HomeMy WebLinkAbout34470 / 87-138 , , � Closing Document No.
CITY COUNCIL
OF THE
CITY OF OSHKOSH
� RESOLUTION NO. 138
HOND RESOLUTION AUTHORIZING
$2 ,000 , 000
CITY OF OSHKOSH, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE HONDS, SERIES 1987
(ARMSTRONG-HLUM MANUFACTURING COMPANY PROJECT)
WHEREAS, the City of Oshkosh, Wisconsin ( the "MUnici-
pality" ) , is a municipal corporation organized and existing under
and pursuant to the laws of the State of Wisconsin and is autho-
rized by Section 66. 521 , Wisconsin Statutes, as amended ( the
"ACt" ) :
(a) to issue industrial development revenue bonds
to finance all or any part of the costs of
the construction, equipping, reequipping,
acquisition, purchase, installation, recon-
struction, rebuilding, rehabilitation, improv-
ing, supplementing, maintairting, repairing,
enlarging, extending or remodeling of a pro-
ject which qualifies under the Act and the
improvement of the site therefor; and
(b) to enter into a revenue agreement with an
eligible participant pursuant to which the
eligible participant agrees to cause said
project to be constructed and to pay the
Municipality an amount of funds sufficient
to provide for the prompt payment when due
of the principal of and interest on said
industrial development revenue bonds; and
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SUBMZTTED BY �.._
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APPRO� �' �
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WHEREAS, Armstrong-Blum Manufacturing Company, an
Illinois corporation (the "BOrrower" ) has heretofore requested
� the Municipality to issue industrial development revenue bonds to
finance a project on behalf of the Borrower as an eligible par-
ticipant under the Act; and
WHEREAS, this body has heretofore found and determined
that said project consisting of the construction of a building
addition and the acquisition and installation oE certain machinery
therein (the "Project" ) is a qualified "project" within the meaning
of the Act and that the Borrower is an "eligible participant"
within the meaning of the Act ; and
WHEREAS, on January 23, 1967 , this body adopted an
initial resolution pursuant to the Act wherein it was resolved
that the Municipality would issue industrial development revenue
bonds not to exceed $2. 250,000 in aggregate prirtcipal amount to
finance the Project, subject however, to the satisfaction of
certain conditions including the approval by this body of the
terms of the bonds and the revenue agreement described in said
initial resolution; and
WHEREAS, on January 23, 1967 , this body adopted a
resolution relating to waivec of Section ( 11J (b) 1 . of the Act
and in that resolution provided that the revenue agreement shall
contain anti-discrimination clauses which sha11 be approved
by the Municipality; and
WHEREAS, on Sanuary 28, 1987, notice of the adoption of
the initial resolution was published in accordance with Section
( 10 ) (b) of the Act and no sufficient petition has been Eiled with
the Clerk requesting a referendum on the question of the issuance
of said industrial development revenue bonds, and on May 1 , 1987,
notice of adoption of the waivez resolution was published i❑
accordance with Section ( 11) (b) 2, of the Act; and
WHEREAS, on June 4, 1987, a public hearing was held at
the City Hall and conducted in a manner that provided a reasonable
opportunity to be heard for persons with differing views on both
issuance of revenue bonds and the location and nature oE the
proposed facility to be financed with revenue bonds; and
wHEREAS, notice of the public hearing, substantially in
the form attached hereto as Exhibit A and incorporated herein,
was published by one insertion in the official newspaper of the
Municipality for the publication of notices pursuant to Chapter
985 of the Wisconsi❑ Statutes no less than 14 days be£ore the
scheduled date of the hearing; and
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WHEREAS, the official newspaper is a newspaper of
general circulation in the locality of the Project; and
WHEREAS, this body is an elected legislative body of
the Municipality; and
WHEREAS, the Borrower has now requested that the Muni-
cipality provide for the issuance of $2,000,000 principal amount
of industrial development revenue bonds upon the terms set forth
in this Resolution (as herein described, the "Bonds" ) ; and
WHEREAS, in connection therewith the Borrower has
presented the Municipality with proposed documentation for the
Bonds, as follows:
(a) a Bond Purchase Agreement , to be dated as of
the date of adoption of this eond Resolution
( the "BOnd Purchase Agreement" ) , to be entered
