealed
bids solicited by the Director of Finance.
Thereupon the following resolution was introduced by
Chapin and read in full, flnd, pursuant to motion made by
ChaDin and seconded by Kit[h2ra
was adopted by the following vote:
Aye: Chapin, Jungwirth, Kutchera, Propp, Pressley, 8inner
Nay: None
Absent or Not Voting: None
RESOLOTION determining to borrow $4,000,000 and to issue
Promissory Notes, Series 1968-B, of the City of Oshkosh,
Winnebago County, Wisconsin, in such amount, providing
details, prescribing the form of note, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, cities are authorized by the provisions of Section 67.12(12),
Wisconsin Statutes, to issue promissory notes For public purposes including, without
limitation, general municipal expenses; and
WHEREAS, it is considered necessary and desirable by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin (the "City"), that the City borrow the
aggregate principal amount of $4,000,000 for the public purpose aforesaid and that the
City issce its promissory notes to evidence the indebtedness thereby incurred; and
WHEREAS, pursuant to solicitation by the Director of Finance, bids were
received for the purchase of such promissory notes in said aggregate principa] amount
until 11:00 A.M., C.S.T., on December 21, 1988, which bids are as follows:
Name of Bidder Net Interest Rate
%
Bank One, Milwaukee, NA, $290,000.00 6.96
Milwaukee, [iI
First Wisconsin National Bank, 295,786.67 7.08
Milwaukee, WI
Firs[ Bank (NA) , Milwaukee, WI 296,622.22 7.10
Aorthern 'Prust Co. , Chicago, IL 308,333.33 7.40
; and
WHEREAS, the bid o£ Bank One, Milwaukee, NA
of Milwaukee Wisconsin , and
associates at a price of $ 4,000,000.00 plus flecrued interest to the date o[ delivery,
was the best bid submitted, which bid is as follows:
_Z_
CITY OF OSHKOSH (12/19/88)
PROPOSAL FORM
SHORT-TERM BORROWING
December 21, 1988
PROPOSAL:
We offer to purchase the $4, 000, 000 of Promissory Notes, Series
1988-B, of the City of Oshkosh, Wisconsin, due January 15, 1990.
(The ^NOtes) . The Notes shall be in fully registered form in
denominations of $1, 000, 000 or even multiples thereof, and will
be dated the date of their delivery, not later than December 30,
1988 . The Notes shall be subject to prepayment at the option of
the City on December 1, 1989, with a minimum of ten days notice.
Closing will take place on or before December 30, 1988, at
Oshkosh, Wisconsin; Milwaukee, Wisconsin; or Chicaqo, Illinois,
at the option of the purchaser. �
She Notes shall bear interest at the rate of �. 9� $ per annum
based on a 360 day year.
The total interest to be paid at maturity is $ � 9�, �OU. 00
RANK ONE M WAUKEE� NA-BANK ONE,OSFMOSH � NA
(BAN
/.����'�-
(Signa ure of auth rized bank officer)
Date: ,;��!c, d ���%�� Title: Assistant Vice President
Accepted by• CITY �' OSHKOSH
By: ����� ��
WiTliam D. Frue�itny Manager
Attested: /�;-C P�1�F�! �� . ,���,''J,( �'yL.�;/�
onna C. Serwas, City Clerk
NOW, THEREFORE, Be It Resolved by the CiTy Council o£ the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Definitions. For all purposes of this Resolution, except as
oiherwise espressly provided herein or uNess 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 singular.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Counci] of tbe City.
"Note" or "Notes" shall mean one or more of the Promissory Notes, Series
1988-B, authorized to be issued by the terms of this Resolution.
"Note Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Notes.
"Registrar" shall mean the City Treasurer, unless a corporate registrar, or
a successor, is designated as Registrar hereunder.
"Resolution" shall mean this resolution as adopted by the Governing Body of
the City.
