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HomeMy WebLinkAbout34332 / 87-561D , � • The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regWar open, publie sessian at its regular meeting place on March 19, 1987, at 7:00 o'clock P.M., with the following members present: oonald rressley, sames Mather, Thomas Binner, Killian Soanbauer, Kathleen Pr000 and Flovd Chanin. and the following members absent: non xutchera. s • • ♦ (Other Business) - _The following initia] resolution was introduced by Proon flnd read in full: . " IN[TIAL RESOLUTION authorizing not exceeding E116,000 bonds of the City of Oshkosh. BE IT RESOLVED by tne City Council of the City Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligation bonds of said City in � an aggregate principal amount not exceeding E116,0�0 for the public purpose of constructing and extending the water plant and water mains of said City. For the purpose of paying the verious installments of principal of and interest on said bonds as they severally mature, prior to the issuance and delivery of said bonds there shall be . levied on all taxable property in said City a direct annual irrepealable tax sufFicient for that purpose. Upon motion of propn seconded by spanbauer , the following members voted: Aye: Pressley, Mather, Binner, Spanbauer, Pxoop, Chapin [jgy: None Absent or not voting: xutchera Adopted March 19, 1987. Approved March 19 , 1987. �tecorded March 19 , 1987. � (�J�C/ � �� Mayor � 9t est: � R (/ City Clerk ' The Pollowing initial resolution was introduced by snanbauer and read in full: INITIAL RESOLUT[ON authorizing not exceeding E92T,000 � bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligfltion bonds oY said City in an aggregate principal amount not exceeding 5927,000 for the public purpose of cons:ructing strxet improvements in said City. For the purpose of paying the various installments of principal of and interest on said bonds as they severally mature, prior to the issuance and delivery o[ said bonds there shall be levied on all tarzable property in said City a direct annual irrepealable tax sufficient for that purpose. Upon motton of snanbauer , seconded by sinner , the following members voted: AyE: Pressleo, Dfathe[, 9inner, Spanbauer, Propo, Chapin Nay: None Absent or not voting: xutchera Adopted March 19, 1987. Approved March 19, 1987. Recorded March 19, 1987. - - ��� Mayor Attest: �1;11/1� li. ,�J///,/�1/n C�ty Clerk _•>- The following initial resolution was introduced by 5oanbauer and read in full: INITIAL RESOLUTION authorizing not exceeding 5136,000 bonds of the City of Oshkosh. . BE IT RESOLVED by the City Council oF the City Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligation bonds of said City in an aggregate principal amount not exceeding $136,000 for the public purpose of providing and improving public parks in said City. For the purpose of paying the various installments of principal oY flnd interest on said 6onds as they severally mature, prior to the issuance and delivery of said bonds there shall be levied on all taeable property in said City a direct annual irrepealable tax sufficient for that purpose. Upon motion of spanbauer , seconded by ainner , the following members voted: . Aye: Pzessley, Mather, .einner, SoaMauer, PZODPr Chaoin . Ney: Hone Absent or not voting: Kutchera Adopted Mazch 19, 1987. Approved March 19, 1987. Recorded March 19, 1987. Mayor A est: ��2 City Clerk � _q_ The following initia] resolution was introduced by Hinner and read in full: INiTIAL RESOLUTION authorizing not exceeding E27fi,000 bonds of the City of Oshkosh. HE IT RESOLVED by the City Council of [he City Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligetion bonds of said City in an aggregate principal amount not exeeeding $276,000 for the public purpose of improving and extending the storm sewer system of said City. For the purpose of paying the various installments of principal of and interest on said bonds as they severally mature, prior to the issuance and delivery oY said bonds there shall be levied on all taxable property in said City a direcZ annuslirrepealable