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HomeMy WebLinkAbout33287 / 85-08�M1 � f The City Council of the City oF Oshkosh, Winnebago County, Wisconsin, met 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 Teichmiller, Don H. Kutchera, James A. Mather, Kathleen M. Propp and the following members absent: Robert E. Pung * r w * (Other husiness) The Clerk stated that one purpose of the meeting was the consideration of praposals received for the purchase of $1,135,000 Promissory Notes, Series 1985-A of the City of Oshkosh pursuant to sealed bids. Thereupon the following resolution was introduced by 1;�,;n and was read in full, and pursuant to motion made by ' and seconded by Kutchera was a opted by the following vote: Aye: �p�, B�er, D'Iather, Propp Nay: Teichmiller, Kutchera RESOLUTION determining to borrow 51,135,000 and to issue Promissory Notes, Series 1985-A, of the City of Oshkosh, Winnebago County, Wisconsin, in such amount, providing details, prescribing the form of note, awarding the notes to the highest bidder, and levying taxes. WHEREAS, cities are authorized by the provisions of Section 67.12(12), Wisconsin Statutes to issue promissory notes for projects undertaken for public purposes; and WHEREAS, cities, in exercise of their public powers, ordinarily provide for sidewalks, traffic signals, purchase of municipal equipment, acquisition of land, repair of public buildings and tree replacement; and 0 WHEREAS, it is considered necessary and desirable by the Common Council of the City, that the City borrow the aggregate amount of $1,135,000 for the public purposes aforesaid and that the City issue its promissory notes to evidence the indebtedness thereby incurred; and WHEREAS, pursuant to advertisement, sealed bids were received for the purchase of promissory notes in said amount until 11:00 A.M., C.S.T. on April 18, 1985, which bids are as follows: Name of Bidder Northern Trust Co., Chicago, ILL The First National 6ank of Chicago, Chicago, ILL First Wisconsin National Bank, Milwaukee, WI Continental Illinois Nat'1 Bank b Trust Co., Chicago, ILL Marine Bank, Milwaukee, WI and Firstar Bank, Oshkosh, WI Harris Trust & Savings Bank, Chicago, ILL ; and Net Interest Rate 5557,857.00 7.81859 559,693.95 569,260.00 569,416.09 570,171.05 575>i10.00 7.844344 7.9784 7.980604 7.99118 8.0604 WHEREAS, the bid of Northern Trust Co. � of Chicaao , illinois and associates at a price of par plus accrued interest to the date of delivery, was the best bid submitted, which bid is as follows: -2- BID PORM ."'.n:18ER5 OF 2HE CITY COUNC.L Apri1 19, 19H5 C.T': OF OSriKCSH. WSSCOVSIN We oi_`er to puzcnase .he $1,135,000 P:omissory :dotes, Se:ies 1985-d, of the City o; Oshkosh, Wisconsin [o be da[ed May 1, 1985 and ofiered :or sale o�- the above da[e, on [he terms and condicions s[ated in [ne Oi:icial Nocite o: Sale and the Of:i:ial Sca[emen[ nezefor, for a price of �, �?..`, �.3✓'�� (not Sess [han 51,135,000), and accrued in[eresc Co �ace o[ de_iverv. The noces of che various macurities to bear ia:eres[ a[ Che Poiloving annual ra[es: � r �%� .". for no[es due May 1, 19 �f> [hrough Hay 1, 19 '�X for noces due May 1, 19� [irough May 1, 19��- / ��O �L for noces cue May 1, 19�y7L.' [hrough Yay 1, 19�i� `7�5�� X for no[es cue May 1, 19q_3 through Hay 1. 19_ �S for noces due May 1, 19C�� througn Hay 1, 19_ '✓C' � for notes due Hay 1, 19�a through Hay 1, 19 __ :o: notes dce May ;, 19_ :hrougn Hay 1, 19_ Ovz cpmputation of the ta[al amounc of in[ezes[ from dace of issue Co ma:uri[y represenced by the in[eres[ rates specified above, and of [he neG inCerest cost of chis bid, vhile no[ a part of chis bid� are se[ for[h belov. Thi= bid is made for prompt acceptance and subjec[ Co [he condi[ions of the Official Notice of Sale. We enciose, herevith, our tashier's ar certi:ied check or bank draft, in the amoun[ of $22,700, vhich is [o be held by [he Ci[y pending compliance vich the condi[ions of [his bid. AND ASSOCIATES (SEE ATTACHED LIST) In[eres[ CompuCation Respec[fully submi[[ed, THE NORTHERN TRUST COMPANY Syndica[e Manager �1 'i��non..--- � By WILLIAM K. REEVES Second Vice President We compute the GQ[al amount of in[eres[ from da[e of iasue [o m8[urify repres4nCed by [he in[erest raies specified in the bid, [o be ."..5�% a'S'% �� for a Ne[ Ra[e of %• 8/ The foregoing bid is hereby accepted by and on behalf of [6e City o£ Oshkosh,. Gisconsin chis 18[h day of April, 1985. [y Hanager D'.rec[or of Finan[e/Treasurer T?iE NORT?i�R�I TRliST COMPAAIY ) 3oint D? IV , BOSY70RT`i ; I�IC. ) PIPER, JAFrR.�Y & HOPWOOD, IVC. )Managers :HE :IRST NATIOtiAL BA:VK OF ST. PA[JL MOSELEY, HALS.G�,RTEDI, ESTABROOR 6 WEEDEN, INC. B�CKER S COWNIE, IVC. C?iA"1tiER VEWr�.*I SECURITIES C0. Division of TfiE ILLZ'�OIS CO:lPPS1Y INCORPORATED :dILLER S SCHROEDER MUNICIPALS, INC. S.