Section 2. Authorization. This Governing Body hereby determines that it
is desirable to provide now for anticipated deficits in funds to be used for general
municipal expenses during the year 1989. The issuance of $4,000,000 aggregate principal
amount of promissory notes is hereby authorized for the purpose of currently funding
anticipated deficits.
The Notes shall be designated "Promissory Notes, Series 1988-B," shall be
dated the date of their delivery to the purchaser and shall also bear the date of their
authentication by the Registrar. The Notes shall be in fully registered form, shall be in
denominations of $1,000�000 each and integral multiples thereof, shall be numbered
consecutively from one upward, shall mature danuary 15, 1990 and shall bear interest at
the rate of six and 96/100 percent ( )% per annum.
(6.96)
Seetion 3. Interest� Payment Provisions. The Notes sha:l bear interest
from their date at the interest rate set out above, such ioterest (computed upon the basis
of a 360-day year of twelve 30-day months) being payable at maturity or prepayment,
upon presentation of the Note to the Registrar, and the principal of and in[erest on each
Note shall be paid by check or draFt of the Registrar or, upon request of any holder, by
wire transfer of same day funds, to the person in whose name such Note is registered.
Each Note shall be payable upon presentation and surrender of such Note at the office of
the Registrar in Oshkosh, Wisconsin, or if a corporate Registrar is subsequently
appointed, at the office of such Registrar.
Section 4. Execution; Authentication. The Notes shall be executed on
behalf with the facsimile signature of the City Manager and with the facsimile signature
of the City Clerk, and sealed with the official seal of the City or a printed facsimile
thereof. In case any officer whose signature shall appear on any Note shall cease to be
such officer beFore the delivery of such Note, soch signature shall nevertheless be valid
and sufficient for all purposes, the same as if such ofFicer had remained in office until
delivery.
_q_
All Notes shall have thereon a certificate oF authentication substantially in
the form hereinafter set forth duly executed by the Registrar as au[henticating 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 esecuted by the
Registrar by manual signature, and such certificate of authentication upon any such Note
shall be conclusive evidence that such Note has been authenticated and delivered under
this Resolution. The certificate of authentication on any Note shall be deemed to have
been executed by the Registrar if signed by an authorized officer of any corporate
Registrar, if appointed, but it shall not be necessary that the same officer sign the
certificate of anthentication on all of the Notes issued hereunder.
Section 5. Registration of Notes� Persons 1Yeated es Owners. The
Governing Body hereby appoints the City Treasurer es Note Registrar� reserving the right
to appoint a bank or trust company as a successor, if deemed desirable.
The City shall cause books (the "Note Register"j for the registration and
for the transfer of the Notes as provided in this Resolution to be kept at the office of the
Registrar.
Upon surrender for transfer of any Note at the office of the Registrar duly
endorsed by, or accompanied by a written instrument or instruments of transfer in Form
satisfactory to the Registrar duly executed by, the registered owner thereof or his
attorney duly authorized in writing, the City shall execute and the Registrar shall
authenticate, date and deliver in the name of the trans£eree or transferees a new fully
registered Note or Notes of the same maturity of authorized denomination or
denominations, for a like aggrega[e principal amount. Any fully registered Note or 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 execation
by the City of any fWly registered Note shall constitute full and due authorization of
such Note and 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 authorized principal amount of the
Notes, less previous retirements.
The Registrar may, but shall not be required tq transfer or exchange any
Note during the period of fiFteen (15) days next preceding any interest payment date on
such Note, nor to transfer or exchange any Note after notice calling such Note for
prepayment has been mailed nor during the period of fifteen (15) days next preceding
mailing oF a notice of prepayment of any Notes.
The person in whose name any Note shffi1 be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of the principal of,
premium (if any) or inierest on an}' Note shall be made oNy to or upon the order of the
registered owner thereof or his legal representative. All such payments shall 6e valid
and effectual to satisfy and discharge the liability upon such Note to the extent of the
sum or sums so paid.
The Registrar shall never register any Note to bearer.
