HomeMy WebLinkAbout34358 / 87-009 r �' + •
Res. # 9
The City Council of the City oY Oshkosh, Winnebago County, Wisconsin,
met in regulflr, open, public session at its regular mee[ing place on April 23, 1987, at 4:00
o'clock P.N., with the following members present:
Killian G. Spanbauer, Don H. KutcBera� Kathleen M. Propp� Donald H. Pressley�
James A. Mather. Thomas J, Binner� Floyd R. Chaoin
and the Pollowing members absent: none
s s r s
(Other Business)
The City Clerk stated that one purpose of the meeting was the
consideration of proposals received for the purchase of 55,250,000 aggregate principal
amount of Refunding Bonds, Series 1987-B, of the City of Oshkosh, pursuant to sealed
bids.
Thereupon the following resolution was introduced by
Mather and read in full, and� pursuant to motion made by Mather
and seconded by xutchera � , was adopted by the following
vote:
Aye: Spanbauer� Kutchera� Pzogp� Pzessley� MatSer� Chdpin
Nay: None
SUBMITTED BY
Absent or Not Voting: ainner �� �, -
APP90VED
i ' �
EASOLU110N determining to issue 55,250,000 aggregate
principal amount oP Refunding�Bonds, 9eries 1987-8, oY the
City of Oshkosh, Winnebago County, Wixonsin, providing
details, prescribing the Yorm oY bond, awarding the Donds to
the highest bidder, and levying taxee.
piHE$EA.4, by initisl resolution duly fldopted on Merch 19, 1987, there have
been euthorized to be issued bonds of the City of Oslilcaah, Winnebago County, Wisconsin
(the "City") for the purpose of reYunding certain general obligation notes oY the City and
interest therean; and
WHHHEA3, officisl notice o[ the adoption of said initiel resolution was
published on March 20, 1987, in The OsNcosh Northwestern, and, to the date of this
Resolution, no petition has been Yiled with the City Clerk of t�e City requesting that said
initisl resolutiort be submitted to the electors; and
WHERSA$ it is now neceasary that said re[unding bonds be sold and issued
for the purpose atoresaid in the aggregate principal amount of 55,250,000; and
PfEiEREA3, pucsuant to advertisement, sealed bida were received Yor the
purchase o[ said refunding bonds in said amount until 11:00 A.M., C.D.T., on April 23,
1987, wNch bids are sa follows:
Name of Hidder Net Interest Rate
First Wisconsin National Bank, $4,265,194.25 7.5124%
Milwaukee, WI
The First National Bank of Chicago, 4,270,137.50 7.5211
Chicago, IL
Northern Trust Co. , Chicago, IL 4,296,075.00 7.566
Prudential - 3ache Capital Funding, 4,328,504.50 7.6239
Chicago, IL
Clayton Bro�m � Associates, Inc. , 4,4ll,019.51 7.7799
Chicago, IL
Continen[al IIlinois NaC'1. 9ank & (Non-conforming bid)
Trust Co. , Chicago, IL
; end
NHEHEA3� the bid oP First Wisconsin National 9ank r
oY Miluaukee � IJisconsin i artd
essocietes at a prtce of 85,175,462.00plus accrued interest to the date of delivery, was
the best bid submitted, which bid is as follows:
'2'
i,
;� _ . ..
