HomeMy WebLinkAbout33873 / 86-24` T
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 Yollowing 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 following members absent: none
s s t s
(Other business)
The Clerk stated that one purpose of the meeting was the consideration of
proposals received Yor the purchase of $1,366,000 Promissory Notes, Series 1986-A of the
City of Oshkosh pursuant to sealed bids.
Thereupon the following resolution, previously made available to all
members of the City Council, was introduced by Mather
and pursuant to motion made by Mather and seconded by
Bir.ner was adopted by the following vote:
Aye: Binner, Soanbauer, Propp, Pressley, Mather, Chapin
Nay: Kutchera
RFSOLUTION determining to borrow E1,360,000 and to issue
Promissory Notes, Series 1986-A, of the City of Oshkosh, Winnebago
County, Wisconsin, in such amount, providing details, prescribing the
form of note, awarding the notes to the highest bidder, and levying
taxes. '
WHEREAS, cities are authorized by the provisions of Section 67.12(12),
Wisconsin Statutes to issue promissory notes for projects undartaken for public purposes;
and
WAEREAS, cities, in exercise of their public powers, ordinarily provide for
sidewaiks, traffic signals, purchase of municipal equipment, acquisition of land, repair of
public buildings and tree replacement, water system improvements and general and
current municipal expenses; and
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WHEREAS, it is considered necessary and desirable by the Common Council
of the City, that the City borrow the aggregate amount of $1,360,000 for the public
purposes aforesaid and that the City issue its promissory notes to evidence the
indebtedness thereby incurred;and
FYHEP.EAS, pursuant to advertisement, sealed bids were received for the
purchase of promissory notes in said amount until 11:00 A.:�i., C.S.T. on April 17, 1986,
which bids are as follows:
Name of Bidder
Northern Trust Co., Chicago, ILL.
First Wisconsin National Bank,
Dfilwaukee, WI.
The First National Bank of Chica;o,
Chicago, ILL.
Continental Illinois Nat'1 Bank f,
Trust Co., Chica�o, ILL.
Harris Trust F, Savings Bank,
Chicago, ILL.
LaSalle National Bank, Chicago, ILL
; and
Net Interest Rate
$530,910.00
538,822.35
548,060.00
552,9^_D.00
558,797.30
560,817.53
5.721010
5.8062%
5.903513a
5.958°
6.02150
6.043292a
WHEREAS, the bid of Northern Trust Co. ,
of Chicago , Illinois and
associates at a price of par plus accrued interest to the date of delivery, plus a pre miu m
of $50,pp was the best bi.l submitted, which bid is as follows:
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MEMI3ERS OF THE CITY COUNCIL
CITY OF QSHKUSH, WISCONSIN
BID FORM
April 1�, 1986
We offer [o purchase the $1,360,000 Promissory No[es, Series 198b-A,
of the City of Oshkosh, Wisconsin to be dated May 1, 1986 and oEfered fur
sale on the above daCe, on the [erms and conditions s[ated in the
Officia Notice of Sale and the Official Sta[emen[ therefor, for a price
of �36o �so"`P �no[ less than �1,360,000), and acccued interest
[o date of 'delivety. 'Che notes of the various maturities to bear
in[eres[ at the £ollowing annual rates:
�7 �%
��O %
,j��%
.��Z�1. °
S�% �
���%
z.s 7Ca
SiO�
_�8d �
for no[es due May 1,
for notes due May 1,
for no[es due May 1,
for noCes due �tay 1,
for notes due May l,
for noces due May 1,
for noCes due May 1,
for notes due May 1,
fur noCes due May 1,
for notes due May 1,
1987
1938
1989
1990
1991
1992
1993
199'+
1995
1996
Qur computation of Che toral amoun[ of interes[ from date of issve [o
ma[uri[y rzpresen[ed by the inte:zs[ raCes specified abcve, and of the
neC interzst cost of t'�is bid, wnii� no: a part ,,: t'�is bid, ar2 set
`ott'� bel:•.+.