No service charge shall be made for any transfer or exchange of Notes, 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
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exchange of Notes except in the case of the issuance of a Note or Notes for the unpre-
paid portion of a Note surrendered For prepayment.
Section 6. Prepayment. The Notes shall be subject to prepayment at the
option of the City as a whole on December 1, 1989, at a prepayment price of par plus
accrued interest to the date fixed for prepayment.
At least Fifteen QS) days prior to the date fixed for prepayment (unless a
shorter notice shall be satisfaetory to the Registrar), the City shall notify the Registrar
oF such date fixed for prepayment of the Notes.
Seetion 7. Prepeyment Procedure. Unless waived by any registered owner
of a Note to be prepaid, notice of the call for any such prepeyment shall be given by the
Registrar on behalf of the City by mailing the prepayment notice by registered or
certiFied mail, postage prepaid, not less then ten (10) days prior to the date fixed for
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 furnished in writing by such
registered owner to the Registrar. Failure to give such notice by mailing to any owner of
any Note, or any defect therein, shall not aFFect the validity of any proceedings for the
prepayment of any other Notes.
All notices of prepayment shall state:
(1) the date fixed for prepayment,
(2) the prepayment price,
(3) iF ]ess than all outstanding Notes are to be prepaid, the identification,
including CUSIP numbers, of the Nates to be prepaid,
(4) that on the date fixed For prepayment the prepayment price will bemme
due and payable upon each such Note called for prepayment, and that interest
thereon shall cease to accrue from and after 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 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 are to be prepaid on that da[e.
Notice of prepayment having been given as aForesaid, the Notes or portions
of Notes so to be prepaid shall, on the date fixed for prepayment, become due and
payable at the prepayment price therein specified, and from and after such date (unless
the City shall default in the payment o£ the prepayment price) such Notes or portions of
Notes shall cease to bear interest. Upon surrender of such Notes for prepayment in
accordance with said notice, such Notes shall be paid by the Registrar at the prepayment
price. Installments of interest due on or prior to the date fixed for prepayment shall be
payable as herein provided for payment of interest. All Notes which have been prepaid
shall be cancelled and destroyed by the Registrar and shall not be reissued.
Seetion S. Form of Notes. The Notes, the certificate of authentication to
be endorsed thereon and the form of assignment to be endorsed thereon are all to be in
substantially the following forms with necessary and appropria[e variations, omissions
and insertions as permitted or required by this ResoWtiom
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(Form of Note)
United States of America
State of Wisconsin
County of Winnebago
City of Oshkosh
Promissory Note, Series 1988-B
See Reverse Side
For Additional
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
January 15, 1990 December _, 1988
Registered Owner:
Principal Amount:
HNOW ALL 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 (computed on the basis of a
360-day year of twelve 30-day months) on such Principal Amount from the Dated Date
hereinabove identified at the Rate of [nterest per annum hereinabove identified at the
time said Principal Amount is paid, at maturity or upon prepayment.
The principal oF this Note is payable in lawful money of the United States
of America upon presentation and surrender of this No[e at the office of the City
Treasurer, City Hall, Room 106, 215 Churoh Avenue, Oshkosh, Wisconsin, 54901 as
registrar and paying agent (the "Registrar"). Payment of principal hereof and interest
hereon shall be made [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 fifteenth
day of the calendar month next preceding the applicable interest payment date and shall
be paid by check or draft of the Registrar mailed to such registered owner at his address
as it appears on such registration books or at such other address as may be furnished in
writing by such registered owner to the Registrar and, apon request of the registered
owner, by wire transfer of same day £unds.
Reference is hereby made to the further provisions of this Note set forth
on the reverse side hereof, and such furthe^ provisions shall for all purposes have the
same effect as if set forth on the front side hereof.