into by and among the Municipality, the Bor-
rower and Robert W. Baird & Co. Incorporated
( the "Onderwriter" ) , setting forth the terms
and conditions on which the Municipality wi11
se11 and the Underwriter wi11 purchase the
Bonds; and
(b) an Indenture of Trust, to be dated as of June
1, 1987 ( the "Indenture" ) , to be enteied into
between the Municipality and the corporate
trustee hereinafter designated ( the "Trustee" ) ,
providing for the creation of the Bonds , the
terms thereof and the security thereEor ; and
(c) a Loan Agreement, to be dated as of June 1,
1987 ( the "LOan Agreement" ) , to be entered
into between the Municipality and the Horrower
providing for a loan of the Bond proceeds to
the Borrower on repayment terms scheduled to
provide the Municipality with revenues suEfi-
cient to retire the Bonds in accordance with
their terms; and
(d) a Promissory Note, to be dated Sune 1, 1987
( the "Promissory Note" ) , to be issued by the
Borrower payable to the order of the Munici-
pality in the principal amount oE $2, 000 ,000
as evidence of the borrowing provided for in
the Loan Agreement and to be assigned by the
Municipality to the Trustee; and
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(e) a Preliminary Offering Circular and a proof
copy of a Final Offering Circular (collec-
tively, the "Offering Circular" ) , describing
the Bonds and the affairs and financial
condition of the Borrower; and
( E) a Aeimbursement Agreement, to be dated as of
June 1, 1987 ( the "Reimbursement Agreement" )
between the Borrower and First Wisconsin
National Bank o£ Oshkosh ( the "Hank" ) pursuant
to which the Bank will issue a Letter of credit
( the "Letter of Credit" ) to provide for the
payment of the principal and interest on the
Bonds , and the Borrower agrees to reimburse
the Bank for such payment; and
(g) a Mortgage, to be dated as of June 1, 1987
(the "MOrtgage" ) , from the Borrower to the
Municipality and the Bank, and from the
Municipality to be assigned to the Trustee,
providing collateral security for the per-
formance of the Borrower ' s obligations under
the Loan Agceement and the Reimbursement
Agreement.
WHEREAS, in accordance with the Act, this Resolution
and the aforesaid instiuments and documents , the Bonds and interest
� thereon shall never constitute an indebtedness of the Municipality
within the meaning of any State constitutional provision or
statutory limitation, shall not constitute oc give rise to a
pecuniary liability o£ the Municipality or a charge against its
general credit or taxing powers, and shall not constitute or give
rise to any personal liability oE any member oE this body or of
any officers or employees of the Municipality on the eonds or for
any act or omission related to the authorization or issuance of
the Bonds; and
WHEREAS, it is in the public interest of the Municipality
to encourage and promote the development of projects such as the
Project in order to realize public benefits such as, but not
limited to, the provision and retention of gainful employment
opportunities for the citizens of the M�nicipality; the stimula-
tion of the flow of investment capital into the Municipality with
resultant beneficial efEects on the economy in the Municipality;
and the preservation and enhancement of the Municipality ' s tax
base; and
WHEREAS, the development o£ the Pzoject and the issuance
of Bonds to finance the Project as herein recited will, in the
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judgment o£ this body, serve the intended accomplishments of
public purpose and in a11 respects conform to the provisions and
requirements of the Act ;
NOW, THEREFORE, BE IT RESOLVED:
L. Findings and Determinations. It has been found and
determined and is hereby declared:
(a) that the Project is a qualified "project"
under and Eor the purposes oE the Act;
(b) that the Borrower is a qualified "eligible
paiticipant" undez and for puzposes of the
ACt;
(c) that the Loan Agreement meets the require-
ments of a "revenue agreement" under and for
purposes of the Act ;
(d) that the estimated aggregate cost of providing
the Horrower ' s share of the Project and paying
the costs incident to the financing is not
less than 52 . 000,000;
( e) that the payments required to be made by the
Borrower under the Loan Agreement are suEfi-
cient in amount to pay when due the principal
of, premium, if any, and interest on the
Honds;
( f ) that the Loan Agreement contains anti-
discrimination clauses which are hereby
expressly approved by the Municipality;
and
(g) that a11 conditions set fozth in said
Initial Resolution have been satisfactorily
met.