� a:o ��
� !6lIBERS OP Ytl6 CIiY COVOGIL Aprli 2], 198]
� CISk OP OSlIXOStl, Mi5Wl15T11
1 Ne affei [o puccWae Ne $5,250�000 Cmeial OC116ation Refundln5
� Bond�, Setles 19!]-B, o[ ehe City of Oahkoah, Mtaeonain co be Eatetl
. !Iq 1, 19!] �nQ o([ered for aale oa Ne above G�te� on [�e terms and
eo�iclo'u �caeM 1¢ Che OIf1c1�1� Xo[See o[ Sale and Ne Officiai
� Sutemenc epere£ar� fa[ � prlee o[ S. � 1S, Y41. ca (not leas cM1an
f SS�1]5,000), �ntl aeerueE Sa[ecest [o d�te a[ deli�ery. The Bonde of the
� ��HOw metvrlcio to Ee�r�ivterest �c the [olloviny avnvel caces: �
l ��i [ae BoMS tive Ba��ber 1� 198]
f��f S for BoMS Cue Ilovmb<r 1, I988
. �,�5 for OoMa dve �a�ember 1, 1989
�f - a w S Eor 9antla Eue Xovemper 1, 3990
� ¢�=S (or Bande Aue NovemOer 1, 1991
I �L [o[ Bovtls due Ilov�ben 1� 1992
� 4 �C S For Bonds Cue Novemb<r 1, 1993
L. SU S fnc Bo:Wa dv< Povembec 1. 199<
� !�iLS Eor Bonda Eue 1lovempec 1. 1995
_ .@ d=S fo[ BoM� Que llo�embe[ lr 1996
l.. i fo[ Bovdt a�� ne.�e.� 1. 199]
�S for Booda due �ovember 1, 3998
� �I [oz 0ontls Eue IlovemDei 1. 1999
l S+ S Eor BonEa 0ve llovenber 1, 3Q00
"+i?� F for BoeEa due Aovember 1, 2001
�S [or BoMS Eue �avember 1, 2002
). 90 S for Bo�e dae IIa�mEer 1, 2003
Our evmpatation of eRe tocal ma�mt oF ivter<at [rom tlaee af issue
[a ucvricy repreaenced by c�e Snterm[ n[ea apeel[letl ebove, an� af tl�r
vet Snteree[ eoac of t61e b1A� vhile noc • perc of thia 41d, ere aet
� £or[h belov.
� Yh1e bitl fe sede (oe y[omp[ aeeeptmce mE aubJect m H�e mntlillone:
.. of cLe Off1e1�1 floelee of SQe. Ye melose, Rerevit�, avr ertlfteC
, � eheck or bWc eaehier's or ere�evrar'� cheek, 1¢ [ne amovnt o[ 5100,000,
� vhicp Se to be �eld Oy [he Ciry P�fos eoeplimce v1M o�e canditlons uf
Nie Eid.
� QeepeeKUlly avbmiteed�
�
F RST WISCONSIN NATIOtUIL BANK
at MmaBe[
I
{ By
John . E9er, First Vice President
� In[ereec Caapv[aclov
� Ne eompute eha cotal �movn[ of intermt (rom de[e of fssue vo
) macv[fey, represm[etl by the Sntere�t ucea apecifletl In the eia, co
� be 'V.1Gt, l9Y.4a [ov � Rec 2ace of 7� 6�1�/ t,
i
STe (are6oln{ 41d ie �ereby a<cey[eM1 by �vd on EehalF at Ne Licy ot
J Oal�koeh� Yiaconafn thia 23[d Aay o[ lpcil� 198].
�
,
( Clty Manager
� OSneeor o[ Finence/ireasvrer
I
(Attach Hid Here)
-3-
NOW, THERSFORE, Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, es Pollows:
9ection 1. Deflnitiooa For all purposes of this Resolution, except es
otherwise e�cpressly provided herein ar uNess the context otherwise requires, the terms
defined in this Seetion 1 shall have the meanings set forth below, and shell include the
plural as well as the singular: �
"Bond" or "Bonda" shall mean one or more oP the ReCunding Bonds, Series
1987-B, autharized to be issued by the terms aF this Resolution.
"HOnd Reg3ster" shell mean the books oP the City kept by the Registrar to
evidence the registration and transter of the Bonds.
"City" shall mean the City oY Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shell mean the City Council of the City.
"Regis4er" shall meen First Wisconsin Trust Company, in Milwaukee, .
Wisconsin, or a successor designated as Registrar hereunder.
"Resolution" shell mean this resolutlon es adopted by the Governing BoAy of
the City.
