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HomeMy WebLinkAbout34355 / 87-006 � • 1 � � RES. u 6 The City Council oY the City of Oshkash, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on April 23, 1987, at 7:00 a'clock P.M., with [he [ollowing members present: Killian G. Spanbauei� Don H. KutcheLa� Rathleen M. Pioop� Donald W. Piessley, James A. Mather� Thomas J, Hinner� Floyd R. Chapin and the following members absent: none . s s s (Other B�siness) The City Clerk stated that one purpose af the meeting was the consider- ation of proposals received for the purchase of $1,625,000 aggregate principal amount of Corporate Purpose Bonds, Series 1987-A, of the City of Oshkosh, pursuant to sealed 6ids. Thereupon the following resolution was in[roduced by rtather and read in full, and, pursuant to motion made by Matner end seconded by Spantiauez , was adopted by the following vote: Aye: Spanbaver, Kutchera� Proop, Pressley, Mather, Chapin Nay: None SI!B::'.I',':' �r _._. . Absent or Not Voting: einner ��- � � APPF,7'i�[l" - .L_.—�'----'. - BH30LiTT[ON determining to issue f1,625,000 Corporate Purpose Bonds, Series 1987-A� of the City oY Oshkosh, Winnebago County, Wisconsin, providing details, prescribing the form oY bond, awerding the bonds to the highest bidder, and levying taxes. WHE$EA3, by initial resolutions duly adopted on March 19, 1987, there have been authorized to be issued bonds af the City of Oshkosh, Wtnnebago County, Wiscocvin (the "City") Por the publlc purpose projects as Yollows: 5116,000 for the purpose of constructing and extending the water plant flnd water mflins� 5927,000 for the purpose oP constructing street improvements; 5136,000 tor the purpose of providing and improving publ3c parks; f276,000 for the purpose of improving and extending the storm sewer system; and 5170,000 for the purpose ot improving and extending the sanitary sewers ot the City; and iVHEREA3, oFYicial notice of the adoption of said initial resolutions was published on March 20, 198T, in The Oshkosh Northwestem, and, to the date of this Resolution, no petition has been [iled with the City Clerk oY the City requesting that any o[ said initial resolutions be submitted to the electors; and NHEREA3, the City is authorized by Seetion 67.05(13), Wiscansin Statutes, to combine bonda authorized under various initisl resolutions into one issue; and ii�REA3, it is now necessary that said bonds be sold and issued for the purposes aCoresaid in the aggregate principal amount o[ 51,625,000; and WHEREA3, pursuant to advertisement, sealed bida were received Yor the purchase ot seid corporate purpose bonds in said amount until 11:00 A.M., C.D.T., on Aptil 23, 1984, whieh bids are as tollows: Neme of Bidder Net Interest Rate First Wisconsia National 3ank, $1,335,118.75 7.4535e Milwautcee, WI Northern Trust Co. , Chicago, IL 1,351,271.25 7.543 Prudential-Bache Capital Funding, 1,370,951.50 7.6536 Chicago, IL Clayton Brown F. Associates, Inc. , 1,389,548.76 7.7574 . �a Chicago, IL PlHEREA3� the bid oY First Wisconsin Na[ional Dank i oP Milwaukee r lJisconsin r and associates at a price of f 1.600.625.00 plus acerued interest to the date oY delivery, was the best bid submitted, which bid is as Yollows: '2' em wn� !ul06H5 0P ti16 CIS! COUIICIL Apr11 2], 198) CISY OF OSIIXOSN� MISCOFSIII ; Me o[[er to pureWee [he f1,635.000 Cmeral OEllpcion Lorpovice Porpou BonE�, Serin 19!]-Ar o[ eh� Clq o[ O�hko�p, 4faeonatn eo be 1 4a[aQ ll�y 1. 19A �vd o![erN [oz ule on Me aDO�e d�[e, an [�e [erna �M eonaltfom •ueM Sn ene o[ttef�l NoHce a! Sal< �na cM1e otficlal 4 Statemmt �Rezeloq [or � O�See o[ _J.6ax: 625 e� (no[ less tlun 51�600,000)� mtl ¢crued iaeereat eo tl�ce of deli�ery. 1Ee BoMa of the � vrlam mevritie� to bur inter<rt ae Ns fallovlv{ �v�l races: f�xfi [o[ Boptl� Cve Ilovmbe[ 1� 19!! S,S+ F foe Bo¢tli dua povwber 1, 19l9 S. >!S [or Bovde due Po�emb<r 1, 1990 � - f�,�S [or BonEe Eue Ilovember 1, 1991 L10 S far EovGS dve Ila�mber 1, 1992 G.3S S far Bavtl� Eue Ilovember I� 1993 L.SJS for Bowta due Ilm'evber 1� 1990 � ��z ro� eo�a. e�e m.me�: 1, 1995 � y�QZ [oc Bo�e due 11ov�D<[ 1� 1996 zsoz toc 6onea dae no.