`,GER�1Futi SECURITIES, ItiC. SCi�?'�'�RS & CO1�A:IY, I:�IC. - I:I ASSOCIATION WITH - VOR��7EST SECURITIES ) Joint PAIV° wEBBER, IVC. )Managers THE FIRST NATIONAL 3rZDIK AAID TRtiST COMPANY OF OK.T1e�,HOMA CI'"Y CE:7TERRE BaNK, N.A. THS CHICAGO CORPORATION (Attach Bid Here) -3- NOW, THEREFORE, Be it Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin,as follows: Section 1. Definitions. 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. "City" shall mean the City of Oshkosh, Winnebago County, Wisconsin. "Governing Body" shall mean the City Council of the City. "Note" or "Notes" shall mean one or more of the Promissory Notes, Series 1985-A authorized to be issued by the terms of this Resolution. "Note Register" shall mean the books of the City kept by the Registrar to evidence the registration and transfer of the Notes. "Registrar" shall mean the First Wisconsin Trust Company, in Milwaukee, Wisconsin, or a successor designated as Registrar hereunder. the City. "Resolution" shall mean this resolution as adopted by the Governing Body of "Statute" shall mean Chapter 67 of the Wisconsin Statutes, as amended and supplemented. Section 2. Authorization. The issuance of $1,135,000 aggregate principal amount of promissory notes is hereby suthorized for the purpose of providing funds in the amounts and for the purposes, including financing costs as follows: Amount $ 23,000 61,000 52�,000 265�000 258,000 5,000 Purpose Sidewalks Traffic Signals Municipal Equipment Acquisition of Land Building Repair Tree Replacement The Notes shall be designated "Promissory Notes, Series 1985-A," shall be dated May 1, 1985, es originally issued, and shall also bear the date of their authentication by the Registrar. The Notes shall be in fully registered form, shall be in denominations of $5,000 each and integral multiples thereof (but no single Note shall represent install- ments of principffi maturing on more than one date), shall be numbered cansecutively from one upward, shall mature serially on May 1 of each of the years 1986 to 1995, inclusive, in the amounts and shall bear interest at the rates per annum, as follows: -4- Year 1986 1987 1988 1989 1990 Interest Amount Rate Year $ 35,000 7.4 % 1991 100,D00 7.5 1992 100,000 7,5 1993 100,000 7,5 1994 100,�00 7,6 1995 Interest Amount Rate $100,000 7,6 % 150,000 ],6 150,000 �,$ 150>000 g,p 150,000 g,z Section 3. Interest; Payment Provisions. The Notes shall bear interest from their date or from the most recent 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-day year of twelve 30-day months) being payable on the first days of May and November of each year, commencing on May 1, 1986. Interest on each Note shall be paid by check or draft of the Registrar to the person in whose name such Note is registered at the close of business on the 15th day of the calendar month next preceding the interest payment date. The principal of eaeh Note shall be payable in lawful money of the United States of America upon presentation and surrender of such Note at the principal corporate trust office of the Registrar in Milwaukee, Wisconsin. Section 4. Ezecution; Authentication The Notes shall be execated on behalf of the City with the facsimile signature of the City Manager and with the fac- simile signature of the City Clerk, and sealed with the corporate seal of the City or a printed facsimile thereof. In case any officer whose signature shall appear on any Note shall cease to be such officer before the delivery of such Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. All Notes shall have thereon a certi4icate of authentication substantially in the form hereinafter set forth duly executed by the Registrar as sathenticating agent of the City and showing the date of authentication. No Note shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Resolution unless and until snch certificate of authentication shall have been duly executed by the Registrar by manual signature, and such certificate of suthentication upon any such Note shall be conclusive evidence that such Note has been authenticated and delivered under this Resolution. The certificate of authentication on any Note shall be deemed to have been exeeuted by the Registrar if signed by an authorized officer of the Registrar, but it shall not be necessary that the same officer sign the certificate of anthentication on all of the Notes issued hereunder. Section 5. Registration of Notes; Persons 1�eated as Owners. The City shall cause books (the "Note Register") for the registration and for the transfer of the Notes as provided in this Resolution to be kept at the principal corporate trust office of the Registrar, which is hereby constituted and appointed the registrar of the City