HomeMy WebLinkAbout33288 / 85-09The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
m'et in special, open, public session at its regular meeting place on April 18, 1985, at
7:00 o'clock P.M„ with the following members present:
Floyd R. Chapin, Thomas J, Binner, Bernice Teictmiiller, Don H. Ku*_chera, .
James A. Mather, Kathlee:: M. Propp
and the foll�wing members at ;ent:
Robert E. Pung
e s . s
(Other business)
The Cle:k ;tated that cne purpose cf .he r..zet:.^.g ;;as t.ze eonsideration of
proposals received for the purchzse of $1,115,000 Corporate Purpose Bonds, Series 1985-
A of the City of Oshkosh p� rsvant to sealed bids.
Thei :upon the following resolution was introduced by Mather
and wes read in full, and pursuant to motion made by Mather
znd seconded by _ Chapin was adopted by the following vote:
Aye: Chap�n, Binner, Teichmiller, Mather, Propp
�f �y� Kutchera
RF.SQT,U1'IOhj determining Yo issue $1,115,000 Co�poraYe Purpose
Sonds, Series 1985-A, of ti� City of Oshkosh, Winnebago County,
{Visconsin, providing details, prescribing the form of bond, awarding
Zhe bonds to tt, - h:ghest bidder, and levying tar.es.
EVfiLR�AS, by initial resolutions duly adopted on March 7, 1985 after publi•
cation of same �zs a Cla:,s 2 noticc, there have been atrtnorized to Ue issued bonds of thr
City of Oshkosh (Yhe "City") for the publie purpose projects as followsa
$1I4,000 for tlie pi�rpase of construetin� aad extendir.e thc v:ater
plani and H�ater mains;
$15,000 fo: the purpose of construeting street improvements;
S5�,G00 for the nurpose of providir.; and improvin� public parl;s;
5242,000 for the purpose of improving and eztending the storm sewer
system;
5251,000 for the purpose of providing financial assistance to a com-
munity development project undertaken pursuant to Section 66.46,
Wisconsin Statutes;
$443,000 for the purpose of constructing a building to house
machinery and equipment;
and
FVFiEREAS, ;t is now necesssry that 5cnds be sol� and issued : or the pur-
pos�s aforesaid in the aggregaYe principal amount of 51,115,000; and
Wf:i:REAS, the City is authorized by Section 62.05(13), Wisconsin Statutes,
to cocnbine bonds authorized under various initial resolutions into one issue; and
WT�?REAS, pursuant to advertisement, sealed bids were received for the
purchase of corpo� .te purpos. bo. ds in s�.id amount until 11:00 A.M., C.S.2. on April 18,
1985, which bids are as follows:
Nam.^ of Bidder
Northern Trust Co., Chicago, ILL
The First National Bank of Chicago,
Chicago, ILL
Continental Illinois �:at'1 Bank b
Trust Co., C�icago, ILL
First Wisconsin National Bank,
Mi iwaukee, L!I
Mari�e Bank, ! ilwaul<ee, WI and
Firstar Bani., Oshkosh, WI
Narris Trust & Savings 6ank,
Chicago, ILL
; and
Net Interest Rate
856,904.50 8.45073
865,360.95
868,026.54
875,029.25
II78,402.17
879,266.08
8.534132
8.56042
8.6294
8.66274
8.6712
{VHETtEr1S, the bid of �QLrhern Trutr Cn +