�nar i, 199] � ). Zo i [or Bonde due Ilovmber 1, 199E a xfi for Bontle dve tlovempec 1, 3999 I Lx toc Baad� a�a �o�m�er 1, 2000 � ?LS far Bonde dne lla�mber 1� 2001 ' ]�_S tor Bonda dae Iloveber 1, 2002 Ovr compuutiop of the tot�l �eo�me o[ ivt¢est froa Cace af issue � co maturity neDtesmteQ 4y che Sntereat rstea ep<ci[fed above, aM o[ cM1e � n<a ivtezn[ ce�t o[ chie 41d, vhile ¢oc • p�rc o[ t61e bid� ere sev [ortL belov. ' SM1Ie Oid 1e m�de [or promp[ teeeptmce uW avb�ect Co CRe wndSCions . of the O[[iei�l Ilotiee of Sale. Ve meloae, heteviM, oar eerUfietl check or ErtJC caahlei'a ac treseurer'e e�etk, ln the aeo�att oE tJ0,000, . vhSeh Sa Co be held h� Ne Ciq p�ndiv6 eoo011enee vith cR� eoMitfova af � cnf. efa. , 'Qeepec[fally evESlcted� I FIRST WISCO�ISIN NATIONAL BAtlK 1 � sr�,afc c�-F �,s.�_ . . � �Tihn B. ger, First Vice President Ineateac eovputatian �' Me Compu[e [Oe tot�l �ma�mt o[ Sn[ettst fiam A�te o[ te¢ue to uLVrity, y eamted by !6e int�im[ x�[es apecifled Sn the Eld, ta pe ��33S,iIY.le (cr � flet Iata a[ ��Y53i S. . Sde foregoln{ b1tl !a here0y ¢eeptetl by �nd on E<hal[ af the Ciry o� Oahkoah� Xiseovsln t�1e 23etl d�y o[ A0�11, 198]. i f CS[y ILm6ec i � plrector a[ P1¢ence/ireaeurer ) t � � (Attach Bid Here) -3- � NOW, THEREPORE, Be It Resolved by the City Council oY the City oY Oshkosh, Winnebago County, Wisconsin, as follows: 9ection 1. De[lnitioos. For all purposes of this Resolutlon, except as otherwise expresslp provided herein or unless the context otherwise requires, the terms defined in this Section 1 shall have the meanings set Yorth below, and shall include the plural as well as the singular: "Bond" or "8onds" shall mean one or more of the Corporate Purpose Bonds, Series 1981-A, authorized to be issued by the terms of this Resolution. "Bond Register" shall mean the books of the Ctty kept by the Registrar ta evidence t6e registration and transfer of the Hands. "City" shall mean the City oY Oshkosh, Winnebago County, Wisconsin. "Governing Hody"shell mean the Ctty Council of the City. "Aegistrar" shall meen First Wisconsin Trust Company, in Milwaukee, P/isconsin, or a successor designated as Registrar hereunder. "Resolution" shall mean this resolution ea adopted by the Goveming Body oP the City. Section 2. Authorizatioa 1'he issuance of $1,625,000 aggregate principel amount ot corporate purpose bonds is herebp authorized tor the purpose of providing � Yunds in the amounts and Yor the projects set out in the preamble hereto. 1'he Bonds shall be designated "Corporate Purpose Bonds, Series 1987-A", shall be dated May 1, 1987, as originally issued, end shall also bear the date oY their authentication by the Registrar. The Bonds shall be in fully registered Yorm, shflll be in denominations of E5,000 each and integral multiples thereof (but no single Bond shall represent installments of principal maturing on more than one date), shall be numbered consecutively starting with the ' number one, shall mature serially on November 1 oY each oY the years 1988 to 2002, inclusive, in the amounts and shall bear interest at the rates per annum, as follows: Principal Interest Prineipal Interest Year Amount Rate Year Amount Rate 1988 = 50,000 5.25 % 1996 $75,000 6.8 % 1989 25,000 5.5 1997 75�000 7.0 1990 75,000 5.75 1998 200�000 7.2 1991 25,000 6.0 1999 200,000 7.35 1992 50,000 6.2 2000 200,000 7.5 1993 50,000 6.35 2001 200,000 7.7 1994 75�000 6.5 2002 225�000 7.8 1995 100�000 6.65 4- - 3ection 3. Interes� Payment Peovisions. The Bonds shall bear interest [rom their date or Yrom the most recent interest payment date to which interest hes been paid or duly provided for, at the rates set out above, such interest (computed upon the besis oY a 360-day year of twelve 30-day months) being payable on May 1 and November 1 of each year, commencing on May I, 1988. Interest on each Bond shall be paid by eheck or draYt oY the Registrer to the person in whose name such Bond is registered at the close ot business on the YiYteenth day oF the calendar month next preceding the applicable interest payment date. The principal at each Bond shall be payable in lawful money of the United States of America upon presentation and surrender oP such Bond at the principel corporate trust o[fice of the Registrar in Milwaukee, Wisconsin. 