HomeMy WebLinkAbout34827 / 88-12 Res. #72
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in regular, open, public session at its regular meeting place on April 21, 1986, at 7:00
o'clock P.M.� with the Yollowing members present:
Floyd R.Chapin, Robert C. Jungwirth, Don H. Kutchera, Kathleen M. Propp,
Dona]d W. Pressley, Thomas J. Binner and James A. Mather
and the following members absent: None
y • s •
(Other Business) .
The City Clerk stflted that one purpose of the meeting was the
consideration of proposals received for the purchase of 5335,000 aggregate principal.
flmount of Promissory Notes, Series 1988-A, of the City of Oshkosh, pursuant to sealed
bids.
Thereupon the following resolution was introduced by
PrettlEy and read in full� and, pursuant to motion made by
PresslP and seconded by Pr000 �
was adopted by the following vote:
Aye: Chapin, Jungwirth, Propp, Pressley, Mather
NBy; Kutchera
Absent or Not Voting: Voting Present: Binner
SUIIh!ITTED BY
�:,f'✓'//i1/�jrl�/�.. . L�/�
APPAOVF,D �
RESOLUTION determining to borrow $335,U00 and to issue
Promissory Notes, Series 1988-A, oY the City of Oshkosh,
Winnebago County, Wisconsin, in suc� amount� providing
details, prescribing the form of note, awarding the notes to the
highest bidder, and levying taxes.
NHEREA3, cities are authorized by the provisions of Seetion 67.12(12),
Wisconsin Statutes, to issue promissory notes tor projects undertaken for public purposes;
and
WHEREA3, cities, in the exercise of their public powers, ordin O%Ymrov� i�de�
for sld�ucall�f traffic signals, municipal equipment, aepeutm�dt�p
�����iqd�����syhyqauc�ompa�ov�ecosnfac<mad street lighting, and
WAEREAS �t is considered necessary and desirable by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin (the "City"), that the City borrow the
eggregete principal amount of $335,000 for the public purposes aforesaid and that the
City issue its promissory notes to evidence the indebtedness thereby incurred; and
WHEREA9, pursuant to advertisement, sealed bids were received for the
purchase of such promissory notes in said aggregate principal amount until I1:00 A.M.,
C.D.T., on April 21, 1988, which bids are as follows:
Name oF Bidder Net interest Rate
Firs[ Wisconsin National Bank, $131,120.00 6.8114�
Milwaukee, Wi
Marine Bank, N. A. , Mil.waukee, WI 132,318.45 6.87368
Northern Trusi Co. , Chicago, IL 134,044.25 6.963
; and
e
WHEREAS� the bid of First Wisconsin National an � flnd
Of Milwaukee e Wi co
associfltes at a price of E 335 OOy�•�� Plus accrued interest to the date of delivery,
was the best bid submitted, which b�d is as follows:
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BID YOQM
Ig!ffiE%S OF SH6 CI1R COUNCIL April 21, 1988
CITY OF OSIllCOSA� NISCOPSIP
We offer to purchase the 5335,000 Pro�isaory Potes, Series 1988-A,
of the City of Oehkoah� WSecanein io be dated May 1� 1988 and offered for
eale oa [he above date, on Che cerma nnd condicione etated in the
� Off1c1a1 ftotice of Sale end the Officiel Statement therefor, for e price
�. of ���^�„OC).'DO (not lesa than 5335,000), and accrved intereet to
', de[e of delivery. The Boies of the vaHoue mnCUrStiea [o beer Snterest
at the folloving annual ratea:
7_3o X for Aotea due Nay 1, 1989
�.w X for Notea due May 1, 1990
7 1D X for Notee due Mny 1, 1991
1.Z0% far Aotee due May 1, 1992
X for Notee due May 1� 1993
.`�F for Fotee due May 1� 1994
S for Notea due May 1, 1995
��S for Aolee due May 1� 1996
. a Z for Foies due May 1, 1997
Z@OX far Notes Aue May 1� 1998
Our computatioa of [he [oCal emow[ of intereat from dnte of iaeve
to maturity repreaented by the intereet re[ee apecified above, and of the
ne! intereet coat of [hie b1d� while not a part of thle bid, sre aet
forth below.
Thie bid Se made Ear prompt acceptaate and aubjeet to the eonditiona
of the Official Botice of Sale. Ne eacloae, herewith, our certified
check or Aank cnehier's or ireaeurer'e check, in ehe amoimt of ��oo•
which Se [o he held by the City pending complSence wi[h the coadi[Sona of
thie bid.