with respect to the Notes herein suthorized. Upon surrender for transfer of any Note at the principal corporate trust office of the Registrar duly endorsed by, or acco mpanied by a written instrument or instruments of transfer 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 Registrar shall suthenticate, date and deliver in the name of the transferee or transferees a new fully registered Note or Notes of the same maturity of authorized denominations, for a like aggregate principal amount. Any fully registered Note or Notes may be exehanged at said office of the Registrar for a like aggregate principal amount of Note or Notes of the same maturity of other authorized denomina- tions. The execution by the City of any fully registered Note shall constitute full and -5- due authorization of such Note and the Registrar shall thereby be authorized to authenti- cate, date and deliver such Note. The Registrar shall not be required to transfer or exchange any Note during the period of fifteen days next preceding any interest payment date on such Note, nor to transfer or exchange any Note after notice calling such Note for prepayment has been mailed nor during the period of fifteen days next preceding mailing of a notice of prepayment of any Notes. The person in whose name any Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of, premium (if any) or interest on any Note shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Notes, but the City or the Registrar may require payment of a sum sufficient to cover any tax or ather governmental charge that may be imposed in connection with any transfer or exchange of Notes except in the case of the issuance of a Note or Notes For the unpre- paid portion of a Note surrendered for prepayment. Section 6. Prepayment. Notes maturing on and after May 1, 1993 shall be subject to prepayment prior to maturity at the option of the CSty as a whole, or in part in inverse order of their maturity (less than all of the Notes of a single maturity to be selected by the Registrar), on May 1, 1992 and on any interest payment date thereafter, at the prepayment price of par plus accrued interest to the date fixed for prepayment. The Notes shall be prepaid only in the principal amount of $5,000 each and integral multiples thereof. At least 45 days prior to the prepayment date (unless a shorter notice shall be satisfactory to the Registrar), the City shall notify the Registrar of such prepayment date and of the principal amount of Notes to be prepaid. For purposes of any prepayment of less than all of the outstanding Notes of a single maturity, the particular Notes or portions of Notes to be prepaid shall be selected not more than 60 days prior to the prepayment date by the Registrar from the outstanding Notes of the longest maturity then outstanding by such method as the Registrar shall deem fair and appropriate, and which may provide for the selection for prepayment of Notes or portions of Notes in principal amounts of $5,000 and integral multiples thereof. The Registrar shall promptly notify the City in writing of the Notes or portions of Notes selected for prepayment and, in the case of any Note selected for partial prepayment, the principal amount thereof to be prepaid. Section 7. Prepayment Procedure. Unless waived by any holder of Notes to be prepaid, notice of the call for any such prepayment shall be given by the Registrar on behalf of the City by mailing the prepayment notice by registered or certified mail at least thirty days and nat more than sixty days prior to the date fixed for prepayment to the registered owner of the Note or Notes to be prepaid at the address shown on the Note Register or at such other address as is furnished in writing by such registered owner to the Registrar. All notices of prepayment shall state: (1) the prepayment date, (2) the prepayment price, � (3) if tess than all outstanding Notes are to be prepaid, the identification (and, in the case of partial prepayment, the respective principal amounts) of the Notes to be prepaid, (4) that on the prepayment date the prepayment price will become due and payable upon each such Note or portion thereof called for prepayment, and that interest thereon shall cease to accrue from and after said date, and (5) the place where such Notes are to be surrendered for paym ent of the prepayment price, which place of payment shall be the principal corporate trust office of the Registrar. Prior to any prepayment date, the City shall deposit with the Registrar an amount of money sufficient to pay the prepayment price of all the Notes or portions of Notes which are to be prepaid on that date. Notice of prepayment having been given as aforesaid, the Notes or portions of Notes so to be prepaid shall, on the prepayment