of �icanoe , 111ioni� and
associates at a price oi par plus acerued intcresi to the da.te of delivers�, was the best bid
submitted, which bid is as follows:
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BID FOR.'f
..`�'c2IIER5 OF Tk?E CI^f CGGtiCIi April 18, 1985
CITY OF OSdKOSY., WISCCNS?V
We offe: [o purchase tne $1,11i,000 Corporate Puzpose Boncs, $eries
L85-A, of- [he Ci[y oi Oshkosh, l+isconsin [o be da[eE May 1, 1985 and
o[fered for sale on [he above date, on [h<_ terxs and condicions staGed in
the 0£ficial ::o:ice of Sal�eb and [he 0'.°icial Stacement thereior, for a
price o: /, //S.� 3 3� (noc less [han $1,115,000), and accrued
interesc [o da[e ot deiivery. 2'he bonds of [he various ma[uzi[iea [o
bear interest at [he :olloving annual rates:
s
7
7}�S for bonds due May 1, 19�� through Hay i, 19_
.1 ����_X for bonds due riay 1, 19�`J through Hay 1, 19
��°w for bonds Lue Y.ay 1, 19�Cnrovgn Hsy 1, 19%
/ X for bonds due Y.ay 1, 19�[hrougn May 1� 1975�
'n!': for bones due riay i, 15«..5 Chrcugh Hay 1� L°
S foz bonds due Nay 1: 19%ty through Nay 1, 19
� JZ for bonts due May 1, lY+� through May 1, 19_
$` for bonds due Hay 1, 1°q' [hrough Hay 1, 19
' X for bonds iue N.ay 1, 14� through Hay 1, 19�
Oc_ Coopu[ation of [he [o[al amount of in[eres[ froo da[. of issue [o
maCUriry zepresented by [he incerest zates spetified above, and of [he
ne[ in[erest tosi of Cnis bid, vnile no[ a par[ of [his bid, are se[
forth belov. �
ihis bid is made for proaot acceptance and subjece ro the conditions
of the Ofticial Notice of Sale. We encloae, herewith, our cashiez's or
certified check,or back dra:[, i^. [he araount oi �22,3�^, vhich is Co be
held C,� the City pending co�pliance vi[h the condition_ of this bid.
F,ND ASSOCIATES
(SEE ATTACAED LIST)
Interent Conputation
Respectfully submitted,
THE NORTHERV TRUST COb1PANY
Syr.dicaCe ltanager
�-�. l 1 / A'/Y �,� J� � `�',Gc�GP�
sY WSLLIAM K. R.EVES
Second Vice President
He compute the cotel aoount o£ incerese from da[e of issue co
maturitv`� �Tepresp�y:ed by the ittteres[ rates apeciEied in the bid, to
be _���,, JC'�'�� for a Ne[ Ra[e oL ���.SC�'�3 $,
-Y
The foregoing bid is hereby accep[ed by and o❑ behalf of the City of
Os6kosh, Nisconsin this 16th day of Apri1, 1985.
[y 11ana�cr
rector o: Finance/Treasurer
Tii� :;OR':Y°c2`7 :�CST C'JNL�r:+Y
C�.:�, BOSWORT`.i; ZVC.
PI?°?, J?FP?�r=.° & HOPh'OOD, I�C.
.::: FZ�S; Vi,TIONA:� Ee?tiK OF ST. PA[:L
D^.CS�'_,�:, °?.:,LGhR�"1, F.S:A3ROOh & WEEDE`i,
3E: {�? b CO�n'tiIE, I:IC.
C: =V;�ER �tn?l.`-,:I SEC:;RI�TES CJ.
)Join�
1
� ) Ka.:,agers
IVC.
�'•�is�on o� T?iE ZL:,IVOtS COD�PA:1Y INCORDO�?T�D
"_I:.;.ER & SC:i�OcD�'R �StiNICIPr1L5, I:3C.
S�.��Ri�.°I S°�CRimIES, I.`iC.
S� _;`�:v. & C0:"?AVY, Z:;C.
- I9 ASSOCIA�IO`I WTTH -
tiG�nES'� SEC;.'RITIES )JOint
P�,I:iE WEBEEP., I�C. ):�!anagers
^:i� F?RST VATZO��,� Ba:v� ?.`ID TRCST COMPF�+'t OF OKL?.H0�3A CITY
c�:��:�� aa�x, v.a.