HespecGfully eu6mltted,
�. I ST VU LSc.o,iS/N^/V7L- �IL — M i�W
Synd !e Naaager
f
BY
Intereat Computation
He compute the total amount of intereat from date of Sesue [o
maturlty, represenced by the interest ra es apecified Sn the bid, ta
be � 3�j ( �OAv Eor a Pet Hate of �S.
The foregoing bid is hereAy accepced ty and on behalf of the City of
Oehkoeh, Nisconsln this 21s[ day of April, 1988.
City Manager
� Direc[ot of Finence/Treaeurer
NOW, THEREPORE, Be It Resolved by the City Council of the City oY
Oshkosh, Winnebago County, Wisconsin, as follows:
3ectlon 1. Definitiona For flll purposes of this Resolution, except as
otherwise expressly provided herein or unless the context otherwise requires� the terms
defined in this Section 1 shell have the meanings set forth below, and shall include the
plural as well as the singuler.
"City" shell mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shell mean the City Council oY the City.
"Note" or "Notes" shall mean one or more of the Promissory Notes, Seriea
1988-A, 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 First Wisconsin 1'rust Company, in Milwaukee,
Wisconsin, or a successor designated es Registrar hereunder.
"Resolution" shall mean this resolution as adopted by the Governing Body of
the City.
Section 2. Authorization. The issuance of E335,OOU aggregate prineipal
amount of promissory notes is hereby authorized for the purpose of providing funds in the
emounts and for the purposes, including flnancing costs, fls follows:
Amount Purpose
s291,700 Municipal Equipment
23,700 Traffic Lighting
19,600 StreeY Lighting
The Notes shall be designated "Promissory Notes, Series 1988-A," shall be dated May 1,
1988, as originally issued, and shall elso bear the date oY their authentication by the
Registrar. The Notes shall be in fully registered form� shall be in denominations of
�5,000 each and integral multiples thereof (but no single Note shall represent install-
ments oY principal maturing on more than one date), ahall be numbered consecutively
from one upward, shall mature serially on May 1 oY each of the years 1989 to 1998,
inclusive, in the amounts, and shall bear interest et the rates per annum, as follows:
Principal Interest Principal Interest
year Amount Rate Year Amount Rate
1999 E35,000 7.2 % 1994 $30,000 6.4 `M
lggp 35,000 7.2 1995 35,000 6,6
1991 30,000 7.2 1996 40,000 6.75
1992 25,000 7.2 199T 40,000 6.90
1993 25,000 6.2 1998 40,000 7.00
Section 3. Interest; Payment Provisions. The Notes shatl beer interest
Yrom their date or from the most recent interest payment date to whieh interest hes
been paid or duly provided for� at the interest rates set out above, such 3nterest
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(computed upon the basis of a 36U-day year oY twelve 30-day months) being payable on
May 1 and November 1 oF each year, commencing on Mey 1, 1989. Interest on each Note
shall be paid by check or draft of the Registrar to the person in whose name such Note is
registered et the close of business on tRe Cifteenth day oY the calendar month next
preceding the applicable interest payment date. The principal oY each Note shall be
payable in lawful money ot the United States of Amerlca upon presentation and surrender
ot such Note at the principal corporate trust office of the Registrer in Milwaukee,
Wisconsin.
3ection 4. Eseeution; Authentication. The Notes shall be executed on
behalf of the City with the Yacsimile signature oY the City Manager of the City and with
the facsimile signature of the City Clerk of the City, end sealed with the officiel seel of
the City or a printed Yacsimile thereoY. In cflse any o[Picer whose signature shall appear
on flny Note shall cease to be such officer� before the delivery oY such Note, such
signflture shall nevertheless be velid and sufficient Yor ell purpases, the same as if such
officer had remained in office until delivery.
All Notes shall have thereon a certificate of authentication substantially in
the Porm hereinafter set forth duly executed by t�e Registrar es authenticating agent of
the City and showing the date of authentication thereof. No Note shell be valid or
obligatory for any purpose or be entitled to any security or benefit under this Resolution
unless and until such certificete of authentication shall have been duly executed by the
Registrar by manual signature, and such certificate oY authentication upon any such Note
shall be conclusive evidence thet such Note has been authenticated and delivered under
this Resolution. The certificate of authentication on eny Note shall be deemed to have
been executed by the Registrar if signed by an authorized ofPicer of the Registrar, but it
shall not be neeessary thet the same officer sign the certificate of authentication on all
of the Notes issued hereunder.
