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Home My WebLink About33283 / 85-13The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on April 4, 1985, at 7:00 P.M., with the following members present: Bernice TeicYuniller, Floyd R. Chapin, Ibn H. Kutchera, James A. Mather, Kathleen M. Propp and the following members absen;: Robert E. Pung and Charles J. Hulsebosch read in full: * • s (Other Business) The following resolution was introduced by Chapin and RESOLUTtON directing the advertisement and sale of $1,135,000 Promissory Notes, Series 1985-A, E740,000 Sewer Bonds, Series 1385, and 51,115,000 Corporate Purpose Bonds, Series 1985-A, of the City of Oshkosh, Wisconsin. WHEREAS it is necessary that funds be raised by the City of Oshkosh (the "City") in the amount of $1,135,000 for the purpose of providing for projects undertaken for public purposes; and WHEREAS cities a:e authorized by the provisions of Seetion 67.12(12) of the Wisconsin Statutes to borrow money and issue promissory notes for the purpose aforesaid; and WHEREAS the City has previously authorized the issuance of E6,000,000 Sewer Bonds of which bonds in the amount 54,000,000 have been issued previously and it is now necessary toassue remainirw bonds of said issue in the amount of E740,000; and WHEREAS it is considered necessary and desirable by the City Council of the City that the City borrow an aggregate amount of 51,135,000 for the purpose of providing funds for public projects as set out in the various initisl resolutions adopted March 7, 1985; and WHEREAS it is desirable to combine the issues authorized by the aforesaid initial resolutions into one issue, as permitted by Section 67.05(13), Wisconsin Statutes; and WHEREAS it is considered desirable to offer all the aforesaid securities at one time in order to obtain the best possible terms for the City; NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as fc iows: Section 1. For the purpose of offering at public sale $1,115,000 Promissory Notes, Series 1985-A; $?40,000 Sewer Bonds, Series 1985; and $1,135,000 Corporate Purpose Bonds, Series 1985-A, the Finance Director is hereby authorized to cause a notice of the sale of said Promissory Notes and Bonds to be published in the Oshkosh Daily Northwestern, published in Oshkosh, Wisconsin, and in The Bond Buyer published in New York, New York, as a Ciass 1 t�ocice r�ot .ater ihan Ap:il 8, 1985. Such pLblication shall be in substantially the form set out as Exhibit "A". The Finance Director shall also cause to be prepared and distributed an Official Statement, including an Official Notice of Sele which shall be in substantially the form set out as Exhibit "B" hereto. Section 2. After bids shall have been received for said Promissory Notes, Sewer Bonds and Corporate Purpose Bonds, this City Council will adopt additional -2- proceedings to award the same to the best bidder, prescribe the terms thereof, and the forms of note and bond, and levy taxes in the specific amounts necessary to pay principal and interest. Adopted April 4, 1985. Recorded April 4 ,1985. 7 �� c�7`t.��' : �,1> ) ��' cc- �,'�-- Mayor AXtest: ,� � � / � ' �� 'L Ll�i �i' .;�,'/ (�`tZ �/ City Clerk Motion was made by Chapin that said resolution be adopted, and said motion was seconded by Mather After due consideration and upon roll being called, the following voted: Aye: TeicYaniller, Chapin, Mather, Propp Nay: Kutchera The Mayor thereupon declared said resolution duly adopted. * r + (Other Business) There being no further business to come before the City Council it was moved by Chapin , seconded by Tairhmil],px , and recess unanimously carried that the City Council�:^» to April 16, 1985. Approved April 4 ,1985. � �L��z� %%,�- ��t�E,��? Mayor �'r— AT"PEST: � � , i F , ,/_ \. �l\ %`"". ��:'ii.� � - t:r�� .�'�.� City Clerk -3- STATE OF WISCONSIN ) ) SS: 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 I further certify that attached hereto is a copy of excerpts from the minutes of the meeting oi the City Council of said City held on April 4, 1985 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, correct and said original record relates to the proposed 51,115,000 Promissory Notes, Series 1985-A, 5740,000 Sewer Bonds, Series 1985 and 51,135,000 Corporate Purpose Bonds, Series 1985-A of said City. W[TNESS my official signature and the seal of said City this 4th day of April, 1985. � � � > i� � ?.,�,,,,li;/� ��: �;:'GL-%'.r1-i City Cle:k fS E A L) NOTICE OF SALE CITY OF OSKOSH, WINNEBAGO COUNTY, WISCONSIN $1,135,000 PROMISSORY NOTES, SERIES 1985-A $1,115,000 CORPORATE PURPOSE BONDS, SERIES 