�s� cxzcaca cox��o�.yTZOv
(Attach Bid Here)
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NOW, THEREFORE, Be it Resolved by the City Council of the City of
Oshka.h, Winnebago County, Wisconsin, as follows:
Section 1. Deflinitions. For all purposes oF this Resolution, except as
otherwise expressly provided or unless the context otherwise requires, the terms defined
in this Section shall have the meanings set forth below, and shall include the plural as
well as the singular.
"Bond" or "Bonds" shall mean one or more of the Corporate Purpose Bonds,
Series 1°�S-A authorized to be issued by the terms of this Resolution.
"Bond Reg� ter" shal: mean the books of the City kept by the Registrar to
e•idenc � the registration and transfer of the Bonds.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
":`overning Body" shall mean the City Council of the City.
"R=gistr r" shall r. ean the First Wisconsin Trust Co'mpar°,+, in Milwaukee,
Wisconsin, o: a succeasor designated � s Registrar hereunder.
"Resolution" shall mean this resolutior, as adooted by the Governing Body of
the City.
"Statute" shall mean Chapter 67 of .he �, isconsin Statutes, as amended and
�upple m ent ed.
Section 2. Autharization. The issuance of $1,115,000 aggregate principal
a ount of corporate purpose bonds is hereby suthorized for the purpose of providing
fi:uds in the amounts and For the projects set out in the preamble hereto. The Bonds shall
be designated "Corporate Purpose Bonds, Series 1985-A," shall be dated t.:av 1, 1985, as
originally issued, and shall also bear the date of their authentication by Y1:: Registrar.
T ie Bonds shall be in fully re;istered form, shall he in denominatiuns of $S,U00 each and
i� :egral mr tipl ,s thereof (bvt no singie Bon,t shall represent instcillments of principal
maturing on m�re than one date), shall be numbered cc nsecutively starting with the
number one, shall mature serially on May 1 of each of the years 1986 to 1999, inclusive,
in the amoun4s tind shnil bear interest at the rates per annum, as follows:
Year
lg£?;
lg8'!
1988
1989
isso
1991
1ss2
Amount
5 40,000
sp,oao
50,000
so,oan
50,000
50,000
5���DU
Interest
Rate
7.75 %
7.g0
8.0
8.0
t.o
5.0
8.0
Ye er
1993
1994
1995
isss
1997
lssa
1993
Interest
Amount Rate
$75,000
100,00�
100,000
izs,000
1?.5,000
12t�5,U00
7.LSy���
8.1 %
8oi
8.2
8.4
8.6
$.75
8.9
Section 3. Interest; Psyment Prov:sions. The Bonfls shall benr interest
from their oate or from the most re�ent interest payment date to which interest has
been paid or duly provided for, at the rates set out above, such interest (computed upon
the basis of a 360-da}� year of tweive 30-dny months) being payable on the first days of
�Say and November of each year, commencing on niay 1, 1986. Interest on ench Bond
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_ _ _ ..�
shall be paid by check or draft of the Registrar to the person in whose name such Bond is
registered at tl; close of business on the 15th day of the calendar month next preceding
the interest payment date. The principal of each Bond s1;•ill be payable in lawful money
of the United States of Amerira upon presentation and surrender of such Bond at the
principal corporate trust office uf the Registrar in lfilwaukee, Wisconsin.
Section 4. Eaecution; Authentication. The Bonds shall be executed on
behaiF of the City with the facsimile signa' �.+ : of the City Ms. ;ager and with the fac-
simile signature of the City Clerk, and ses _� Nith tf.� corporate seal of the City or a
printed facsimile thereof< In case any ofFic. r whose signature shall appear on any Bond
shall ceas ; to be such c.fice° before the delivery of such Bond, such signature shall
nevertheless be valid and sufficient for sll purposes, the same as if such officer had
re �ained in office until deli�- .y.