Sect{on 2. Authoriastloa The issuance ot $5,250,000 aggregate principal
amount of refunding honds is hereby authorized Yor the purpose of providing funds Por the
purpose set out in the preemble hereto. The Bonds shall be designated "Re4unding Honds,
3eries 1987-B", shall be dated May 1, 1987, as originally issued, and shall also bear the
date oY their authentication by the Registrar. The Bonds shell be in Yully registered
Yorm, shell be in denominations of 55,000 each and integral multiples thereof (but no
single Bond shall represent installments of principal maturing on more than one date),
shell be numbered consecutively starting with the number one, shell mature serially on
November 1 ot each of the years 1987 to 2003, inclusive, in the amounta and shall bear
interest at the rates per annum, es follows:
Interest lnterest
Year Amount Rate Year Amount Rate
198T E150�000 5.75 % 1998 $300�000 6•8 %
1988 150�000 5.75 1997 300,000 �-0
1989 150,000 5.875 1998 300,000 �•z
1990 200,OQ0 6.0 1999 500,000 7.35
1991 200,000 6.0 2000 500,000 �•5
1992 200,000 6.2 2001 500,000 �•�
1993 200�000 6.35 2002 600�000 �•g
1994 200,000 6.5 2003 600,000 �•9
1995 200,000 6.65
-4-
3ectioo 3. Interest; Payment Provisions. The Bonds shell bear interest
Crom thetr date or Prom the most recent interest payment date to which interest has
been paid or duly provided for, at the rates set out above, such interest (computed upon
the basis oY a 360-day yesr ot twelve 30-day months) being payable on May 1 and
NovemOer 1 oY each pear, commencing on November 1, 1987. Interest on each Hond shall
be paid by check or dratt ot the Registrar to the penon in whose name sueh Bond is
registered at the cloae of business on the Yifteenth day oY the calender month neat.
preceding the appiicable interest payment date. The principal oY and premium, i[ any, on
each Bond shall be payable in lawYul money of the United States of America upon
presentation and surrender oY such Hond at the principal corporate trust oYYice of the �
Registrar in Milwaukee, Wiseonsin.
3ectlon 4. Ezecution; AutReetication. The Bonds shell be executed on
behelt oY the City with the Yacsimile signature of the City Manager oY the City and with
the Yacsimile signature of the City Clerk of the City, and sealed with the ofYicial seal oY
the City or a printed Yacsimile thereof. In case any officer whose signature shall appear
on any 8and shall cease to be such oPYicer bePore the delivery of such Hond, such
signature shell neverthelees be valid and suf4icient Yor all purposes, the same as if such
officer had remained in otYice until delivery.
All Honds shall have thereon a ceMiftcate of authentication substantially in
the form hereinafter set Yorth duly eaecuted by the Registrer as authenticating agent of
the City and showing the date of authentication thereof. No Bond shall be valid or
obligatory Yor any purpose or be entitled to any security or benefit under Chis Resolution
uNesv and until such certiYicate o[ authentication shall have been duly executed by the
Registrar by manual signature, and such certificate oY authentication upon any such Bond
shell be conclusive evidence that such Bond has Deen authenticated and delivered under
this Resolution. The certlficate of authentication on any Hond shell be deemed to have
been executed by the Registrar iY signed by an authorized officer of the Registrar, but it
shall nat be necessary thet the same ofYicer sign the certiYicate of authentication on all
o[ the BondS issued hereunder.
3ection 5. Reg7stration of Honds; Penoos 'lfeated as OMners The City
shall cause books (the 'Bond Register") for the registration and for the transfer of the
Bonds 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 Bonds herein authorized.
Upon surrender tor transfer of eny Bond at the principal corporate trust
oYYice oY the Registrar duly endorsed by, or accompanied by a written instrument ar
instruments of transYer in Yorm satisYactory to the Registrar duly executed by, the
reglstered owner thereoP or his atiorney duly authorized in writing, the City shall
execute end the Registrar shall authenticate, date and deliver in the name oP the
4ensferee or hansferees a new fully registered Bond or Bonds oP the same maturity of
authorized denominatfon or denominations, Cor a like eggregate principal amount. Any
fully registered Hond or Bonds may be exchanged at said office of the Registrar Yor a like
aggregate principal amount oY Bond or Bonds of the same maturity oP other authorized
denominations. The execution by the City oF any Fully registered Hond shall constitute
Yull and due authorization of such Bond and Lhe Registraz shall thereby be authorized to
authenticate, date and deliver such Bond; provided, however, that the principal amount
ot the outstanding Bonds authenticated by the Registrar shall never exceed the
authorized principal amount oY the Bonds, less previaus retirements.
