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HomeMy WebLinkAbout33874 / 86-25� j The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in special, open, public session at its regular meeting place on April 17, 1986, at 7 o'clock P.M., with the following members present: Thomas J. sinner, xillian c. Spanbauer, Don H. Kutchera, Kathleen M. Propp, Donald W. Pressley, James A. Mather, Floyd R. Chapin. and the Yollowing members absent: none s �r s s (Other business) The Clerk stated that one purpose of the meeting was the consideration oY proposals received for the purchase of 51,050,000 Corporate Purpose Bonds,Series 1986- A of the City of Oshkosh pursuant to sealed bids. Thereupon the following resolution, previously made available to the City Council, was introduced by Mather and pursuant to motion made by Mather and seconded Dy asnr,er was adopted by the following vote: �Ye� Binner, Spanbauer, Propp, Pressley, Mather, Chapin NaY� xutchera RESOLIITION determining to issue 51,050,000 Corporate Purpose Bonds, Series 1986-A, of the City oP Oshkosh, Winnebago County, Wisconsin� providing detaiis, prescribing the for m of bond, aw arding the bonds to the highest bidder, and levying taaces. WHEREA3, by initisl resolutions duly adopted on March 6, 1986 after publi- cation of same as a Class 2 notice, there have been suthorized to be issued bonds of the City of Oshkosh (the "City") foc the public purpose projects as follows: $89,000 for the purpose of constructing and extending the water plant and water mains; $432,0�0 for the purpose of construeting street improvements; ;123,000 4or the purpose of providing and improving public parks; 589,000 for the purpose of improving and extending the storm sewer system; 5310,000 far the purpose of creating a revolving fund from which to advance the costs of special assessments; and 57,000 for the purpose of improving and eatending the sanitary sewers of the City; and WHEREA3, it is now necessary that bonds be sold and issued for the pur- poses aforesaid in the aggregate principal amount of S1,O50,OOC; and WAEREA3, the City is authorized by Section 67.05(13), Wisconsin Statutes, to combine bonds authorized under various iniiial cesolutions into one issue; and WHEREA3, pursuant to advertisement, sealed bids were received Yor the purchase of corporate purpose bonds in said amount until 11:00 A.M., C.S.T. on April 18, 1986, which bids are as follows: Name of Bicider Northern Trust Co., Chicago, ILL. The First National Bank of Chicago, Chicago, ILL. Continental Illinois Nat'1 Bank F, Trust Co., Chicago, ILL. First Wisconsin National Bank, Milwaukee, WI. LaSalle National Bank, Chicago, ILL ; and Net Interest Rate $446,662.50 5.995470 447,000.00 456,972.00 468,564.00 470,220.09 5.999997% 6.1330 6.2894% 6.3116790 WHEREAS, the bid of Northern Trust Co. � of Chicago , and associates at a price of par plus accrued interest to the date oP delivery, plus a pre mium of S 0.00 was the best bid submitted, which bid is as 4ollows: -2- J niu tuK.ti � :NE111iERS OF THE CITY COUNCCL CITY OF OSHKUSH, WISCONSIN April 17, 19�6 We ofiar eo purchase the $1,0�0,000 Corpora[e Purpos-e donds, Series 1986-A, of [he Cit� of Oshl<osh, Wisconsin to be da[zd May 1, 1986 and offered for sale un the above dat?, on [he [erms and condi[ions sta[ed in th? Official Nntic2 of Sate and the Official S[a[ement [herefor, for a price of �,e�%J 6..-p� (not less than $1,Oi0,000), and accrued interest [o date oc delivery. Thz bunds of [he various ma[urities [o bear in[eresG aC [he following annual rates: � fur bonds due May 1, ,S-�5,: for bor,ds du? May I, ��-'�5�: for bonds due May 1, �-$�f � for bonds due *fay 1, `S O� for bonds due May l, �% for bonds due May 1, �'.9 0� fur bonds due May 1, V_��'/. for bonds duz May 1, ��d%= fur boads due May i, „j- .0 for bonds due May 1, 0�"� fur boi:ds due May 1, (��.% for bonds due May 1, �� for bnnds due i•lay 1, G,.3D'o Ioc bonds due >tay 1, 1937 199d 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 O�.ir ,_:n;.��.;-a�ir,: ot [.__ t�cai am���in' oi� in[ar.zs[ fa-on da_e of issue _...�C..e.. __�r- _._==�.i >-� _..,_ �. _.� _ .- s_.:e: _=.. ��b��.-� '-ci o Cc" :..:C:? JE�_r.�,�. , .. .... .... ..... ..' " . __ _ _.. „" . _ '_' This 5id is mad�=_ for p-or..pt acczp�.snce an3 suSjz�zt [o tFe condi[inns o= :he OE:ici=_i So;ic=_ o: �.1_. ..e e�c:ose, nar�•ai_a, our �asl�iar's or ce:tiiied cneck or bank dra��, in tne a�oun� of $21,OG0, ciicn is to be held by the City pending cor�pliance wiCh [he condi[iuns of Ghis bid. AND ASSOCIATES (SEE ATTACHED LIST) Interest Computa[ion Respec[fu11y submi[[ed, THE NORTHERN TRUST COMPANY Syndicate Manager .