All Bonds shall t; ve thereon a certif,�ate of suthentication substantially in
the form hereinafter set Forth duly e ecuted by the Registrar as authenticating agent of
the City and showing the date of auYl:entication. No Bond shall be valid or obligatory for
any purpose or be entitled to any security or benefit under this Resolution unless and
until such certificate of authentication shall have been duly executed by the Registrar by
manual signature, and such certificate of authentication upon any such Bond shall be
conclusive evidenee that sisch Bond has been suthenticated and delivered under this
Resolution. The certificate of authentication on any Bond shall be deemed to have been
executed by the Registrar if signed by an authorized officer of the R<�istrar, but it shall
not be necessary that Yhe same off'icer sign the certificate of authentication on all of the
Honds issued hereunder.
�etion 5. Registration of Bonds; Persons 'Ireated as Owners. The City
shall cause books (the "Bond Register") for the registration and for the transfer of the
Bonds as provided in this Resolution to be kept at the principal corporate trust office of
the Registrar, which is hereby constituted and appoin4ed the registrar of the City with
respect to the Bonds herein authorized.. Upon surrender For transfer of any Bond at the
principal corporate trust ozfice oi the Regist ;r duly endorsed by, or aecompanied by a
written instrument or instruments of Yransfer in form satisfactory to the Registrar duly
executed by, the registered owner or his attorney duly authorized in writing, the City
shall execute and the Regisirar shall authenticate, date and deliver in the n�me of the
transferee or transferees a new fully re�istered Bond or Bonds of the same maturity of
authorized denominations, for a like aggre�ate principal amount. Any fully registered
Bond or Honds may be exchanged et said office of the Regish°ar for a like aggregate
principal amount of Bond or Bonds of the same mati�rity of other authorized denomina-
tions. The execution by the City of any fully registered Bond shall constitute full and
due �uthorization of such Bond and the Registrar shrtll thereby be authorized to authenti-
cate, da2e and deliver such Bond. The Registrsr shall not be required to transfer or
exehange aey Bond,during the period of fifteen days next preceding any intecest payment
date on suc r kiond, nor to transfer or exchange any Bond after notice calling such Bond
fo.^ prepayment has been mailed nor during the period of fifteen days nest preceding
mailing of a notice of prepaymenY o!' any Bonds.
The person in who,e name any Hoi�d shall be registered shall be deemed and
reg2rded as the absolute owner thereof for all purposes, and payment of the principal of,
premium (if flny) �r interest on any E;ond shfill be made only to or upon the order of the
registered owner thereof oi° his legai representative. All such pnyments shall be valid
and effectual tu satisfy and disci�ar�e the liability upon such Bond to the estent of thc°
sum or sums so paid.
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,�
No service charge shall be made for any transfer or exchange of Bonds, `�ut
the City or the Re �istrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or
exchange of Bonds except in the case of the issuance of a Bond or Bondsfor the unre-
deemed portion of a Bond surrendered for redemption.
Seetion 6. Prioe Redemption. Bonds mat.ring on and after 1Stay 1, 1996
shall be subject to redemption prior to maturity at the option of the Citp as a whole, or
in part in im �rse order of their maturity (less than all of the Bonds of a single maturity
to be selected by the Registrar), on May 1, 1995 c-nd on any interest payment date there-
after, at the redemption price of par plus acerued interest to the date ' ixed for redemp-
tion.
The Bon�s shali be redeemed only in tne principal amounY of $5,000 each
and integral multiples thereof. At least 45 days pric^ to the redemption date (unless a
shorter notice shall be satisfactory to the Re ;istrar), the City shall no.ify the Registrar
of such redemption date and of tYie princi�tzl amount of Bonds to b, redeemed. For
purposes of any redemption of less than all of the outstandi�g Bonds of a single maturity,
the particular Bonds or portions of Bonds to be redeemed shall be selected not more than
60 days prior to the cedemption date b; the Begis�rar fro:a the outst: nding Bor.ds of the
longest maturity then ouxstanding by such method as the Registrar snall deem fair and
appropriaYe: and which may provide for the selection for redem�tion of Bonds or portions
of Bonds in principal amounts of $5,OD0 and integral multiples thereof.
The Registrar sl all promptly notify the City in writing of the Bonds cr
portions of Bor.cls selected for redemption and, in the case of any Bond selected for
parYial redemption, the principal amount thereof to be redeemed.
