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HomeMy WebLinkAbout32941 / 84-10RESOLUTION #10 CITY COUNCIL OF THE CITY OF OSHKOSH RESOLUTION NO. 10 BOND RESOLUTION AUTHORIZING $4,000,000 CITY OE OSHKOSH, WISCONSIN INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES A (HOFFMASTER-COMPANY, INC. PROJECT) WHEREAS, the City of Oshkosh, Wisconsin pality"), is a municipal corporation organized and and pursuant thorized by "Act"): to the laws of the State of Wisconsin Section 66.521, Wisconsin Statutes, as (the "Munici- existing under and is au- amended (the (a) to issue industrial development revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, recon- struction, rebuilding, rehabilitation, improving, supplementing, maintaining, repairing, enlarging, extending or remodeling of a project which qualifies under the Act and the improvement of the site therefor; and (b) to enter into a revenue agreement with an eligible participant pursuant to which the eligible participant agrees to cause said project to be constructed and to pay the Plunicipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said industrial development revenue bonds; and WHEREAS, TJH Limited II, a Wisconsin general partnership (the "Borrower"), has heretofore requested the Municipality to issue industrial development revenue bonds to finance a project on behalf of the Borrower as an eligible participant under the Act; and - 18 - RESOLUTION #10 WHEREAS, this body has heretofore found and determined that said project consisting of a building expansion and the acquisition and installation of equipment for the purpose of warehousing in connection with a paper converting business located at 2920 North Main Street, Oshkosh, Wisconsin (the "Project") is a qualified "project" within the meaning of the Act and that the Borrower is an "eligible participant" within the �aeaning of the Act; and WHEREAS, on December 15, 1983, this body adopted an initial resolution pursuant to the Act wherein it was resolved that the Municipality would issue industrial development revenue bonds to finance the Project, subject however, to the satis- faction of certain conditions including the approval by this body of the terms of the bonds and the revenue agreement described in said initial resolution; and WHEREAS; on December 15, 1983, this body adopced a resolution relating to waiver of Section (11)(b)1. of the Act and in that resolution provided that the revenue agreement shall contain anti-discrimination clauses which shall be approved by the Municipality; and WHEREAS, on December 22, 1983, notice of the adoption of the initial resolution was published in accordance with Section (10)(b) of the Act, and notice of adoption of the waiver resolution was published in accordance with Section (11)(b)2. of the Act, and no sufficient petition has been filed with the Cle;-k requesting a referendum on the question of the issuance of said industrial development revenue bonds; and ' WHEREAS, on June 27, 1984, a public hearing was held at the City Hall and conducted in a manner that provided a reasonable opportunity to be heard for persons with differing views on both issuance of revenue bonds and the location and nature of the proposed facility to be financed with revenue bonds; and WHEREAS, notice of the public hearing was published by one insertion in the official newspaper of the Municipality for the publication of notices pursuant to Chapter 985 of the Wis- consin Statutes no less than 14 days before the scheduled date of the hearing; and WHEREAS, the official newspaper is a newspaper of general circulation in the locality of the Project; and WHEREAS, this body is an elected legislative body of the b]unicipality; and -2- � � RESOLUTION #10 WHEREAS, the Borrower has now requested that the Municipality provide for t6e issuance of $4,000,000 principal amount of industrial development revenue bonds upon the terms set forth in this Resolution (as herein described, the "Series A 8onds"); and WHEREAS, in connection therewith the Borrower has presented the Municipality with proposed documentation for the Series A Bonds, as follows: (a) a 6ond Purchase Agreement, to be dated as of the date of adoption of this Bond Resolution (the "Bond Purchase Agreement"), to be entered into by and among the Municipalfty, the Borrower, Hoffmaster Company, Inc. (the "Guarantor") and First Wisconsin National Bank of Milwaukee (the "Bond Purchaser"), setting •forth the terms and conditions on which the Municipality will sell and the Bond Purchaser will purchase the Series A Bonds; and (b) an Indenture of Trust, to be dated as of July 1, 1984 (the "Indenture"), to be entered into betaeen the Municipality and the corporate trustee hereinafter designated (the "Trustee"j, providing for the creation of the Series A Bonds, the terms tl�ereof and the security therefor; and (c) a Loan Agreement, to be dated as of July 1, 1984 (the "Loan Agreement"), to be entered into between the Municipality and the Bor- rower providing for a loan of the Series A Bond proceeds to the Borrower on repayment terms scheduled to provide the Municipality with revenues sufiicient to retire the Series A Sonds in accordance with their terms; and (d) a Promissory Note, to be dated July 1, 7984 (the "Series A Promissory Note"), to be issued by the Borrower payable to the order of the Municipality in the principal amount of $4,000,000 as evidence of the borrowing provided for in the Loan Agreement and to be assigned by the Municipality to the Trustee; and (e) a Mortgage, to be dated as of July 1, 1984 (the "Mortgage"J, from the Borrower and the Guarantor to the hiunicipality, and from the -3- '�.Z' � RESOLUTION #10 Municipality to be assigned to the Trustee, providing collateral security for the per- formance of the Borrower's obligations under the Loan Agreement; and (f) a Guaranty Agreement, to be dated July 1, 1984, from the Guarantor to the Trustee; and WHEREAS, in accordance with the Act, this Resolution and the aforesaid instruments and documents, the Series A Bonds and interest thereon shall never constitute an indebtedness of the Municipality within the meaning of any State constitutional provision or statutory limitation, shall not constitute or give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers, and shall not constitute or give rise to any personal liability of any member of this body or of any officers or employees of the Municipality on the Series A Bonds or for any act or omission related to the authorization or issuance of the Series A Bonds; and WHEREAS, it is in the public interest of the Munici- pality to encourage and promote the development of projects such as the Project in order to realize public benefits su�h as, but not limited to, the provision and retention of gainful employment opportunities for the citizens of the Municipality; the stimula- tion of the flow of investment capital into the Municipality with resultant beneficial effects on the economy in the Municipality; and the preservation and enhancement of the Municipality's tax base; and ' WHEREAS, the development of the Project and the issuance 6f Series A Bonds to finance the Project as herein recited will, i� the judgment of this body, serve the intended accomplishments of public purpose and in all respects conform to the provisions and requirements of the Act; NOW, THEREFORE, BE IT RESOLVED: 1. Findings and Determinations. It has been found and determined and is hereby declared: (a) that the Project is a qualified "project" � under and for the purposes of the Act; (b) that the Borrower participant" under the Act; is a qualified "eligible and for purposes of � - 18c - >,� RESOLUTION #10 (c) that the Loan Agreement meets the require- ' ments of a"reven�e agreement" under and for purposes of the Act; (d) that the estimated aggregate cost of pro- viding the Project and paying the costs incident to the financing is not less than $4,000,000; (e) that the payments required to be made by the Borrower under the Loan Agreement are sufficient in amount to pay when due the principal of, premium, if any, and interest on the Series A Bonds; (f) that the Loan Agreement contains anti- discrimination clauses which are hereby express�ly approved by the Municipality; and (g) that all conditions set forth in said Initial Resolution have been satisfactorily met. 2. Authorization to Borrow and to Lend. The Munici- pality shall borrow, but only in the manner herein recited, the sum of $4,000,000 for the pur.pose of (i) financing the costs of providing the Project, (ii) paying the costs of issuing and selling the Series A Bonds, and (iii) paying such other costs related thereto as are permitted to be paid with bond proceeds under the Act. Said borrowing shall be a�complished through the sale of the Series A Bonds issued pursuant to the Act. The Municipality shall lend the sum of $4,000,000 to the Borrower pUrsuant to the terms of the Loan Agreement, which borrowing shall be evidenced by the Series A Promissory Note and secured by the Mortgage. 3. Designation, Denomination, Tenor and Maturity of Series A Bonds Created for Issuance. The Series A Bonds shall be issued in the principal amount of $4,000,000 and shall be desig- nated: CITY OF OSHKOSH, WISCONSIN INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES A (HOFFtdASTER COMPANY, INC. PROJECT) The Series A Bonds shall mature on July 1, 1996, but shall be subject to mandatory partial redemptions by operation of a sinking fund as provided in the Indenture and in accordance with the schedule provided in the table beloo;: -5- "�i �'. .! �.�r � Sinking Fund Redemption Date (July 1 of the Year) 1992 1993 1994 19'_? 