���vC'�/louin. BY STEVEN C. BROWN Vice President H'e compute the [otal amoun[ of interest fron date of issue to maCUri[y, repres�(}ed by the interest raCCS spetified �i❑ [he bid, to ba �� y fur a �ec Rate of ��� � �. . . The fore�oing bid is hereby accep[ed by and on bzhalE of the City of Osi:kosh, kisconsin this Uth day of April, 1956. City *lanager Uirector ot Fi;iance/T:.•asur�r �-- a� NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as fotlows: Sectio� 1. Definitions. For all purposes oP this Resolution, except as otherwise expressly provided or unless the context otherwise requires, the terms defined in this Section shall have the meanings set forth below, and shall include the plural as well as the singula:. "Bill" shall mean H.R. 3838, adopted by the United States House oP Representat;ves on December 17, 1985. "Bond" or "Bonds" shall mean one or more of the Corporate Purpose Bonds, Series 1986-A authorized to be issued by the terms of this Resolution. "Bond Register" shall mean the books �f the City kept by the Registrsr to evidence the registration and transfer of the Bonds. "City" shall mean the City of Oshkosh, Winnebago County, Wisconsin. "Governing Body" shall mean the City Council of the City. "Registrar" shall mean the First Wisconsin Trust Comoany, in Milwaukee, Wisconsin, or a successor designated as Registrar hereunder. "Resolution" shall mean this resolution as adopted by the Governing Body of the City. "Statute" shali mean Chapter 67 of the Wisconsin Statutes, as amended and supplemented. Section 2. tSuthorization. The issuance of $1,050,000 aggregate principal amount of corporate purpose bonds is hereby authorized Por the purpose of providing funds in the amounts and for the projects set out in the prea[able hereto. The Bonds shall be designated "Corporate Purpose Bonds, Series 1986-A," shall be dated May 1, 1986, as originally issued, and shall also bear the date of their authentication by the Registrar. The Bonds shall be in fully registered form, shall 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), sh�ll be numbered consecutively starting with the number one, shall mature serially on May 1 of each of the years 1987 to 2000, inclusive, in the amounts and shall bear interest at the rates per annum, as follows: Year 1987 1988 1989 1990 1991 1992 1993 Interest Amount Rate Year E175,000 25,000 50,000 75,000 75,000 75,000 75,000 5.75 5 . 75 5.75 5.8 5.8 5.9 5.9 � 1994 1995 1996 1997 1998 1999 2000 Interest Amount Rate $75,000 75,000 75,000 75,000 75,000 75,000 50,000 5 5 S 6 6 6 6 9 9 9 0 1 2 3 � Section 3. Interest; Payment Provisions. The Bonds shall bear interest from their date or from the most recent interest payment date to which interest has -4- � been paid or duly provided for, at the rates set out above, such interest (computed upon the basis of a 360-day year oY tweive 30-day months) being payable on the first days of May and November of each year, commencing on May 1, 1987. Interest on each Bond shall be paid by check or draft of the Registrar to the person in whose name such Hond is registered at the ciose of business on the 15th day of the calendar month next preceding the ir.terest payment date. The principal oP each Bond shail be payable in lawful money of the linited States of America upon presentation and surrender oP such Bond at the principal corporate trust office of the Registrar in Milwaukee, Wisconsin. Section 4. Ezecution; Authentication. The Bonds shall be executed on behalf of the City with the facsimile signature of the City Manager and with the fac- simile signature oP the City Clerk, and sealed with the corporate seal oY the City or a printed Yacsimile thereof. In case any officer whose signature shall appear on any Bond �hall ecase to be such ofPicer beYore the deiivery of such Bond, such signature shall nevertheless be valid and sufficient Yor all purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authentication substantislly in the form hereinafter set forth duly executed by the Registrar as authenticating agent of the City and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Resolution unless and until such certificate of authentication shall have been duly executed by the Registrar by manual signature, and such certificate o£ authentication upon any such Hond shall be conclusive evidence that such Bond has been authenticated and delivered under this Resolution. The certificate of authentication on any Bond shall be deemed to have been executed by the Registrar if signed by an authorized officer of the Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 5. Registration of Bonds; Persons 1�eated as Owners. 