1985-A $740,000 SEWER BONDS, SERIES 1985. SEPARATE SEALED BIDS for the above Bonds and Notes will be received until 11:00 A.M., C.S.T., on April 18, 1985, in the City Hall in the City of Oshkosh. The Bonds and Notes are general obligations of the City issued for the purpose of providing funds for various public purposes. The Bonds and Notes will be in denominations of $5,000 and integral multi- ples thereof, in fully registered form, dated Msy 1, 1985, and will mature on May 1 of each year as follows: $1,115,000 Corporate Purpose Bonds Series 1985-A Year 1986 1987-1992 1993 1994-1995 1996-1999 Amount $40>000 50,000 75,000 100,000 125,000 $1,135,000 Promissory Notes Series 1985-A Year 1986 1987-1991 1992-1995 Amount $25,000 100,000 150,000 $740,000 Se �r Bonds Se.:es 1985 Year 1994 1995 1996 2000-2005 Amount $30,000 50,000 60,000 100,000 Corporate Purpose Bonds maturing May 1, 1996 and thereafter are callable in whole, or in part by lot in inverse order of maturi!y, on May 1. 1995, and on any interest payment date thereafter, at pa: plus accrued interest. Sewer Bonds maturin� May 1, 1991 and thereafter are callable in whole, or in part by lot in inverse order oF inaturity, on May 1, 1990 and on any i:iterest payment date thereafter, at par plus a premium in accordance with the following s e hedule: Redemption Date Premium May 1, 1990 - November 1, 1995 2% May 1, 1996 - November 1, 2000 1% May 1, 2001 and thereafter None Promissory Notes maturing on May 1, 1993 and thereafter are callable in whole, or in part by lot in inverse order of maturity, on May 1, 1992 and on any interest date thereafter, at par plus accrued inter �st. First Wisconsin Trust Company, Milwaukee, Wisconsin will be Registrar and Paying Agent. Interest will be payable May 1, 1986, and semiannually thereafter by check or draft of the Paying Agent. The City will provide at its expense the printed Bonds and Notes and the unqualified legal opinion of Chapman and Cutler. The Official Statement, Official Notice of Sale and bid Form may be obtained from the undersigned, or from Miller bc Schroeder Municipals, Inc., Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431, Attention: Ernest L. Clark, Vice President, telephone (612) 831-1500. /s/ Edward A. Nokes Director of Finance d�.' OFFICIAL NOTICE OF SALE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN - $I,I35,0�0 Promissory Notes, Series 1985-A $740,000 Sewer Bonds, Series 1985 $1,115,000 Corporate Purpose Bonds,Series 1985-A NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago County, Wisconsin (the "City"), will receive separate sealed bids o�ly for the above captioned Corporate Purpose Bonds, Sewer Bonds and Promissory Notes consisting of three separate issues, until 11:00 o'clock, C.S.T., on April 18, 1985, at which time the bids for each issue will be publicly opened and announeed in the City Hall in the City of Oshkosh. Award will be made at a meeting of the Common Council at 7:30 P.M. on the sale date. All Bonds and Notes as originally delivered to the purchaser will be dated May 1, 1985, will be in registered form and will mature serially on May 1 of each of the years, as follows: $1,115,000 Corporate Purpose Bonds Series 1985-A Year Amount $1,135,000 Promissory Notes Series 1985-A Year Amount $740,000 Sewer Bonds Series 1985 Year Amount 1986 $40,000 1986 $25,DDC 1994 $30,�00 1987-1992 50,000 1987-1991 100,000 1995 50,000 �993 75,OD0 1992-2995 150,000 1996 60,Q00 1994-1995 100,000 2000-2005 100,000 1996-1999 125,000 Corporate Purpose Bonds maturing May 1, 1996 and thereafter are callable in whole, or in part by lot in inverse order of maturity, on A4sy 1, 1995, and on any interest payment date thereafter, at par plus accrued interest. Sewer Bonds maturing May 1, 1999 and thereafter are callable in whole, or in part by ]oY in inverse order of maturity, on May 1, 1990, and on any interest payment date thereafter, at par plus a premium in accordance with the following sehedule: � Redemption Date Premium May 1, 1990 - November 1, 1995 2% May 1, 1996 - November i, 2000 1% May 1, 2001 and thereafter None Promissory Notes maturing May 1, 1993 and thereafter are callable in whole, or in part by lot in inverse order of maturity, on 114ay 1, 1992 and on any interest date payment thereafter, at par plus accrued interest. The Bonds and Notes as originally delivered will be in denominations of $5,000 each or such integral multiples thereof as may be designated by the purchaser within one week from the date of sale. If the purchaser fails to designate the denominations, the denominations for original delivery will be