SeetSon T. Redemption Procedure. Unless waived by any holder of Bonds
to be redeemed, notice of the call for any such redemption shall be given bp the Regis-
trar on behalf of the City by mailing the redemption notice by registered or certified
mail at least thirty days and not more than sixty days prior to the date fixed for redemp-
tion to She registered owner o£ the Bond or Bonds to be redeemed at the address shown
on the Soncl Register or at such other address as is furnished in writing by s.;ch eegiste; <:d
owner to tlie Registrar.
A11 notices of redemption shall sYate:
(1) She redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the identification
(and, in th� case of partial redemption, the respective prineipal amounYS) of the
Honds Yo be redeemed,
i
(4) that on the redempYion d�te the redemption price will become due and
psyable upon each such Bond or portion thereof called for redemption, and that
interest thereon shall cease to acerue from and sfter said date, and
(5) the place where such Boncis are to be surrendered for payment of the
redemption priec, which place of payment shall be the principal corporate trust
office af the Registrar.
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J
Prior to any redemption date, the City shall deposit with the Registrar an
amount of money sufficient to pay the redemption price of all the Bonds or portions of
Bonds 4vhich are to.be redeemed on that date.
Notice of redemption having been given as aforesaid, the Bonds or portions
of Bonds so to be redeemed shall, on the redemption date, become due and payable at the
redemption price therein specified, and from and after such date (unless the City shall
default in the pay: :ent of the redemption price) such Bonds or portions of Bonds shall
cease to bear interest. Upon surrender of such Bonds for redemption in accordance with
said notice, such Bonds shall be paid by the Registrar at the redemption price. Install-
ments of interest due on or prior to the redemption date shall be payable as herein �ro-
vided for payment of interest. Upon surrender for any partial redemption of any Bond,
there shall be prepared for the registered owner a new Bond or Bonds of the same r atur-
ity in the amounY of the unpaid principal. All Bonds which have becn redeemed shall be
cancelled and destroyed by the Registrar and shall not be reissued.
Sectioa 8. Form of &onds. TI z Bonds, tt e certificate of authentication to
be endorsed thereon and the form of assignment are all to be in substantiallp the follow-
ing forms with necessary and appropriate variations, omissions and insertions as per-
mitted or required by this Resolution:
(Form of Bond)
IInited States of America
State of W3sconsin
Cocurty of {Yinnebago
City of Oshkosh
Corporate Purpose Bond, Series 1985-A
Rate of
Interest Maturitv Date Date of Ori inal Issue Principal Amount
May 1, 19_ May 1; 1985 $
Re�i,tered Owner:
�N04Y ALL ME21 BY THESE PRESEIJTS: That the City of Oshkosh, in t!ie
County of ��dinnebago, Vdisconsin (the "City"}, hereby acknowledges itself to owe and ! or
vaiue received promises to pay to the R� nistereci OwnEr hereinabave identified, or re; is-
tered assigns as hereinafte, provided, on the Maturity.Date hereinabove identified, the
Principal Amouiit hereinabove identified and to pay interest (computed on the basis of a
3G0-day year of twelve 30-day months) on such principal amount from the date of this
f�ond or from the most recent interest pnyment date to wl�ich interest has been paid at
the Rate of Interest per annum hercinabove seY forth on May 1 and November 1 of each
year, commencing 1, 19 , until said prineipal sum is paid, escept as the
provisioris hereinafter set forth with respect to redemption may be and become appli-
eable hereto.
The principal oi this Bond is payable in lawful money of the United States
oi :lmerica unon presentation and surrender of this Aond at the principal corporate trust
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cffice of the First Wisconsin Trust Company, Milwaukee, Wisconsio, as registrar and
paying agent (the "RegisYrar"). Payment of each installment of interest shall be made to
the re;istered owner hereof who shall appear on the registration books of the City mair.-
Yained by the Registrar at the clo.� of b siness on the 15th day of the calendar mon:n
next preceding the interest paym ent da'e and shall be p�id by check or draft of the
Registrar mailed to s��ch registered owner at his address as it appears on such registra-
tion books or at such other address Fs may te furnished in writing by such registered
owner to the Registr�.r.