It is hereby certified, recited and declared that all acts, conditions and
things required to be done, exist, happen aod be performed precedent to and in the issu-
_7_
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 o£
Wisconsin, that this Note, together with all other indebtedness of [he City, does not
exceed any limitation prescribed by law, and that the City has levied a direct annual
irrepealable tax sufficient to pay the interest hereon when it falls due and also to pay
and discharge the principal hereof at maturity.
The full faith, credit and resources of the City are hereby pledged for the
payment o£ [he principa] of and interest on this No[e and the issue of which it is a part as
the same respectively become due and for the levy and collectio� oF sufficient taxes for
that purpose.
This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF the City oF Oshkosh, Winnebago County, Wisconsin,
by its City Council, has caused this Note to be executed with the duly authorized far
simile signature of its City Manager and with the duly authorized facsimile signature of
its City Clerk and its officia] seal or a facsimile thereof to be impressed or reproduced
hereon, as of the Dated Date hereinabove identified.
(facsimile signature) (facsimile signat�re)
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 1988-B, oF the City of Oshkosh� Winnebago
County, Wisconsin.
Date of Authentication:
Treasurer, City of Oshkosh, Wisconsin,
as Note Registrar
g
[Form of Note - Reverse Side]
This Note is one of an authorized issue oF Notes aggrega[ing the principal
amount of $4,000,000 (the "Notes") issued to pay the cost of municipal expenses, pursuant
to and in all respects in compliance with Chapter 67, Wisconsin Statutes, and a resolution
adopted by the City Council of the City on December 21, 1988.
Notes of the issue of which this Note is one are subject to prepayment at
the option of the City as a whole on December I, 1989 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 ten (10) days prior to the date fixed for prepayment to the
registered owner of each Note to be prepaid 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 prepayment, this
Note, or the portion hereof being so called for prepayment, will cease to bear interest on
the speci£ied prepayment date, provided funds for prepayment are on deposit at the place
of payment at that time, and shall not be deemed to be outstanding.
This Note is transferable by the registered owner hereof in person or by his
attorney duly authorized in writing at the office of the Registrar in Oshkosh, 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 principal amount will be issued to
the transferee in exchange herefor.
The Notes are issuabie in fWly registered form in denominations of
$1,000,000 each and integral multiples thereof. This Note may be exchanged at the
office o£ the Registrar for a like aggregate principal amount of Notes of the same
maturity of other authorized denominations, upon the terms set forth in the authorizing
resolution.
The City end 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 of principal hereoF a�d interest due hereon and for all other purposes and neither
the City nor the Registrar shal] be affected by any notice to the contrary.
g
ASSIGNMENT
FOR VALOE RECENED, 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 for registration thereof 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
particular, without alteration or enlargement or flny 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
Bank One, Milwauke�_NA. and associates, at the price of
$4,000,000 plus accrued interest to the date of delivery, is hereby con£irmed. The
Treasurer 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 Arbitrage; Notes to Remain in Registered
Form. The principal proceeds of the Notes shall be deposited in a special fund and used
solely for the purpose for which the Notes were authorized and the Governing Body
hereby ewenants and agrees that said principal proceeds shali 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 have accepted them on, and paid therefor a price which reflects, the
understanding that interest thereon is exempt from Federal income taxation under laws
in force at the time the 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 s-ubject to Federal income tasation and that the principaL proceeds of the sale of
the Notes shall be devoted m and used with due diligence for the purpose for which the
Notes are here6y authorized to be issued.
The City Manager, the City Clerk, the City Finance Director and the CiTy
Treasurer of the City, or any of them, are hereby authorized to execute on behalf of the
City a Certificate and Agreement With Respect to Tax Exemption to assure the
purchasers and owners of the Notes that the proceeds of the Notes are not expected to
be used in a manner which woWd or might result in the Notes being "arbitrage bonds" '
ur,der Section 148 of the Internal Revenue Code of 1986 or the regulations of the United
States Treasury Department currently in effect or proposed. Such Certificate and
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Agreement With Hespect to Tax Exemption shall constitute a representation, certifi-
cation and covenant of the City and shall be incorporated herein by reFerence, and no
investment of Note proceeds or of moneys accumulated to pay the Notes herein
authorized shall be made in violation of the expectations prescribed by said Certificate
and Agreement With Respect to Tas Exemption.