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 for transfer of any Bond at the principal corporate trust oifice of the Registrar duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Registrar duly executed by, the registered owner or his attorney duly authorized in writing, the City shall execute and the Registrar shall authenticate, date and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of the same maturity of authorized denominations, for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity of other authorized denomina- tions. The execution by the City of any fuliy registered Bond shall constitute fuil and due authorization of such Bond and the Registrar shall thereby be authorized to suthenti- cate, date and deliver such Band. The Registrar shall not be required to transfer or exchange any Bond during the period of fifteen days next preceding any interest payment date on such Bond, nor to transfer or exchange any Bond after notice calling such Bond for prepayment has been mailed nor during the period of fifteen days next preceding mailing of a notice of prepayment of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of, premium (if 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 -5- «� and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. No service charge shail be made for any transfer or exchange o4 Bonds, but the City or the Registrar may require payment oP a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unre- deemed portion of a Hond surrendered for redemption. Section 6. Prior Redemption. Bonds maturing on and after May 1, 1996 shall be subject to redemption prior to maturity at the option of the City as a whole, or in part in inverse order of their maturity (less than all of the Bonds of a single maturity to be selected by the Registrar), on May 1, 1995 and on any interest payment date there- after, at the redemption price of par plus accrued interest to the date fixed for redemp- tion. The Bonds s}:all be redeemed only in the principal amount of ;5,000 each and integral multiples thereof. At least 45 days prior to the redemption date (unless a shorter notice shall be satisfactory to the Registrar), the City shall notify the Registrar of such redemption date and of the principai amount of Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the particular Bonds or portions of Bonds to be redeemed shall be selected not more than 60 days prior to the redemption date by the Registrar from the outstanding Bonds of the longest maturity then outstanding by such method as the Registrar shali deem fair and appropriate, and which may provide for the selection for redemption of Bonds or portions of Bonds in principal amounts of 55,000 and integral multiples thereof. The Registrar shall promptly notify the City in writing of the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected for partiai redemption, the principal amount thereof to be redeemed. Section 7. Redemption Procedure. Unless waived by any holder of Bonds to be redeemed, notice of the call for any such redemption shall be given by the Regis- trar on behalf of the City by mailing the redemption notice by registered or certified mail at ]east thirty days and not more than sixty days prior to the date fixed for redemp- tion to the registered owner of the Bond or Bonds to be redeemed at the address shown an the Bond Register or at such other address as is furnished in writing by such registered owner to the Registrar. All notices of redemption shall state: (1) the redemption date, (2) the redemption price, (3; if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amo�nts) of the Bonds to be redeemed, (4) that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and � J (5) the place where such Bonds are to be surrendered for pay m ent of the redemption price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any redemption date, the City shall deposit with the Registrar an amount of money sufficient to pay the redemption price a°. a11 the Bonds or portions oP Bonds which are to be redeemed on that date. Notice of redemption having been given as aForesaid, the Bonds or portions oY Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in tha payment of the reder.�ption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Registrar at the redemption price. Install- ments of interest due on or prior to the redemption date shall be payable as herein pro- vided for payment of interest. Upon surrender for any Qartisl redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same matur- ity in the amount of the unpaid principal. All Bonds which have been redeemed shall be cancelled and destroyed by the Registrar and shall not be reissued. Section 8. Form ot Bonds. The Bonds, the certificate of authentication to be endorsed thereon and the form of assignment are all to be in substantially the follow- ing forms with necessary and sopropriate variations, omissions and insertians as per- mitted or required by this Resolution: Rate of Interest Registered Owner: (Form of Bond) IInited States ot America State of Plisconsin County of Winnebago City of Oshkosh