3ectlon 4. Ezecution; AutMentication. The Bonds shall be executed on behalf oY the City with the facsimile signature of the City Manager oY the City and with the Yacsimile signature of the City Clerk of the City, and sealed with the official seal oY the City or s printed Yacsimile thereof. (n cese any officer whose signature shall appear on any 8ond sk�ell ceese to be such oYficer beYore the delivery of such Bond, such stgnature stiall nevertheless be valid and suYficient Yor all purposes, the same as if such oYYicer had remained in office until delivery. - All Bonds shell have thereon a eertificate of authentication suWtantially in the form hereinaYter set Yorth duly executed by the Registrar as authenticating agent of the City and showing the date of authentication thereoY. No Bond shall be valid or obligatory Yor any purpose or be entitled to any security or benefit under this Resolution unless and until such certiYicate of authentication shall have been duly executed Gy the Registrar by manuel signature, and such certificate of authenticatian upon any such Bond shall be conclusive evidence that such Hond has been authenticated and delivered under thia Resolution. The certificate of authentication on any Bond shall be deemed to have been executed by the Regutraz iY signed by an authorized officer oY the Registrar, but tt stiell not be necessary that the same officer sign the certiYicate of authentication on all oY the Bonds issued hereunder. 3ection 5. Registretion of Honda; Persom 1Yeated as Ownas. The City shall cause books (the "Bond Register") [or the registration and Yor the transfer of the Bonds as provided (n this Resolution to be kept at the principal corporate trust office of the Registrar, which is hereby comtituted and appointed the registrar of the City with respect to the Bonds herein authorized. Upon surrender Yor trans4er oY any Bond at the prineipal corporate trust oY4ice oY the Registrflr duly endorsed by� or accompanfed by a written instrvment or instruments oY transfer in Yorm satisPactory to the Aegistrar duly executed by, the regiatered owner thereof or his attorney duly authorized in writing, the City shall eaecute and the Registrar shall authenticate, date and deliver in the name oY the transFeree or transferees a new Pully registered Band or Bonds oP the same maturity of authorized denomination or denominations, for a like aggregate principal amount. Any Yully registered Bond or Bonda may be exchanged at said otYice of the Registrar Yor a like eggregate principal amount oP Hond or Honds oY the same maturity oY other authorized denominations. The execution by the City oY any Yully registered Bond shall constitute Yull and due authorization of such Bond and the Registrar 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 oP the Bonds, less previous retirements. -5- � The Registrar may, but shall not be required to, transYer or exchange any Bond during the period af fiYteen (15) days next preceding any interest payment date on sueh Bond, nor to transfer or exchange any Hond eYter notice calling such Band [or prepayment hes been mailed nor during the period oY YiYteen (15) days next preceding mailing ot a notice of prepayment of any Bonds. The person in whose name any Bond shall be reglstered shall be deemed and regarded as the absolute owner thereof Yor ell purposes, and payment o[ the principal of, premlum (if eny) or interest on eny Bond shflll be made only to or upon the order oP the registered owner thereoP ar his legel representative. All such payments shall be valid and eFfectual to sattsfy and discharge the liability upon such Bond to the extent ot the sum or sums so paid. No service charge shall be made Yor any trensYer or eachange of Honds, but the City or the Registrar may require payment oY a sum sufYicient to cover any tax or other governmental charge that may 6e imposed in connection with any transfer or exchange of Honds exeept in the cese oY the issuance of a Bond or Bonds for the unre- deemed portion of a Bond surrendered for redemption. 