date, become due and payable at the prepayment price therein specified, and £rom and after such date (unless the City shall default in the payment of the prepayment price) such Notes or portions of Notes shall cease to bear interest. Upon surrender of such Notes for prepayment in accordance with said notice, such Notes shall be paid by the Registrar at the prepayment price. Install- ments of interest due on or prior to the prepayment date shall be payable as herein provided for payment of interest. Upon surrender for any partial prepayment of any Note, there shall be prepared for the registered owner a new Note or Notes of the same maturity in the amount of the unpaid principal. All Notes which have been prepaid shall be cancelled and destroyed by the Registrar and shall not be reissued. Section 8. Form of Notes. The Notes, the certificate of authentication to be endorsed thereon and the form of assignment are all to be in substantially the follow- ing Forms with necessary and appropriate variations, omissions and insertions as per- mitted or required by this Resolution: (Form of Note) IInited States of America State of Wisconsin County of Winnebago City of Oshkosh Promissory Note, Series Y985-A Rate of Interest Maturity Date Date of OriginalIssue Principal Amount May 1, 19_ May 1, 1985 Registered Owner: HNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in the County of Winnebago, Wisconsin (the "City"), hereby acknowledges itself to owe and for 71C value received promises to pay to the Registered Owner hereinabove identified, or regis- tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the Principal Amount hereinabove identified and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on sueh principal amount from the date of this Note or from the most recent interest payment date to which interest has been paid at the Rate of Interest per annum hereinabove set forth on May 1 and November 1 of each year, commencing 1, 19 , until said principal sum is paid, except as the provisions hereinafter set forth with respect to prepayment may be and become appli- cable hereto. The principal of this Note is payable in lawful money of the United States of America upon presentation and surrender of this Note at the principal corporate trust office of the First Wisconsin Trust Company, Milwaukee, Wisconsin, as registrar and paying agent (the "Registrar"). Payment of each installment of interest shall be made to the registered owner hereof who shall appear on the registration books of the City main- tained by the Registrar at the clase of business on the 15th day of the calendar month next preceding the interest payment date and shall be paid by check or draft of the Registrar mailed to such registered owner at his address as it appears on such registra- tion books or at such other address as may be furnished in writing by such registerec owner to the Registrar. Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof and such further provisians 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 all acts, things required to be done, exist, happen and be performed precedent to ance of this Note have been done, have existed, have happened and have in regular form and manner as required by the constitution and statutes Wisconsin, that this Note, together with all other indebtedness of the exceed any limitation prescribed by law, and that said city has levied irrepealable ta�c sufficient to pay the interest hereon when it falls due and discharge the principal hereof at maturity. conditions and and in the issu- been performed of the State of City, does not a direct annual and also to pay The full faith, credit and resources of the City are hereby pledged for the payment of the principal of and interest on this Note and the issue of which it is a part as the same respectively become due and for the levy and collection of sufficient taxes for that purpose. This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Registrar. IN WITNESS WHEREOF the City of Oshkosh, Winnebago County, Wisconsin, by its City Council, has caused this Note to be executed with the duly authorized fac- simile signature of its City 1FIanager and with the duly authorized facsimile signature of Q:D its City Clerk and its official seal or a facsimile thereof to be impressed or reproduced hereon, as of the first day of May, 1985. (facsimile signature) (facsimile signature) City Clerk City Manager [SEAL] CERTIFICATE OF AUTHENTICATION This Note is one of the Notes described in the within mentioned Resolution and is ane of the Promissory Notes, Series 1985-A of the City of Oshkosh, Wisconsin. Date of Authentication: First Wisconsin Trust Company, as Note Registrar By Authorized Officer [Form of Note - Reverse Side] This Note is one of an