5 1996 (final maturity) RESOLUTION #10 Principal Amount $ 500,000 500,000 500,000 500,000 2,000,000 The Series A Bonds shall bear interest from their original issue date payable quarterly on January 1, April 1, July 1 and October 1 at the rate of ten and one-tenth percent (10.108) per annum through and including June 30, 1991, and on and after July 1, 1991, at a rate per annum equal to seventy percent (708) of the rate announced from time to time by First Wisconsin National Bank of Milwaukee, Milwaukee, Wisconsin, as its prime rate, said interest rate to change when and as said prime rate changes; provided, however_, t:�at if and whenever prior to the occurrence of a Tax Violation there shall occur a change in the highest marginal statutory rate of federal income tax imposed on corporations (the "corporate tax rate"), then, effective on the effective date of said change in the corporate tax rate, the interest rate on the Series A Bonds shall change to a new rate which shall be the interest rate per annum hereinabove specified (whether fixed or variable) multiplied by a fraction the numerator of which shall be 1.85185 and the denominator of which shall be the quotient obtained by dividing one (1.00) by the remainder of one (1.00) minus the new corporate tax rate; provided further that if a Tax Violation shall occur, then effective on the date as of which the interest on the Series A Bonds became subject to federal income taxation the interest rate shall be sixteen and exghteen hundredths percent (16.18�) per annum through and includine June 30, 1991, and 75 basis points (i.e., 0.758) in excess of said prime rate thereafter. If the interest rate on the Series A Bonds increases as aforesaid as a consequence of the occurrence of a Tax Violation, any amount of additional interest due by reason of the retroactive application of said increase shall be paid to the persons entitled thereto within 120 days following first notice to the Borrower from the Trustee of the occurrence of the Tax Violation. The Series A Bonds shall be issuable as fully registered bonds in denominations of $5,000 or any integral multiple thereof. The Series A Bonds and the interest thereon shall be transferable by and shall be payable to the registered owners thereof in the manner and with the effect provided in the Indenture. The principal of, premium, if any, and interest on the Series A Bonds shall be payable in lawful money of the United States of America at the principal corporate trust office of the Trustee, as paying agent, or the office of any successor or additional paying agent designated by the riunicipality and approved by the Borrower. -6- - 18e - .�.1 RESOLUTION #10 The Series A Bonds shall specify, as their original issue date, July t, 1984. Each Series A Bond shall be dated, as its registration date, the date of its authentication. The Series � Bonds shall be issued in the form therefor as set forth in the Indenture, with such insertions therein as shall be necessary to comply with the terms of this Resolution and with such corrections therein, if any, as the approving bond attorney may require for conformity with the terms of this Resolution, the Indenture and the Act. 4. Execution and Authentication of Series A Bonds. The Series A Bonds shall be executed on behalf of the Municipality by the City Manager under-the official seal of the Municipality attested by its Clerk. The signatures of the City Manager and the Clerk may be manual or facsimile. The official seal may be actually impressed or imprinted or may be reproduced thereon by facsimile. No Series A Bond shall be issued unless first authen- ticated by the Trustee, to be evidenced by the manual signature of an authorized signatory of the Trustee on each Series A Bond. 5. Desianation of Trustee. The Municipality hereby designates and appoints First Wisconsin Trust Company, Milwaukee, Wisconsin, to perform the functions of the Trustee, bond registrar and paying agent under the Indenture. 6. Additional Bonds. Bonds in addition to the Series A Bonds may be issued from time to time under the Indenture subject to the terms and conditions therein provided and subject to the approval of this body. If so issued, such additional Bonds shall rank egually and on a parity with the Series A Bonds. The Series A Bonds and any such additional Bonds are hereinafter collectively referred to as the "BOnds". 7. Series A Bonds as Limited Obligations. The Series A Bonds and interest thereon shall never be or be considered a general obligation of the hlunicipality or an indebtedness of the Municipality within the meaning of any State constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Municipality or a charge agUinst its general credit or taxing powers. 