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Home My WebLink About33852 / 86-27I ` � �t-�6LllT(Pl� � �� M The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on April 3, 1986, at 7:00 o'clock P.M., with the following members present: Don H. Kutchera, Robert E. Pung, James A. Mather, Thomas J. Binner, Bernice Teichmiller, Floyd R. Chapin and the following members absent: Kathleen M. Propp * � s (Other business) 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 Kutchera , was adopted by the following vote: Aye: Kutchera, Pung, Mather, Teichmiller, Chapin pday: None PRESENT: Binner � RESOLUTION determining to borrow $7,500,000 and to issue Tax and Revenue Anticipation Notes, Series 1986, of the City of Oshkosh, Wisconsin, in such amount, providing details and prescribing the form of note. WHEREAS, the Director of Finance of the City of Oshkosh, Winnebago County, Wisconsin (the "City") has determined that during the course of 1986 expendi- tures for general municipal expenses of the City may exceed receipts from time to time from property taxes levied and state aids by as much as $7,500,000; and WHEREAS, cities are authorized by the provisions of Section 67.12(1) of the Wisconsin Statutes to borrow money and issue municipal obligations in anticipation of the receipt of such levied taxes and state aids; and WIiEREAS, it has been determined that the City is in temporary need of money in the amount af $7,500,000, £or the purpose of providing funds for the payment of general municipal expenses during 1986; and WHEREAS, it is considered necessary and desirable by this City Council, that the City borrow $7,500,000 for the purpose of providing funds for the purpose afore- said, said amount being less than sixty per cent (60%) of the aggregate amount of taxes levied and state aids to which the City is entitled and that the City issue its Tax and Revenue Anticipation Notes to evidence the obligation thereby incurred; and WHEREAS, the officials of the City have received proposals for the pur- chase of notes in the amount of $7,500,000 from: Bidder Interest Rate First Wisconsin National Bank of Milwaukee 5.37 % Marine Bank N.A. 5.44 Valley Bank of Oshkosh 5.49 -2- WHEREAS the proposal of First Wisconsin National Bank of Milwa�ikee for purchase of notes in said amount at par, bearing interest at the rate of S. 37 % per annum is the best proposal received; NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Wisconsin, as follows: Seetion 1. For the purpose of paying the cost of providing funds for the payment of general municipal expenses and in anticipation of the receipt of levied taxes and state aids to be received during the current fiscal year there shall be borrowed from Pirst Wisconsin National Bank of Milwaukee , Milwaukee , the sum of $7,500,000, and to evidence such indebtedness the City oi Oshkosh, Winnebago County, Wisconsin (the "City") shall issue its Tax and Revenue Anticipation Notes, Series 1986 (the "Notes"), in the aggregate principal amount of $7,500,000. Section 2. The Notes shall be designated "Tax and Revenue Anticipation Notes, Series 1986", shall be in negotiable bearer form, shail be dated the date of their issuance, shall be of $100,000 denomination or any integral multiple thereof, shall be numbered, shall bear interest at the rate of 5.37 % per annum payabie at maturity or upon prepayment, and shall mature as to principal on March 2, 1987. The Notes shall be subject to prepayment at the option of the City, as a whote or in part by lot, on December 1, 1986, and an the first day of any month there- after, at the principal amount of each Note (or portion thereof) so prepaid and accrued interest to the date fixed far prepayment. Notice of intended prepayment shall be given by registered or certified mail to the above named purchaser and shall be published once in The Bond Buyer, published in New York, New York, not less than 5 days prior to the date fixed for prepayment unless the owners of 100% of the Notes then outstanding shall have waived such publication in writing. -3- The Notes shall be signed by the City M anager of the City of Oshkosh by his facsimile signature and by the City Clerk, and sealed with the corporate seal oF the City. Both principal of and interest upon each Note shall be paid directly to the holder by the Treasurer of the City, in lawful money of the United State of America, upon presentation and surrender of the Note. Section 3. The Notes shall be in substantially the following form, the omissions to be appropriately completed when the Note is prepared: NO. (Form of Note) UNPfED STATES OF AMERICA State of Wisconsin County of Winnebago City of Oshkosh TA% AND REVENUE ANTICIPATION NOTE, SERIES 1986 i HNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in the County of Winnebago, State of Wisconsin, hereby acknowledges itself to owe and £or value received promises to pay to bearer, solely from the source hereinafter identified, the principal sum oF ($ ), payable on the second day of March, 1987, and from the same source, interest at the rate of per cent ( %) per annum on the unpaid principal from the date hereof until the principal amount shall have been fully paid, such interest and principal being payabie directly to the bearer by the Treasurer of the City of Oshkosh at maturity or upon prepayment, only upon presentation and surrender of this Note. Notes of the issue of which this note is one are subject to prepayment at the option of the City of Oshkosh, as a whole or in part by lot, on December 1, 1986, and on the first day of any month thereafter, at the principal amount of each note (or portion thereof) so