tax sufficient for that purpose. Upon motion of ninner seconded by spanbauer , the following members voted: Aye: Pressley, Mather. Binner, Snanhauer, Propo; �Chaoin Nay: None Absent or not voting: xutchera Adopted March 19, 1987. Appraved March �9� 1987. Recorded March 1; 198Z � � Mayo�--L�— A est: ity Clerk -5- The Pollowing initial resolution was introduced by saanbauer and read in full: � INITIAL RESOLUTION authorizing not exceeding E170,000 � bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligation bonds of said City in an aggregate principal amount not exceeding 8170,000 for the public purpose of improving and extending the sanitary sewer system of said City. For the purpose of paying the various installments of principal of and interest on said bonds as they severally mature, prior to the issuance and delivery of said bonds there shall be levied an all taxable property in said City a direet annual irrepealable tax sufficient for that purpose. Upon motion _ of snanbauer seconded by sinner , the following members voted: . Aye: pressley, Mather� Binner, Soanbauer, Propa� Chanin jfgy; tlone Absent or not voting: xutchera Adopted March 19, 1987. Approved March 19 , 1987. Recorded March 19 , 198T. Mayor � Attest: � Clerk _�_ The following initial resolution was introduced by Spanbauer and read in fu1L• . INITIAL RESOLUTION authorizing not exceeding 55,250,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council oP the City of Oshkosh, Winnebago County, Wisconsin, that there shall be issued the general obligation bonds of said City in an aggregate principal amount not exceeding $5,250,000 for the public purpase of refunding certain general obligation notes of said City and interest thereon. For the purpose of paying the various installments of principal of and interst on the bonds herein authorized as they severally mature, prior to the issuance and delivery of said bonds there shell be levied an all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Upon motion of Soaahauer � seconded by ainner , the following members voted: Aye: Pressley, Mather, Hinner, Snanbauer, Propo, Chanin � Nay: None Absent or not voting: xutchera Adopted March 19, 1987. Approved March 79 , 1987. Recorded Marchl5 , 1987. c==ir , /7 i/. � �i/� , ���ti� � � �� Mayor Attest: �'�M/1� L. y�4t��/�'� C�ty Clerk _7_ The City Clerk was instructed to publish notice ot the adoption oP said initial resalutions in The Oshkosh Northwestern, the official city newspaper, within Fifteen (15) days of the recording thereof, such notice to be in substantially the same form as the notice before the meeting. The following resolution was introduced by soanbauer . and read in fWl: � RESOLUTiON directing the advertisement and sale of f890,000 Promissory Notes, Series 1987-A, ;1,625,000 Corporate Purpose Bonds, Series 1987-A, and E5,250,000 Refunding Bonds, Series 1987-B, of the City of Oshkosh. WHEREAS, it is necessary that Yunds be raised by the City of Oshkosh, Winnebago County, Wisconsin (the "City") in the amount of $890,000 for ttie purpose of providing Por projects undertaken for public purposes; and WHEREAS, cities are authorized by the provisions of Section 67.12(12) of the Wisconsin Statutes to borrow money and issue promissory notes for the purpose aforesaid; and WHEREAS, it is considered neeessary and desirable by the City Council of the City that the City borrow an aggregate amount of $1,625,000 for the purpose of providing funds Por public projects, as set out in various initial resolutuions adopted on March 19, 1987; and - WHEREAS, it is desirable to combine the issues authorized by the aforesaid initia] resolutions into one issue, as permitted by Section 67.05(13), Wisconsin Statutes; and WHEREAS, it is considered necessary and desirable by the City Council of the Ciry that the City borrow an aggregate principal amount oP 55,250,000 for the purpose of refunding eertain general obligatiou notes oP the City and interest thereon, as set out in an initial resolution adopted on March 19, 1987; and -8- WHEREAS, it is considered desirable to offer all the aforesaid securities