-5-
The Registrar may, but shall not be required to, transfer or exchange any
Hond during the period of fifteen (15) days next preceding any interest payment date on
such HonC, nor to transYer or exchange any Bond after notice calling such Bond tor `
prepayment has been mailed nor during the period oY fiYteen (15) days next preceding
mailing o[ a notice of the prior redemption oY any Honds.
The person in whose name eny Hond shall be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of the principfll oP,
premlum (iY any) or interest on any Bond shall be made only to or.upon the order of the
registered owner thereof or his legal representative. All such payments shall be valid
and eYfeetual to satisYy and discharge the liability upon such Bond to the extent of the
sum or sums so paid.
The Registraz shall never register any Bond to bearer.
No service charge shall be made for any transfer or exchange of Bonds, but
the City or the Registrar may require payment oF a sum sufficient to cover any tax or
other governmental charge that may be impoaed in connection with any transfer or
exchenge of Bands except in the case of the issuance of a Bond or Bonds For the unre-
deemed portion of a Hond surrendeted for redemption.
Sectlon 6. Prior Redemption. Bonds maturing on and after November 1,
1993, shall be subject to redemption prior to maturity at the optian oF the City es e
whole, or in part 3n Inverse order oY tReir maturity (less than ell oY the Bonds oF a single
maturity to be selected 6y the Registrar as hereinafter provided), on November 1, 1992,
and on any interest payment date thereafter, at the redemption prices (expressed as a
percentage oP the principal amount thereof to be so redeemed) set Yorth in the table
below plus accrued interest to the date fixed tor redemption:
Redemption Dates
(Dates Inclusive) Redemption Prices
November 1, 1992 to November 1, 1996 101%
May 1, 1997 and thereafter 100
The Honds shall be redeemed only in the principal amount of $5,000 each
and integral multiples thereoP. At leest Yorty-tive (45) days prior to the date fixed for
redemption (uNess a shorter notice shall be satiaPactory to the Registrar), the City shall
notify the Aegistrar oY such date Yixed for redemption and af the principal amount of
Bonda to be redeemed. For purposes oP any redemption of less than all oF the outstanding
Bonds oF a single maturity, the particular Bands or portions of Bonds ta be redeemed
shall be selected by the Aegistrer fmm the outstanding Bonds of the longest maturity
- then outstanding by such method as the Registrar shall deem Pair and appropriate, and
which may provide Yor the selection Yor redemption of Honds or partions of Bonds in
principal amounts ot f5,000 flnd integral multiples thereof.
The Registrar shall promptly notify the City in writing oP the Bonds or
portions o[ Bonds selected Yor redemption prior to maturity and, in the case o[ any Band
selected for partiel redemption, the principal amount thereoY to be redeemed.
Section 4. Redemption Procedure. Unless waived by any registered owner
o[ Bonds (or portions thereoY) to be redeemed, notice oY the call for any such redemption
-6-
prior to maturity shall be given by the Registrar on behalP af the C[ty by mailing the
redemption notice by registered or ceMitied mail, postage prepaid, not less than thirty
(30) days prior to the date Pixed Yor redemption to the registered owner of the Bond or
Bonds to be w redeemed at the address shown an the Bond Register or at such other
address as is furnished in writing by such regtstered owner to the Registrar. Failure to
give such notice by mailing to any owner oY any Note, or any deYect therein, shall not
atfect the velidity of any proceedings for the redemption of any other Notes.
All notices of redemption shall state:
(1) the date fixed for redemption,
(2) the redemption price,
(3) if lesa than all ovtstending Bonds are to be redeemed, the identification
(and, in the case of partiel redemption, the respective principal amounts) of the
Bonds to be redeemed,
(4) that on the date fixed Por redemption the redemption price will Cecome
due and payable upon each such Hond or portion thereof called Por redemption, and
that interest thereon stiell ceese to accrue from and aPter said date, and
(5) the plece where such Bonds are to be surrendered Yor payment oP the
redemption price, which place oY papment shall be the principal corporate trust
office of the Registrar.