3ection 8. Prlor Redemptloa Bonds matvring on and a[ter November 1, 1997, shall be subject to redemption prior to maturity at the option oY the City as a whole, or in part in inverse order of their maturity (less than all of the Bonds oY a single maturiry to be selected by the Registrar as herefnaYter pravided), on November 1, 1996, and on any interest payment date thereafter, at a redemption price of par plue accrued interest to the date fiaed Yor redemption. The Honds shall be redeemed anly [n the principal amount of 55,000 each and integral multiples thereof. At leaat Yorty-five (45) days prior to the date fixed Yor redemption (unless a shorter notice shall be satisfactory to the Registrar), the City shall notify the Regish�ar of such date fixed 4or redemption and of the principel amount of Bonds to be redeemed. Far purposes of any redemption ot less than all oY the outstanding Honds oY a single maturity, the particuler Honds or portions of Bonds to be redeemed shall be selected by the Registrar from the outstanding Bonds of the longest maturity then outstending hy such method as the Registrar shall deem Pair and appropriate, and which may provide for the selection for redemption oP Bonds or poMions of Bonds in principal amounts of $5,000 and integral multiples thereaC. The Registrer shall promptly notiYy the City in writing of the Honds or portions af Honds selected for redemption priar to maturity and, in the cese oY any Bond selected Cor pertial redemption, the principal amount thereof to be redeemed. Sectlon 7. Redemption Procedure. Unless waived by any registered owner of Honds (or portions thereo[) to be redeemed, notice of the call for any such redemption prior to maturity shall be given by the Registrar on behalf oY the City by mailing the redemption notice by registered or certiYied mail, postage prepaid, not less than thirty (30) days prior to the date 4ixed for redemption to the registered owner of the Hond or Bonds to be so redeemed at the address shown on the Bond Regisier or at such other address as is Yurnished in writing by such registered owner to the Registrar. Failure to give such notice by mailing to any owner oY any Note, or any defect therein, shall not affect She validity of any proceedings for the redemption of any other Notes. -6- ._ . ___.. . .__ ... � All notices of redemption shall state: (1) the date Yixed tor redemption, (2) the redemption price, (3) if less than all outstanding Honds aze to be redeemed, the Identification (and, in the case oY partial redemption, the respective principal amounts) oP the Boada ta be redeemed, (4) ttiat on the date Yixed For redemption the redemption price wiil become due and payable upon each such Bond or portion thereof called Yor redemption, and that interest thereon shall cease to accrue from and aPter said date, and (5) the place where such Bonda are to be surrendered Yor payment of the redemption price, which plaee oY payment shall be the principal corporate trust office of the Regisher. Prior to any redemption date, the City shall deposit with the Registrar an amaunt of money sufficient to pay the redemption price of all the Bonds or portions of Honds which are to be redeemed on that date. Notice oY redemption having been given as aforesaid, the Bonds or portions of Bonda so to be redeemed shall, on the date Y1xed Yor redemption, become due and payable at the redemption pr3ce therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions oY Bonds shflil cease to bear interest. Upon surrender af such Honds for redemption in accordance with said notice, such Honds shall be paid by the Registrar at the redemption price. installments of interest due on or prior to the date Pixed 4or redemption shall be payable as herein provided for payment oY interest. Upon surrender for any partial redemption oP any Bond, there shflll be prepered Yor the registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Honds which have been redeemed shall be cancelled and destroyed by the Registrer and shall not be reissued. 