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Home My WebLink About33564 / 85-29, CITY OF OSHKOSH, WISCONSIN INITIAL RESOLUTION FOR REVENUE BONDS WHEREAS, the City of Oshkosh, Wisconsin (the "Municipal- ity") is authorized by Wisconsin Statutes Section 66.521 (the "Act") to issue Bonds to finance costs of certain projects includ- ing manufacturing £acilities; and WHEREAS, bonds issued pursuant to the Act are to be payable from amounts paid under a revenue agreement (as defined in the Act) relating to the project being £inanced and not from tax revenues or other funds of the Municipality; and WHEREAS, Oshkosh B'Gosh, Inc., a Delaware corporation (the "Borrower"), wishes to pursue the acquisition of land and er.isting £acilities in the City of Oshkosh and the rehabilitation, improvement and equipping of such facilities and the making o£ related improvements (the "Project") to be initially used in connection with the manufacture of clothing and £or related distribution and service activities; and WHEREAS, the Borrower has asked the Municipality to indicate its intention to provide £inancing under the Act for all or a portion of the Project before it proceeds; and WHEREAS, the Project will bene£it the Municipality. NOW, THEREFORE, IT IS RESOLVED: 1. To encourage the Borrower to undertake the Project, the Municipality will pursue a financing plan (the "Einancing") under which it will: (a) issue procured by the more series, in "Bonds"); and sell to one or more purchasers Borrower bonds under the Act, in one or an amount not to exceed $2,000,000 (the (b) enter into one or more revenue agreements with the Borrower providing the Municipality with revenue sufficient to pay the principal o£, premium, if any, and interest on the Bonds when due and requiring the Borrower to provide the portion of the Project to be £inanced with the Bonds; and (c) assign any revenue agreements to the holders of the Bonds or to a trustee for their bene£it and enter into any other appropriate arrangements requested by the Borrower to £urther secure the payment o£ the Bonds. 2. The Bonds shall never constitute an indebtedness of the Municipality within the meaning of any state constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Municipality or its officers or a charge against the Municipaiity's general credit or taxing powers. 3. The appropriate of£icers o£ the Municipality are authorized to negotiate the terms of the Financing and all related documents. The terms o£ the Financing and all related documents will be subject to this Resolution and the Act and will not be binding until AMM133:S (a) the details of the Financing and the issuance of the Bonds are approved ahd authorized by further resolution of this City Council; (b) the electors of the Municipality have been given the opportunity to petition for a referendum as required by the Act and either (i) no petition is timely £iled or (ii) if a petition is timely £iled and a referendum approves the issuance of the Bonds; and (cj all documents required in connection with the Financing have been duly executed and delivered by the parties. 4. The Clerk is directed to (a) publish the Notice to Electors in substanti- ally the form attached to this Resolution as a class 1 notice under Wisconsin Statutes Chapter 985, in a newspaper eligible to make such publication £or the Municipality and (b) file with the Secretary of the Department of Development o£ the State of Wisconsin a copy of this Resolution and a copy of the Notice to Electors. Ado ted '� P �-±IrCCf.S� �.`� 1985 /{ //(j y/� ; i '�� '1JI,� l - /1n,��/,��'1 % � i, . Clerk Approved G!� > i �.5� , 1985 -Yi �� -��-�,. 1� (�1 R VC �. -2- NOTICE TO ELECTORS OF THE CITY OF OSHKOSH, WISCONSIN On �{(��u,<_.r /5 , 1985 the City Council of the City of Oshkosh, Wisconsin (the "Municipality"), adopted an initial resolution pursuant to Wisconsin Statutes Section 66.521 stating the intent of the Municipality (i) to issue revenue bonds in one or more series in an amount not to exceed $2,000,000 for the purpose of financing all or a portion of the costs related to the acquisition of land and existing facilities in the City of Oshkosh and the rehabilitation, improvement and equipping of such facilities and the making of related improvements (the "Project") to be initially used in connection with the manufacture of clothing and for related distribution and service activities and (ii) to enter into one or more related revenue agreements with Oshkosh B'Gosh, Inc., a Delaware corporation. IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM A REVENUE AGREEMENT RELATING TO THE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF THE REVENUE AGREEMENT, AS OTHERWISE AUTHORIZED BY THE MUNICIPALITY AND PERMITTED BY LAW. THE BONDS WOULD NOT CONSTITUTE AN INDEBTEDNESS OF THE MUNICIPALITY WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION AND WOULD NOT CONSTITUTE OR GIVE RISE TO A PECUNZARY LIABILITY OE TEiE MUNICIPALITY OR ITS OFFICERS OR A CHARGE AGAINST THE MUNICIPALITY'S GENERAL CREDIT OR TAXING POWERS. The resolution may be inspected by any elector of the Municipality at the o£fice of the Clerk, Oshkosh City Hall, 215 Church Street, Oshkosh, Wisconsin 54902, during business hours. Wisconsin Statutes Section 66.521(10)(d) reads as follows with respect to the opportunity to petition for a referen- dum upon the question o£ the issuance o£ the Bonds: "(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality for approval unless within 30 days £rom the date o£ publication of notice of adoption of the initial resolution for such bonds, a petition, signed by not less than 5% o£ the reqistered electors of the municipality, or, if there is no regis- tration of electors in the municipality, by 10% of the number of electors of the municipality voting for the office of governor at the last general election as determined under s.115.01(13), is filed with the clerk of the municipality requesting a re£erendum upon the ` question of the issuance o£ the bonds. If such a petition is filed, the bonds shall not be issued until approved by a majority of the electors o£ the munici- pality voting thereon at a general or special election." Dated: �U@-UST �� , 1985. P.PIM133 : T -2- � � ��'1,�,�1.�� (�. ��ZJ,(,�'��c2� Clerk SUBMITTED BY APPP.OVED � � �1 � � �"� N C� �' �+ N -� � � � � . �� (Jl � s � c'> 3 � O A �-+ '--i O m z o•• a � o° � � � �nA� N (D � G 3lD c+ r.. � F+ o- . N .�-� O oJ .� �oro � � ao N \ C O rF N � O F � o, �� 3 Q OJ C _ N O Y � • �a � ., z 0 0 h� m ro x � � o ma � � n co �. � � h � � � N � N � �h (�?l C?� '