The Governing Body hereby directs the City Treasurer to create a trust
fund into which there shall be deposited any monies which must be rebated to the Onited
States by reason 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 from Federal income taxation under laws in force at the
time the Notes are delivered. In this connection, the City agrees that it will not take
any action to permit the Notes to be issued in, or converted into, bearer or coupon form.
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
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
shall include the following:
(a) to act as Registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(D) to give notice of prepayment of Notes as provided herein;
(c) to cancel and destroy Notes which have been paid at maturity or upon
earlier prepayment or submitted for exchange or transfer;
(d) to furnish the City at least flnnually a certificate of destruction with
respect to Notes cancelled and destroyed; and
(e) to Furnish the City at least annually an audit confirmation of Notes
paid, Notes outs[anding and payments made with respect to interest on the Notes.
SecSion 12. Tax Levy. In order to provide for the collection of a direct
annual tax suFficient to pay the interest on the Notes 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 in the year 1989 a direct annual taz in amounts sufficient For that purpose,
to-wit: $4 290 000.00 '
The direct annual tas above levied shall be extended upon the tax rolls of
the City in the same manner and time as taxes for general City purposes, and when
collected the proceeds of said taxes shall be deposited into the account of the debt
service fund established in favor of the Notes, to be used solely for paying the principal
of and interest on the Notes as long as any of the Notes remain outstanding.
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Section 13. Sufficiency. Interest or principal maturing at any time during
the ]ife of the Notes when there shall be insufficient funds on hand £rom 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 of the proceeds of taxes hereby
levied when the same shall have been collected.
Seetion 14. Uebt Service Fund. There has been established in the City
Treasury a fund separate and distinet from all other funds of the City to be designated
the "Debt Service Fund", which fund shall be used solely for the purpose of payi�g the
principal oF, premium, if any, and interest on municipal obligations issued pursuant to
Chapter 67, �Visconsin Statutes. There is hereby created, and there shall be deposited in,
an account known as the "Series 1988-B 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 thereo£; al! money raised by taxaYion
pursuant to Section 12 hereof; and such other sums as may be necessary to pay interest
on the Notes when the same shall become due and to retire the Notes at their respective
maturity dates.
Section 15. Solicitation. The action of the Director of Finance of the City
with respect to solicitation of bids for the purchase of the Notes is hereby in all respects
ratified and confirmed.
Section 16. Severability. If any section, paragraph or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability or such section, peragraph or provision shall not affect any of the
remaining sections, paragraphs and provisions of this Resolution.
Section 17. Other pocuments. The City Manager, the City Clerk, the City
Treasurer, the City Finance Director and all other officers o£ the City are hereby
authorized to execute all documents and certiFicates necessary in connection with the
authorization and delivery of the Notes, including without limitation an officia]
Statement describing the Notes and the City.
12
3ection 18. Conflicting Proceedings Superseded. All ortlinances,
resolutions or orders, or parts thereof, heretoFore enacted, adopted or entered, in
conflict with the provisions of this ResoWtion, shal] 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 December 21, 1988.
Approved December �, 1988.
Recorded December z� , 1988.
(SEAL) �
_— /��tt'^..-n°� ��z-n��.
Attest: '�u��r�
7 J/ � � I /i , i�n�.�
City CLerk
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STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
[, Donna C. Serwas, hereby certify that I am the duly qualified and acting
City Clerk of the City of Oshkosh, Winnebago County, Wiswnsin, 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 December 21, 1988; 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 original
minute record insofar as said original record relates to the $4,000,000 aggregate
principal amount of Promissory Notes, Series 1988-B, of said City.
WITNESS my ofFicial signature and the seal of said City this p�st day �
of December, 1988.
-_t�y��������/
City Clerk
(SEAL)
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