The URL can be used to link to this page

Home My WebLink About33524 / 85-24City Council of the City of Oshkosh, Wisconsin Resolution No. �g_ --^------------------------------^------------------------------- An Initial Resolution Relating to Housing Authority Bond Financing For An Elderly Housing Project -°-----------------^------°------^---------------------------�--- WHEREAS, tiie Elderly Housing Authority of the City o£ Oshkosh, Wisconsin, has adopted an Initial Resolution Relating to Bond Financing of a Rental Housing Project For the Elderly (the "Authority Resolution"), a copy o£ which is attacized to ihis City Council Resolution, and WHEREAS, the Project, as defined in the Authority Resolution, (the "Project") is subject to the approval of the City Council of the City o£ Oshkosh, W�EREAS, the Elderly Housing Authority and the'City of Oshkosh Planning Comnission have both recommended that the Project be approved by the City Council. NOW, THEREFORE, BE IT FESOLVED, by the City Council of the City o£ Oshkosh, that the Project is hereby approved. The foregoing resolution of the City Council o£ the City of Oshkosh, Wisconsin, was adopted, approved and recorded on Auciust 1 , 1985. MJM19:D � �a�Z`�� f� � �:�_ _ Mayor Jf � 1 i` l��vl�/ �`/ Yi�?./.e � , Clerk , RESOLUTION # 24 ELDERLY HOUSING AUTHORITY OF THE CITY OF OSFiKOSH, WISCONSIN Resolution No. AN INITIAL RESOLUTION RELATING TO BOND FINANCING OF A RENTAL HOUSING PROJECT FOR THE ELDERLY WHEREAS, the Elderly Housing Authority of the City of Oshkosh, Wisconsin (the "Authority"), a public body corporate and politic duly organized and existing under and pursuant to the laws o£ the State o£ Wisconsin, is authorized and empowered by Secs. 66.395 and 66.40 to 66.404, Wisconsin Statutes, as amended (hereinafter sometimes referred to as the "Act"): (a) Within the City o£ Oshkosh (the "City") to prepare, carry out, and operate housing projects approved by the City Council of the City o£ Oshkosh (the "City Council"); (b) To do all things necessary or convenient to effectuate its purpose o£ providing safe and sanitary dwelling accommoda- tions for elderly persons, as that term is de£ined in Sec- tion 66.395(3)(i), Wisconsin Statutes, as amended, ("Elderly Persons") including issuing bonds £or such purpose; WHEREAS, it is the finding and determination of the Authority that there is a shortage of safe and sanitary dwelling accommoda- tions available to Elderly Persons in the City; WHEREAS, the Authority is desirous of alleviating this shortage and is willing to exercise its powers to this end; WHEREAS, one or more of Gordon Decker or Marlene Decker (the "Deckers") individually, a partnership yet to be £ormed of which one or more of the Deckers will be initial general partners or a corporation yet to be £ormed of which one or more of the Deckers will be initial majority shareholders (the "Borrower") wishes to pursue the acquisition of land in the City and the construction thereon of a multifamily residential rental facility, the units in which are intended to be occupied exclusively by Elderly Persons, and related improvements (the "Project"); WHEREAS, the Deckers have asked that the Authority indicate its intention to provide bond £inancing £or all or a portion of the Project; WHEREAS, the Project will help to alleviate the shortage of sa£e and sanitary dwelling accommodations for Elderly Persons in the City; and - 32a - RESOIdJTION # 24 WHEREAS, a preliminary plan o£ the Project showing the extent thereof and the general features of the proposed layout and indicating in a general way the proposed location of buildings and open spaces has been submitted to and approved by the City of Oshkosh Planning Commission. NOW, THEREFORE, BE IT RESOLVED: 1. The Authority hereby finds that the Project described in this Resolution is a"housing project" as that term is defined in Section 66.395(3)(1), Wisconsin Statutes. The Authority re£ers the Project to the City Council for its approval. The Authority recommends approval of the Project by the City Council. 2. If requested by the Borrower, and subject to the condi- tions specified in paragraph 3 hereof, the Authority will pursue and consummate a£inancing having the £ollowing elements: (a) The Authority shall issue revenue bonds pursuant to the Act at one or more times in one or more series in such aggregate principal amount not in excess o£ $3,000,000 as the Borrower shall request. (b) The Bonds shall be limited obligations of the Authority payable by the Authority solely out of revenues derived £rom the Borrower or otherwise provided for pursuant to the terms of a loan or similar agreement (hereinafter called the "Revenue Agreement") to be entered into between the Authority and the Borrower. (c) The Revenue Agreement shall require the Borrower to acquire, rehabilitate, construct or install the Project and to provide the Authority with revenues su££icient in all events to pay when due the principal of, premium, if any, and interest on the Bonds. (d) The Bonds shall have such maturities, interest rates and redemption limitations as the Borrower and the initial Bond purchaser(s) shall propose subject to the approval of the Authority. 3. The issuance of the Bonds by the Authority shall be on the following conditions: (a) The Project shall be aoproved by the City Council. (b) The Bonds shall not constitute an indebtedness of the Authority or of the City within the meaning of any State constitutional provision or statutory limitation. (c) The Bonds shall not constitute or give rise to a pecuniary liability of the Authority or of the City or a charge against their general credit or taxing powers. -2- - 32b - ..� RFSOLUTION # 24 (d) The Borrower shall be responsible for £inding a purchaser or purchasers £or all of the Bonds. (e) Prior to the issuance of the Bonds, this body, by £inal resolution, shall have authorized and approved the terms of the Bonds and the Revenue Agreement. (£) The Bonds shall be issued pursuant to the Act, and the delivery o£ the Bonds shall be accompanied with the unqualified approving legal opinion of a nationally recognized £irm of bond attorneys as sha11 be acceptable to the Authority and the Borrower. (g) All out-of-pocket costs and administrative £ees of the Authority in connection with the issuance and sale of the Bonds shall be paid or reimbursed either £rom the proceeds of the Bonds or by the Borrower. 4. This Resolution is official action toward issuance of the Bonds for purposes o£ Section 103 of the United States Internal Revenue Code. 5. This Resolution shall be effective immediately upon its passage and approval. MJM19:C SUBMITTED BY APPROVED %� -3- - 32c - c� � n �-r CG-in �G � C N C7 �> rF N � � � � �� W cn � � �� c� 3 no �� O m z o •• z a o o� o rP co v ..� � � � � 2 �-+ � o o � • '$ C In VJ C'F � d r r (D 7 � C� � �n .J .-� m � �-' D .Z7 � ac ro rp rr in v� �-o �� .-- o �� • �r N 2 c �- n'� O �G O C 7 r W ' O .� > > N � a � �a v .-. h Z � � o a � �.�� ru t� c� .-. c+ c+ � O \ tf] .TJ � N � N A