3ectlon 8. Form ot Bonda. The Bonds, the certificate of authentication to be endorsed thereon and the form of assignment to be endorsed thereon are all to be in substantially the Yollowing forms with necessary and appropriate veriations, omissions and ireertions aa permitted or required by this Resolution: 'q_ . .__ . . ..... __.. . (FOrm oY Bond) IInited 3Gtd of America Stste of Plfscooain Co�mty o[ Wlnnebago C{ty of Oshkos6 Corporate Purpose Bond, Series 1987-A 3ee Reverse Side Far Additional Provisions No. Rate of Interest Meturity Date - Dated Date CusiD NumDer November 1, May 1, 1987 Registered Owner: Principal Amowt: %NOW ALL NHN BY THESE PRESENIS: That the City of Oshkosh in the County of Winnebego, Wisconsin (the "City'7, hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner hereinabove identitied, or regis- tered assigns as hereinafter provided, on the Maturity Date heretnabove identiYied, the Principal Amount hereinabove identified and to pay interest (computed on the besis oY a 360-0ay year oF twelve 30-day months) on such Principal Amount Yrom the Dated Date hereinebove identified or Yrom the most recent interest payment date to which interest hm been paid at the Rate oP Nterest per annum hereinabove identiYied on May 1 and November 1 ot each year, commencing on May 1; 1988, until said Principal Amount is paid, except as the provisions hereinafter set Yorth with respect to redemption prior to maturity may 6e and become applieable hereto. The principal oY this Hond is payable in lawful money ot the United States of America upon presentation and surrender ot this Bond at the principal corporate trust office of Fitst Wisconsin Trust Company, in Milwaukee, Wlsconsin, as registrar and paying agent (the "Registrar"). Payment af each installment of interest hereon shall be made to the registered owner hereol who shall appear on the registration books of the . Ciry maintained by the Registrar at the close of business on the fifteenth day of the calender month next preceding the applicable interest payment date and shell be paid by check or draft of the Registrar mailed to such registered owner at his adMess as it appeers on such registration books or at such other address as may be furnished in writing Dy such registered owner to the Registrar. -8- - ReYerence is hereby made to the Yurther provisiom of this Hond set torth on the reveroe side hereof, and sueh further provisions shall Yor all purposes have the same etfect es if set forth on the front side hereof. It is hereby certiYied, recited and declared that ell acts, conditions and things required to be done, exist, happen and be per4ormed precedent to and in the issu- ance ot thls Bond have been done, have existed, have happened and have been performed in due time, form and manner as required by the Constitution and statutes oY the State of Wiacomin, that this Bond, together with all other 3nCebtedness of the City, does not eaceed any limitation prescribed by law, and that the City hes levied a direct annual inepealable tax suYYicient to pay the interest hereon when it falls due and also to pay and dischflrge the principal hereoY at maturity. The Yull Paith, credit and resources oY the City are hereby pledged Por the payment ot the principal oY and interest on this Bond and the issue ot which it is a part as the same respectively become due and for the levy and collection of suYficient taxes for that purpoae. - This Bond shell not be valid or become obligatory Cor any purpose until the certificate oY authentication hereon shell heve been signed by the Registrar. IN WITNES3 PffiEREOP the City of Oshkosh, Winnebaga County, Wisconsin, by its City Council, has eaused this Bond to be executed with the duly authorized Yac- simile signature oY its City Manager and