3ection 5. Regish�etion of Notes; Persons 1Teated as Owners. The City
shell cause books (the "Note Register") for the registration and for the transfer oF the
Notes as provided in this Resolution to be kept at the principal corporate trust office of
the Registrar, which is hereby constituted and appointed the registrar of the City with
respect to the Notes herein authorized.
Upon surrender for transfer of any Note at the principal corporate trust
office of the Registrar duly endorsed by, or aecompanied by a written instrument or
instruments oY transfer in form satisfactory to the RegisYrar duly executed by, the
registered owner thereo4 or hts attorney duly authorized in writing, the City shall
execute and the Registrar shall autnentieate, date end deliver in the name of the
transferee or 4ansferees a new fully registered Note or Notes of the same maturity of
authorized denomination or denominations, Yor e like aggregate princlpal amount. Any
fully registered Note or Notes may be exchanged at said offiee of the Registrer Yor a like
aggregate principal amount of Note or Notes of the same maturity oY other authorized
denominations. The execution by the City of any fully registered Note shall constitute
full and due authorization of such Note and the Registrer shall thereby be authorized to
authenticate, date and deliver such Note; provided, however, that the principal amount
of the outstanding Notes authenticated by the Aegistrar shall never exceed the
authorized principel amount of the Notes, less previous retirements.
TTe Registrar may, but shall not be required to, transfer or exchange any
Note during the period of fifteen (15) days next preceding any interest payment date on
such Note, nor to transYer or exchflnge any Note after notice calling such Note [or
prepayment has been meiled nor during the period of fifteen (15) days next preceding
mailing of a notice of prepayment of any Notes.
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The person in whose neme any Note shall 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 interest on any Nate shall be made only to or upon the order of the
registered owner thereof or his legel representative. All such payments shall be velid
and eYfectual to satisfy and discharge the liability upon such Note to the extent oY the
sum or sums so paid.
The Registrar shall never register any Note to bearer.
No service charge shell 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 tex or
other governmental chsrge that may be imposed in connection with any transfer or
exehange of Notes except in the cese of the issuance of a Note or Notes Yor the unpre-
paid portion oY a Note surrendered for prepayment.
3ection 6. Prepayment. Notes maturing on and after May 1, 1994, shall be
subject to prepayment at the option of the City as a whole, or in part in inverse order oY
their meturity (less than flll oY the Notes of a single maturity to be selected by the
Registrar as hereinafter provided), on May 1, 1993, and on eny interest payment date
thereatter, at a prepayment price of par plus accrued interest to the date fixed for
prepeyment.
The Notes shall be prepaid only in the principal amount of $5,000 each and
integral multiples thereof. At least forty-Yive (45) days prior to the date fixed Yor
prepayment (unless a shorter notice shall be satisfactory to the Registrar), the City shall
notify the Registrar of such date fixed for prepayment and of the principal amount of
Notes to be prepaid on sueh date. For purposes of any prepayment of less than all of the
outstanding Notes of a single maturity, the particular Notes or portions of Notes to be
prepaid shall be selected by the Registrar from the outstanding Notes of the longest
maturity then outstanding by such method es the Registrar shall deem fair and
appropriate, and which may provide tor the selection for prepayment of Notes or portions
of Notes in principal amounts of $S,OUO and integral multiples thereof.
The Registrar shall promptly notify the City in writing of the Notes or
portions of Notes selected for prepayment and, in the case of any Note selected for
partial prepayment, the principal amount thereof to be prepaid.
Section 7. Psepayment Procedure. Unless waived by any registered owner
oY Notes (or portions thereof) to be prepaid� notice of the call Por any such prepayment
shall be given by the Registrar on behalf of the City by mailing the prepayment natice by
registered or certified mail, pastage prepaid, not less than thirty (30) days prior to the
date tixed 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 1s 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 aYfect 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,
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(3) iY less than all outstending Notes are to be prepaid, the identifieetion,
including CUSIP numbers, (and, in the cese oY partiel prepayment, the respective
. principal amounts) of the Notes to be prepaid,
(4) that on the date fixed for prepayment the prepayment price will become
due and payable upon each such Note or portion thereof called for prepayment,
flnd that interest thereon shall cease to accrue from and aYter said date, and
(5) the place where such Notes ere to be surrendered for payment oY the
prepayment price, which place oY payment shall be the principal corporate trust
office of the Registraz.
Prior to any prepayment date, the City shall deposit with the Registrer an
flmount oY money sufFicient to pay the prepayment price oF all the Notes or portions of
Notes which are to be prepaid on that date.
