The URL can be used to link to this page

Home My WebLink About33258 / 85-15r The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on March 21, 1985, at 7: 00 o'clock P.M., with the following members present: Council Members James A. Mather, Robert E. Pung, Bernice Teichmiller, Floyd R. Chapin, Charles J. Hulsebosch, I7on H. Kutchera, Kathleen t4. rropp. and the following members absent: None * ■ � (Other business) The following resolution was iat;aduced by Mather and was read in full and, pursuant to motion made by P�ather and sec- onded by Kutchera R031985 was adopted by the following vote: Aye: Mather, Pung, Teichmiller, Chapin, Hulsebosch, Kutchera, Propp Nay: None SUBMITTED BY APPROVED RESOLUTION determining to borrow $7,500,000 and to issue Tax and Revenue Anticipation Notes, Series 1985, of the City of Oshkosh, Wisconsin, in such amount, providing details and prescribing the form oF note. WHEREAS, the Director of Finance of the City of Oshkosh, Winnebago County, Wisconsin (the "City") has determined that during the course of 1985 expendi- tures for municipal expenses of the City may exceed receipts from time to time from property taxes levied and state aids by as much as $7,500,000; and WHEREAS, cities are authorized by the provisions of Section 67.12(1) of the Wisconsin Statutes to borrow money and issue municipal obligations in anticipation of the receipt of such levied taxes and state aids; and WHEREAS, it has been determined that the City is in temporary need of money in the amount of $7,500,000, for the purpose of providing funds for the payment of municipal expenses during 1985; and WHEREAS, it is considered necessary and desirable by this City Council, that the City borrow $7,500,000 for the purpose of providing funds for the purpose afore- said, said amount being less than sixty per cent (60%) of the aggregate amount of taxes levied and state aids to which the City is entitled and that the City issue its Tax and Revenue Anticipation Notes to evidence the obligation thereby incurred; and WHEREAS, the officials of the City have received proposals for the pur- chase of notes in the amcunt of $7,SOQ,000 f*om: Bidder First Wisconsin National Bank of Milwaukee LaSalle National Bank & Valley Bank of Oshkosh Morgan Stanley & Co. Firstar Bank of Oshkosh and Marine Bank M& I Western State Bank dA Interest Rate �_m % 6.37 6.46 6.49 : �� WHEREAS the proposal of First Wisconsin National Bank of Milwaukee for purchase of notes in said amount at par, bearing interest at the rate of 6. 02 % per annum is the best proposal received; NOW, THEREFORE, Be [t Resolved by the City Council of the City of Oshkosh, Wisconsin, as follows: Section 1. For the purpose of paying the cost of providing funds for the paym ent of m unicipal expenses and in anticipation of the receipt of levied taxes and state aids to be received during the current fiscal year there shall be borrowed fro m First Wisconsin National Bank of Milwaukee , Milwaukee � the sum of $7,500,000, and to evidence such indebtedness the City of Oshkosh, Winnebago County, Wisconsin (the "City") shall issue its Tax and Revenue Anticipation Notes, Series 1985 (the "Notes"), in the aggregate principal amount of $7,500,000. Section 2. The Notes shall be designated "Tax and Revenue Anticipatian Notes, Series 1985", shall be in negotiable bearer form, shall be dated the date of their issuanee, shall be of $100,000 denomination or any integral multiple thereof, shall be numbered, shall bear interest at the rate of 6•�2 % per annum payable at maturity or upon prepayment, and shall mature as to principal on February 28, 1986. The Notes shall be subject to prepaym ent at the option of the City, as a whole or in part by lot, on December 1, 1985, and on the first day of any month there- after, at the principal a mount af eech Not� (or pertion thereof) so prepaid and accrued interest to the date fixed for prepayment. Notice of intended prepayment shall be given by registered or certified mail to the above named purchaser and shall be published once in The Bond Buyer, not less than 5 days prior to the date fixed for prepayment. The Notes shall be signed by the City Manager of the City of Oshkosh by his facsimile signature and by the City Clerk, and sealed with the corporate seal oF the City. Both principal of and interest upon each Note shall be paid directly to the holder -3- by the Treasurer of the City, in lawful money of the United State of America, upo❑ presentation and surrender of the Note. Section 3. The Notes shall be in substantially the following form, the omissions to be appropriately completed when the Note is prepared: NO. (Form of Note) UNITED STATES OF AMER[CA State of Wiseonsin County of Winnebago City of Oshkosh TA% AND REVENUE ANTICIPATION NOTE, SERIES 1985 S HNOW ALL MEN BY THESE PRESENI'S: That the City of Oshkosh, in the County of Winnebago, State of Wisconsin, hereby acknowledges itself to owe and for value received promises to pay to bearer, solely from the source hereinafter identified, the principal sum o£ ($ ), payable on the twenty-eighth day of February, 1986, and from the same source, interest at the rate of per cent ( %) per annum on the unpaid principal from the date hereof until the principa] amount shall have been fully paid, such interest and principal being payable directly to the bearer by the Treasurer of the City of Oshkosh at maturity or upon prepayment, only upon presentation and surrender of this Note. Notes of the issue of which this note is one are subject to prepayment at the option of the City of Oshkosh, as a whole or in part by lot, on December 1, 1985, and on the first day of any month thereafter, at the principal amount of each note (or portion