Reference is hereby m ade to the ftu•Yher provisions of this Bond set forth
on the reverse side hereof and such further provisions shall for all purposes have the
same effect as if set forth on the front side hereof.
It is hereby certified, recited and declared that a�; acts, conditions and
things requi �d to be done, exist, happen and be performed p: �-� Edent to and in the issu-
ance of this IIond have been dane, have c�isted, have happened and have been performed
in regular form and mannar as required by the constitution and statutes of the State of
Wisconsin, that this Bond, together with all other indebtedness of the City, does not
exceed any limitation prescribed by law, and that said city has levied a direct annual
irrepealable tax sufficient to p�iy the interest hereon when it falls due and also to pay
and dischac�;e the principal hereof at maturity.
The full faith, credit and resources of the City are hereby pledged for the
payment of the principal of and interest on this Bond and the issue oF which it is a part as
the same respecYively become due and for the levy and collection of sufficient taaces fcr
thrtt purpase.
This Bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Registrar.
12� VdPTNL'SS kTHEREOF the
by its City Council, has caused this Bon
simile si�nature of its City Manager and
its City Clerk and its oafieial seal or a f
hereon, as of the first day of May, 1985.
(Facsimile signature)
City Clerk
[SEAL]
City of Oshkosh, Winnebago County, Wisconsin,
d t�, be executed with the duJ.y authorized fac-
wit::i the duly authorized facsimile signature of
acsirnile thereof to be impressed or reproduced
�
(facsimile signature)
City Manager
CERTIFICATE OF AUTHENTICATION
Thi: Bond is one of the Bonds described in the within mentioned Resolution
and is one of t:�e Corpora! � Purpose Bonds, Series 1985-A of the City of Oshkosh,
W iscons i n.
Date of Authentication:
First Wisconsin Tru:;� Company,
as Bond Registrar
By
Authorized Officer
(Form of Bond - Reverse Side]
This Bond is one of an suthorized issue of Bonds aggregating the principal
cmount of 51,115,000 (the "Bonds") issued to pay the cost of providing public projects in
the amounts and for the purposes as follows:
5114,000 for the purpose of constructing and extending the water
plant tmd water mains;
315,0�0 for the purpose of constructing street improvements;
$5�,000 for the purpose of groviding and improving pubiie parks;
$242,000 for the purpose of improving and extending the storm
sewer system;
$251,060 for the purpase of r�roviding financial assist�nce to a com-
tziuniYy development �rojeet unrierta4cen pursuanY to Section 66.46,
Wisconsin 5ttttutes;
$443,000 for the purpose cf co*.��,tructiag a building to house
rnacl�inery and equipmenY;
pursuant to and in all respects in compliance with Chapter 67 of Yhe Wisconsin Statutes
and a resolution'adopted by the City Council of said City on April 18, 1985.
Boncis oF the issue of which this �and is one maturing on and after May 1,
1996 are sut�ject to redemption prior to mattu•ity at the option of the City as a whole, or
in part in inverse ocder oi their maturity (in integral multiples of $5,000, less than all the
Bonds oP a single maturity to be selected by the Registrar in such manner as it shall
de�m fair and ap�ropriRte) on May 1, 1995 snd on any interest puyment date thereafter,
at the redemption price of par plus accrued interest to the date fixed for redemption.
Notice of any intendcd redemption shall be sent by registered or certified
mail not less than thirty days nor more than sixty days prior to the date fixed for
redemption to the registered ownea• of each FJond to be redeemed (in whole or in part) at
the 2ddress sho�vn on th� re:�istration books of the City maintained by the Registrar or at
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such other address as is furnished in writing by such registered owner to the Registrar.
When so called for redemption, this Bond, or the portion thereof being so called for
redemption, will cease to bear interest on the specified redemption date, provided funds
for redemption are on deposit at the place of payment at that time, and shall not be
deemed to be outstanding.