Corporate Purpose Bond, Series 1986-A Maturity Date May 1, 19_ Date of Original Issue May 1, 1986 Principal Amount HNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in the County of Winnebago, Wisconsin (the "City"), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner hereinabove identified, or regis- tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the Principal Amount hereinabove identified and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on such Qrincipal amount from the date of this Hond or from the most recent interest payment date to which interest has been paid at the Rate of Interest per annum hereinabove set forth on May 1 and November 1 of each year, commencing May 1, 1987, until said principal sum is paid, except as the provisions hereinafter set forth with respect to redemption may be and become applicable hereto. -7 - The principal of this Bond is payable in lawful money oP the United States of America upon presentation and surrender of this Bond at the principal corporate trust office of the First Wisconsin Trust Company, Milwaukee, Wisconsin, as registrar and paying agent (the "Registrar"). Payment of each installment of interest shall be made to the registered owner hereof who shall appear on the registration books oY the City main- tained by the Registrsr at the close of business on the 15th day o4 the calendar month next preceding the interest payment date and shall be paid by check or draPt of the Registrar mailed to such registered owner at his address as it appears on such registra- tion books or at such other address as may be furnished in writing by such registered owner to the Registrar. Refe:,er.ce is hereby mac'e to the further provisions of this Bond set forth on the reverse side hereoi and such further provisions shall Por all purp�ses have the same effect as if set forth on the front side hereof. It is hereby certified, recited and declared that all acts, conditions and things required to be done, exist, happen and be performed precedent to and in the issu- ance of this Bond have been done, have existed, have happened and have been performed in regular form and manner as required by the constitution and statutes of the State of Wisconsin, that this Bond, together with all other indebtedness of the City, does not exceed any limitation prescribed by law, and that sa:d city has levied a direct annual irrepealable tax sufficient to pay the interest F.areon when it falls due and also to pay and discharge the principal hereof at maturity. The full faith, eredit and resources of the City are hereby pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due and For the levy and collection of sufficient taxes for that purpose. This Bond shall not be valid or become obligatory for any purpose untii the certificate of suthentication hereon shall have been signed by the Registrar. IN WITNESS WHEREOF the City of Oshkosh, Winnebago County, Wisconsin, by its City Council, has caused this Bond to be executed with the duly authorized fac- 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 first day of May, 1986. (facsimile signature) City Clerk [SEAL) '�F.'E (facsimile siQnature) City Manager -.�� CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within mentioned Resolution and is one of the Corporate Purpose Bonds, Series 1986-A of the City of Oshkosh, Wisconsin. Date of Authentication: First Wisconsin Trust Company, as Bond Registrar Hy Authorized OfPicer [Form of Bond - Reverse Side] This Bond is one of an suthorized issue oP Bonds aggregating the principal amount of 51,050,000 (the "Bonds") issued to pay the cost of providing public projects in the amounts and for the Qurposes as foilows: 589.000 for the purpose of constructing and extending the water plant and water mains; $432,000 for the purpose of constructing street improvements; 5123,000 for the purpose of providing and improving public parks; 589,000 for the purpose of improving and extending the storm sewer system; S31U,U00 for the purpose of creating a revolving fund from which to advance the costs of speciel assessments; and E7,000 for the purpose of improving and extending the sanitary sewers o4 the City; pursuant to and in all respects in compliance with Chapter 67 of the Wiseonsin Statutes and a resolution adopted by the City Council of said City on April 17, 1986. Bonds oP the issue oP which this Hond is one maturing on and after May 1, 1996 are subject to redemption prior to maturity at the option of the City as a whole, or in part in inverse order of their maturity (in integral multiples of $5,000, less than all the Bonds of a single maturity to be selected by the Registrar in such manner as it shall deem fair and appropriate) on May 1, 1995 and oa any interest payment date thereafter, at the redemption price oP par pius