2. Authorization to Borrow and to Lend. The Munici-
pality sha11 borrow, but only in the manner herein cecited, the
sum of $2 ,000,000 Eor the purpose of ( i) financing the costs of
providing the Project , ( ii ) paying the costs of issuing and selling
the eonds , and ( iii ) paying such other costs related thereto as
are permitted to be paid with bond proceeds under the Act . Said
borrowing shall be accomplished through the sale of the Bonds
issued pursuant to the Act . The Municipality shall lend the sum
of $2,000, 000 to the Borrower pursuant to the terms of the Loan
Agreement, which borrowing sha11 be evidenced by the Promissory
Note and secured by the Mortgage.
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3 . Designation, Denomination, Tenor and Maturity o£
Bonds Created for Issuance. The Bonds sha 1 be issued in t�
pr.ncipa amount o 2 , 000 , 000 and shall be designated:
CITY OF OSHAOSH, WISCONSIN
INDUSTRIAL DEVELOPMENT REVEN[lE BONDS
(ARMSTRONG-BLUM MANUFACTORING COMPANY PROJECT)
The Bonds shall mature in accordance with the schedule
provided in the table below:
Maturity Date Principal Interest
(JUne 1 of the Year) Amount Rate
1988 $200, 000 6.008
1989 200, 000 6. 50
1990 200, 000 6J5
1991 200 , 000 7 . 00 �
1992 200 , 000 7. 50
1993 200 , 000 7 . 75
1994 200 , 000 8. 00
1995 200 , 000 8. 125
1996 200 , 000 8. 25
1997 200, 000 8. 375
The Bonds shall bear interest from their original issue date at
the respective rates per annum set forth in the schedule in the
table above. Interest shall be payable on December 1, 1987 , and
semiannually thereafter on the first day of June and December in
each calendar year until paid.
The Bonds shall be issuable as fu11y registered bonds
in denominations of $5, 000 or any integral multiple thereof.
Bonds and the interest thereon shall be transferable by and shall
be payable to the registered owners thereof in the manner and
with the effect provided in the Indenture. The principal of,
premium, if any, and interest on the Bonds shall be payable in
lawful money of the United States of America at the principal
corporate trust office of the Trustee, as paying agent, or the
- office of any successor or additional paying agent designated by
the Municipality and approved by the Borrower.
The Bonds shall specify, as their original issue date,
June 1, 198'7. Each Bond shall be dated, as its registration date,
the date of its authentication.
The Bonds shall be issued in the respective forms
therefor as set forth in the Indenture, with such insertiorts
therein as sha11 be necessary to comply with the terms of this
Resolution and with such corrections thereirt, if any, as the
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approving bond attorney may require foz confocmity with the terms
of this Resolution, the Indenture and the Act.
4. Execution and Authentication of Bonds . The Bonds
shall be executed on behalf of the Municipality by the City Manager
under the official seal of the Municipality attested by its CLerk .
The signatures of the City Manager and the Clerk may be manual
or facsimile. The official seal may be actually impressed or
imprinted or otherwise reproduced thereon by facsimile. No Bond
shall be issued unless first authenticated by the Trustee, to be
evidenced by the manual signature of an authorized signatory of
the Trustee on each Bond.
5. Designation of Trustee. The Municipality hereby
designates and appoints First Wisconsin Trust Company, Milwaukee,
Wisconsin, to perEocm the functions of the Trustee, bond registrar
and paying agent under the Indentuce.
6 . Additional Bonds. Bonds in addition to the Bonds
may be issued from time to time under the Indenture subject to
the terms and conditions therein provided and subject to the
approval of this body. If so issued, such additional Bonds
shall rank equally and on a parity with the Honds . The Bonds and
any such additional Bonds are hereinafter collectively referred
to as the "Bonds" .
