HomeMy WebLinkAbout34357 / 87-008 � � r Res. 89
The City Council ot the City of Oshkosh, Winnebago County, Wisconsin,
met in regular, open, public session at its regular meeting place on April 23, 1987, at 7:00
o'clock P.M., with t�e following members present:
Killian G. Soan6auer, Don H. Kutchera� Hathleen M. Propo� Donald w. Pressley,
James A. Mather, Thomas J. Binne[, Floyd R. Chapin
and the tollowtng members ebsent: none
• • •
(Other Business)
The City Clerk stated that one purpose of t�e meeting was the considera-
tion of proposals received for the purchase of ET,500,000 aggregate principal amount ot
Tax and Revenue Anticipetion Notes, Series 1987, of the City of Oshkosh, Winnebflgo
County, Wisconsin, pursuant to sealed bids.
Thereupon the following resolution, was introduced by
xutchera end read in full, and, pursuant to motion made by
Kutchera and seconded by Matfier , was
adopted by the following vote:
AyO: Soanbauer, Kutchera, Propo, Pressley, Mather� Chaoin
Nfly: None
SUHMITTED BY
Absent or Not Vating: Einner
APPROVED " " / �� �
HESOLDTION determining to borrow E7,500,000 and to iasue
Tex and Revenue Anticipation Notes, 3�ries 1987, oY the City
of Oshkosh, Winnebago County, Wisconsin, in such amount,
providing details, prescribing the torm of note and ewarding
said notes.
M/HEHEAB, the Director ot Finflnce of the C(ty of Oahkosh, Winnebego
County, Wiaconein (the "City") hes determined that during the course of 1987 expendi-
tures [or general municipel expenaes o[ the Ctty mfly exceed receipts Yrom time to time
from property teaes levied and state and federnl aids by es much as 57.500,000; and
NHEHSA3, cities are authorized by the provisiom o[ Seetion 87.12(1) oY
the Wisconsin Statutes to borrow money end issue municipel obligationa in anticipation oY
the xcetpt ot sueh levied taxes and state end federal alds; and
NHBHEA3, it hes been determined that the City is in temporary need oY
money in the amount of E7,500,000 for the purpase of providing funds Por the payment of
genera! munfcipal expenses during 1987; and
WHEREA$ it is considered necessary and desirable by this City Council
thflt the City borrow ST,500,000 [or the purpose of providing funds for the purpose afore-
said, said amount being less than sixty per cent (60%) oY the aggregate amount oY texes
levied and state and federal aids to which the City is entitled, and that the City issue its
Tas and Revenue Anticipation Notes, Series 1987 (the "NOtes") to evidence the obligation
thereby incurred; and
PIIiE&EA3, the officials of the City have received proposaLs for the pur-
chese of the Notes in the amount of E7,500,000 from:
Bidder Interest Rates
First Wisconsin Nz[ional 9ank, 5.18R
Milwaukee, WZ
Marine Ba,k, �f. A. , Milaaukee, WI 5.23
LeSalle Ystional dank, Chica�o, IL S.bfi
Mor�an Stanley & Co. , Iac. , S.ti
Ner York, NY
WHI:REAS the proposel af First Wisconsia National 3ank
oY Miluaukee � Wisconsin � and essocifltes, for the
purchase of the Notes in satd eggregate principal emount at par bearing interest at the
following rate or rates per annum: �plus a preoiu� of $52,00
Principel Amount Interest Rate or Rates
; �,sco,000 s.ie %
is the best proposal received:
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. .
NOW, TNE$EPO$E, Be It Resalved by the City Council ot the City of
Oshkoah, Winnebago County, Wisconsin, as follows:
9ectton 1. For the purpose of paying the caat of providing tunds Yor the
papment oY general municipal eapenses and in anticipation of the receipt oY levied texea
and stete and federel aids to be received during the current fiscel year there shall be
boreowed feom First Wisconsin National 9ank of Milwaulce� �
Wisconsin the sum of�57,500,000, and to evidence such indebtedness the
C(ty shell issue its Notes In the eggregate principal amount o[ ET,500,000.
9ecdan 2. The Notes shell be designated "Tax and Revenue Anticipation
Notes, 3eries 1987", shall be in negotiable bearer Yorm, shall be dated the date oY their
issuance, ahaU be in denominations of 5100,000 each end integral multiples thereof, shell
be numbered [rom 1 upwerd, shall bear interest at the following rates Qer annum:
Principal Amount Interest Rate
S 7.500,000 S.lb A+
payable et maturity or upon prepayment, and shall mature es to principal on March 1,
1988.
The Notes shall be subject to prepayment at the option oY the City, as a �
whole or in part by lot, on December 1, 1987, and on the first day oY any month there-
after, at a prepayment price of par plus accrved interest to the date fixed [or
prepayment.