Prior to any redemption date, the City shall deposit with the Registrar an
amount oY money sufficient to pay the redemption price of all the Bands or portions of
Bonds which are to be redeemed on that date.
Notice oY redemption having been given av aforesaid, the Honds or portions
of Bonds so to be redeemed shall, on the date Pixed [or redemption, become due and
payable at the redemption price therein specified, and from and aYter such date (unless
the City shall default in the payment oF the redemption price) such Bonds or portions of
Bonds st�all cease to bear interest. Upan surrender of such Bonds Yor redemption in
accordance with said notice, such Bonds shall be paid by the Registrar at the redemption
price. Installments of interest due on or prior to the date Yixed [or redemption shall be
payable as herein pmvided Yor payment of interest. Upon surrender for any partlal
redemption oY any Band, there shall be prepared Yor the registered owner a new Bond or
Honds oY the same maturity in the amount oY the unpaid principal. All Bonds which have
been redeemed shall De cancelled and destroyed by the Registrar and shall not be
reissued.
Section H. Form ot Bonde. The Bonds, the certificate of authentication to
be endorsed thereon and the form ot assignment to be endorsed thereon ere all to be in
substantially the following forms with necessary and appropriate variations, omissions
and insertions as permitted or required by this Resolution:
_q_
(Form of Bond)
� United 3tates o[ America
State ot Wiacooain
Comtyot Wimebego
City ot OsNcosh
Refunding Bonde, 3eriea 1987-B
3ee Reverse Side
For Additional .
Provisions
No.
Rate of
Interest Maturity Date Dated Date Cusip Number
November 1, May 1, 1987
Aegistered Owner: �
Principal Amount:
BNOW ALL MEN BY THFSE PSESENIS: That the City oY Oshkosh in the
County of Winnebago, Wisconsin (the "City'�, hereby acknowledges itselY to owe and for
value received promises to pay to the Registered Owner hereinabove identified, or regis-
tered assigns as hereinaYter provided, o� the Maturity Date hereinabove identified, the
Principel Amount hereinabove identitied and to pay interest (computed on the basis of a
360-day year of twelve 30-day monthv) on such Principal Amaunt from the Dated Date
hereinabove identitied or fram the most recent interest payment date to which interest
has been paid at the Rate of Interest per annum hereinabove identiYied on May 1 and
NovemDer 1 oY each year, commencing on November I, 1987, until said Principal Amount
is paid, except as the provisions hereinafter set Yorth with respect to redemption prior to
maturity may be and become applicable hereto.
The principal oY and premium� iY eny, on this Bond are payable in lawful
money oY the United States of America upon presentation and surrender oY this Bond et
the principal corporate trust oYYice oY First Wisconsin Trust Company, in Milwaukee,
Wisconsin, es registrar and paying agent (the "Regis4ar"). Payment of each installment
of interest hereon shall be made to the registered owner hereaf who sha1L appear on the
registration books af the City maintained by the Registrar at the close of business on the
fifteenth day oP 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
Purnished in writing by such registered owner to the Registrar.
_g_
. .. . . . . . . . .. . . ..____ . _.
_ _
Reterence is hereby made to the further provisions of this Bond set forth
on the reverse side hereoY, and such Curther provisions shall for all purposes have the
same etfect aa tf set forth on the Yront side hereoY.
It (s hereby certified, recited and declared that all acts, conditions and
things required to be done, extat, happen and be perYormed precedent to end in the issu-
ance oY thia Bortd have been done, have existed have happened and have been performed
in due time, Yorm and manner es required by the Constitution and statutes oY the State of
Wixronsin, that this Hond, together with all other indebtedness oY the C[ty, does not
exceed any limitation prescribed by law, and that the Ciry hes Levied a direct ennual
irrepealable tex suYYicient to pay the interest hereon when it falls due and also to pay
and discharge ihe principal hereof at maturity.
The Yull faith, credit and resources ot the City are hereby pledged Yor the
payment of the principal oY and interest on this Bond and the issue oY which it is a part es
the same respectively Decome due and for the Levy and collection oY suY[icient ta�ces Por
that purpose.
This Hond shall not be valid or become obligatory for any purpose until the
certt[icate of authentication hereon shall have been signed by the Registrar.