ai one time in order to obtain the best possible terms for the City; NOW, THEREFORE, He [t Resolved by ihe City Council of the Ci[y of . Oshkosh, Winnebego County, Wiseonsin, as follows: Section 1. For the purpose of offering at public sale 8890,400 aggregate principal amount of Promissory Notes, Series 1987-A, 51,625,000 aggregate principaL amount of Corporate Purpose Bonds, Series 1987-A, and $5,250,000 aggregate principal amount of Refunding Bonds, Series 1987-B, the Finance Director of the City is hereby authorized to cause a notiee of the sele of said Promissory Notes and Bonds to be - published in The OslUcosh Northwestern, published in Oshkosh, Wisconsin, and in The Bond Buyer published in New York, New York, as a Cless 1 notice not later than April 16, 1987. Such publication shall be in substantislly the Yorm set out as Exhibit "A" attached hereto. The Finance Director of the City shall elso cause to be prepazed and distributed an OfFicial Statement, including an Official Notice of Sale which shall be in substantially the form set-0ut es Exhibit "B" attached hereto. Section 2. AFter bids shall have been received for said Promissory Notes, said Corporate Purpose Bonds and said Refunding Bonds, this City Council will adopt additional proceedings ta award the same to the best bidder, prescribe the terms thereof, and the Yorms of note, bond and refunding bond, and levy taxes in the speci[ie amount necessary to pay the principal thereof and interest thereon. _g_ Upon motion of Spanbauer seconded by nather , the following members voted: Aye: . Presslev, !Yather� Binnet� Spanbauer, Pr000, Chaoin NgY; None Absent or not voting: Kutchera Adopted March 19, 1987. Approved March 19 1987. Recorded March 19 , 1987. �� �e �- �� Mflyo� Attest: �j9[NDJ C:. �(;�l�CUi.y City Clerk - s � s (Other Business) There being no further business to come before the City Council it was moved by �'ather , seconded by Pronn , and unanimously carried that the City Council adjourn. Approved Marchl`?, 1987 �i,,�,P �e �,�:T... Mayor �� Attest: ���. ,�� City Clerk -10- EXHBIT A NOTICE OF SALE � CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN b890,000 PROMISSORY NOTES� SER[ES 1987-2. 51�625,000 CORPORATE PURPOSE BONDS� SERIES 1987-A $5�250,000 REFUNDiNG BONDS, SERIES 1987-H SEPARATE SEALED BIDS for the above Notes, Bonds and Refunding Bonds will be received until 11:00 A.M.� C.S.T., on April 23, 1989, in the City Hall in the City oY Oshkosh. Award will be at 7:00 P.M. on said date. The Notes and Bonds are general obligations of the City issued for the purpose of providing funds for various public purposes. The RePunding Honds aze general obligations af the City issued for the purpose of refunding certain general obligation notes of the City and interest thereon. The Notes, Bonds and Refunding Bonds will be in denominations of $S,U00 and integral multiples thereof, in fully registered form, dated May 1, 1957, and will mature on the dates and in the amounts as follows: - $890,000 $1,625,�00 $5,250,000 Promissory Notes, Corporate Purpose Honds, Refunding Bonds, Series 1987-A Series 1987-A Series 1997-B May 1 November 1 November 1 of the oY the of the Year Amount Year Amount Year Amount 1988 $30�000 1988 $50�000 1987 $150�000 1989 10�000 1989 25�000 1988 150,000 1990 30�000 1990 75�000 1989 150,000 1991 5,000 1991 25,000 199� 200,000 1992 30,000 1992 50,000 1991 200�000 1993 85�000 1993 50,000 1992 200,000 1994 100�000 1994 75�OU0 1993 200�000 1995 200,000 1995 100,000 1994 200,000 1996 200,U00 1996 75,000 1995 200,000 1997 200�000 1997 75,000 1996 300�000 1998 200�000 1997 300.000 1999 200�000 1998 300,0�0 2000 200.000 1999 500,000 2001 2�0,000 2000 500,000 . � 2002 225�000 2001 500,000 2002 600,000 20U3 600,000 Notes maturing on May 1, 1995, and thereafter are callable for prepayment in whole, or in part by tot in inverse order of maturity, on May 1, 1994, and on any interest payment date thereafter, at e prepayment price of par plus accrued interest. Bonds maturing on November 1, 1997, and thereafter are callable for redemption in whole, or in part by lot in inverse order