authorized issue of Notes aggregating the principal amount of $1,135,000 (the "Notes") issued to pay the cost of providing public projects including sidewalks, traffic signals, purchase of municipal equipment, acquisition of land, building repair and tree replacement pursuant to and in all respects in compliance with Chapter 67 of the Wisconsin Statutes and a resolution adopted by the City Council of said City on April 18, 1985. Notes of the issue of which this Note is one maturing on and after May 1, 1993 are subject to prepayment at the option of the City as a whole, or in part in inverse order of their maturity (in integral multiples of $S,OOO,less than all the Notes of a single maturity to be selected by the Registrar in such manner as it shall deem fair and appro- priate) on May 1, 1992 and on any interest payment date thereafter, at the prepayment price of par plus accrued interest to the date fixed for prepayment. Notice of any such prepayment shall be sent by registered or certified mail not less than thirty days nor more than sixty days prior to the date fixed for prepayment to the registered owner of each Note to be prepaid (in whole or in part) at the address shown on the registration books of the City maintained by the Registrar or at such other address as is furnished in writing by such registered owner to the Registrar. When so called for prepayment, this Note, or the portion thereof being so called £or prepayment, will cease to bear interest on the specified prepayment date, provided funds for prepay- ment are on deposit at the place of payment at that time, sad shall not be deemed to be outstanding. This Note 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- a trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon payment of the charges provided in the authorizing resol�tion, and upon surrender and cancellation of this Note. Upon sueh transfer a new Note or NoYes of authorized denom- inations of the same maturity and for the same aggregate principal amount will be issued to the transferee in exchange therefor. The Notes are issuable in Fully registered form in the denomination of $5,000 each or integral multiples thereof. This Note may be exchanged at the principal corporate trust office of the Registrar for a like aggregate principal amount of Notes 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 interest due hereon and For all other purposes and neither the City nor the Registrar shall be afFected by any notice to the contrary. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Note and does hereby irrevocably constitute and appoint or its successor as Registrar to transfer the said Note on the books kept for registration thereof with full power oF substitution in the premises. Dated: Signature guaranteed: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever. Section 9. Sale of Notes. The sale of the Notes to Northern Trust Co Chicaoo Illinoi and Associates, at the price of par plus accrued �nterest to the date of delivery is hereby confirmed. The City Treasurer is hereby authorized to deliver the Notes to said purchasers upon payment of the purchase price. Section 10. Use of Proceeds; No Arbitrage; Notes to Remain in Registered Form. The principal proceeds of the Notes shall be deposited in a special fund and used solely for the purpose for which the Notes were authorized. The principal proceeds from the sale of the Notes shall be used only to pay the costs of public projects aforesaid. The City recognizes that the purchasers and holders of the Notes will have accepted them on, and paid therefor a price which reflects, the understanding that -10- interest thereon is exempt from federal income taxation under laws in force at the time the Notes shall have been delivered. In this connection the City agrees that it shall take no action which may render the interest on any of the Notes subject to federal income taxation and that the principal proceeds of the sale of the Notes shall be devoted to and used with due diligence for the purpose for which the Notes are hereby authorized to be issued. The City Manager, the City Clerk, the City Finance Director and the City Treasurer, or any of them, are hereby authorized to execute on behalf of the City an Arbitrage Certificate to assure the purchasers and holders of the Notes that the proceeds of the Notes are not expected to be used in a manner which would or might result in the Notes being "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended, (the "Code") or the regulations of the United States Treasury Department currently in effect or proposed. Such Arbitrage Certificate shail constitute a representation and certification of the City and no investment of Note proceeds or of moneys accumulated to pay the