This bid is made for prumpt accep�ance and subjecC [o [he condi[inns
of [ne Official Notice uf Sate. We enclos=, herewith, nur cashier's or
cz�:ified cSeck or bank drafe, in tSa amount of $2%,200, �.'^.ich is to be
held by [he City pending compliance wiCh [he condi[ions of [his,bid.
AND ASSOCIATES
(SEE A�_'TACHED LIST)
Interest Compu[a[ion
Respectfully submit[ed,
THE NORTHERN TRUST CONiPANY
Syndicate Manager
,1��'�Y�v C'�,✓�Z��.
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By STEVEN C. BROWN
Vice President
We compute the [o[al amount of interest from date of issue to
ma[urity, represented by the interes[ rates specified in the bid, to
be _/�O,Q/0� for a Net Rate uf �_�J,T/O/%•
The furegoing bid is hereby accep[ed by and on behalf of [he City of
Oshkosh, Wisconsin this 17[h day of April, 1936.
City Afanager
Director oi Fin.�nce/T:ea,urer
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NOW, THEREFORE, Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
3ection 1. Definitions. For all purposes of this Resolution, except as
otherwise expressly provided oc unless the context otherwise requires, the terms deiined
in this Section shali have the meanings set forth below, and shall include the plural as
well as the singular.
"Bill" shall mean H.R. 3838, adopted by the United States House of
Representatives on December 17, 1985.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"Note" or "Notes" shall mean one or more of the Promissory Notes, Series
1986-A authorized to be issued by the terms of this Resolution.
"Note Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Notes.
"Registrar" shall mean the First Wisconsin Trust Company, 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" shall mean Chapter 67 of the Wisconsin Statutes, as amended and
supplemented.
Section 2. Authorization. The issuance of $1,360,000 aggregate principal
amount of promissory notes is hereby authorized for the purpose of providing funds in the
amounts and for the purposes, including financing costs as foliows:
Amount
Purpose
S6,000 Sidewalks
3,000 Traffic Signals
366,G�0 Municipal Equipment
209,000 Acquisition of Land
595,OQ0 Building Repair
26,000 General and Current
Municipal Expenses
155,000 Water System Improvements
The Notes shall be designated "Promissory Notes, 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 Notes shall be in fully registered form, shall be in denominations of
$5,000 each and integral multiples thereof (but no single Note shall represent install-
ments of principal maturing on more than one date), shall be numbered consecutively
from one upward, shall mature serially on May 1 of each of the years 1987 to 1996,
inclusive, in the amounts and shall bear interest at the rates per annum, as follows:
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Interest Interest
Year Amount Rate Year Amount Rate
1987
1988
1989
1990
1991
j100,000
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35,00�
50,000
175,000
5.7
5.7
5.7
5.7
% 1992
1993
1994
1995
1996
$200,000 5.7 %
200,000 5.7
200,000 5.7
200,000 5.7
200,000 5.8
Section 3. Interest; Payment Provisions. The Notes shall bear interest
from their date or from the most recent interest payment date to which interest has
been paid or duly provided for, at the rates set out above, such interest (computed upon
the basis of a 360-day year of twelve 30-day months) being payable on the Yirst days of
May and November of each year, commencing on May 1, 1987. Interest on each Note
shall be paid by check or draft of the Registrar to the person in whose name such Ncte is
registered at the close of business on the 15th day oY the calendar month nezt preceding
the interest payment date. The principal of each Note shall be payable in lawPul money
of the United States of Am erica upon presentation and surrender of such Note at the
principal corporate trust office of the Itegistrar in Milwaukee, Wisconsin.
Section 4. Eaecution; Authentication. The Notes shall be executed on
behalf of the City with the facsimile signature of the City Manager and with the fac-
simile signature of the City Clerk, and sealed with the corporate seal of the City or a
printed facsimile thereof. In case any officer w hose signature shall appear on any Note
shall cease t0 be such oPficer before the delivery of such Note, such signature shall
nevertheless be valid and sufficient for all purposes, the sa m e as if such oFficer had
remained in office until delivery.