of maturity, on Navember 1, 1996, and on any interest payment date thereafter, at a redemption price of par plus accrued interest. Aefunding Bonds maturing on Nnvember 1, 1993, and thereafter are callable Yor redemption in whole, or in part by lot in inverse order of maturity, on November 1, 1992, and on any interest payment date thereaYter at a redemption price of par plus accrued interest and a premium oP 1% if the redemption is made on or beYore November 1, 1998. First Wiseonsin Trust Company, in Milwaukee, Wisconsin will be Registrar and Paying Agent. Interest on the Notes and the Bonds will be payable on May 1, 1988, and semiannuelly thereafter, and interest on the Refunding Bonds will be payable on November 1, 1987, and semiannually thereafter, by check or draft of the Paying Agent. _ The City will provide at its expense the printed Nates, Bonds and Refunding Bonds and the tegal opinion of Chapman and Cutler. The Officiel Statement, Official Notice of 3ale and Bid Form may be obtained from the undersigned, at City Hall, 215 Church Avenue, Oshkosh, Wisconsin 54902, telephone (414) 236-5006, or Yrom Miller & . Schroeder Munieipals, Inc., Northwestern Financial Center, 79U0 Xerxes Avenue South, Minneapolis, Minnesota 55431, Attention: Ernest L. Clark, Vice President, telephone (612) 831-1500. /s/ Edward A. Nokes Direetor of Finance -2- EXHIBIT B OFFICIAL NOTICE OF SALE � CITY OF OSHK03H, WINNEBAGO COUNTY, WISCONSIN $890,000 Promissory Notes, Series 1987-A $1,625,000 Corporate Purpose Bonds, Series 1987-A $5,250,000 � ReFunding Bands� Series 1987-B NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago County, Wisconsin (the "City"), will receive separate sealed bids only for the above captioned Promissory Notes� Corporate Purpose Bonds and Refunding Bonds consisting of [hree (3) seperflte issues� until 11:00 A.M.� C.3.T., on April 23, 1981� at which time the bids for each issue will be publicly opened end announced in the City Hall in the City of Oshkosh. Award will be made at a meeting of the City Council of the City at 7:00 P.M. on said date� - All Notes, Bonds and Refunding Bonds as originally delivered to the purchaser will be dated May 1, 1987, will be in fully registered form, and will mature on the dates and in the amounts as follows: $890,000 $1,625,000 $5,250,000 Promissory Notes, Corporate Purpose Bonds, RefundinR Bonds, Series 1987-A Series 1987-A Series 1987-B May 1 November 1 November 1 of the of the of the Yeer Amount Year Amount Year Amount 1988 $30,000 1988 $50,000 1987 $150,000 . 1989 10�000 1989 25,000 1988 150,000 1990 3�,000 1990 75,000 1989 150,000 1991 5,000 1991 25,000 1990 200,000 1992 30�000 1992 50,000 1991 200,000 1993 85,000 1993 50�000 1992 200,OU0 1994 100,000 1994 75,000 1993 200,000 1995 200,000 1995 100,000 1994 200,000 1996 200,000 1996 75�000 1995 200,000 1997 200,000 1997 75�000 1996 300,000 1998 200,000 1997 � 300,000 1999 200,000 1998 300�000 zooa zoa,oao isss sao,aaa zaoi zoa,oao z000 saa,aoa 2oaz zzs,000 zaai sao,aoa soaz soo,00a 2003 600,000 Notes maturing on May 1, 1995, and thereafter are callable for prepayment in whole, or in part by lot in inverse order of maturity, on May 1, 1994, and on any interest date payment thereafter, at a prepayment price of par plus accrued in[erest. Bonds maturing on November 1, 1997, and thereafter are callable for redemption in whole, or in part by lot in inverse order of maturity, on November 1, 1996, and on any interest payment date thereaPter, at a redemption price of par plus accrued interest. Refunding Bonds maturing on November 1, 1993, and thereaPter are eallable for redemption in whole, or in part by lot in inverse order of maturity� on November 1� 1992� and on interest payment date thereafter at a redemption price oY par plus accrued interest and a premium of 1% if the redemption is made on or before November 1, 1996. The Notes, Bonds and Refunding Bonds as originally delivered will be in denominations of $5,000 each or such integral multiples thereof as may be designated by the purchaser within one (1) week Yrom the date of sale. If the purchaser fails to -2 