Notice of prepayment hflving been given as aYoresaid, the Notes or portions
ot Notes so to be prepaid shall, on the date fixed for prepayment, become due and
payable at the prepayment prfce therein specified, and from and after such date (unless
the City shall deYault in the payment of 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 prepflyment
price. Installments of interest due on or prior to the date fixed for prepayment shall be
payable as herein provided Yor payment of interest. Upon surrender for any partiel
prepeyment ot any Note� there shall be prepared Yor the regisYered owner a new Note or
Notes oY the same maturity tn the amount of the unpaid principal. All Notes which have
been prepaid shall be cancelled and destroyed by the Registrar and shall not be reissued.
Seetion S. Form ot Notes. The Notes, the certificate of authentication to
be endorsed thereon and the Yorm of assignment to be endorsed thereon are all to be in
substantielly the following forms with necessary and appropriate variations, omissions
and insertions as permitted or required by this Resolution:
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(Form of Nate)
United States of America
3tate of Wisconsin
County of Winnebego
C1ty of Oshkosh
Promissory Note, Series 1988-A
See Reverse Side
For Additional
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
May 1, 19_ May 1� 1988
Registered Owner:
Principal Amount:
HNOW ALL MEN BY THESE PRESENIS: That the City of Oshkosh in the
County of Winnebago, Wisconsin (the "City'7� hereby acknowledges itself to owe and Por
velue received promises to pay to the Registered Owner hereinabove identified, or regis-
tered essigns es hereinafter provided, on the Maturity Date hereinabove identified, the
Principal Amount hereinabove tdentified and to pay interest (computed on the basis of fl
360-day year of twelve 30-day months) on such Principal Amount Yrom the Dated Date
hereinabove identi£ied 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� 1989, until said Principal Amount is
paid, except as the provisions hereinafter set forth with respect to prepayment may be
and become applicflDle hereto.
The principal of this Note is payable in lawful money o4 the United States
of America upon presentation and surrender of this Note at the principal corporate trust
office oY First Wisconsin Trust Company, in Milwaukee, Wisconsin, es reglstrar and
paying agent (the "Registrar"). Payment of each instellment of tnterest hereon shall be
made to the registered owner hereoY who shall appear on the registration books oY 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 flddress 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.
Reference is hereby made to the Yurther provisions oY this Note set forth
on the reverse side hereof, end such further provisions shall for ell purposes have the
same effect fls if set forth on the front side hereoY.
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It is hereby certified, recited and declared that all acts, conditions and
things required to be done, exist, happen and be performed precedent to and in the issu-
ance of this Note have been done, have existed, have happened and have been performed
in due time, form and manner as required by the Constitution and statutes of the State of
Wisconsin, that th3s Note, 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
irrepefllable tarz sufficient to pay the interest hereon when it Yalls due and also to pay
and dischacge the principel hereof at maturity.
The Yull faith, credit and resources of the City are hereby pledged for the
payment of the principal of and interest on this Note and the issue of whieh it is a part as
the same respectively become due and for the levy and collection of sufficient texes for
that purpose.
This Note shall not be valid or become obligatory far eny purpose until the
certiYicate 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 cflused this Note to be executed with the duly authorized fac-
simile signature oY its City Manager and with the duly authorized faesimile signature oY
its City Clerk and its official seal or e facsimile thereof to be impressed or reproduced
hereon, as of the Dated Date hereinabove identified.
(facsimile signature) (facsimile signature) _
City Clerk City Manager
[SEAL]
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes described in the within mentioned Resolution,
and is one of the Promissary Notes, Series 1988-A, oY the City of Oshkosh, Winnebago
County, Wisconsin.
Date oP Authentication:
FIRST WISCONSIN TRUST COMPANY�
as Note Registrer
By
Authorized Officer
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, [Form of Note - Reverse Side]
This Note is one of an authorized issue of Notes aggregating the principal
amount of E335,000 (the "NOtes") issued to pay the cost of municipal equipment, traffic
signals and street lighting pursuant to and in ell respects in compliance with Chapter 67,
Wisconsin Statutes, and a resolution adopted by the City Council oY the City on April 21,
1986.
Notes of the issue oY which this Note is one mafuring on and after May i,
1994, ere subject to prepayment at the option of the City as a whole, or in part in inverse
order of their maturity (in integral multiples of E5,000, less than all the Notes of a single
maturity to be selected by the Registrar in such manner es it shell deem fair end appro-
priate) on May 1, 1993, and on any interest payment date thereafter, at a prepayment
priee of par plus accrued interest to the date fixed for prepayment.
