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HomeMy WebLinkAbout33266 / 85-23March 21, 1985 (CARRIED PURPOSE: INITIATED BY: LOST LAID OVER # 23 RESOLUTION WITHDRAWN ) REDUCE SCHOOL DEBT VIA REFUNDING ISSUE CITY ADMINISTRATION WHEREAS, the City of Oshkosh is responsible for the bonded indebtedness of the Oshkosh Area School Board, and WHEREAS, upon the creation of the Oshkosh Area School District into a unified district, the City was obligated to deed to the Oshkosh Area School District all property used by said school district and the school district was obligated to issue its promissory note to the City for indebtedness of the school district, and WHEREAS, the City of Oshkosh has issued its 1985 refundinq bonds to refund all indebtedness of the City, including the schools, and WHEREAS, said savings as indicated on the attached Exhibit A will be realized by both the City and the school district, NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oshkosh that the property City officials are hereby authorized and directed to accept from said school district a revised promissory note reflecting the savings to the school district as a result of the 1985 refunding bond issue, all according to the attached Exhibit A. 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