designate the denominations, the denominations for original delivery will be determined by the Director of Finance of the City. First Wisconsin Trust Company� in Milwaukee, Wisconsin, will act as the Registrar and Paying Agent. Principal will be payeble upan presentation of each Note, Bond or ReFunding Hond at the principal corporate office of the Paying Agent/Registrar and interest will be payable by cheek or draft of the Paying Agent/Registrar mailed ta the registered owner of each Note, Bond or Refunding Bond. The City will pay reasonable and customary charges for the services of the Paying Agent and Registrer. Interest on the Notes and Bonds will be payable on May 1, 1988, and semi- annually thereafter on each May 1 and November 1, and interest on the Refunding Bonds will be payable on November 1, 1987, and semi-annually thereaFter on each May 1 and November 1. Bidders are requested to name the interest iate or rates the Notes, Bonds and ReFunding Bonds are to bear in mWtiples oY 1/20th or 1/Bth oP one percent. No rate of interest specified for any maturity shall exceed the rate of interest specified for any subsequent maturity by more than one pement (1%). One rate of interest shall apply to all Notes, Bonds or Refunding Bonds oP the same maturity of an issue. Interest payable on any Notes, Bonds or Refunding Bonds on any interest payment date shal] be represented by one (1) rate af interest anly. No bid will be considered for less than $879�150 for the Notes, $1,600,000 for the Bonds and $5�175.00U Por the ReFunding Bonds� and accrued interest for eaeh issue. Unless all bids for an issue are rejected, the Notes, Bonds and Refunding Bonds will be awarded by the City Council on the sale date to the bidder whase bid complies with this notice and results in the lowest net interest cost to the City, to be determined by computing total interest on all Notes, Bonds or Refunding Bonds of an issue from May 1, 1987, to their respeetive maturities, and adding thereto the discount bid, if any, and deducting therefrom the premium bid, if any. -3- Hids must be accompanied by a certified check or bank cashier's or treflsuret's check in the amount of $15,000 for the Notes, $30,000 for the Bonds, and $100,000 for the Refunding Bonds, payable in each case to the City 1Teasurer of the City as a guarantee of good faith, to be forfeited to the City by the successful bidder as liquidated damages should he fail to take up and pay for the Notes, Bonds or Refunding Bonds when ready. The good faith check of the bidder whose proposal for an issue is accepted will be held uncashed until delivery of that issue or forfeiture, and the good faith checks of the unsuccessful bidders will be returned upon the determination of the best bid. In the event of the failure of the City to deliver the Notes, Bonds or Refunding Bonds to the purchaser in accordance with the terms oP this notice within sixty (60) days after the date of sale, at the option of the purchaser, said good faith check will be returned to the purchaser promptly. The issues above described will be the direct general obligation of the City oY Oshkosh payable from unlimited taxes to be levied on all taxable property in the City. The Botes and the Bonds are being issued Cor the purpose of providing funds For projects undertaken for vsrious public p�rposes, and the Refunding Bonds are being issued for the purpose of refunding certain general obligation notes of the City and interest thereon. The printed Notes, Bonds or ReYunding Bonds of each issue and the opinion of Chapman and Cutler with respect to each issue, together with the transcript, including a no-litigation certificate dated as oY the date of delivery of the issues, will be furnished to the purchaser at the expense of the City. The successPul pureheser will be expected to pay for the assignment oY CUSIP numbers for the issue purchased. The Notes, Bonds and Refunding Bonds are expected to be ready for delivery within forty (40) days after the sale. Delivery within the continental United States, at the option of the purchaser, will be made at the expense of the City against payment in immediately available Funds. 