All Notes shall have thereon a certificate oF authentication substantially in
the for m hereinafter set forth duly executed by the Registrar as authenticating agent of
the City and showing the date of authentication. No Note shall be valid or obligatory for
any purpose or be entitled to any security or benefit under this Resolution unless and
until such certificste of authentication shall have been duly executed by the Registrar by
manual signature, and such certificate of authentication upon any such Note shall be
conclusive evid_nce that such Note has been authenticated and delivered under this
Resolution. The certificate of authentication on any Note shall be deemed to have been
executed by the Reg;strar 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
Notes issued hereunder.
Section 5. Registration of Notes; Persons 'IYeated as Owners. The City
shall cause books (the "Note Register") For the registration and for the transfer of the
Notes 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 Notes herein authorized. Upon surrender for transfer of any Note at the
principal corporate trust office of the Registrar duly endorsed by, or accom panied 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 Note or Notes of the same maturity of
authorized denominations, for a like aggregate principal amount. Any fully registered
Note or Notes may be exchanged at said office of the Registrar for a like aggregate
principal a mount of Note or Notes of the same maturity of other authorized deno mina-
tions. The execution by the City of any fully registered Note shall con�titute full and
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due authorization of such Note and the Registrar shall thereby be authorized to authenti-
cate, date and deliver such Note. The Registrar shall not be required to transfer or
exchange any Note during the period of fifteen days next preceding any interest payment
date on such Note, nor to transfer or exchang= any Note after notice calling such Note
for prepayment has been meiled nor during tiie period of fifteen dr..ys next preceding
mailing of a notice oF prepayment of any Notes.
The person in whose name any Note 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 Note shall be made only to or upon the order of the
registered owner thereof or his legal representative. All such payments shall be valid
and effectual to satisPy and discharge the liability upon such Note to the extent of the
sum or sums so paid.
No service charge shall be made for any transfer or exchange oP Notes, but
the City or the Registrar may require payment of a sum suPficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or
exchange of Notes except in the case of the is�uance oF a Note or Notes for the unpre-
paid portion of a Note surrendered for prepayment.
Section 6. Prepayment. Notes maturing on and after May 1, 1995 shall be
subject to prepayment 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 Notes of a single maturity to be
selected by the Registrar), on May 1, 1994 and on any interest payment date the*eafter,
at the prepayment price of par pius accrued interest to the date fixed for prepayment.
The Notes shall be prepaid oniy ir. the principal amount of ;5,600 each and
integral multiples thereof. At least 45 days prior to the prepayment date (unless a
shorter notice sha11 be satisfactory to the Registrar), the City shall notify the Registrar
of such prepayment date and of the principal amount of Notes to be prepaid. For
purposes of any prepayment of less than ell of the outstanding Notes of a single maturity,
the particular Notes or portions of Notes to be prepaid shall be selected not [riore than 60
days prior to the prepayment date by the Registrar from the outstanding Notes oF the
longest maturity then outstanding by such method as the Registrar shall deem fair and
appropriate, and which may provide for the selection for prepayment of Notes or portions
of Notes in principal amounts of $5,000 and integral multiples thereof.
The Registrar shall promptiy notify the City in writing of the Notes or
portions of Notes selected for prepayment and, in the case of any Note selected for
partial prepayment, the principal amount thereof to be prepaid.
Seetion 7. Prepayment Procedure. Unless waived by any holder of Notes
to be prepaid, notice of the call for any such prepayment shall be given by the Registrar
on behalf of the City by mailing the prepayment notice by registered or certified mail at
least thirty days and not more than sixty days prior to the date fixed for prepayment to
the registered owner of the Note or Notes to be prepaid at the address shown on the Note
Register or at such other address as is furnished in writing by such registered owner to
the Registrar.
All notices of prepayment shall state:
(1) the prepayment date,
(2) the prepayment price,
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(3) iP less than all outstanding Notes are to be prepaid, the identification
(and, in the case of partial prepayment, the respective principal amounts) oY the
Notes to be prepaid,
(4) that on the prepayment date the prepayment price will become due and
payable upon each such Note ar portion thereof called for prepaym ent, and that
interest thereon shall cease to accrue from and after said date, and
(5) the place where such Notes are to be surrendered for paym ent of the
prepayment price, which place of payment shall be the prineipal corporate trust
office of the Registrar.