accrued interest to the date fixed for redemption. Notice of any intended redemption shall be sent by registered or certiFied mail not less than thirty days nor more than sixty days prior to the date fixed for 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 Registrar or at sueh other address as is furnished in writing by such registered owner to the Registrar. � When so called for redemption, this Bond, or the portion thereof being so called for redemption, will cease to bear interest on the specified redemption date, provided funds for redemption are on deposit at the place of payment at that time, and shall not be deemed to be outstanding. This Bond is transterable by thQ registered owner hereof in person or by his attorney duly authorized in writing at the principal corporate trust office of the Regis- trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon payment ot the charges provided in the authorizing resolution, and upon surrender and cancellation ot this Bond. Upon such transter a new Bond or Bonds of authorized denom- {nations of the same maturity and for the same aggregate principal amount wi;l be issued to the transteree in exchange therefor. The Bonds are issuable in fully registered form in the denomination of SS,OCO each or integral multiples thereof. This Bond may be exchanged at the principal corporate trust ofYice cf the Registrar for a like aggregate principal amount o! Bonds of the same maturity of other authorized denominations, upon the terms set forth in the authorizing resolution. The City and the Registrar may deem and treat the registered owner as the absolute owner hereof for the purpose af receiving payment of or on account oP principal hereof, premium, if any, hereon and interest due hereon and for all other purposes and ne:ther the City nor the Registrar shall be affected by any notice to the contrary. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint or its successor as Registrar to transfer the said Bond on the books kept for registration thereof with full power of substitution in the premises. Dated: Signature gur�ranteed: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face oP the within Bond in every particular, without alteration or enlargement or any change whatever. Section 9. Sale of Bonds. The sale of the Bonds to and Associates, at the price of par plus accrued interest to the date of delivery, plus a premium of $ , is hereby confirmed. The City Treasurer is hereby authorized to deliver the Bonds to said purchasers upon payment of the purchase price. -10- 3ection 10. Use oi Proceeds; No Arbitrage; Honds to Remain in Registered Form; Designation Pursuant to the Bill. The principa! proceeds oY the Bonds shall be deposited in a special fund and used solely Por the purpose for which the Bonds were authorized. The princip:l proceeds from the sale of the Bonds shall be used only to pay the costs of public projects aforesaid and general and current municipal expenses. The City Council recognizes that the purchasers and holders oP the Bonds will have accepted them on, and paid therefor a price which reflects, the understanding that interest thereon is exempt from federal income taxat:on under laws in Porce 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 interast on any oP the Bonds subject to federal income taxation and that the principal proceeds of the sale of the Bonds shall be devoted to and used with due diligence for the �urpose for which the Bonds are hereby authorized to be issued. The City Manager, the City Clerk, the City Finance Director and the City Treasurer, or any of them, are hereby authorized to execute on behalf of the City an Arbitrage Certificate to assure the purchasers and holders of the Bonds that the proceeds of the Bonds are not expected to be used in a manner which would or might result in the Bonds being "arbitrage bonds" under Seetion 103(c) of the Internal Revenue Code of 1954, as amended, (the "Code") or the regulations of the United Sta:es Treasury Department currently in effect or proposed. Such Arbitrage Certificate shall constitute a represen- tation and certification oY the City and no investment of Bond proceeds or of moneys accumulated to pay the Bonds herein authorized shall be made in violation of the expec- tations prescribed by saic Arbitrage Certificate. The City Council further recognizes that Section 103(j) of the Code requires the Bonds to be issued 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 Ci2y agrees that it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon form. The City Council acknowledges the pendency of the Bill in the Congress of the United States and hereby authorizes the Director oP Finance to designate the Notes as "quslified tax exempt obligations" and as "quslified project bo�ds" pursuant to Section 