'y' Simultaneously with or before delivery of the Notes, the Bonds and the Refunding Bonds the successful bidder shall furnish to the City a eertiYicate acceptable to bond counsel to the effect that (i) the successful bidder had made a bona fide public offering of each issue to the public at the initial offering prices stated therein, and (ii) a substantial amount of each maturity of each issue was sold to the public or final purchasers thereof (not including bond houses and brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at or below such initial offering prices. Separate bids for each issue should be addressed to the undersigned Director of Finance of the City and should be submitted in a sealed envelope marked "Bid for Promissory Notes, Series 1987-A," "Bid for Corporate Purpose Bonds, Series 1987-A" or "Bid for Refunding Bonds, Series 1987-H," as the case may be. Copies oF the Official Statement may be obtained from the undersigned at City Hall, 215 Church Avenae, Oshkosh, Wisconsin 54902, telephone (414) 236-5006, or from Mi11er dc Schroeder Municipals, Inc., Northwestern Financial Center, 7900 Xerzes Avenue South, btinneapolis, Minnesota 55431. The right is reserved to reject any and all bids and to waive informalities in any bid accepted. /s/ Edward A. Nokes Director of Finance -5- STATE OF WISCONSIN ) ) SS: COUNTY OF WINNEBAGO) I, DONNA C. SEAWAS, hereby certify that I am the duly qualified and acting City Clerk of the City of Oshkosh, Winnebago County, Wisconsin, and as such officiel I further certiPy that attached hereto is a copy of excerpts from the minutes of the meeting of the City Council of said City held on March 19, 1987; that I compared said copy with the original minute record of said meeting in my official eustody; and that said copy is a true, correct and complete transcript from said original minute record insofar es said original record relates to the proposed $890,000 general obligation promissory notes and the proposed E6,875,000 generat obligation bonds of said City. WITNESS my official signature and the seal of said City this 19th day of March, 19ST. . /����/ �� �/�.�i�"�� City Clerk (SEAW • OFFICIAL NOTICE TO ELECTORS OF ADOPTION OF INITIAL RESOLUTIONS Initial resolutions were adopted at the regular meeting of the City Council of the City oY Oshkosh on Mareh 19, 1987, providing for the issuance of general obligation bonds of the City in the amounts and far the public purposes, as follows: Amount Purpose E 116,000 eonstructing and extending the water plant and water mains 927,000 constructing street improvements 136,000 providing and improving public parks 276,000 improving and extending the storm �� sewer system 170,000 improving and extending the sanitary sewers 5,250,000 refunding general obligation notes and interest thereon For the purpose of paying the various installments of principa] and interest on the aforesaid bonds as they severally mature, prior to their issuance and delivery there shall be levied on all taxable property in the City a direct annua] irrepealable tax sufFicient for that purpose. The bonds authorized to be issued by the various Initial Resolutions set out above shall be issued by the City of Oshkosh uNess, before 4:00 P.M., on April 20, 1987, a petition is filed in the oFfice of the City Clerk by electors numbering at ]east ten per cent (10%) of the votes cast For governor in the City at the last general election requesting that the initial resoWtion be submitted to the electors. Dated: March 19, 1987 /S/ Donn C. Serwas City �[3idI2TED HY ��/ --_ ---_ APPROI"r,D- / �' I w .c. c,� w � � � w � 3 tl3P fl3 b+0 � A n3a f�3A C�3A � 3A �3 3 vOr A d aom ao u+ � � m aom aom aom aom ao o� � � o � Z py� Ati ° "' N .ZJti �n Atiln AtiN .ZJ -IN .'OH � O c'F f� .'p i-r. A � N A Y . .TJ ir . A r-��. p r+. A rr . .� rvr f� �O W r. . � O �� O O O O O � Z O ^ � m z ik m O o � a s m z a m z a m z a m z a m z � n N p.. U� O 2 � C � V1 O .. (P O .. (T O .. V1 p.. V1 p �• � �p .. Q� .. .. O � O� •• O� .. O� .. Ol .. 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