IN WITNES4 WEiEREOF the City of Oshkosh, W[nnebago County, Wiscansin,
by its Citp Council, has caused this Hond to be executed with the duly authorized Pac-
simile signature of its City Manager and with the duly authorized facsimile signature of
its City Clerk and its official seal or a facsimile thereof to be impressed or reproduced
hereon, as of the Dated Date hereinabove identiPied.
(Yacsimile.signature) (facsimile signature)
City Clerk City Manager
[SEAL]
CERTIF(CATE OF AUTHENTICATION
This Hond is one of the Bonda deseribed in the within mentioned Resalution,
and is one of the Refunding Honds, Series 1987-B, of the City oC Oshkosh, Winnebago
County, Wisconsin.
Date oY Authenticatian: �
FIRST WISCONSIN TRUST COMPANY�
as Bond Registrar
By
Authorized Officer
9
[Form of Bond - Revene Side]
This Bond is one of an authorized issue of Bonds aggregating the principal
amount of 35,250,000 (the "Bonds") issued to refund cerain promissory notes of the City
and interest thereon, 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 April 23,
1987.
Bonds oY the issue oP which this Bond is one maturing on and after
November 1, 1993, are subject to redemption prior to maturity at the option of the City
as a whole, or in part in inverse order oY their maturity (in integral multiples oP 55,000,
less than all the Honds of a single maturity to be selected by the Registrar in such
menner as it shall deem fair and appropriflte) on November 1, 1992, and on any interest
payment date thereafter, at the redemption prices (expressed es percentages of the
principal amount thereof to be so redeemed) set forth ir. the table below plus accrued
interest to the dflte Yixed Yor redemption:
Redemption Dates
(Dates Inclusive) Redemption Prices
November 1, 1992 to November 1, 1996 101%
May 1, 1997 and thereaYter 100
Notice of any intended redemption shall be sent by registered or certified
mail, postage prepaid, not less than thirty (30) days prior to the date fixed Yor
redemption to the registered owner of each Bond to be redeemed (in whole or in part) at
the address shown on the reglstration 600ks ot the City maintained by the Registrer or at
such other address as is Yurnished in writing by such registered owner to the Registrar.
When so called Yor redemption, this Hond, or the portion hereoY being so called tar
redemption, will cease to bear interest on the specified redemption date, provided tunds
Yor redemption are on deposit at the place of payment at that time, and shall nat be
deemed to be outstanding.
This Bond is transferable by the registered owner hereoP in person or by his
attorney duly authorizeA in writing at the principal corporate trust office of the Aegis-
trsr in Milwaukee, Wisconsin, Dut only in the manner, subject to the limitations and upon
peyment oY the charges provided in the authorizing resolution, and upon surrender and
cancellation of this Hond. Upon such transfer a new Bond or Bonds oP the same maturity ,
aP authorized denominetion or denominations� Yor a like aggtegate principfll amount will
be issued to the transYeree in exet�ange herefor.
The Bonds are issuable in Yully registered lorm in denaminations of 55,000
eaeh and integral multiples thereot. This Hond may be exchanged at the principal corpo-
- rete trust oFfice ot the Registrar Yor a like eggregate principal amount of Bonds of the
same maturity of other autharized denominations, upon the terms set Yorth in the author-
izing resolution.
The City and the Registrar may deem and treat the registered owner
hereoF as the absolute owner hereof for the purpose oP receiving payment of or on
account of principal hereof, premium, if any, hereon and interest due hereon and for all
other purposes and neither the City nor the Registrar shall be aPYected by any notice to
the contrary.
_lp_
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
t6e within Bond and does hereby irrevocably constitute and appoint
, or its successor es Aegistrer, to
transfer said Bond on the books kept for registration thereof with full power o[
su6stitution in the premises.
Dated:
NOTICE: The signature to this essignment must correspond with the name of the
registered owner as it appears upon the face of the within Bond in every
particular, without alteration or enlargement or any change whfltever.
Signature guaranteed:
NOTICE: Signature(s) must be gauranteed by a member Yirm oY the New York Stock
Exchange or a commercial bank or trust company.