Notes herein authorized shall be made in violation of the expectations prescribed by said Arbitrage Certificate. The City further recognizes that Section 103(j) of the Code requires the Notes to be issued and to remain in fully registered form in order that interest thereon is exempt from federal income taxation under laws in force at the time the Notes are delivered. In this connection, the City agrees that it will not take any action to permit the Notes to be issued in, or converted into, bearer or coupon form. Section 11. Duties of Registrar. If requested by the Registrar, the City Manager is authorized to execute and the City Clerk is authorized to attest the Regis- traz's standard form of agreement between the City and the Registrar with respect to the obligations and duties of the Registrar hereunder which shall include the following: (a) to act as Registrar, authenticating agent, paying agent and transfer agent as provided herein; (b) to give notice of prepayment of Notes as provided herein; (c) to cancei and destroy Notes which have been paid at maturity or upon earlier prepayment or submitted for exchange or transfer; (d) to furnish the City at least annually a certificate of destruction with respect to Notes cancelled and destroyed;and (e) to furnish the City at least annually an audit confirmation of Notes paid, Notes outstanding and payments made with respect to interest on the Notes. Section 12. Tsa Levy. In order to provide for the collection of a direct annual tax sufficient to pay the interest on the Notes and to pay and discharge the prin- cipal thereof at maturity, there is hereby levied upon all the taxable property in the City of Oshkosh a direct annuel tax in amounts sufFicient for that purpose to-wit: -11- ..,�.•. Year 1985 1986 1987 1988 1989 Amount 165,240 181,350 173>850 166,350 158,800 Year 1990 1991 1992 1993 1994 Amount $151,200 191,700 180,150 168,300 156,150 In each of said years fro m 1985 to 1994, inclusive, the direct annual tax above levied shall be extended upon the tax rolls of the City in the same manner and time as taxes for general city purposes, and when collected the proceeds of said taxes shall be deposited into the account of the debt service fund established in favor of the Notes, to be used solely for paying the principal of and interest on the Notes as long as any Notes of the Note remain outstanding. Seetion 13. 3uf�ciency. Interest or principal maturing at any time during the life of the Notes when there shall 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 taxes he�'eby levied when the same shall have been collected. Section 14. Debt Service Pund There is hereby 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 the "Debt Service Fund," which fund shall be used solely for the purpose of paying principal of and interest on municipal obligations issued pursuant to Chapter 67, Wisconsin Statutes. There is hereby created and there shall be deposited °an, an account known as the "Series 1985-A Promissory Note Account", to be held as a part of the Debt Service Fund, all premium and acerued interest paid on the Notes at the time the Notes are delivered to the purchaser; all money raised by taxation pursuant to Sec- tion 12 hereof; and such other sums as may be necessary to pay interest on the Notes when the same shall become due and to retire the Notes at their respective maturity dates. 3ection 15. AdvertisemenL The action of the Director of Finance with respect to publication of the notice of sale of the Notes is hereby in all respects ratified and confirmed. Section 16. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenForceable for any reason, the invalidity or unenforceability or such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. Attest: Adopted P.pril lII , 1985. Approved �;1 18 ,1985. Recorded �� r;1 1 R , 1985 � � ��r��z �� , r � �-���� Mayor �� , , ��� � � ,'' 7 /,/,ls�� City Clerk -12- , .�,.. 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 officialI further certify that attached hereto is a copy of excerpts from the minutes of the meeting of the City Coun- cil of said City held on April 18, 1985; that I have compared said copy with the original minute record of said meeting in my official custody; and that said capy is a true, cor- rect and comolete transcript from said original minute record insofar as said original record relates to the proposed $1,135,000 Promissory Notes, Series 1985-A, of said City, dated May 1, 1985. WITNESS my official signature and the seal of said City this l9th day of April, 1985. 1 ' ' iu` ,�t . L,C-�� _ City Clerk (SEAL) I ��.i7 tiC � N. r � ^ r � x �� C�, � . � � �> �, � �� �z �� � t�n H � � N N �:.,' � .�,! . l�D m G n � r� � N O � �� �n� � � � ~ t�n/I I-' Ory W K � O �O O N � � M N N � �