Notice of eny such prepayment shall be given by registered or certiYied
mail, postage prepaid, to the flbove named purcheser and shall be publtshed once irt The
Bond Buyer, published in New York, New Yark, not less then five (5) days prior to the
date tixed for prepayment, uNess the holders oY 100% of the Notes then outstanding shell
have waived the requirement Yor such publication in writing.
The Notes shall be signed by the City Manager oY the City by his manuel or
Yacsimile signature end by the City Clerk oY the City, and sealed with the oCficiel seel of
the City. Bot� princ(pal ol and [nterest upon each Nate shell be paid ditectly to the
holder thereof by the City 1'teasurer oP the City in law4ul money of the Untted Stetes of
America, upon the presentation and surrender of said Note.
3ection 3. The Notes shall be in substantially the Yollowing form, the
omissions to be appropriately completed when the Notes ere prepared:
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(Form of Note)
ONITED SfATEB OF ADfERlCA
Stete ot Wiscoosin
Coimtyaf Wlmebngo
City of Oahkoeh
TA% AND $EVENDS ANTIC�ATTON NOT$ SHRIEB 198T
NO. :
HNOfP ALL NEN BY Tf�SE PHESEN7'� That the City of Oshkosh in the
County oY Winnebago, 3tate of Wiaconsin (the "CiTy"), hereby acknowledges itselY to owe
and for value received promises to pay to bearer, solely from the source hereinafter
identified, the principal sum of (s ),
payable on Merch 1, 1988, except as the provisions hereinflfter set forth with respect to
prepaymertt may and become applicable hereto, and, from the same source, interest at
tne rate of per cent ( %) per annum on the unpaid
principal amount hereo[ from the date hereof until the principel amount hereoY shall
. have been fully paid, such interest and principal being payable directly to the bearer by
the City 'heasurer of the City at maturity ar upon prepayment only upon presentation
end surrender of this Note.
For the perompt payment of this Note with interest hereon es aforesaid the
City hes pledged e auf�Yicient amount of taxes levied and state and federsl aids to be
received during the current fiscal year, which monies, as received, shall be deposited into
a separate fund to be used solely tor such purpose.
1'his Note is one of an authorized issue oY nates in the aggregate principal
amount ot f7,500,000 (the "Notes'�, all oY like date, issued to evidence the obligation
incurred by the borrowing of money in such aggregate amount For the purpose of peying
the cost of providing funds for the payment oP general municipal expenses, pursuant to
end iu all respects in complience with Section 67.12(1), Wisconsin Statutes, and a
resolution adopted by t�e City Council oY the City on April 23, 1987, and entitled,
"RESOLUTION determining to borrow 57.500,000 anC to Issue Tax and Revenue Antici-
petion Notes, Series 198Y, of the City of Oshkosh, Winnebago County, Wisconsin, in such
amomt, providing deteils, prescribing the Yorm of note and awarding said notes."
Notes oY the issue of which this Note is one are subject to prepeyment at
the option oY the City, as a whole or in part by lot, an December 1, 1987, and on the Yirst
day of any month thereafter, at a prepayment price oY par plus accrued interest to the
date rxed for prepeyment.
Notice of any such prepflyment shell be given by registered or certified
mail, postage prepaid, to , of ,
, and shall be published in The Bond Buyer, puhlished in New York,
New York, not less than five (5) days prior to the date fixed for prepayment, unless the
holders oY one hundred per cent (100%) oY the Notes then outstanding shall have waived
the requirement for such publication in writing. When so called for prepayment, this
Note, or the portion hereof being so called Por prepayment, will ceese to bear interest on
'g_
the specified prepeyment date, provided funds for prepayment are on depasit with the
City T'reuurer of the City on that date.
It fe hereby certified, recited and declered that all acts, conditions and
things required by law to be done, exist, happen and be performed precedent to end in the �
isauartce of thia Note Mve been done, have existed, have heppened end heve been
performed in due time, form and manner ea required by the Constitution and statutea of
the State of Plfsconsin.
IN W1TNS38 iP�REOF, the City oY Oahkosh, Winnebago County,
Wisconsin, by ib City Council, hes caused this Note to be executed by its City Maneger
by his manuel or facsimile signature and by its City Clerk, and its ofFicial seal to be
impressed hereon, ell as ot the day oY April, 1984.
City Clerk City Manager
(SEAL)
Sectioo 4. The City has levied 57,889,727 for properiy taxes in the year �
1986, collectible in 1987, of which 54,965,348 hes been collected to the date hereot. The
City is ent3tled to revenue Yrom the State of Wiaconsin in the amount of f11,146,375 of
state aids during 1987,� ot which E929,000 has been collected to the date hereof. The
City is entitled to f348,000 of Yederel aids during 1987. [n order to provide for the funds
to pey the interest on the Notes and to pay and discharge the principal thereo4 at
maturity, the Cfty hereby pledges an amount sufficient for said purposes Yrom the
aforesaid taxes levied and ta be cotlected and state and federal aids to be received in the
4iseal yeer 1987, but aubsequent to the dated date oY the Notes, such amount being leas
then sixty per cent (60%) oY the total amount of taxes, state and federal aids aforesaid.