7 . Bonds as Limited Obliqations. The Sonds and interest
thereon shall never be or be considered a general obligation of
the Municipality or an indebtedness of the Municipality within
the meaning of any State constitutional provision or statutory
limitatio❑ and shall not constitute or give rise to a pecuniary
liability of the Municipality or a charge against its qeneral
credit or taxing powecs.
8. Source of Payment; Pledge of Revenues. The Sonds
shall be Limited obligations of the Municipality payable by it
solely from revenues and income derived by or for the account of
the Municipality from or for the account of the Borrower pursuant
to the terms of the Letter of Credit , the Mortgage, the Promissory
Note and the Loan Agreement; including, without limitatiort, ( i)
all amounts received pursuant to draws under the Letter of Credit ,
( ii ) all payments by the Borrower on the Pcomissory Note or pur-
suant to the terms of the Loan Agreement, ( iii) a11 cash and
securities held from time to time in the Trust Funds , and the
investment earnings thereon and ( iv) a11 amounts derived by
recourse to the Mortgage; but excluding any amounts derived by
the Municipality for its own account pursuant to the terms of
the Loan Agreement.
As security for the payment of the principal of, premium,
if any, and interest on the Bonds, the Municipality shall pledge
and assign to the Trustee a11 oE its right, title and interest in
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and to the Promissory Note, the Loan Agreement (except Eor its
cights to receive and enforce payment of certain taxes, expenses
and indemnity payments from the Borrower as set forth in the
Indenture and the Loan Agreement) , the Mortgage and the trust
funds held by the Tcustee under the Indenture.
9. Redemption of Bonds Prior to Maturity. The Bonds
shall be subject to redemption prior to maturity as provided in
the Indenture.
10 . Tcust Funds. The following desccibed Trust Funds
shall be created under the Indenture to be held in the custody of
the Trustee and applied for the uses and purposes provided in
the Indenture (summarized belowJ :
(a) Construction Fund. The proceeds from the
sale of the Bonds ( exclusive oE accrued
interest) will be deposited into the Con-
struction Fund. Moneys in the Construction
Fund will be applied to the payment of Project
costs upon requisition of the Borrower as
provided in the Loan Agreement . After cer-
tification by the Borrower that the Project
has been completed and that certain other
conditions have been satisfied, any remaining
balance in the Construction Fund shall be
transEerred to the Sucplus Construction Fund.
Investment earnings on the Construction Fund
shall be for the account of the Construction
Fund.
(b) Bond Fund. The accrued interest received
upon the sale of the Bonds and all payments
Erom or for the account of the Borrower
( including draws under the Letter of Credit)
on the Promissory Note (except prepayments oE
principal and premium, if any, required to be
deposited into the Redemption Fund) shall be
deposited into the Bond Fund. Moneys in the
Hond Fund shall be used Eor the payment oE
the principal of and interest on the Bonds
when due.
(c) Redemption Fund. Prepayments by the Borrower
of principal on the Promissory Note together
with the premium, if any, shall be deposited
into the Redemption Fund. In addition, under
certain circumstances moneys may be transferred
to the Redemption Fund fram other Trust Furtds.
Moneys in the Redemption Fund may be ( i )
transferred to the Bond Fund when and as
required to pay the principal of any Honds
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called for redemption in accordance with the
Indenture; ( ii ) transfeiied to the Bond Fund
and used to pay any premiums payable on Bonds
called for redemption, ( iii ) transferred to
the aond Fund to make the final payment of
principal on the Bonds, or ( iv) to the extent
not needed for the purposes described in
clauses ( i ) and ( iiJ used at the direction of
the Borcower to purchase Bonds for cancella-
tion.
(d) Surplus Construction Fund. Surplus moneys in
the Construction Fund shall be transferred to
the Sucplus Construction Fund. These moneys
shall be used to redeem outstanding Bonds in
the largest amount possible at the earliest
possible redemption date or dates given the
terms of the Bonds, however, during years in
which the Bonds are callable for redemption
only in an amount in excess of available moneys
in the Surplus Construction Fund, oc during
years in which the Honds are callable but a
redemption premium or penalty is required for
such early redemption, these moneys sha11 not
be so used unless the Borrower so directs.