This Bond is transferable by the registered owner hereof in person or by his
attorney duly authorized in writing at the principal corporate trust office of the Regis-
trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon
F yment of the charges provided in the authorizing resolution, and upon surrender and
c ancellation of this Bond. Upon such transfer a new Bond or Bonds of authorized denom-
i:.ations of the same matt; ity and for the same aggi egate principal amount will be issued
to the tr.::nsFeree in exchange therefor.
T.ie Bonds sre issuable in fully registered form in the denomination of
S5,000 each or integral multiples thereof. This Bond may be exchanged at the p�incipal
corporate trust office of the Registrar for a like aggregate principal amount of Bonds of
the same maturity of other authorized denominations, upon the terms set forth in the
authorizing resolution.
The City and the Registrar may deem and treat the registered owner as the
absolute owner hereof for the purpose of receiving payment of or on account of principal
hereof, premium, if any, hereon and interes4 due hereon and for all other purposes and
neither the City nor the Re�isYrar shall be effected by any notice to the contrary.
Q,SSIGNMENT
FOR VALUE RECEYVED, the undersigned sells; assigns �nd transfers unto
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
or its suecessor as Registrar to
transfer the said Bond on the books kept for registration thereof with full pocver of
substitution in the premise5. �
Duted:
Signature guaranteed:
NO'iICE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the face of the within Bond in every
particular, without alteration or enlargement or any change whatever.
�<eYion 9. Ssle af F3ancis. The sale of the Bonds to
Northern Trust Co., Chicago, Illinois, and Assceiates, at the [ ice of
par plus accrued interest to the daYe of delivery is hereby confirmed. 'Phe City Treasurer
is hereby authorized to deliver the Bonds to said purchasers upon payment of the pur-
chase price.
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Section 10. Use of Proceeds; No Arbih�age; Bonds to Remain in Registered
Form. The principal proceeds of the Bonds shall be deposited in a special fund and used
solely fc the psrp9se for which the Bonds were authorized.
T'�e principal proceeds from the sale of the Bonds shall be used only to pay
the costs of public projects afcresaid and general and current municipal expenses.
The City recognizes that the purchasers and holders of the Honds will have
accepted them 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
the Bonds shall have been deli •ered. In this conneetion the City agrees that it shall take
no action which may render t!.e interest on any of the Bonds subject to federal income
t�:ition and that the principal proceeds of the sale of the Bonds shall be devoted to and
used with due diligence for thepurpose for which the Bonds are hereUy authorized to be
issued.
The City Manager, '.he City Cl^rk, the City Finance Director and the City
'h�easurer, or any of them, are hereby authorized to executm on behalf of the City an
Arbitrare Certificate to assure the purchasers and holders of the Bonds that the proceeds
of the I onds are not expected to be used in a manner whiah would or might result in the
Bonds being "azbitrage bonds" under Section 103(c) of the Internal Revenue Code af 1954,
as amended, (the "Code") or the regulations of the United States Treasury Department
currently in effect or proposed. Such Arbitrage Certificate shall constitute a represen-
tation and certification of the C?ty and no investment'of Bond proceeds or of moneys
accumulated to pay the Bonds herain authorized shall be made in violation of the expec-
tations prescribed by said Arbitrage Certificate.
T"he City further recognizes that Section 103(j) of the Code requires the
Bonds to be issuec� and to re; }ain in fully registereA form in order that interest thereon is
exempt Yrom fec •ral income taxation under laws in force at the time the Bonds are
delivered. In this connection, the City agrees that it will not take any aetion to permit
the Bonds to be issued in, or converted into, bearer or coupon form.