determined by the Director of Finance of the City. The First Wisconsin Trust Company, Milwaukee, Wisconsin, will act as the Registrar/Paying Agent. Principal will be payable upon presentation of the Bond or Note at the main corporate office of the Paying Agent/- Registrar and interest will be payable by check or draft of the Paying Agent/Registrar mailed to the registered owner of the Bond or Note. The City will pay reasonable and customary charges for the services of the Pcying Agent/Re;istrar. Interest on the Bonds and Notes will be payable May 1, 1986, and semiannually thereafter each May 1 and November 1. Bidders are requested to name the interest rate or rates the Bonds and Notes are to bear in multiples of 1/20th of one percent. Not more than nine (9) rates of interest in ascending order may be specified for the Corporate Purpose Bonds and Sewer Bonds and not more than seven (7) rates in ascending order may be specified for the Promissory Notes, but a rate may be repeated for consecutive maturities without being considered a❑ additional rate. One rate of interest sriall apply to all Bonds or Notes of the same maturity of an issue. Interest payable on any Bond or Note on any interest payment date shall be represented by one rate only. No bid will be considered for less than par and accrued interest for each issue. -2- � Unless all bids for an issue are rejected, the Bonds and Notes will be awarded by the City Council on the sale date to the bidder whose bid complies with this notice and results.in the lowest net interest cost to the City, to be determined by computing total interest on all Bonds or Notes of an issue from May 1, 1985, to their respective maturities, and deducting therefrom the premium bid, if any. Bids must be accompanied by a certified check or bank cashier's or treasurer's check in the amount of $22,300 for the Corporate Purpose Bonds, Series 1985-A, $22,700 for the Promissory Notes, Series 1985-A and $14,800 for the Sewer Bonds, Series 1985, payable to the City Treasurer as a guarantee of good faith, to be forfeited to the City by the successful bidder as liquidated damages should he fail to take up and pay for the notes when ready. The good faith check of the bidder whose proposal for an issue is accepted will be held unc ished until delivery of that issue or forfeiture, and the good faith checks of the unsuccessful bidders will be returned upon the determination of the highest bid. In the event of the failure of the City to deliver the Bonds or Notes to the purchaser in accordance with the terms of this notice within 60 days after the date of sale, said good faith check will, at the option of the purchaser, be returned to the purchaser promptly. The issues above described will be the direct general obligation of the City of Oshkosh payable from unlimited taxes to be levied on all taxable property in the City, and are issued for the pu;pose of provid?ng funds for projects undertaken for various public purposes. The printed Bonds or Notes of each issue and the unqualified opinion of Chapman and Cutler with respect to each issue, together with the transcript, including a no-litigation certificate dated as of the date of delivery of the issue, will be furnished to the purchaser at the expense of the City. The successful purchaser will be expected to obtain and pay for the assignment of CUSIP numbers for the issue purchased. -3- J 0 The Bonds and Notes are expected to be ready for delivery within 40 days after the sale. Delivery within the continentai United States, at the option of the purchaser, will be made at the expense of the City against payment in immediately available funds. Separate bids for each issue should be addressed to the undersigned D:rector of Finance and should be submitted in a sealed envelope marked "Bid for Corporate Purpose Bonds, Series 1985-A'; "Bid for Promissory Notes, Series 1985-A'; or "Bid for Sewer Bonds, Series 1985", as the cas� may be. Copies of the Official Statement may be obtained from the undersigned or from Miller & Schroeder Municipals, Inc., Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431. The right is reserved to reject any and all bids and to waive informalities in the bid accepted. -4- /s/ Edward A. Nokes Director of Finance SUBMITTED BY Lri�iil�ia�li � ��_.__... _.._......_._. _... .__.. I f � ..._..�._..._""..�....... _.. ._ ....... � 1 �� i ( ,`F � � h � c-> m � x ri=',. -o w o Z � � � ' Y � „ �' ' � � v � � n... � _ .. ' �o zaa W O �G V (r" U't (D (D O V1 N � -i �� ' A i �..� l' ��.� i� �� _ WY 0 � � a � � � � 0 C fi ci � � O � � W cS� .�+ cF � � � � � w �Y !M