Until so used, these moneys may be used to
pay a portion of the principal due on each
� principal installment maturity date.
(e) Taxation Appeal Compensation Fund. The Taxa-
tion Appeal Compensation Fund sha11 be funded
and used for the purposes described in the
Loan Agreement and the Indenture upon the
occurcence of an "EVent of Taxability" in
certain circumstances.
(f) Mortqaged Propecty Aeserve Fund. Under cer-
tain circumstances, moneys may be transferred
to the Mortgaged Property Reserve Fund from
other Trust Funds or deposited directly into
the Mortgaged Property Reserve Fund. At the
direction of the Borrower , moneys in the
Mortgaged Property Resezve Fund may be ( i )
transferred to the Redemption Fund, ( ii ) used
to purchase Bonds for cancellation, or ( iii)
used to pay or reimbucse the Borrower Eor
costs of depreciable property necessary to
complete or replace the Project .
(g) Insurance and Condemnation Proceeds. Net
proceeds of certain insurance and condemnation
awards wi11 be deposited into the Insurance
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and Condemnation Proceeds Fund, as provided
in the Loan Agieement, Mortgage and the
Indenture. The Trustee is authorized to
� withdraw funds from said Fund for application
as provided in the Loan Agreement and the
Indenture.
11. Investment of Trust Funds . Any moneys held as a
part of the trust funds held by the Trustee under the Indenture
may be invested and reinvested by the Trustee upon request by
the Borrower in "Qualified Investments" as specified in the
Indenture.
12 . Determination of Revenue Payment . The amount
necessary in each year to pay the principal of , premium, if any,
and interest on the Bonds is the sum of ( i ) the amount oE prin-
cipal becoming due in such year in accordance with the table in
paragraph 3 of this Resolution (as reduced Ezom time to time by
ceason oE prior redemptions and open market purchases of Bonds in
accordance with the Indenture) ; plus ( ii) the principal amount of
Bonds to be redeemed in such year in accordance with a ca11 for
redemption made in accordance with paragraph 9 of this Resolution
� and the Indenture, plus the premium, if any, payable with respect
thereto; plus ( iii) the amount oE interest on the Bonds becoming
due in such year in accordance with the interest rates speciEied
in the table in paragraph 3 of this Resolution.
In expressing the Borrower 's obligation to make the
necessary revenue payments, it shall suEEice herein and in the
Loan Agreement to state that the Borrower shall be obligated to
pay the Municipality (or the Trustee for the account of the
Municipality) amounts sufficient to pay when due the principal
of, premium, if any, and interest on the Bonds.
The Loan Agreement contains provisions, adequate in the
judgment of this body, requiring the Sorrower to provide for the
maintenance of the Project and the carrying of a11 proper insurance
with respect thereto. Consequently, the Borrower need not be
required to pay amounts into any resezve funds for the reticement
of the Bonds or for the maintenance oE the Project.
13 . Award of Bonds; Execution and Delivery of the Bond
Purchase Agreement. The Borrower has negotiated for the sale of
the Bonds to the Underwritec at a price of 98$ of the principal
amount of the Bonds, plus accrued interest to the date of delivery.
In addition, the Underwriter shall be paid a fee equal to . 125�
of the principal amount of the Bonds. Given the purposes o£ the
financing and the involvement of the Municipality therewith, it
is the determination of this body that the Bonds sha11 be hereby
awarded to the Onderwriter at the price aforesaid with delivery
to follow in the manner , at the time and subject to the conditions
set forth in the 8ond Purchase Agreement . As evidence thereof,
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the City Manager and the Clerk are hereby authorized and directed
for and in the name oE the Municipality to execute, affix with
the official seal of the Municipality and deliver the Bond Purchase
Agreement in the form presented herewith, or with such insertions
therein or corrections thereto as shall be approved by the City
Manager and Clerk consistent with this Resolution and the terms
of the Act, their execution thereof to constitute conclusive
evidence of their approval of any such insertions and corrections .