Section 9. Sale of Bonds. The sale of the Bonds to
First Wisconsin National Bank of Milwaukee and associates� at the price of
55,175,462.00plus accrued interest to the date of delivery, is heceby confirmed. The City
Treesurer of the City is hereby authorized to deliver the Bonds to said purchasers upon
payment of the purchase price.
Section 10. Use of Proceeds; No Arbitrage; Bonds to Remain in Registered
Form. The proceeds oF the Bonds shall be deposited as Yollows:
(i) Acerued interest on the Bonds shall be deposifed in the Series 1987-8
Refunding Bond Account of the Debt Service Fund of the City, created in Section 14 of
this Resolution; and
(ii) The principal proceeds from the sale of the Bonds shall be deposited in
the "Series 1984 Promissory Note Account" of the Debt Service Fund oF [he City in the
amount of $3,282,500 [o pay the principal of and interest on the $3,250,000 aggregate
- principal amount of Promissory Notes, Series 1984 of [he City upon cail for redemp[ion
prior Io maturity on July 1, 1994, and in the "Series 1984 Refunding Promissory No[e
Account" of the Debt Service Fund of the City in the amount of $1,818,500 to pay the
principal of and interest on the 51,850,000 aggregate principal amount of Refunding
Promissory Notes, Series 1984 of the City upon call Por redemption prior to maturity on
duly 1, 1987, the remaining proceeds to be spent for costs oF issuance.
-I1-
The Governing Body of the City recognizes that the purchasers and owners
o[ the Bonds will have accepted them on, and paid thereYor a price which reflects, the
undentanding that interest thereon is exempt [rom Federet income taxation under laws
in [orce at the time the Bonds shall have been delivered. In this connection the City
agree9 that it shell take no action which may render the interest on any oY the Bonds
subject to Federal income texation and thflt the principal proceeds of the sale o[ the
Honds shall Ee devoted to and used with due diligence Yor the purpose Yor which the 8onds
are hereby authorized to be issued. �
The City Manager, the City Clerk, the City Finance Director and the City
Treesurer oY the City, or any oY them, are hereby authorized ta execute on behait oF the
City a CertiYicate and Agreement With Respect to Tae Exemption to assure the
purchasers and owners ot the Bonds that the proceeds oP the Honds are not expeeted to
be used in a manner which would or might result in the Bonds being "arbitrage bands"
under 3ection 148 oP the Intemal Revenue Code of 1986 (the "Code'� or the regWatians
oY the United States Treasury Department currently in e[Yect or proposed. Such
Certificate and Agreement With Respect to Ta�c Exemption shall constitute a represen-
tation, certification and covenant of the City and shall be incorporated herein by
reference, and no investment of Bond proceeds or of moneys accumulated to pay the
Bonds herein authorized shall be made in violation of the expectations prescribed by said
CertiYicate and Agreement With Respect ta Tax Exemption.
The Goveming Body ot the City Yurther recognizes that Section 149(a) of
the Code requires the Bonds to be isaued 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 Bonds are delivered. In this connection, the City agrees that it will not take
any action to permit the Bonds to be issued in, or converted into, bearer or coupon form.
9ection Il. Duties ot Registrar. IY requested by the Registrar, the City
Manager oY the City is hereby autharized to execute, and the Ctty Clerk oY the City is
hereby authorized to attest, and said City Manager and City Clerk are hereCy autharized
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 Yollowing:
� (a) to act es Registrar, authenticating agent, paying agent and transfer
agent as provided herein�
(b) to give notice oY redemption of Hands as provided herein;
(c) to cancel and destroy Bonds which have been paid at maturity or upon
earlier redemption or submitted for exehange or transfer;
(d) to furnish the City at Leaat annually a certificate of destruction with
respeetto Bonds cancelled and destroyed; and
(e) to furnish the City at least annually an audit conPirmation of Bonds
paid, Bonds outstanding and payments made with respect to interest on the Bonds.