8. Source of Payment; Pledge of Revenues. The Series A Bonds shall be limited obligations of the Municipality payable by it solely from revenues and income derived by or for the account of the Municipality from or for the account of the Borrower pursuant to the terms of the Series A Promissory Note, the I•Sortgage, the Guaranty Agreement and the Loan Agreement; including, without limitation, (i) all payments by the Borrower -7- - 18f - .. RESOLUTION #10 � on the Promissory Notes or pursuant to the terms in the Loan Agreement, (ii) all cash and securities held from time to time in the Trust Funds, and the investment earnings thereon and (iii) all amounts derived by recourse to the Mortgage or the Guaranty Agreement; but excluding any amounts derived by the Municipality for its own account pursuant to the terms in the Loan Agreement. As security for the payment of the principal of, premium, if any, and interest on the Series A Bonds, the Munici- pality shall pledge and assign to the Trustee all of its right, title and interest in and to the Series A Promissory Note, the Loan Agreement (except for its rights to receive and enforce payment of certain taxes, expenses and indemnity payments from the Borrower as set fort� in the Indenture and the Loan Agree- ment), the Mortgage and the trust funds held by the Trustee under the Indenture. 9. Redemption of Series A Bonds Prior to Piaturity. The Series A Bonds shall be subject to redemption prior to maturity as provided in the Indenture. Notice of any redemption of Series A Bonds prior to stated maturity shall be given in the manner provided in the Indenture. The principal of, premium, if any, and interest on Series A Bonds called for redemption as aforesaid shall be payable solely from moneys held by the Trustee under the Indenture and available therefor, including moneys derived from the Borrower for such purpose pursuant to the Loan Agreement. 10. Trust Funds. The following described Trust Funds shall be created under the Indenture to be held in the custody of the Trustee and applied for the uses and purposes provided in the Indenture (summarized below): (a) Issuance Expense Fund. The estimated amount of the Series A Bond issuance costs will be deposited into the Issuance Expense Fund from the proceeds of the sale of the Series A Bonds and will be applied upon requisition of the Borrower to the payment of such costs. After certification by the Borrower that all such costs have been paid, any remaining balance in the Issuance Expense Fund shall be transferred to the Construction Fund. Investment earnings on the Issuance Expense Fund shall be for the account of the Issuance Expense Fund. (b) Construction Fund. The proceeds from the sale of the Series A Bonds (exclusive of accrued interest and the amount deposited into the Issuance Expense Fund) will be � - 18g - ..r � RESOLUTION #10 deposited into the Construction Fund. Moneys in the Construction Fund will be applied to the payment of Project costs upon requisition of the Borrower as provided in the Loan Agreement. After certification by the Borrower that the Project has been completed and that certain o�her conditions have been satisfied, any remaining balance in the Construction Fund shall be transferred to the Surplus Construction Fund. Investment earnings on the Construction Fund shall be for the account of the Construction Fund. (c) Bond Fund. The accrued interest received upon the sale of the Series A Bonds and all payments from or for the account of the Bor•�ower on the Series A Promissory Note (except•prepayments of principal and premium, if any, required to be deposited into the Optional Redemption Fund) shali be deposited into the Bond Fund. Moneys in the Bond Fund shall be used for the payment of the prin- cipal of and i�;�erest on the Bonds when due. (d) Optional Redemption Fund. Prepayments by the Borrower of principal on the Series A Promissory Note together with the premium, if any, shall be deposited into the Optional Redemption Fund. In addition, under certain circumstances moneys may be transferred to the Optional Redemption Fund from other ' Trust Funds. Moneys in the Optional Re- ' demption Fund may be (i) transferred to the Bond Fund when and as required to pay the principal of any Series A Bonds called for redemption in accord:nce with the Indenture; (ii) used to pay any premiums payable on Series A Bonds called for redemption, (iii) transferred to the Bond Fund to make the final payment of principal on the Series A Bonds, or (iv) to the extent not needed for the p�rposes described in clauses (i) and (ii) used at the direction of the BoLrower to purchase Series A Bonds for cancellation. (e) Surplus Construction Fund. Surplus moneys in the Construction Fund shall be trans- ferred to the Surplus Construction Fund. These moneys shall be used to redeem out- standing Series A Bonds in the largest � - 18h - ... RESOLUTION #10 amount possible at the earliest possible redemption date or dates