Notice of any such prepayment shall be sent by registered or certified mail,
postege prepaid, not less than thirty (30) days priar to the date fixed for prepayment to
the registered awner of each Note to be prepaid (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 prepayment� this Note, or the portion hereof being so called for prepayment,
will cease to bear interest on the specified prepayment date, provided Yunds Yor prepay-
ment are on deposit at the plece of payment at that time, and shall not be deemed to be
outstending.
This Note is transYerable by the registered owner hereof in person or by his
attorney duly authorized in writing at the principal corporate trust office oY the Regis-
trar in Milwaukee, Wisconstn, 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
ot authorized denomination or denominations, for a like aggregate principal amount will
be issued to the transferee in exchange herefor.
The Notes are issuable in f�lly registered form in denominations of 55,000
each and tntegral multiples thereoY. This Note may be exchanged at the principal corpo-
rate trust office of the Registrar for a like aggregate principel amount of Notes of the
same meturity of other authorized denominations, upon the terms set forth in the author-
izing resolution.
The City and the Registrar may deem and treat the registered owner
hereof as tIle absolute owner hereof for the purpose of receiving payment of or on
account of prineipal hereoY and interest due hereon and for all other purposes and neither
the City nor the Registrar shall be affected by any not3ce to the contrary.
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
the within Note and does hereby irrevocably constitute and appoint
, or its successor es Registrar, to
transfer said Note on the books kept for registration thereoY with full power of substi-
tution in the premises.
Dated:
NOTICE: The signature to this Assignment must correspond with the name oY the
registered owner as it appears upon the face of the within Note in every
perticular, without elteration or enlargement or any change whatever.
Signafure guaranteed:
NOTICE: Signature(s) must be guaranteed by a member Yirm oY the New York Stock
Exchange or a commercial bank or trust company.
� Section 9. Sele ot Notes. The sale oY the Notes to
First Wisconsin National Bank of Milwaukee and associfltes� flt the price of
E 335 000.00 pWs accrued interest to the date of delivery, is hereby wnfirmed. The
City 'h�eesurer of the City is hereby authorized to deliver the Notes to said purchasers
upon payment of the purchase price.
Section 10. Use ot Proeeeds; No Arbitrage; Notes to Remain in Registered
Form. The principal proceeds of the Notes shall be deposited in a speciel fund and used
solely for the purpose for which the Notes were authorized. The principal proceeds from
the sale of the Notes shall be used only to pay the costs of public projeets aforesaid, and
the Governing Body hereby covenants and agrees that said principel proceeds shall be
devoted to and used with due diligence for such purposes.
The Governing Body o4 the City recognizes that the purchasers and owners
oY the Notes will have accepted them on, and paid therefor a price which reflects, the
understanding that interest thereon is exempt Crom Federal income taxetion under laws
in force et the time the Notes shall have been delfvered. In this connection, the City
Council agrees that it shell take no action which may render the interest on any of the
Notes subject to Federal ineome taxation and that the principal proceeds oY the sale ot
the Notes shall be devated to and used with due diligence for the purpose Yor which the
Notes are hereby authorized to be issued.
The City Manager, the City Clerk, the City Finance Director and the City
Treasurer of the City, or any of them, are hereby authorized to execute on behalf of the
Ctry a Certificate and Agreement With Respect to Ta� 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 would or might result in the Notes being "arbitrage bonds"
under Seetion 148 of the Interna] Revenue Code of 1986 or the regulations of the United
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States Treesury Department currently in effeet or proposed. Such Certificate and
Agreement With Respect to Tax Exemption shall constitute a representation, certifi-
cation and covenant of the City and shflll be incorporated herein by reference, and no
investment ot Note proceeds or of moneys accumulated to pay the Notes herein
authorized shall be made in violation of the expectations preseribed by said Certificate
end Agreement With Aespect to Tax Exemption.
The Goveming Body hereby directs the City 'h�easurer to create a trust
fund into which there shall be deposiied eny monies which must be rebated to the United
States by reason of investment of the proceeds of the Notes.
The Governing Body oY the City further recognizes thflt Section 149(a) of
the Code requires the Notes to be issued and to remain in Yully registered form in order
that interest thereon is exempt from Federal income ta�cation 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.
