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Home My WebLink About33078 / 84-10t i ^ t CITY OF OSHKOSH, WISCONSIN ZNITIAL RESOLUTZON 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, under the special circumstances identified in the Act, convention centers and hotels related thereto; 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, Oshkosh Hote2 C�r.tre Venture, a joint venture of OHV Associates, an Illinois Limited Partnership, and A-K Company, a Wisconsin sole proprietorship, (the "Borrower"), wishes to pursue the acquisition of land in the Municipality and the constructing and equipping thereon of a hotel facility and related improvements (the "Project"); 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 before 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: 10 3084 (a) issue procured by the more series, in "BOnds"); and sell to one or more purchasers Borrower bonds under the Act, in one or an amount not to exceed $8,000,000 (the (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 other 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 constitution- al provision or statutory limitation and shall 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. 3. The Project will significantly increase the number of persons traveling to the Municipality for business or recre- ation. 4. The appropriate officers of the Municipality are authorized to negotiate the term� of the Financing and all relat- ed documents. The terms of the Financing and all related docu- ments will be subject to this Resolu*_ion and the Act and will not be binding until JTW26 (a) the details of the Financing and the issuance of the Borrds are approved and authorized by further resolution of this Common Council; (b) the electors of the Municipality have been given the opportunity to petition for a referendum as required by the Act and either (i) no petition has been timely filed or (ii) if a petition has been timely filed, a referendum has approved the issuance of 'the Bonds; and (c) all documents required in connection with the Financing have been duly executed and delivered by the parties. 5. 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 _Novembe� 1 t,, 1984 � // r-, �� '. ' !� , If �;.:"IIY�/ C��' f//,'/./%�/�( ' " � Clerk � �� ''s . �. � iYi;? .. � � T '. Approved Ncvember 1 , 1984 �35c'�;a: -�_�_� yy > -z,.,::a:.;.:�-... �.2+'2�yiJ !��-��iC.o�,�',�1/ ' Mayor -z- NOTICE TO ELECTORS OF THE CITY OF OSHKOSH, WISCONSIN On November 1, 1984 the Common 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 $8,000,000 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 hotel facility and making related improvements (the "Project") to be initially used by Oshkosh Hotel Centre Venture, a joint venture of OHV Associates, an Illinois Limited Partnership, and A-K Company, a Wisconsin sole proprietorship (the "Borrower") and (ii) to enter into one or more related revenue agree- ments with the Borrower. The Common Council determined that the Project will significantly increase the number of persons traveling to the Municipality for business or recreation. 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 MUNICIPALITY 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, City of Oshkosh, 215 Church Avenue, Oshkosh, Wisconsin 54902, 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 108 of the number of electors of the municipality voting for the of£ice of governor at the last 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 petition 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." Dated: November _. � 7. µ ,�� JTW26 s.�d�,��,�,� �� , 1984. -2- , �+ � a, / F l 'r; n 1 i / L /� Clern SUBMITTED BY APPROVED � _ ... .. _. - ! - i �.. ... . . .' . �. � i ��z �• o � C_ � n �- a� r m (D K ri x - . �� r � � �� °z d.. 'C O m o N ro �y . . . o�� - R. � N• xcmfi o m m w u� rt a. a �'n N•r C�WW xl N N N rt�r�o rt m or m C � G mort ro�or- n � o0 om� � u. o (D ttlo� O O O O rF � ft N \ e z m � � r O C9 C.� �