given the terms of the Series A Bonds unless prior to such redemption or redemptions, the Borrower shall direct that the Surplus Construction Fund be used to (i) purchase Series A Bonds for cancellation or (ii) pay or reimburse the Borrower for the cost of depreciable property necessary or desirable for improving, enlarging or adding to the Project. (f) Mortgaged Property Reserve Fund. Under certain circumstances, moneys may be trans- ferred to the Mortgaged Property Reserve Fund from other Trust Funds or deposited directly into the Mortgaged Property Reserve Fund. At the direction of the Borrower, moneys in the Mortgaged Property Reserve Fund may be (i) transferred to the Optional Redemption Fund, (ii) used to purchase Series A Bonds for cancellation, or (iii) used to pay or reimburse the Borrower for costs of depreciable prcperty necessary to complete the Project or an additional project. (g) Insurance and Condemnation Proceeds. Net proceeds of certain insurance and condem- nation awards will be deposited into the Insurance and Condemnation Proceeds Fund, as provided in the Loan Agreement, Mort- ' gage and the Indenture. The Trustee is authorized to withdraw funds from said Fund � for application as provided in the Loan � Agreement and the Indenture. 11. Investment of Trust Funds. Any moneys held as a part of the trust f•�nds held by the Trustee under the Indenture may be invested and reinvested by the Trustee upon request by the Borrower in "Qualified Investments" as specified in the Indenture. 12. Determination of Revenue Pavment. The amount necessary in each year to pay the principal of, premium, if any, and interest on the Series A Bonds is the sum of (i) the amount of principal becoming due in such year in accordance with the sinking fund redemption table in paragraph 3 of this Resolu- tion (as reduced from time to time by reason of prior redemptions and open market purchases of Series A Bonds in accordance with the Indenture); plus (ii) the principal amount of Series A Bonds -10- - 18i - nr RESOLUTION #10 to be redeemed in such year in accordance with a call for redemp- tion made in accordance with paragraph 9 of this Resolution and the Indenture, plus the premium, if any, payable with respect thereto; plus (iii) the amount of interest on the Series A Bonds becoming due in such year in accordance with the interest rates specified in the table in paragraph 3 of this Resolution. In expressing the Borrower's obligation to make the necessary revenue payments, it shall suffice herein and in the Loan Agreement to state that the Borro�.�er shall be obligated to ��ay the Municipality (or the Trustee for the account of the hiunicipality) amounts sufficient to pay when due the principal of, premium, if any, and interest on the Bonds. The Loan Agreement contains provisions, adequate in the judgment of this body, requiring the Borrower to provide for the maintenance of the Project and the carrying of all proper in- surance with respect thereto. Consequently, the Borrower need not be required to pay amounts into any reserve funds for the retirement of the Series A Bonds or for the maintenance of the Project. 13. Award of Series A Bonds; Execution and Delivery of the Bond Purchase Agreement. The Borrower has negotiated for the sale of the Series A Bonds to the Bond Purchaser at a price of 100� of the principal amount of the Series A Bonds, plus accrued interest to the date of delivery. Given the purposes of the financing and the involvement of the Municipality therewith, it is the determination of this body that the Series A Bonds shall be hereby awarded to the Bond Purchaser at the price aforesaid with delivery.to follow in the manner, at the time and subject to the conditions set forth in the Bond Purchase Agreement. As evidence thereof, the City Manager and the Clerk are hereby authorized and directed for and in the name of the Municipality to execute, affix with the official seal of the Municipality and deliver the Bond Purchase Agreement in the form presented here- with, or with such insertions therein or corrections thereto as shall be approved by the City Manager and Clerk consistent with this Resolution and the terms of.the Act, their execution thereof to constitute conclusive evidence of their approval of any such insertions and corrections. 14. Execution and Deliaery of the Loan Agreement and the Indenture; Assignment of the Series A Promissory Note and the Ptortgage; Approval of the Guaranty Agreement. The terms and pro- visions of the Series A Promissory Note, the Loan Agreement, the Mortgage, the Guaranty Agreement and the Indenture are hereby approved. The City Planager and the Clerk are hereby authorized for and in the name of the M�nicipality to execute, affix with the official seal of the Municipality and deliver the Loan -11- - 18j - RESOLUTION #10 Agreement, the Indenture and the assignments of the Series A Promissory Note and the Mortgage in the respective forms thereof presented herewith, or with such insertions therein or corrections thereto as shall be approved by the City Manager and Clerk consistent with this Resolution and the terms of the Act, their execution thereof to constitute conclusive evidence of their approval of any such insertions and corrections. 