14 . Execution and Delivery of the Loan Aqreement and
the Indenture; Assiqnment of the Promissory Note and the Mortqa e•
Approval of the Letter of Credit . The terms and provisions of
the Promissory Note, the Loan Agreement, the Mortgage, the Letter
of Credit and the Indenture ace hereby approved. The City Manager
and the Clerk are hereby authorized for and in the name of the
Municipality to execute, aEfix with the official seal of the
Municipality and deliver the Loan Agreement , the Indenture and
the assignments of the Promissory Note and the Mortgage in the
respective forms thereof presented herewith, or with such inser-
tions thecein or corrections thereto as shall be approved by the
City Manager and Clerk consistent with this Resolution and the
terms of the Act, their execution thereof to constitute conclusive
evidence of their approval oE any such insertions and corrections.
15 . Authorization of Offerinq Circular. The distri-
bution of the Offering Circulac in connection with the offering
and sale of the Bonds is hereby authorized and approved.
16 . Execution and Deliverv of the Bonds. The City
Manager and the Clerk are hereby authorized for and in the name
of the Municipality to execute the Bonds in the manner authorized
by paragraph 4 of this Resolution. Subject to the terms and con-
ditions of the Bond Purchase Agreement, the Municipality sha11
deliver the Bonds to the Onderwriter .
17 . General Authorizations . The City Manager and the
Clerk and the appropriate deputies and officials of the Munici-
pality in accordance with their assigned responsibilities are
hereby each authorized to execute, publish, Eile and record such
- other documents , instruments, notices ( including notice pursuant
to Wis. Stats . §893 J7 ) and records and to take such other actions
as shall be necessary or desirable to accomplish the purposes of
this Resolution and to comply with and perform the obligations oE
the Municipality under the Bonds, the Loan Agreement and the
Indenture.
In the event that the City Manager or the Clerk shall
be unable by reason of death, disability, absence or vacancy of
oEEice to perEorm in timely Eashion any of the duties specified
herein (such as the execution of Bonds, the Bond Purchase Agree-
. ment, the Loan Agreement, the Indenture or the assignments of the
Promissory Note and the Mortgage) , such duties sha11 be performed
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by the officer or o£ficial succeeding to such duties in accordance
. with law and the ordinances of the Municipality.
18 . Public Approval . This body, on behalf of the
Municipality, hereby approves of the issue of Bonds for the pur-
poses of Section 147( f) of the Internal Revenue Code of 1986, as
amended.
19. Election Under the Internal Revenue Code. The
Municipality here y e ects to have the provisions of Section
144(a) (4 ) of the Internal Revenue Code of 1986, as amended, applied
to the issuance of the Bonds. The City Manager, Clerk or either
of them are authorized to execute and file, for and in the name
of the Municipality, such documents as may be necessary or appro-
priate to effectuate said election.
20. Effective Date; Conformity. This Resolution shall
be effective imm�iate�its passage and approval. To the
extent that any prior resolutions of this body are inconsistent
with the provisions hereof , this Resolution shall control and
such prior resolutions shall be deemed amended to such extent
as may be necessary to bring them in con£ormity with this
Resolutian.
e • � � �
The foregoing resolution of the City Council of the
City of Oshkosh, Wisconsin, was adopted, approved and recorded
on June 18 , 1987 .
���-,..� /� C�,�
�— ayor
(�� y /% x �
_ / . ! � 1��. i i�/ li � f�(, a���-�'-�
Clerk
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EXHIBIT A
NOTICE OF PUBLIC HEARING TO
RESIDENTS OF THE CZTY OF OSHKOSH,
WISCONSIN
NOTICE is hereby given that the City Council of the
City of Oshkosh, Wisconsin ( the "ISSUer" ) will hold a public
hearing at 7 :00 p.m. on Sune 4, 1987 at the City Ha11, 215 Church
Avenue, Oshkosh, Wisconsin, regarding the proposed issuance by
the Issuer of industrial development revenue bonds pursuant to
Section 66. 521, Wisconsin Statutes, as amended, in a maximum
aggregate face amount of $2,000,000, on behalf of Armstrong-Hlum
Manufacturing Company, an Illinois corporation. The bonds would
finance the construction of building addition of approximately
51,000 square feet and the acquisition and installation of certain
machinery therein and hack saw blades . The prospective location
of the facility to be financed is 3501 Marvel Drive, Oshkosh,
Wisconsin. The initial operatoc of the facility will be Armstrong-
Blum Manufacturing. -
The public hearing will be conducted in a manner that
provides a reasonable opportunity to be heard for persons with
differing views on both issuance of the bonds and the location
and nature of the proposed facility. Any person desiring to be
heard on this matter is requested to attend the public hearing
or send a representative. In addition, written comments (not
exceeding 250 words) may be presented at the hearing iE submitted
in advance to the Clerk .