thereof) so prepaid and accrued interest to the date fixed for prepayment. Notice of intended prepayment shall be given by registered or certified mail to , , and shall be published in The Bond Buyer, not less than 5 days prior to the date fixed for prepay- ment. -4- I `, . For the prompt payment of this note with interest hereon as aforesaid the City has pledged a sufficient amount of taxes levied and state aids to be received during the current fiscal year, which monies, as received, shall be deposited into a separate fund to be used solely for such purpose. This note is one of an issue of $7,500,000, all of like date, issued to evi- dence the obligation incurred by the borrowing of money in such aggregate amount for the purpose of paying the cost of providing funds for the payment of municipal expenses, pursuant to and in all respects in compliance with Section 67.12(1) of the Wisconsin Statutes and a resolution adopted by the members of the City Council of said city on March 21, 1985, and entitled, "RESOLUTION determining to borrow $7,500,000 and to issue Tax and Revenue Anticipation Notes, Series 1985, of the City of Oshkosh, Wisconsin, in such amount, providing details and prescribing the form of note." It is hereby certified and recited that all conditions, things and acts required by law to exist, to be or to be done precedent to and in the issuance of this note have been, have existed and have been performed in due form and time. IN TESTIMONY WHEREOP, the City of Oshkosh, by its City Council, has caused this note to be signed by its City Manager by his facsimile signature and by its City Clerk, and its corporate seal to be impressed hereon, sll as of the day of March, 1985. (SEAL} City Clerk City Manager Section 4. The City has levied $6,302,266 for property taxes in the year 1984, collectible in 1985, of which $3,799,636 has been colleeted to the date hereof. The City is entitled to revenue from the State of Wisconsin in the amount of $10,870,209 of State aids during 1985. The City is entitled to $802,579 of federal aids during 1985. In order to provide for the funds to pay the interest on the Notes and to pay and discharge -5- i. . � the principal thereof at maturity, the City hereby pledges an a mount sufficient for said purposes fro m taxes levied and to be collected and State and federal aids to be received in the fiscal year 1985 but subsequent to the dated date of the Notes, such amount being less than sixty per cent of the totai amount aforesaid. Monies received from said sources shall be kept in a separate and distinct fund to be used solely for paying the principal of and interest on the Notes, so long as the Notes remain outstanding. Section 5. The City Clerk, as Note Registrar, shall keep, maintain and preserve an adequate and correct register account of the Notes originally issued and prepaid, and all payments and other transactions relating thereto. Section 6. When the Notes shall have been prepared and executed, the same shall be delivered by the City Treasurer to First Wisconsin National Bank pf Milwaukee, Milwaukee 4lisconsin , upon receipt of $7,500,000. Section 7. The principal proceeds fro m the sale of the Notes shall be used only for the purpose of paying the cost of providing for the payment of municipal expenses. The City recognizes that the purchasers and holders of the Notes will have accepted the m on, and paid therefor a price w hich reflects, the understanding that interest thereon is exempt from Federal income taxation under laws in force at the time said 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 *.he principal proceeds of the sale of the Notes shall be devoted to and used with due diligence for the payment of the expenses for which the Notes are herein authorized to be issued. The City Manager, the Clerk and the Treasurer of the City, or any of them, are hereby authorized to execute on behalf of the City an Arbitrage Certif- icate to assure the purchasers and holders of the Notes that the proceeds of the Notes are not expected to be used in a manner w hich would or might result in said notes being "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended, or the regulations of the United States Treasury Department currently in �it� � effect or proposed. Such Arbitrage Certificate shall constitute a representation and certificatio❑ of the City and no investment of Note proceeds or of moneys accu m ulated to pay the Notes herein authorized shall be made in violation of the expectations pre- scribed by said Arbitrage Certificate. Adopted March 21, 1985. Recorded March 21 , 1985. Attest: ,1��;�; � ; .'�,/ C%, , ^�,L(XL/1� City Clerk �—TT 1 C �G�Pi�L� ��.�:.t�..� Mayor « � * (Other business) Upon motion of Hulsebosch , seconded by Chapin , and unanimously adopted, the City Council adjourned. A�test: � �!-h � �„<'(L' ✓� . ;C�l?'�,G(l�/� City Cler -7- %��; � �7.Gt,�i�in1 �� l �-l.-o��— Mayor �. 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 Council of said City held on March 21, 1985; that I have eompared said copy with the original minute record of said meeting in my official custody; and that copy is a true, correct and complete transcript from said original minute record insofar as said original record relates to the proposed $7,500,000 Tax and Revenue Anticipation Notes, Series 1985, of said City. March, 1985. (SEAL) WITNESS my official signature and the seal of said City this 22nd day of ; �, , / ,� � ��-1-� ) �(� /� � � '/'/ `/%-�_, City Clerk � Y �� S h ` i � � �� n � n : N -�s � . � -_ � . co cn �u � � �"'� 3 a� o � CF � � r. �. (D � n .. a o � o to v � � .v �a � V C) fp C1 N V1 fD � 3 r+ yt �- w cn � Q 0 � � 0 � � w 2 � y 3 » .n- � � w �� W < o � � �. � � c o m � � N � � .1