HomeMy WebLinkAbout33847 / 86-22►�e-so�u-rza� #��-
. . >
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
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
* * ■
(Other Business)
The following resolution, previously made available to all members of the
City Council, was introduced by Binner
RESOLUTION directing the advertisement and sale of
$1,360,000 Promissory Notes, Series 1986-A, and
$1,050,000 Corporate Purpose Bonds, Series 1986-A, of the
City of Oshkosh, Wiscor.sin.
WHEREAS it is necessary that funds be raised by the City of Oshkosh (the
"City") in the amount of $1,360,000 for the purpose of providing for 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 necessary and desirable by the City Council of
the City that the City borrow an aggregate amount of $1,050,000 for the purpose of
providing funds for public projects as set out in the various initial resolutions adopted
March 6, 1986; and
WAEREAS it is desirable to combine the issues authorized by the aforesaid
initisl resolutions into one issue, as permitted by Section 67.05(13), wisconsin Statutes;
and
WHEREAS it is considered desirable to offer all the aforesaid securities at
one time in order to obtain the best possible te:ms For the City;
NOW, THEREFORE, Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of offering at public sale $1,360,000 Promissory
Notes, Series 1986-A and $1,050,000 Corporate Purpose Bonds, Series 1986-A, the
Finance Director is hereby authorized to cause a notice of the sale of said Promissory
Notes and Bonds to be published in the Oshkosh Northwestern, published in Oshkosh,
Wisconsin, and in The Bond Buver published in New York, New York, as a Class 1 notice
not later than April 10, 1986. Sueh publication shall be in substantielly the form set out
as Exhibit "A" hereto. The Finance Director shall also cause to be prepared and
distributed an Official Statement, including an Official Notice of Sale which shall be in
substantially the form set out as Exhibit "B" hereto.
Section 2. After bids shall have been received for said Promissory Notes
and Corporate Purpose Bonds, this City Council will adopt additional proceedings to
award the same to the best bidder, prescribe the terms thereof, and the forms of note
and bond, and levy taxes in the specific amounts necessary to pay principal and interest.
-2-
...J
Adopted April 3, 1986.
Recorded AAril 3 , 1986.
� ��c��__�.:.
Deputy M or
Attest:
�i 2 �� � l.'. � ���
City Clerk
Motion was made by Binner that said resolution be
adopted, and said motion was seconded by
After due consideration and upon roll being called, the following voted:
Aye:Pung, Mather, Binner, Chapin
Nay:Kutchera, Teichmiller
Deputy
The Mayor thereupon declared said resolution duly adopted.
* � r
(Other Business)
There being no further business to come before the City Council it was
moved by Ku h ra , seconded by Mather , and
unanimously carried that the City Council adjourn.
Approved April 3 , 1986.
�� 2 �,�.
Deputy ayor
ATTEST:
'����� l/• ��%��
City Clerk
-3-
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
>
) SS:
)
I, DONNA C. SERWAS, hereby certify that I am the duly quelified and
acting City Clerk of the City of Oshkosh, Wisconsin, and as such officialIfurther 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 3, 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, correct and said original record relates to the proposed $1,360,000 Promissory
Notes, Series 1986-A and $1,050,000 Corporate Purpose Bonds, Series 1986-A of said
City.
WITNESS my official signature and the seal of said City this 4th day of
April, 1986.
�
� ,y
�°/} � � - /'u �'/l l��
City Clerk
(SEAL)
_ _ �
EXHIBIT A
NOTICE OF SALE
CITY OF OSKOSH, WINNEBAGO COUNTY, WISCONSIN
$1,360,000 PROMISSORY NOTES, SER[ES 1986-A
;1,050,000 CORPORATE PURFOSE BONDS, SERIES 19S6-A
SEPARATE SE.�LED BIDS for the above Bonds and Notes wili be received
until 11:00 A.M., C.S.T., on April 17, 1986, in the City Hall in the City of Oshkosh.
Award will be at 7:00 P.'�I. on said date. The Bonds and Notes are general obligations of
the City issued for the purpose o£ providing funds for various public purposes.
The Bonds and Notes will be in denominations of $5,000 and integral multi-
ples thereof, in fully registered form, dated May 1, 1986, and will mature on May 1 of
each year as follows:
$1,050,000
Corporate Purpose Bonds
Series 1985-A
Year Amount
1989 $175,OQ0
1988 25,000
1989 50,000
1990-1999 75,000
2000 50,000
$1,360,000
Promissory Notes
Series 1985-A
Year
1987
1988
1989
1990
1991
1992-1996
Amount
$100,000
-0-
35,000
50,000
175,000
200,000
Bonds maturing M ay 1, 1996 and thereafter are callable in whole, or in part by lot in inverse
order of maturity, on May 1, 1995, and on any interest pay m ent date thereafter, at par plus
accrued interest. Notes maturing May 1, 1995 and 1996 are callable in whole, or in part by lot
in inverse order of maturity, on May 1, 1994 and on any interest payment date thereafter, at par
plus accrued interest.
�
First Wisconsin Trust Company, Milwaukee, Wisconsin will be Registrar and
Paying Agent. Interest will be payable May 1, 1987, and semiannually thereafter by check or
draft of the Paying Agent.
The City will provide at its expense the printed Bonds and Notes and the legal
opinion of Chapman and Cutler. The Official Statement, Official Notice of Sale and bid Form
may be obtaine�9 from the undersigned, or from Miller 6c Schroeder Municipals, Inc.,
Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431,
Attention: Ernest L. Clark, Vice President, telephone (612) 831-1500.
/s/ Edward A. Nokes
Director of Finance
-'-
.