Monies received from said sources shall be kept in a separate and distinet fund to be used
solely for paying the principal o[ and interest on the Notes, so long as any oP the Notes
remflins outstanding. The Notes shall be payable solely from the aforesaid tases and
state and federel aids, and shall not constitute an indebtedness Por the purpose oY
computing the constitutional debt 1[mitation oY the City.
9ection 5. The City Cierk oY the City, as Noie Regtstrar, shall keep,
maintafn and preserve m adequste and correct register account oY the Notes originelly
iasued end prepaid, and all payments and other transactions relating thereto.
SeCtion 6. The sale of the Notes to First Wisconsin Nacional Bank end
essociates, at the price of {7.500.052.00 plus accrued interest to the date oY delivery�
is hereby conYirmed. When the Notes shell have been prepared and executed, the same
shell be dated and delivered by the City 'heasurer ot the City to First LJisconsin �ational
Bank � OC Ptil}+auicee Wisconsin . upo� receipt o£ $7�500.000.
3ectton 7. The principal proceeds Yrom the sale of the Notes shall be used �
only for the purpose of paying the cost oP providing for the payment of general municipal
expenses.
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The CSty recognizes thet the purchasers end holders of the Notes will have
accepted them on, and paid therefor a price which reYlects, the understanding thet
interest thereon ia ezempt From Yederal income texation under laws in Porce at the time
said natea shall have been delivered. In this connection the City agrees that it shall take
no action w�ich may render the interest on any of the Notes subject to Yederel income
taxation and that the principal proceeds of the sale of the Notes shall be devoted to and
used wlth due diltgence for the payment of the expenses for which the Notes are hereln
authorized to be issued.
The City Manager, the City Clerk, the City 'h�easurer and the Director of
Finance of the City, or eny of them, ere hereby authorized to execute on behelf ot the
City an Arbitrage CertiTicate artd Agreement or a CertiFicate and Agreement With
Respect to Tax Exemption or a similar certiPicate and egreement to asaure the
purchesers and holders oC the Notes ihat the proceeds o4 the Notes are not espected tc
be used in a manner whfch would or might result in said notes being "arbitrage bonds"
under Section 148 oY the Internal Revenue Code oY 1988 or the regulations ot the United
8tates Treesury Department currently in efYect or proposed. Such Arbitrage Certiftcate
end Agreement or Certlficate and Agreement With Respect to Tax Exemption or similar
certificate and agreement shall constitute a representfltion, certification end covenant
of the City and 'u incorporated herein by reterence, ertd no Investment of Note proceeds
or of moneys accumulated to pay the Notes herein authorized shall be made In violation
ot the expectations prescribed by said Arbitrage CertiPicate and Agreement or
Certificate and Agreement with Respect to Tax Exemption or similar certiflcate and
egreement. �
Section S. If any section, paragraph or provision oY this Resolution shall be
held to be invalid or unenforceeble Yor any reeson, the invalidity or unenforceability or
such section, paragraph or provision shall not atfect any af the remaining sections,
peregraphs and provisions oY this Resolution.
9ectlon 9. The City Manager, the City Clerk, the City Treesurer, the City
Finance Director and all other oYYlcen of the City are hereby authorized to execute all
documents and certificates necessary {n connection with the authorization and delivery
of the Notes.
9eetlon 10. All ordinances, resolutions or orders, or pazts thereoY,
heretolore enfleted, adopted or entered, in con4liet with the provisions oY tRis Resolution,
shall be and in the same ere hereby superseded to the extent oF such conflict, and this
Resolution shel] be in etfect from end after its passage.
Adopted April 33, 198T.
Appraved Aprtl�, 1987.
Aecorded April �, 1987.
(SEAL) �/�� � C��i�c�r�vt
l��
eyo�
Attest:
���� G ,���,�
City Clerk �
3TATE OF WISCONSIN ) .
) S3.
COUNTY OP WINNEBAGO )
I, Donna C. 9erwea, hereby certify that I flm the duly qusli[Sed and acting
Clty Clerk of the City of Oshkosh, Winnebago County, Wisconsin, and as such official 1
[urther certiYy that attached hereto is a copy of excerpts Ymm the minutes oY the
meeting o[ the City Council oY said City held on April 23, 1987; that I have compared
said copy with the origtnal minute record oY said meeting in my ofYiciel custody; and that
copy is a true, correct and compiete transcript from said or3ginal minute reeord insofar
es said original record relates to the E7,500,000 Tas and Revenue Anticipation Notes,
3eries 1984, ot said CtTy. �
WITNESS my officiel signature and the seal of said City this -��day ot
April 1987.
�A.N!/.�� li � �/L/./�I.(J�
City Clerk
(SEAL)
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