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RESOLUTION OF THE CITY COUNCIL
OF THE
CITY OF OSHKOSH
RELATING TO THE FINANCING OF AN
INDUSTRIAL PROJECT ON BEHALF OF
CENTRACOR, INC.
An Initial Resolution - authorizing not to exceed
$600,000 City of Oshkosh Industrial Development Revenue Bonds
to finance a manufacturing facility on behalE of Centracor, Inc.
WHEREAS, Centracor, Inc., a Wisconsin corporation
(herein called the "Borrower"), desires to construct and equip
a manufacturing facility in the City of Oshkosh (hereinafter
called the "Municipality"), and such improvement would
contribute to the well-being of the Municipality in terms of
the gainful employment of its citizens and the preservation and
enhancement of its tax base; and
WHEREAS, in connection with the construction of its
manufacturing facility, the Borrower has represented to the
Municipality that it would be an encouragement and inducement
for the Borrower to construct such facility in the Municipality
if this project could be financed with industrial development
revenue bonds; and
wHEREAS, the project is described as follows:
building and equipment which will be used in the manufacturing
facility of the Borrower (herein collectively called the
"Project"); and
WHEREAS, the Project is within the definition of
"industrial project" contained in Section 66.Si1(2)(k) of the
Wisconsin Statutes; and
WHEREAS, the cost of the Project is presently
estimated to be not greater than $600,000, which is the amount
proposed to be financed with industrial development revenue
bonds; and
wHEREAS, it is in the best interests of the
Municipality to promote, attract, stimulate, rehabilitate and
revitalize commerce, industry and manufacturing, to promote the
betterment of the environment of the Municipality, and to
stimulate the flow of private investment funds into the
Municipality; and
wHEREAS, it is the finding and determination of this
City Council that it is desirable for the Municipality to
encourage the Borrower to construct its facilities in the
Municipality so that the Municipality may derive substantial
municipal benefits, including retention of steady employment
for its citizens, maintenance of or increase in its tax base
resulting in greater support for municipal services,
stimulation of existing and new businesses and stimulation of
private investment funds from financial institutions; and
WHEREAS, the Municipality, as a municipal corporation
ocganized and existing under and pucsuant to the laws of the
State of Wisconsin, is authorized by Section 66.521 oE the
Wisconsin Statutes to:
(1) Construct, equip, acquire by gift,
lease or purchase, install, reconstruct,
rebuild, rehabilitate, improve, maintain,
repair, enlarge, supplement, replace oL
remodel defined industrial projects;
(2) Borrow mo�ey and issue industrial
development revenue bonds to finance the
costs of the above; and
(3) Enter into revenue agreements with
eligible participants with respect to
industrial projects.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
the City of Oshkosh, Wisconsin as follows:
1. In view of the aforesaid substantial benefits to
the Municipality associated with the Project, it is desirable
that the Municipality encourage and assist in the development
of such facility by permitting all or a part of the costs of
the Project to be financed with the proceeds of industrial
development revenue bonds pursuant to a Revenue Agreement
between the Municipality and the Borrower.
2. Subject to the conditions enumerated hereafter,
this City Council agrees that the Municipality shall work
toward the consummation of a financing arrangement pursuant to
which the Municipality shall:
(a) Issue industrial development
revenue bonds in an amount not to exceed the
cost of the Project and not to exceed
$600,000 (the "Bonds") in order to finance
the Project, which bonds shall be payable
solely out of the revenues derived from the
Revenue Agreement relating to the Project;
(b) Enter into a Revenue Agreement
with the Bocrower whereunder the Borrower
agrees to pay to the Municipality an amount
of funds sufficient to pay when due the
principal of and interest on the Bonds
issued to finance the Project; and
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(c) Provide for maturities and a rate
or rates of interest on the Bonds of
approximately that payable on similar tax
exempt bonds secu�ed by an obligation of
borrowers of equivalent credit to the
Borrower.
3. The aforesaid financing arrangement contemplates
and is conditioned upon the following:
(a) That the Bonds shall never
constitute an indebtedness of the
Municipality within the meaning of any state
constitutional provision or statutory
limitation;
(b) That the Bonds shall not
constitute nor give rise to a pecuniary
liability of the Municipality or a charge
against its qeneral credit or taxinq powers;
(c) That the Project shall be subject
to property taxation in the same amount and
to the same extent as though the Project
were not financed with industrial
development revenue bonds;
(d) That the Borrower shall find a
prospective purchaser(s) for all of the
Bonds;
(e� That the out-oE-pocket costs,
including any Trustee fees, fees of Bond
Counsel and reasonable attorney fees and
expenses incuzred by the Municipality, in
connection with the issuance and sale of the
Bonds shall be paid either from the proceeds
of the Bonds or by the Borrower; and
(f) That the Honds shall be issued
within one year of the date of this Initial
Resolution, at which time this Initial
Resolution shall expire unless this City
Council shall provide for its continued
effectiveness.
4. The appropriate officials of the Municipality are
hereby authorized to negotiate the terms of the plan of
financing and to execute an agreement with the Borrower and the
prospective purchaser(s) of the Bonds setting forth said terms.
5. The Plan of Financing shall not 6e binding upon
the Municipality nor be finally implemented unless and until:
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the date of such publication a petition signed by not less than
five percent (5%) of the registered electors of the
Municipality shall be filed with the City Clerk requesting a
referendum upon the question o£ the issuance of the Bonds, the
issuance of such Bonds will not be submitted to the electors of
the Municipality for approval. Said notice shall be in
substantially the following form:
NOTICE TO ELECTORS
OF THE
CITY OF OSHKOSH
TAKE NOTICE that the City Council of the City of
Oshkosh, Wisconsin, at a regular meeting held the 6th day of
March, 1986, adopted a resolution pursuant to Section 66.521,
Wisconsin Statutes, as amended, indicating its intent to issue
City of Oshkosh Industrial Development Revenue Bonds on behalf
of Centracor, Inc. in an amount not to exceed $6�0,000 for the
purpose of financing a manufacturing facility in the City of
Oshkosh.
THE BONDS SHALL NEVER CONSTITUTE AN INDEBTEDNESS
THE CITY OF OSHKOSH NOR SHALL THE BONDS GIVE RISE TO ANY
PECUNIARY LIABILITY OF THE CITY NOR SHALL THE BONDS BE A
AGAINST THE GENERAL CREDIT OR TAXING POWERS OF 'SHE CITY.
BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER
AMOUNTS DERIVED OR RE5ULTING FROM THE REVENUE AGREEMENT
RELATING TO SAID PROJECT BETWEEN THE CITY OF OSHKOSH AND
CENTRACOR, INC.
OF
CHARGE
THE
The resolution may be inspected by any elector of the
Municipality at the City Hall during business hours during the
thirty (30) days following publication of this Notice.
Unless within thirty (30) days following the
publication of this Notice a petition signed by not less than
five percent (5°s) of the registered electors of the
Municipality is filed with the City Clerk requesting a
referendum uoon the question of the issuance of the Honds, the
Municipality will issue the Bonds without submitting the
proposition to the electors of the Municipality for approval.
If such a petition is filed as aforesaid, then the eonds sha11
not be issued until approved by a majority of the electors of
the MuniciQality voting thereon at a general or special
election.
Donna C. Serwas, City Clerk
* * *
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THIS RESOLUTION INTRODUCED, APPROVED AND ADOPTED
MARCH 6, 1986.
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City Clerk
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