Prior to any prepayment date, the City shall deposit with the Registrar an
amount of money sufficient to pay the prepayment price of all the Notes or portions of
Notes which are to be prepaid on that date.
Notice of prepayment having been given as aforesaid, the Notes or portions
of Notes so to be prepaid shail, on the prepayment date, become due and payable at the
prepayment price therein specified, and from and after such date (unless the City shall
default in the payment of the prepayment price) such Notes or portions of Notes shall
cease to bear interest. Upon surrender of such Notes for prepayment in accordance with
said notice, such Notes shall be paid by the Registrar at the prepayment price. Install-
ments of interest due on or prior to the prepayment date shall be payable as herein
provided for payment of interest. Upon surrender for any partial prepayment of any
Note, there shall be prepared for the registered owner a new Note or Notes of the same
maturity in the amount of the unpaid principal. All Notes which have been prepaid shall
be cancelled and destroyed by the Registrar and shall not be reissued.
Section 8. Form of Notes. The Notes. the certificate of suthentication to
be endorsed thereon and the form of ass�,3nment are all to be in substantially the follow-
ing forms with necessary and appropriate variations, omissions and insertions as per-
mitted or reGuired by this Resolution:
(Form of Note)
United States oi Ameriea
State of Wisconsin
County of Winnebago
�ity of Oshkosh
Promissory Note, Series 1986-A
Rate of
Interest Maturity Date Date of Original Issue Principal Amount
May 1, 19_ May 1, 1986 $
Registered Owner:
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
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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 principai amount from the date of this
Note or from the most recent interest payment date to which interest has been paid at
the Rate of [nterest 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 prepayment may be and become applicable hereto.
The principal oP this Note is payable 3n lawful money of the United States
of America upon presentation and surrender of this Note 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 of the City main-
tained by the Registrar at the close of business on the 15th day of the calendar month
next preceding the interest payment date and shall be paid by check or draft of the
Registrar mailed to such registered owner at his address as it appears on such registra-
tion books or at such other address as may be furnished in writing by such registered
owner to the Registrar.
Reference is hereby made to the further provisions oF this Note set forth
o�i the reverse side hereof and such further provisions shall for all purposes have the
same effect as if set forth on the front side hereof.
It is hereby certified, recited and deciared that all acts, conditions and
things required to be done, exist, happen and be performed precedent to and in the issu-
ance of this Note 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 Note, together with all other indebtedness of the City, does not
exceed any limitation prescribed by law, and that said city has levied a direct annual
irrepealable tax sufficient to pay the interest hereon when it falls due and also to pay
and discharge the principal hereof at maturity.
The full faith, credit and resources of the City are hereby plec;ed for the
payment of the principal of and interest on this Note 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 Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Registrar.
IN WITNESS WAEREOF the City of Oshkosh, Winnebago County, Wisconsin,
by its City Council, has caused this Note to be executed with the duly authorized fac-
simile signature of its City Manager and with the duly authorized facsimile signature of
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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 siRnature) (facsimile signature)
City Clerk City Manager
[SEAL]
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes described in the within mentioned Resolution
artd is one o! the Promissory Notes, Series 1986-A of the City of Oshkosh, Wisconsin.
Date of Authentication:
First Wisconsin Trust Company,
es Note Registrar
By
Authorized Officer
[Form of Note - Reverse Side]
This Note is one of an authorized issue of Notes agg_°egating the principal
amount oP E1,360,000 (the "Notes") issued to pay the cost of providing public projects
including sidewalks, traffic signals, purchase of municipal equipment, acquisition of land,
building repair, water system improvements and general and current municipal expenses
pursuant to and in all respects in compliance with Chapter 67 of the Wise:,nsin Statutes
and a resolution adopted by the City Council of said City on April 17, 1986.