Section 11. Duties of Registrar. If requested by the Registrar, the City
Manager of the City is hereby fluthorized 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 Aegistrer's standard form of egreement between the City and the
Registrar with respect to the obligfltions and duties of the Registrar hereunder, which
shall include the 4ollowing:
(s) to act as Registrar, authenticating agent, paying agent and transfer
egent as provided herein;
(b) to give notice of prepayment of Notes as provided herein;
(c) to cancel and destray Notes which have been paid at meturity or upon
earlier prepayment or submitted for exchange or transfer;
(d) to Yurnish the City at least annually a certificate of destruction with
respect to Notes cancelled end destroyed; and
(e) to f�rnish the City at leflst annually an audit confirmation of Notes
paid� Notes outstanding and payments mflde with respect to interest on the Notes.
Sectiort 12. Taz Levg. In order to provide for the collection of a direct
annual tax sufficient to pay the interest on the Notes and ta pay and discharge the prin-
cipal thereof at maturity, there is hereby levied upon all the te�cable property in the City
of Oshkosh e direct annual tax in amounts sufYicient for that purpose, to-wit:
Year Amount Year Amount
iggg 68,300 1993 41 ,530
1969 54,260 1994 44,415
1990 46,920 1995 46,910
1991 39,940 1996 44,180
lgg2 38,265 1997 41,400
In each of said years from 1988 to 1997, inclusive, the direct annual tax
above levied shall be extended upon the ta�c rolls of the City in the same manner and
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time as taxes for general City purposes, and when collected the proceeds of said ta�ces
shall be deposited into the account oY the debt service fund established in favor of the
Notes, to be used solely Yor paying the principal of and interest on the Notes as long es
any of the Notes remain outstanding.
3ection 13. Sufiiciencp. Interest or principal maturing at any time during
the life of the Notes when there shall be insufficient Yunds on hand from the above tas
lery to pay the same shall be paid promptly when due from the general fund of the City,
end said fund shall be reimbursed in a like amount out of the proceeds oY taxes hereby
levied when the same shall have been coLLected.
Seetion 14. Debt 3ervice Pund There has been established in the City
Treesury a fund seperate and distinet [rom all other funds oY the City to be designated
the "Debt Service Fund", which fund shell be used solely for the purpose of paying the
principal of, premium, if any, and interest on municipel obligations tssued pursuant to
Chapter 67, Wiseonsin Statutes. There is hereby created, and there shall be deposited in,
an aecount known as the "Series 1988-A Promissory Note Account", to be held as a part
of the Debi Service Fund, sll premium, iY any, and accrued interest paid an the Notes at
the time the Notes are delivered to the purchasers thereoY; all money raised by taxetion
pursuant to Section 12 hereoY; and such other sums as may be necessary to pay interest
on ihe Notes when the same shall become due and to retire the Notes at their respective
meturity dates.
3ection 15. Advertisement. The action of the Director of Finance of the
City with respect to publicetion of the nottce o4 sale of the Notes is hereby in all
respects ratified and confirmed.
3ection 16. Severability. If any seetion, paragraph or provision of this
Resolution shall be held to De tnvalid or unenforceable for any reason, the invalidity or
unenforceabllity or such section, paragraph or provision shell nat affect flny of the
remaining sections, paregraphs and provisions of this Resolution.
Section SY. Other pocuments. The City Manager, the City Clerk, the City
Treasurer, the City Finance Director and all other officers of the City flre hereby
authorized to execute all documents and certificates necessery in connection with the
authorization and delivery of the Notes, including without limitation an official
Statement describing the Notes and the City.
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3ection 18. Contlictiug Proceedings 3uperseded. All ordinances,
resolutions or orders, or parts thereoY, heretofore enacted, adopted or entered, in
conYlict 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 eYfect from and
after its passage.
Adopted April 21, 1988.
Approved Apri1 �L, 1988.
Recorded April 21 , 1988.
(SEAL) /� ,� � ,��
,��?�lT�'1�7��9
Attest: (l$flyor
✓�`1"!�;.n: G�. c<Y';LG'"l!/
City Clerk ' �
-14-
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, Wisconsin, and as such official I
further certify that attached hereto is a copy of excerpts from the minutes oY the
meeting oY the City Council of said City held on April 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 e true, correct and complete transeript Yrom said originel minute record
insofar es said original record relates to the 5890,000 aggregate principal amount of
Promissary Notes, Series 1988-A, of said City, dated May 1, 1988.
WITNESS my officiel signature and the seal of said City this 22nd day
of April, 1988.
���i4%// � C; �X'°//��.QJ
City Clerk
(SEAL)
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