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Saso
.. �
3ection 12. Tez Levy. In order to provide tor the collection ot a direet
flnnuel tax sufficient to pay the interest on the Bonds and to pay and discharge the prin-
cipal thereoY at maturity, t�ere is hereby levied upon all the taxable property in the City
oP Oshkosh a direct flnnuel tss in amounts suYYicient Por that purpose, to-wit:
Yeer Amount Year Amount
198T S84A,493.75 1996 E599,550.�0
1988 504�162.50 199T 52A�550.00
1989 545,350.00 1998 706,950.00
1990 533,350.00 1999 670,200.00
1991 521,350.00 2000 632�700.00
1992 SOR�950.00 2001 694,200.00
1993 496�250.00 2002 647,400.00
1994 483,250.00
1995 569,950.00
In each oY said years from 1987 to 2002, inclusive, the direct annual tax
above levied shall be extended upon the tarz rolls o[ the City in the same manner and
time as taxes Por general city purposes, and when collected the proceeds of said taxes
shall be deposited into the account oP the debt service fund established in favor of the
Bonds, to be used sole(y for paying the principal of, premium, if any, and interest on the
Bonds as long as any of the Bonds remains outstanding.
Section 13. Sufficiency. Interest or principal maturing at any time during
the life of the Bonds when there shall be insufficient Yunds on hand from the above tax
levy to pay the same shall be paid promptly when due from the general fund of the City,
and said fund shall be reimbursed in a like amount out of the proceeds of taxes hereby
levied when the same shall have been collected.
Section 14. Debt Service Fund. There has been ordered to be established
in the City Treasury a fund separate and distinet Yrom all other funds of the City to be
designated the "Debt Service Fund", which fund shall be used solely For the purpose of
paying principal of, premium, if anp, and interest on municipal obligations issued
pursuant to Chapter 67, Wisconsin Statutes. There is hereby created, and there shaLl be �
deposited in, an account knawn as the "Series 1987-B Refunding Bond Account", to be
held as a part of the Debt Service Fund, all premium, if eny, and accrued interest paid on
the Bonds at the time the Bonds are delivered to the purchesers thereof; all money raised
by taacation pursuant to Section 12 hereof; and such other sums as may be necessary to
pay interest on the Bands when the same �hall become due and to retire the Bonds at
their respective maturity dates.
Section 15. Prior Action. The action of the Direetor oF Finance of the
City in publishing notice of the sale of the Bonds is hereby in all respects ratified and
confirmed.
Section 16. Severabllity. 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, paragraph or provision shall not affeet any oP the
remaining sections, paragraphs and provisions of this Resolution.
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3ection 17. Other pocuments The City Manager, the City Clerk, the City
Treasurer, the City Finance Dlrector and all other ofPieers af the City ere hereby
authorized to execute all documents flnd certificates necessary in connection with the
suthorization end delivery oP the Bonds, including withaut limitation an officiel
stfltement describing the Honds and the City.
3ectlon 38. Conflieting Proceedi�s Superseded. All ordinances,
resoWrions or arders, or parGS thereof, heretofore enacted, adopted or entered, in
conflict with the provisions of this Resolution, shall be end in the same are hereby
� superseded to the extent af such conYlict, and this Resolution shall be in ePCect from and
after its passage.
Adopted April 23, 1986.
� a
Approved April .�,(,i , 1987.
Reeorded April �, 1987.
(SEAL) �/_ . p /J �n"'.�7e-ti,�
�-T -a�` OC
Attest: �a➢o��
�7II19/�!/J� (i. aMiLLI�//O/
City Clerk
-14-
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEHAGO )
I, Donna C. Serwas, hereby certify thnt I am the duly quallfied and acting
City Clerk of the City oY Oshkosh, Winnebago County, Wisconsin, and as such ofticial I
Yurther certify that attached hereto is a copy of excerpts from the minutes of the
meeting of the City Council of said City held on April 23, 1987; that I have compared
said capy with the original minute record ot said meeting in my official custody; and that
said capy is a true, correct and complete transcript from said original minute record
insofar as said original record relates to the 55,250,000 aggregate principal amount of
Refunding Bonds, 3eries 198T-B, oY said City, dated May 1, 1984.
WITNESS my oYficisl signature and the seal oY said City this -�� day
of April, 198T.
7 �,�, �V1��9/l� � . � //�/ �
City Clerk '
(SEAL)
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