Notes of the issue of which this Note is one maturing on and after May 1,
1995 are subject to prepayment at the option of the City as a whole, or 4n parc in inverse
order of their maturity (in integral multiples of $5,000, less than all the Notes of a single
maturity to be selected by the Registrar in such manner as it shall deem fair and appro-
priate) on May 1, 1994 and on any interest payment date thereafter, at the prepayment
price of par plus accrued interest to the date fixed for prepayment.
Notice of any such prepayment shall be sent by registered or certified mail
not less than thirty days nor more than sixty days prior to the date fixed foc prepayment
to the registered owner of each Note to be prepaid (in whole or in part) at the address
shown on the registration books of the City maintained by the Registrar or at such other
address as is furnished in writing by such registered owner to the Registrar. When so
called for prepayment, this Note, or the portion thereof being so called for prepayment,
will cease to bear interest on the specified prepayment date, provided funds for prepay-
ment are on deposit at the place o£ payment at that time, and shall not be deemed to be
outstanding.
This Note is transferable by the registered owner hereof in person or by his
attorney duly authorized in writing at the principal corporate trust office o4 the Regis-
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trar in Milwaukee, Wisconsin, but oniy in the manner, subject to the limitations and upon
payment of the charges provided in the authorizing resolution, and upon surrender and
cancellation of this Note. Upon such transfer a new Note or Notes of authorized denom-
inations of the same maturity and for the same aggregate principal amount will be issued
to the transferee in exchange therefor.
The Notes are issuable in fully registered form in the denomination o4
;5,000 each or integral multiples thereof. This Note may be exchanged at the principal
corporate trust office of the Registrar for a like aggregate principal amount of Notes of
the same maturity oP other authorized denominations, upon the terms set 4orth in the
authorizing resolution.
The City and the Registrar may deem and treat the registered owner as the
absolute owner hereo4 for the purpose of receiving pa,yment of or on account of principal
hereof, premium, if any, hereon and interest due hereon and for all other purposes and
neither the City nor the Registrar shall be 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 Note and does hereby irrevccably constitute and appoint
or its successor as Registrar to
transfer the said Note on the books kept for registration thereo4 with full power of
substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the face oF the within Note in every
particular, without elteration or enlargement or any change whatever.
Section 9. Sale ot Notes.
par plus accrued interest to the date of delivery
hereby confirmed. The City 'I�easurer is hereby
purchasers upon payment of the purchase price.
The sale of the Notes to
and Associates, at the price of
plus a premium of $ , is
authorized to deliver the Notes to said
Section 10. Use ot Prxeeds; No Arbitrage; Notes to Remain in Registered
Porm; Designation Pursuant to the Bill. The principal proceeds of the Notes shall be
deposited in a special fund and used solely for the purpose for which the Notes were
authorized.
The principal proceeds from the sale of the Notes shali be used only to pay
the costs of public projects aforesaid.
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The City Council recognizes that the purchasers and holders of the Notes
will have accepted them on, and paid therefor a price which reflects, the understanding
that interest thereon is exempt from Pederai income taxation under laws in force at the
time the Notes shall have been delivered. In this connection the City Council agrees that
it shall take no actian which may render the interest on any of the Notes subject to
federal income taxation and that the principal proceeds of the sale of the Notes shall be
devoted to and used with due diligence for the purpose for whicn the Notes 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 CertiPicate to assure the purchasers and holders of the Notes that the proceeds
of the Notes are not expected to be used in a manner which would or might result in the
Notes Deing "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954,
as amended, (the "Code") or the regulations of the United States Treasury Department
currently in eifect or proposed. Such Arbitrage Certificate shall constitute a
representation and certification of the City and no investment of Note proceeds or of
moneys accumulated to pay the Notes herein authorized shall be made in violation of the
e�cpectations prescribed by said Arbitrage Certificate.
The City Council further recognizes that Section 103(j) of the Code
requires the Notes 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 Notes are delivered. In this connection, the City agrees that it will not take any
actian to permit the Notes to be issued in, or converted into, bearer or coupon form.
