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Home My WebLink About33267 / 85-24e REVISED RESOLUTION # 24 CITY OF OSHKOSH, WISCONSIN INITIAL RESOLUTION FOR REVENUE BONDS WHEREAS, the City of Oshkosh, Wisconsin (the "Munic- ipality") is authorized by Wisconsin Statutes Section 66.521 (the "Act") to issue Bonds to finance costs of certain projects including manufacturing facilities; 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 financed and not from tax revenues or other funds of the Municipality; and WHEREAS, Eastern Technologies of Wisconsin, Inc., a Wisconsir. corporation (the "BOrrower"1, wishes to pursue the acquisition of land in the Municipality and the constructing and equipping thereon of a manufacturing facility and related improvements (the "Project") to be initially used in connection with the manufacturing of tanks and for related manufacturing and service activities; and WHEREAS, the Borrower has asked the Municipality to indicate its intention to provide financing under the Act for all or a portion of the Project be£ore it proceeds; and WHEREAS, the Project will benefit the Municipality. NOW, THEREFORE, IT IS RESOLVED: 1. To encourage the Borrower to undertake the Proj- ect, the Municipality will pursue a financing plan (the "Financ- ing") under which it will: (a) issue and sell to one or more purchasers procured by the Borrower bonds under the Act, in one or more series, in an amount not to exceed $2,100,000 (the "sonds"); (b) enter into one or more revenue agreements with the Borrower providing the Municipality with reve- nue sufficient to pay the principal of, premium, if any, and interest on the Bonds when due and requiring the Borrower to provide the portion of the Project to be financed with the Bonds; and (c) assign any revenue agreements to the holders of the Bonds or to a trustee for their benefit and enter into any ether appropriate arrangements requested by the Borrower to further secure the payment of the Bonds. 2. The Bonds shall never constitute an indebtedness of the Municipality within the meaning of any state 031985 - 25 - � � Resolution # 24 constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Munic- ipality or its officers or a charge against the Municipality's general credit or taxing powers. 3. The appropriate officers of the Municipality are authorized to negotiate the terms of the Financing and all relat- ed documents. The terms of the Financing and all related docu- ments will be subject to this Resolution and the Act and will not be binding until JTW31 (a) the details of the Financing and the issuance of the Bonds are approved and 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 reguired by the Act and either (i) no petition has been timely filed or (ii) if a petition has been filed timely, a referendum has approved the issuance of the Bonds; and (c) a11 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 substan- tially the form attached to this Resolution as a class 1 notice under Wisconsin Statutes Chapter 985, in a newspaper eligible to make such publication for the Municipality and (b) file with the Secretary of the Department of Development of the State of Wisconsin a copy of this Resolution and a copy of the Notice to Electors. Adopted , 1985 Clerk Approved , 1985 -2- - zb - Mayor � RESGLUTION # 24 NOTICE TO ELECTORS OF THE CITY OF OSHKOSH, WISCONSIN On , 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 $2,100,000 for the purpose of financing all or a portion of the costs related to the acquisition of land in the Municipality, the constructing and equipping thereon of a manufacturing facility and making related improvements (the "Project") to be initially used by Eastern Technologies of Wisconsin, Inc., a Wisconsin corporation (the "BOrrower"), in connection with the manufacturing of tanks and for related manufacturing and service activities and (ii) to enter into one or more related revenue agree- ments with the Borrower. IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM A REVENUE AGREEMENT RELATING TO THE FI- NANCED PROJECT OR, IN THE EVENT OF DEFAULT OF THE REVENUE AGREE- MENT, AS OTHERWISE AUTHORIZED BY THE MUNICIPALITY AND PERMITTED BY LAW. THE BONDS WOULD NOT CONSTITUTE AN INDEBTEDNESS OF THE DIUNICIPALITY WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION AND WOULD NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE 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 office of the Clerk, 215 Church Avenue, Oshkosh, Wisconsin 54901, during business hours. Wisconsin Statutes Section 66.521(10)(d) reads as follows with respect to the opportunity to petition for a refer- endum upon the question of the issuance of the Bonds: "(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the munici- pality for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for such bonds, a petition, signed by not less than 5� of the registered electors of the municipal- ity, or, if there is no registration of electors in the municipality, by 10� of the number of electors of the municipality voting for the office of governor at the last - 26a - � Dated: JTW31 kESOLUTION # 24 general election as determined under s.115.01(13), is filed with the clerk of the municipality requesting a referendum upon the question of the issuance of the bonds. If such a peti- tion is filed, the bonds shall not be issued until approved by a majority of the electors of the municipality voting thereon at a general or special election." , 1985. -2- - 26b - SUBMITTED BY AP°ROVED Clerk � � ' � , fD -S � r:..' 1� C' i--�. _ _ ... . _ ___.._. _._.._ � f . _. _ . . ,. 3 m � n � � � � U'I n 3 a o � rr � .-• o � � a .. n �� o N (D � h � � v � � a v --i o .. rom� � < � � N Cf � �. . ° ° .°; o � �G 7 N o `+ o -n p .-. � < t- F ..• �p .. In 7 O (� C � O (D � � �GJ O • O � � 7 . 2 � � � r�a �-r m � aa� cn c+ fi � N � � d � .-� z � N a N A � � •