Comments made at the hearing are for the consideration
of the Common Council of the Issuer but do not bind any legal
action to be taken by the Common Council of the Issuer .
/s/ Donna C. Serwas
City Clerk
Publication Date: May , 1987
CERTIFICATIONS BY CLERK
I , Donna C. Serwas , being f:rst duly sworn, do hereby
depose and certify that I am the duly (appoinced) (elected) ,
qualified and acting Clerk of the Citp of Oshkosh, 'n the County
of winnebago, State of Wisconsin, and as such I have in my pos-
session, or have access to, the comple=e coroorate records of
said City and of its City Council ; that I have carefully compared
the transcript hereto attached with the aforesaid corporate
records; that said transcript hereto attached is a true, correct
and complete copy of all the corporate records in relation to the
adoption of Resolution No. i3e entitied:
BOND RESOLUTION AUTHCRI2ING
$2 , 000 , 000
CITY OF CSFMOSH , WLSCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(ARMSTRONG-HLUM MAIdUFACTURING COMPANY PROJECT)
I do hereby further depose and certify as follows:
1. Said resolution was considered for adoption by the
City Council at a meeting held in the City Hall at 7 :00 P.M, on
June 18 , 1987 . Said meeting was a regular meeting of the Common
Council and was held in open session in compliance with Subchapter
IV of Chapter 19 of the Wiscdnsin Statutes.
� 2. Said resolution was on the agenda for said meeting
and public notice thereof was given not less than 24 hours prior
to the commencement- of said meeting in comoliance with Section
19.84 of the Wisconsin Statutes, including, without limitation,
by postinq on the bulletin board in the City Hall , by notice to
those news media who have filed a written request for notice of
meetings and by notice to the official newspaper of the City.
3 . Said meeting was called to order by chapin
Mayor, who chaired the meeting. Upon roll I noted and recorded
that the following councilmembers were present :
Thomas Hinncr, Killian cnanbauer, non Kutchera,
Kathleen Pron�, n�nald Presslev, James Mather,
anc: P1�y� ["�anin
and that the following councilmer�bers were absent :
none
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I noted a�d recocded that a quo:um was present . Various matters
and business were taken up during the course of the meeting witn-
out inter•�ention oE any closed session. One of the matters taken
uo was said resolutio❑ which was introduced and its adoption was
ncved by Councilmember nather , and seconded by Council-
member Kutchera Followinq discussion ar.d after all
councilmembers wno desired to do so had expressed theic views foc
cr against said resolution, the guestion was called and upon ro11
being called and the contir.ued presence of a quorum being noted,
�he recorded vote was as follows:
Ay2: einner, Snanbauer, Kutchera, Prop�, Presslev,
Mather, Chanin
Nay: none
Abstain: none
Whereupon the City Manager declared said resolu:ion adopted, and
I so recorded it.
IN WITNESS WH�REOr, I have signed my name and aFfixed
the seal of the City hereto on this 19th day oE June, 1987 .
[Municipal Sealj f��74;�o�p � �� �(��,���.�.� �
Clerk
STATE OF 'v;ISCONSIN )
) SS
COUNTY OF WLNNEBAGO)
Subscribed and sworn to before me this day, the date
last above written. --�� — .
1 � �
1J i '�1j�
1 �I.�.L� i C.L \��. I �A� � i.�
Notary Public � � �x'
i
My commission espices : � 1/7/90
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