with the duly authorized facsimile signature of its City Clerk and its of4icifll seal or a facsimile thereof to be impressed or reproduced hereon, es of the Dated Date hereinabove identified. (facsimile signature) (facsimile siqnature) City Clerk City Manager [SEAL] CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within mentioned Resolution, and is one oY the Corporate Purpose Bonds, Series 199T-A, oY the City oY Oshkosh, Winnebago County, Wisconsin. Date oP Authentication: � F[RST WI3CONSIN TRUST COMPANY� es Bond Registrar By Authorized Officer -g' [Form oY Bond - Reverse Sfde] 1'his Bond is one of an euthorized issue of Bontls aggregating the prineipel amount of 51,625,000 (the "Bonds") issued to pay the cost ot providing public projecU in the amounL9 apd for the purposes as Collows: 5116,000 Yor the purpose of constructing and extending the water plent and water mains; ;927,000 tor ihe purpose of constructing street ImprovemenU; f136,000 tor the purpose of providing and improving public parks; - 5276,000 tor the purpose of improving and extending the storm sewer system; and E170,000 for the purpose of improving and extending the sanitflry sewen; pursvant 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 oP the issue of which thia Bond is one maturing on end after November 1, 1997, are subject to redemption prior to maturity at the option oY the City as a whole, or in part in inverse order of their maturity (in integral multiples of $5,000, less tlun all the Honds oY a single maturity to be selected by the Registrar in such manner aa it shall deem fair and approprlate) on November 1, 1996, and on any interest payment date thereaYter, at a redemption price of per plus accrued interest to the date fixed Por redemption. Notice oP any intended redemption shall be sent by regLatered or certified mail, postage prepaid, not less than thirty (30) days prior to the date fixed Por redemption to the registered owner of each Bond to be redeemed (in whole or in part) at the address shown on the registration books oF the City maintained by the Aegistrar or at such other address as is furnished in writing by such registered owner to the Registrar. When so called tor redemption, this Hond, or the portion hereof being so called for redemption, will cease to bear interest on the specified redemption date, provided funds for redemption ere on deposit at the place of payment at that time, and shall not be deemed to be outstanding. This Bond is transYerable by the registered owner hereoP in person or by his attorney duly authorized in writing at the principal carporate trust oFfice of the Regis- trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon payment oY the charges provided in the authorizing resolution, and upon surrender and cancellation oY this Bond. Upon such transYer a new Bond or Honds of the same maturity oC authorized denomination or denominations, for a like aggregate principal amount will be issued to the transferee in exchange hereFor. The Bonds are issuabie in fully registered form in denominations of $5,000 each and integral multiples thereoY. This Bond may be exchanged at the principel corpo- rate trust oPfice of the Registrar for a like aggregate principal amount ot Bonds of the same maturity oF other authorized denominations, upon the terms set forth in the author- izing resolution. -10- TAe City and the Registrar may deem and treat the registered owner hereof as the absolute owner hereo[ for the purpose of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Registraz shall be affected by any notice to the contrazy. ASSIGNNENT FOR VALUE RECEIVED, the undersigned sells, assigns and [ransfers unto (Name and AdMess of Assignee) the within Bond and does hereby irrevocably constitute and appoint , or its successor as Registrar, to transYer the said Bond on the baoks kept for registration thereof with full power of substitution in the premises. Dated: NOT[CE: The signaYure to this assignment must correspond with the name oP the registered owner as it appears upon the face of the