prepaid and accrued interest to the date fixed for prepayment. -4- v Notice of intended prepayment shall be given by registered or certified mail to , , and shall be published in The Bond Buyer, published in New York, New York, not less than 5 days prior to the date Fixed for prepayment unless the owners of one hundred per cent (100%) oF the Notes then outstanding shall have waived such publication in writing. For the prompt payment of this note with interest hereon as aforesaid the City has pledged a sufficient amount of taxes levied and state aids to be received during the current fiscal year, which monies, as received, shall be deposited into a separate fund to be used solely for such purpose. This note is one of an issue of $7,500,000, all of like date, issued to evi- dence the obligation incurred by the borrowing of money in such aggregate amount for the purpose of paying the cost of providing funds for the payment of general municipal expenses, pursuant to and in all respects in compliance with Section 67.12(1) of the Wisconsin Statutes and a resolution adopted by the members of the City Council of said city on April 3, 1986, and entitled, "RESOLUTION determining to borrow $7,500,000 and to issue Tax and Revenue Anticipation Notes, Series 1986, of the City of Oshkosh, Wisconsin, in such amount, providing details and prescribing the form of note." It is hereby certified and recited that all conditions, things and acts required by law to exist, to be or to be done precedent to and in the issuance of this note have been, have existed and have been performed in due form and time. IN TESfIMONY WHEREOF, the City of Oshkosh, by its City Council, has caused this note to be signed by its City Manager by his facsimile signature and by its City Clerk, and its corporate seal to be impressed hereon, sll as of the day of April, 1986. (SEAL) C -S- City Manager Section 4. The City has levied $ 7,170,679 for property taxes in the year 1985, collectible in 1986, of which $ 2,153,268 has been collected to the date hereof. The City is entitled to revenue from the State of Wisconsin in the amount of S 11.466.616 of State aids during 1986. The City is entitled to $ 691,599 of federal aids during 1986. In order to provide for the funds to pay the interest on the Notes and to pay and discharge the principal thereof at maturity, the City hereby pledges an amount sufficient for said purposes from the aforesaid taxes levied and to be collected and State and federal aids to be received in the fiscal year 1986 but subsequent to the dated date of the Notes, such a m ount being less than sixty per cent of the total a mount aforesaid. Monies received fro m said sources shall be kept in a separate and distinet fund to be used solely for paying the principal of and interest on the Notes, so long as any of the Notes re main outstanding. Section 5. The City Clerk, as Note Registrar, shall keep, maintain and preserve an adequate and correct register account of the Notes originally issued and prepaid, and all payments and other transactions relating thereto. I Section 6. When the Notes shall have been prepared and executed, the same shall be dated and delivered by the City Treasurer toFirst Wisconsin National Bank of Milwaukec, Milwaukee , iNisconsin ,upon receipt of $7,500,000. Section 7. The principal proceeds from the sale of the Notes shall be used I only for the purpose of paying the cost of providing for the payment of general municipal expenses. The City recognizes that the purchasers and holders of the Notes will have accepted the m on, and paid therefor a price which reflects, the understanding that interest thereon is exempt from Federal income taxation under laws in force at the time said notes 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 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 payment of the expenses for which the Notes are herein G:� authori2ed to be issued. The City Manager, the Clerk and the Treasurer of the City, or any of them, are hereby authorized to execute on behalf of the City an Arbitrage Certif- icate 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 said notes being "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as a mended, or the regulations of the United States Treasury Departm ent currently in effect 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 expectations pre- scribed by said Arbitrage Certificate. Adopted April 3, 1986. Recorded April 3 , 1986. _---'�� '_�'��'r'��. ut Mayor Attest: .� . 2�1;.�i (i. !1F'��Jl.L�,� City Clerk s r s (Other business) -7- Upon motion of Kutchera , seconded by Mather , and unanimously adopted, the City Council adjourned. Attest: ,�\ `%`111 �/1- ci �'.��%; i l `-1,�/ City Clerk �� 2 C?'�� Dep�Mayor � � 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 officialI further certify that attached hereto is a copy of excerpts from the minutes of the meeting of the City Council of said City held on April 21, 1986; that I have compared said copy with the original minute record of said meeting in my official custody; and that copy is a true, cocrect and complete transcript from said original minute record insofar as said origina] record relates to the proposed $7,500,000 Tax and Revenue Anticipation Notes, Series 1986, of said City. April 1986. (SEAL) WITNESS my official signature and the seal of said City this 4th day of J\ ,' � i 'L L^ - i� , �U? %/ (.�n/ City Clerk � �� n a � �`�. C t .- c� r. W � � � � �_. F µ � � � .� O� .� � c'� 3 ao � -� � � m z O•• p vT+O � �G O m !o v VI N —I � � i� cFv ti �� m � � rn v -i � � � �� iD O W � rna .� -s � W O i � 0 f � � i va V (J� O O O O O A r� � � N V