802(e)(3) of the Bill if the Notes are to be purchased by a person authorized to do business as a financial institution in Wisconsin. Section 11. Duties of Registrar. If requested by the Registrar, the City Manager is authorized to execute and the CiLy Clerk is authorized to attest the Regis- trar's standard form oP agreement between the City and the Registrar with respect to the obligations and duties of the Registrar hereunder which shall include the following: (e) to act as Registrar, authenticating agent, paying agent and transfer agent as provided herein; (b) to give notice of redemption of Bonds as provided hzrein; (c) to cancel and destroy Honds which have been paid at maturity or upon earlier redemption or submitted for exehange or transfer; -11- a. (d) to furnish the City at least annually a certificate of destruction with respect to Bonds cancelled and destroyed; and (e) to furnish the City at least annually an audit confirmation oP Bonds paid, Bonds outstanding anc payments made with respect to intere�t on the Bonds. Section 12. Taa Levy. In order to provide for the collection of a direct annual tax sufficient to pay the interest on the Bonds and to pay and discharge the prin- cipal thereof at m iturity, there is hereby levied upon all the taxaCle property in the City oP Oshkosh a direct annual tax in amounts suYficient for that purpose to-wit: Year 1586 1987 1988 1989 1990 1951 1992 Amount S 263,081.25 76 , 29 3. 75 99,137.50 120,525.00 116,1i5.00 111,787.50 107,362.50 Year 1993 1994 1995 1996 1997 1998 1999 Amount j 102,937.50 98,512.50 94,087.50 89,625.00 85,087.50 80,d75.00 51,575.00 In each of said years fro m 1986 to 1999, inclusive, the direct annual tax above levied shall be extended upon the tax rolls of the City in the same manner and time as taxes for general city purposes, and when collected the proceeds of said t�es shall be deposited into the account of the debt service fund established in favor of the Bonds, to be used solely for paying the principal of and interest on the Honds as long as any Bonds of the Bond remain outstanding. Section 13. Sufficiency. Interest or principal maturing at any time during the life of the Bonds when there shall be insufficient funds on hand from the above tax levy to pay the same shail 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 3ervice Fund. There has been ordered to be established in the City Treasury a fund separate and distinet fro m all other funds of the City of Oshkosh to be designated the "Debt Service Fund," whieh fund shall be used solely for the purpose of paying principal of and interest on m unicipal obligations issued pursuant to Chapter 67, Wisconsin Statutes. There is hereby created and there shall be deposited in, an account known as the "Series 1986-A Corporate Purpose Bond Account", to be held as a part of the Debt Service Fund, all premium and accrued interest paid on the Bonds at the time the Bonds are delivered to the purchaser; all money raised by taxation pursuant to Section 12 hereoP; and such other su ms as m ay 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 in publishing notice oY the sale of the Bonds is hereby in all respects ratified and conFirmed. Seetion 16. Severability. If any seetion, paragraph or provision of this resolution shall be held to be invalid or unenForceable for any reason, the invalidity or -12- ...r unenforceability or such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. As�opted AFRIL 17 � 1 r HB. Approved r,P�zL 17 � 14�&• Recorded APxZL 1� , 1986 �� Attest: aY-� /a , � 7�7,�.�/1; t ` i'�(��/.J�/% City Clerk -13- T ,, STATE OF WISCONSIN ) ) COUNTY OF WINNEBAGO ) I, Donna C. Serwas, hereby certify that I am the duly quslitied and acting City Cierk of the City of Oshkosh, Wisconsin, and as such officiel I further certify that attached hereto is a copy of excerpts from the minutes of the meeting of the City Coun- cii of said City held on April 17, 1986; that I have compared said copy with the original minute record of said meeting in my official custody; and that said copy is a true, cor- rect and com�slete transcript iroa said original minute record insoPar as said original record relates to the p*oposed 51,050,000 Corporate Purpose Bonds, Series 1986-A, of said City, dated May 1, 1986. WITNESS my otficisl signature and the seal of said City this lath day of April, 1986. �l' � l ��12L� V. ,�/i ,/ J/ City Clerk (SEAL) SUSYITTED BY _ - APPRO'JED �� c�v D ��/�., � c+�� � � �. c� � �ry � v � �� � � � � � � � �. . , , :, + _.. - � ; _ ... ... _ _ . t � � z ' h ..__. . .... .._ .... _. . � . ..._.... .. _.,...._� . ' '.. . �� �, .......1 � 3 �� 7J r-i � O m z O •• zao o� o � � � � � 'o D C C � � O O N � � '- N W (D �� a � � o � cn o m� � o �� o ro 0 � c� �o �� �� rno � � na fi m , .Z7 � N � N CTI � � �� �;