The City Council acknowledges the pendency of the Bill in the �ongress of
the United States and hereby authorizes the Director o4 Finance to designate the Notes
as "qualified tax exempt obligations" and as "qualified project bonds" 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 suthorized to execute and the City Clerk is authorized to attest the Regis-
trar's standard form oY agreement between the City and the Registrar with respect to
the obligations and duties oP the Registrar hereunder which shall include the following:
(a) to aet as Registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(b) to give notice of prepayment of Notes as provided herein;
(c) to cancel and destroy Notes which have been paid at maturity or upon
earlier prepayment or submitted for exchange or transfer;
(d) to furnish the City at least annually a certificate of destruction with
respect to Notes cancelled and destroyed; and
(e) to Furnish the City at least annually an sudit confirmation of Notes
paid, Notes outstanding and payments made with respect to interest on the Notes.
Section 12. Taa Levy. In order to provide for the collection of a direct
annusl .tax sufficient to pay the interest on the Notes and to pay and discharge the prin-
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cipal thereof at maturity, there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tax in amounts sufficient for that purpose to-wit:
Year
1986
1987
198&
1989
1990
Amount
f 213,730.00
72;020.00
106,022.50
118,600.00
237,187.50
Year
1991
1992
1993
1994
1995
Amount
S 251,500.00
240,100.00
228,70Q.00
217,300.00
205;800.00
In each of said years from 1986 to 1995, inclusive, the direct annual tax
s6ove levied shall be extended upon the tax rolls of the City in the sa me m anner and
time as taxes for general city purposes, and when collected the proceeds of said taxes
shall be deposited into the account of the debt service fund established in favor of the
Notes, to be used solely for paying the principal oP and ir.terest on the Notes es long as
any Notes of the Note remain outstanding.
Section 13. Suffieiency. Interest ar principal maturing at any time during
the liYe of the Notes when there shall be insufficient funds on hand from the above tax
levy to pay the same shall be paid promptly when due from the general fund of the City,
and said fund shall be reimbursed in a like amount out of the proceeds of taxes hereby
levied when the same shall have been coliected.
Section 14. Debt Service Fund. There has been established in the City
'lieasury a fund separate and distinet from all other funds of the City of Oshkosh to be
designated the "Debt Service Fund," which fund shall be used solely for the purpase of
paying principal of 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 1986-A Promissory Note Account", to be held as a part of the Debt
Service Fund, all premium and accrued interest paid on the Notes at the time the Notes
are delivered to the purchaser; all money raised by taxation pursuant to Section 12
hereof; and such other sums as may be necessary to pay interest on the Notes when the
same shall become due and to retire the Notes at their respective maturity dates.
Section 15. Advertisement. The action o4 the Director oF Finance with
respect to pu6lication of the netice of sale of the Notes is hereby in all respects rati£ied
and confirmed.
Seetion 16. Severability. If any section, paragraQh or provision of this
resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
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unenforceability or such section, paragraph or provision shall not affect any of the
re maining provisions of this resolution.
Adopted APRIL 17 , 1986.
Approved r�RIL 1� , 1986.
Recorded APRIL 17 , 1986
Attest:
'^;':IZ�Z/1/ � ,�/f °��
City Clerk
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STATE OF WISCONSIN
COUNTY OF WINNEBAGO
I, Donna C. Serwas, hereby certify that I am the duly qualified and acting
City Clerk of the City of Oshkosh, Wisconsin, and as such officiai I further certify that
attar_hed hereto is a copy of excerpts 4rom the minutes oP the meeting oY the City Coun-
cil oi said City held on April 17, 1986; that I have compared said copy svith the original
minute :ecord of said meeting in my official custody; and that said copy is a true, cor-
rect and complete transcript from said original minute record insofar as said original
record relates to the proposed ;1,360,000 Promissory Notes, Series 1986-A, of said City,
dated May 1, 1986.
WITNESS my official signature and the seal of said City this 18th day
of April, 1986.
f��'-g, ,; �,l;i ��1�/l�(.!/ /�1/
City Clerk
(SEALI
SUBMITTED BY
APPROVED
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