J
EXHIBIT B
OFFICIAL NOTICE OF SALE
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
$1,360,000
Promissory Notes, Series 1986-A
$1,p50,600
Corporate Purpose Bonds, Series 1986-A
NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago County,
Wisconsin (the "City"), will receive separate sealed bids only for the above captioned Corporate
Purpose Bonds and Pro missory Notes consisting of two separate issues, until 11:00 o'clock,
C.S.T., on April 17, 1986, at which time the bids for each issue will be publicly opened and
announced in the City Hall in the City of Oshkosh. Award will be made at a meeting of the City
Council at 7:00 P.M. on the sale date.
All Bonds and Notes as originally delivered to the purchaser will be dated May 1,
1986, will be in registered form and will mature serialiy on May 1 of each of the years, as
follows:
$1,050,000
Corporate Purpose Bonds
Series 1985-A
Year
1987
1988
1989
1990-1999
2000
Amount
$175,000
25,000
50,000
75,000
50,000
$1,360,000
Promissory Notes
Series 1985-A
Year
1987
1988
1989
1990
1991
1992-1996
Amount
$100,000
-0-
35,000
50,000
175,000
200,000
Bonds maturing M ay 1, 1996 and thereafter are callable in whole, or in part by lot in
inverse order of maturity, on May 1, 1995, and on any interest pay m ent date thereafter,
at par plus accrued interest.
Notes maturing R4ay 1, 1995 and thereafter are callable in whole, or in part by lot in
inverse order of maturity, on May 1, 199�1 and on any interest date payment thereafter,
at par plus accrued interest.
The Bonds and Notes as originally delivered will be in deno minations of
$5,000 each or such integral m ultiples thereof as may be designated by the purchaser
within one week from the date of sale. If the purchaser fails to designate the
denominations, the denominations for original delivery wili be determined by the
Director of Finance of the City. The First Wisconsin Trust Company, Milwaukee,
Wisconsin, will act as the Registrar/Paying Agent. Principal will be payable upon
presentation of the Bond or Note at the main corporate office of the Paying Agent/-
Registrar and interest will be payable by check or dr2ft of the Paying Agent/Registrar
mailed to the registered owner of the Bond or Note. The City will pay reasonable and
customary charges for the services of the Paying Agent/Registrar. Interest on the Bonds
and Notes will be payable May 1, 1987, and semiannually thereafter each May 1 and
November 1.
Bidders are requested to na m e the interest rate or rates the Bonds and
Notes are to bear in multiples of 1/20th of one percent. Not more than fourteen (14)
rates of interest in ascending order may be specified for the Bonds and not more than ten
(10) rates in ascending order may be specified for the Notes, but a rate may be repeated
for consecutive m aturities without being considered an additional rate. One rate of
interest shall apply to all Bonds or Notes of the sa me maturity of an issue. Interest
payable on any Bond or Note on any interest pay m ent date shall be represented by one
rate only. No bid will be considered for less than par and accrued interest for each issue.
Unless all bids for an issue are rejected, the Bonds and Notes will be
awarded by the City Council on the sale date to the bidder whose 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 Bonds or Notes of an issue from May 1, 1986, to their
respective maturities, and deducting therefrom the premium bid, if any.
Bids must be accompanied by a certified check or bank cashier's or
treasurer's check in the amount of $21,000 for the Bonds and $27,200 for the Notes,
-�-
..�i
payable to the City Treasurer as a guarantee of good faith, to be forfeited to the City by
the successful bidder as liq�idated damages should he fail to take up and pay for the
notes when ready. The good faith check of the bidder whose proposal for an issue is
accepted will be held uncashed unYil delivery of that issue or forfeiture, and the good
faith checks of the unsuccessful bidders will be returned upon the determination of the
highest bid. In the event of the failure of the City to deliver the Bonds or Notes to the
purchaser in accordance with the terms of this notice within 60 days after the date of
sale, at the eption 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
of Oshkosh pay�able from unlimited taxes to be levied on atl taxabte property in the City,
and are issued for the purpose of providing funds for projects undertaken for various
public purposes.
The printed Bonds or Notes of each issue and the opinion o£ Chapman and
Cutler with respect to each issue, together with the transcript, including a no-litigation
cerYificate dated as of the date of delivery of the issues, wi11 be furnished to the
purchaser at the expense of the City. The svecessfu2 purchaser wil! be expected to pay
for the assignment of CUS[P numbers for the issue purchased.
The Bonds and Notes are expected to be ready for delivery within 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.
Separate bids for each issue should be addressed to the undersigned
Director of Finance and should be submitted in a sealed envelope m arked "Bid for
Corporate Purpose Bonds, Series 1986-A" or "Bid for Promissory Notes, Series 1986-A';
-3-
_ _
as the case may be. Copies of the Official Statement may be obtained from the
undersigned or from Miller 6c Schroeder Municipals, Inc., Northwestern Financial Center,
7900 Xerxes Avenue South, Minneapolis, Minnesota 55431.
The right is reserved to reject any and all bids and to waive informalities in
the bid accepted.
,.
d'C
/s/ Edward A. Nokes
Director of Finance
� �
� C •�-
� -
G7 �' ~
i--� ^ W
N �a -
�
� �
�:_' �
��° �
N
�
C� 3
p O
m z
p ..
n
o� o
N (D V
� N �
N A
����
C (D N
� Y � �
O (D �-' �
lA V1 CD C
� fi
� O �'
m�o�,o
o co �
� rn�
ai o
u, n �
- W �
61 N
ioa o�
W �- �'
O� O- O .�.
I O �
�4Y.0�
'VCh
O � �
Cn O fD
O �
- �� n
o �n n
O N <
O O (D
� Z
C7 �G Y
O �
� Z N
� O �'
O �' �
-S N �
d �
�+ -
N
�
N
N
�
N
N
i. qi
�� e
! ,,a
',_�
/:?..
,j
1