within Bond in every patticular, without alteration or enlargement or any change whatever. Signature guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. Section 9. SaLe of Bonds. The sale of the Bonds to First Wisconsin National Bank of Milwaukee and associates, at the price of $1, 00,625.00 plus accrued interest to the da[e of delivery, is hereby confirmed. The City Treasurer of the City is hereby a�thorized to deliver the Bonds to said purchasers upon payment of the purchase price. Section 30. Use of Proceeds; No Arbitrage; BondS to Remain in Registered Form. The principal proceeds of the Bonds shall be deposited in a special fund and used solely for the purpose for which the Bonds were authorized. The principal proceeds from the sale of the Bonds shall De used only to pay the costs of public projects aforesaid and general anC current municipal ex�enses, and the Governing Body hereby covenants and agrees that said principal proceeds shall be devoted to and used with due diligence for such purposes. The Governing Body of the City recognizes that the purchasers and owners oP the Bonds will have accepted them on, and paid theretor a price which reflects, the understanding that interest thereon is exempt From Federal income taxa[ion under laws in force at the time the Bonds shall have been delivered. In this connection the City agrees that it shall take no action which may render the interest on any of the Bonds subject to Federal income taxation and that the principel proceeds of the sale of the Bonds shall be devoted to and used with due diligence for the purpose for which the Bonds are hereby au[horized to be issued. -11- The City Manager, the City Clerk, the Ctty Finance Director and the Cfty 1Yea�urer oY the City, or any of them, are hereby authorized ta execute on behaif of the City a Certificate and Agreement with Respect to Tax Exemption to assure the purchasers and owners o[ the Bonds that the praceeds of the Bonds ere not eupected to be used in a manner which would or might result in the Bonds being "arbitrage bonds" under Section 148 oY the Internal Revenue Code oY 1986, (the "Code'� or the regulations of the United States Treasury Depertment currently in effect or proposed. Such Certificate and Agreement With Aespect to Tax Exemption shall constitute a represen- tation, certiYication and covenant of the City and shall be incorporated herein by reference, and no investment oY Hond proceeds or oY moneys accumulated to pay the Bonds herein authorized shall be made in violation of the expectations prescribed by said Certificate and Agreement With Respect to Tax Exemption. The Governing Hody of the City further recognizes that Section 149(a) oY� the Code requires the Bonds to be issued and to remain in Pully registered form in order that interest thereon is exempt from £ederal 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. 3ectlon Il. Dutin ot Regi�h�er. If requested by the Registrar, the City Mflnager of the Citp is hereby authorized to execute, and the City Clerk oY the City is hereby authorized to attest, and said City Manager and City Clerk are hereby authorized to deliver, the Registrer's standard Yorm of agreement between the City and the Registrar with respect to the obligations and duties oP the Registrar hereunder which shall include the Yollawing: (a) to act as Registrar, authenticating egent, paying agent and transYer agent es provided herein; (D) to give notice ol redemption of Bonds es provided herein; (c) to cancel and destroy Bonds which have 6een paid at maturity or upon earlier redemption or submitted Yor exchange or transfer, (d) to furnish the City at Least annually a certi[icate oY destruction with respect to Bonds cancelled and destroyed; and (e) to furnish the City at leest annually an audit confirmation of Bonds paid, Honds outstanding and payments made with respect to interest on the Bonds. 