SecYion 11. I2uties of Regis4rar. If requestee by the Regis:rar, the City
Manager is authorized to execute and the City Clerk is autliorized to attest the Regis-
trns's standard form of a�reement between the City and the Registrar with respect to
the obligations and dutiss of the Registrar hereunder which shall include the foilowing:
O
(a) to aet as Registrar, authenticatin� agent, �eying agent and transfer
agent ar provided herein;
(b) to give notice of redemption of Bonds as provided herein;
(c) to cancel and destroy Bonds which have been paid at maturity or upon
earlier redemption or submitted for eschange or transfec;
(d) to furnislt the City at least annually s eertificate of destruction with
Fespect ta Bonds cancelled and destroyed; aad
(e) to furnish the City at least annually an audit confirmntion of Bonds
paid, Bonds autstanding and payments made with respect to interest on the E�onds.
Section li. Taz Levy. In order to provide for the collection of a direct
annual tax sufficient to pay the interest on the Bonds and to nay and dischsr;e the prir.-
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cipal thereof at maturity, there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tax in amounts sufficient for that purpose to-wit:
Year
1985
1986
1987
1988
1989
1990
1991
Amount
177,556.25
137,662.50
133,687.5�
129,687.50
17.5,687.50
121,687.50
117,687.50
Year
1992
1993
1994
1995
1996
1997
1998
Amount
13%,650.00
155,562.50
147,412.50
163,062.50
152>437.50
141,593.75
130,562.50
In each of said years from 1985 to 1998, inclusive, the direct annusl tax
above levied shall be extended upon the tax rolls of the City in the same m anner and
tim e as taxes for general city purposes, and when collected the proceeds of sail ta�ces
shall ta deposited into the account of the debt service fund established in favor of the
Bonc:s, to b°� csed solely for paying the prineipal of and interest on the Bonds as long as
np Bonds of the Boud remain outstanding.
Section 13. Sufficiency. Interest or principal maturing at any time during
the life of the Bonds when there shsll be insufficient funds on hand from the above tax
levy to pay the same shall be paid promptly when due from the general fund of the City,
and said fund shall be reimbursed in a like amount out of the proceeds of tar.es hereby
levied when the samcr shall have been colleeted.
Secrion 14. Debt Service Fund. There has been ordered to be established
in the City Treasury a fund separate and distinet from all other funds of the City of
Oshkosh to be designated tl�e "Debt Service Fund," which fund shall be used solely for the
purpose of paying principal of and interest �:n mu�:icipal obligations issued pursuant to
Chapter 67, Wiseonsin Statutes. There is hereby created and there shall be deposited in,
as account known as the °Series 1985-A Cocporate Pux°pose Bond Account", to be hel�i as
a part of the Debt Service Func, all p emium and accrued interest paid on the Honds nt
the time the Bonds are delivered to the purchnser; all money rgised by taxr.Yion pursuant
to 5ection 12 hereof; end such ottier sums xs may be necessary to pay interest on the
IIonds when the same shall bacome due and to re4ire the Bonds at their respective
maturiYy dates.
Section 15. Prior Action, The action of the Direceor of Finance in
publishing notice of the :�le of the >onds is herehy in all respects ratified and confirmed.
5ection 16. Severability. If any section, parc:;raph or provisian oi this
resolution shall be.held to be invalid or unenforceable for any reason, the invalidity or
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unenforceability or such section, paragraph or provision shall not affect any of the
re maining provisi:,ns of this resolution. �
Adopted April 18 ,1985.
Approved April 18 ,1985.
Recorded Anril 18 ,1985
�1 21/1' ! CJ� ,2'L0�9{/��
Attest: Mayor
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_,L �„� ) (i . �Ii1.U, �
City Clerk
-l.i_
H
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 official ifurther certify that
attached hereto is a copy of excet �ts from the minutes of the meeting of the City Coun-
cil of said City held on April 18, ; 985; 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, cor-
rect and complete transcript from said originat minute record insofar as said original
record relates to the proposed 51,115,OOD Corporate Purpose Bonds, Series 1985-A, of
said City, dated :v�ay 1, 19II5.
WITNESS my official si nature and the seal of said City this 19th day
of April, 1985.
:��i.�l,i� i ' l . G,�,/�,'�:�/
City Clerk
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