3ection 12. Taa Levy. In order to provide Por the collectian of a direct annual tax suYficient to pay the interest on the Bonds and to pay and discharge the prin- cipal thereoP at maturity, there is hereby levied upon all the taacable property in the City of Ostilcosh a direct annusl tan in amounts suYYtcient tor that purpose, to-wit: -12- . i , � � � Year Amount Year Amount 1987 ;�zz.s19.7s 1995 §16z,qOn.Oo 1988 137�387.50 1996 157,300.00 1989 186�012.50 199T 277,05�.00 1990 131,700.00 1998 � 262,650.00 1991 155�200.00 ]ggg 2d7,950.00 1992 152,100.00 2040 232,950.00 1993 173,925.00 2001 292,550.00 1994 194,050.00 In each of said years from 198T ta 2001, inclusive, the direct annual tax above levied shall be eatended upon the tax rolls of the City in the same manner and time as tezes Yor general city purposes, and when collected the proceeds of said taxes shall be deposited into the account of the debt service fund established in Yavor oY the Bonds, to be used solely Por paying the principai o! and interest on the Bonds as long as any of the Bonds remain outstanding. 3ection 13. Sufficiency. Interest or principal maturing at any time during the life oF the Bonds when there shall be insufficient funds on hand Yrom 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 from 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 any, and interest on municipal obligations issued pursuant to Chapter 67, Wisconsin Statutes. There is hereby created, and there shall be deposited in, an account known as the "Series 1987-A Corporate Purpose Bond Account", to be held as a part oP the Debt Service Fund, all premium, if any, and accrued interest paid on the Bonds at the time the Bonds are delivered to the purchasers thereof; all money raised by taxation pursuant to Section 12 hereo[; and such other sums as may be necessary to pay interest on the Bonds when the same shall become due and to retire the Bonds at their respective maturity dates. Section 15. Prior Action. The action of the Director of Finance of the City in publishing notice of the sale of the Bonds is hereby in all respects ratified and confirmed. Section 16. Severability. If any section, paragraph or provision of this Resolutian shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability or such section, peragraph or provision shall not affect any of the remaining sections, paragraphs and provisions of this Resolution. Section 17. Other pocuments. The City Manageq the City Clerk, the City Treasurer, the City Finance Director and ell other officers of the City are hereby authorized to execute all documents and certificates necessary in connection with the authorization and delivery of the Bonds, including without limitation en official statement deseribing the Bonds and the City. -13- \ I � 9ectlon 18. Conflictilg Praceedi�s Superseded. All ordinances, resolutions or orders, or parts thereof, heretofore enacted, adopted or entered, in conflict with the provisions ot this Resotution, shall be end in the same are hereby supeneded to the extent oY such conflict, and this Reaolution shell be in efYect from and after its passage. Adopted April 23, 1987. Approved April ����, 1987. Recorded Apri1 �, 1981. (SEAL) /// ,� ./J ^ � . c�'Cd.wL'�C C.�JL<.e2L.i1 Attest: -�Yor� � � /iYl1I� �� - y�i7LU-011� City Clerk -14- STATE OF WISCONSIN ) ) SS. COUNTY OF WINNEBAGO ) I, Donna C. Serwas, hereby certify that I am the duly qualified and acting Citp Clerk ot the City ot OsAkoah, Winnebago County, Wisconsin, and as such ofYicial I Yurther certify that attached hereto is a copy oY excerpts from the minutes of the meeting oY the City Council oY said City held on April 23, 1987; that I have compared said eopy with the original minute record ol said meeting in my oYYicial custody; and that said copy is a true, correct and complete transcript from said originsl minute record insofar as said original record relates to the $1,625,U00 aggregate principal amount oY Corporate Purpoae Bonds, 3eries 1987-A, oY said City, dated May 1, 1987. P'ITNE3S my oYflcial signature and the seal of said City this � day oP April, 1987. �h/I?/1� (i .� /111�/ City Clerk (SEAL) u: � er ry !�r . . 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