15. Execution and Delivery of the Series A Bonds. The City Manager and the Clerk are hereby authorized for and in the name of the Municipality to execute the Series A Bonds in the manner authorized by paragraph 4 of this Resolution. .Subject to the terms and conditions of the Bond Purchase Agreement, the Municipality shall deliver the Series A Bonds to the Bond Pur- chaser. 16. General Authorizations. The City Manager and the Clerk and the appYOpriate deputies and officials of the Munici- pality in accordance with their assigned responsibilities are hereby each authorized to execu*e, publish, file and record such other documents, instruments, notices (including notice pursuant to wis. Stats. §893.77 and the statement to the Secretary of the Treasury required by Section 103(1)(2) of the Internal Revenue Code of 1954, as amended) and records and to take such other actions as shall be necessary or desirable to accomplish the purposes of this Resolution and to comply with and perform the obligations of the Municipality under the Series A Bonds, the Loan Agreement and the Indenture. In the event that the City Manager or the Clerk shall be una5le by reason of death, disability, absence or vacancy of office to perform in timely fashion any of the duties specified herein (such as the execution of Series A Bonds, the Bond Purchase Agreement, the Loan Agreement, the Indenture or the assignments of the Series A Promissory Note and the Mortgage), such duties shall be performed by the officer or official succeeding to such duties in accordance with law and the ordinances of the Munici- pality. 17. Public Approval. This body, on behalf of the Municipality, hereby approves of the issue of Series A Bonds for the purposes of Section 103(k) of the Internal Revenue Code of 1954, as amended. 18. Election Under the Internal Revenue Code. The Municipality hereby elects to have the provisions of Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended, applied to the issuance of the Series A Bonds. The City Manager and the Clerk or either of them are authorized to execute and file, for and in the name of the Diunicipality, such documents as may be necessary or appropriate to effectuate said election. -12- - 18k - I w,r RESOLUTION #10 19. Effective Date; Conformity. This Resolution shall be effective immediately upon its passage and approval. To the extent that any prior resolutions of this body are inconsistent with the provisions hereof, this Resolution shall control and such prior resolutions shall be deemed amended to such extent as may be necessary to bring them in conformity with this Reso- lution. * * * * The foregoing resolution of the City of Oshkosh, Wisconsin, was adopted, on July 5, 1984. , * City Council of the approved and recorded �/� � l.tii�� �i ,�6��i ,lr� �� City erk -13- - 181 - � CERTIFICATIONS BY CLERK RESOLUTION #10 I, Donna C. Serwas, being first duly sworn, do hereby depose and certify that T am the duly appointed, qualified and acting Clerk of the City of Oshkosh, in the County of Winnebago, State of Wisconsin, and as such I have in my possession, or have access to, the complete corporate records of said City and of its City Council; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attGched is a true, correct and complete copy of all the corporate records in relation to the adoption of Resolution No. lp entitled: BOND RESOLUTION AUTHORIZING -$4,000,000 CITY OF OSHKOSH, WISCONSIN INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES A (HOFFMASTER COMPANY, INC. PROJECT) I do hereby further depose and certify as follows: 1. Said resolution was considered for adoption by the City Council at a meeting held in the City Hall at 7:00 P.M. on June 21, 1984. Said meeting was a regular meeting of the City Council and was held in open session in compliance with Subchapter IV of Chapter 19 of the Wisconsin Statutes. 2.. Said resolution was on the agenda for said meeting and public notice thereof was given not less than 24 hours prior to the commencement of said meeting in compliance with Section 19.84 of the Wisconsin Statutes, including, without limitation, by posting on the bulletin board in the City Hall, by notice to �hose news media who have filed a written request for notice of meetings and by notice to the official newspaper of the City. 3. Said meeting was called to order by Kathleen M. Propp, Mayor, who chaired the meeting. Upon roll I noted and recorded that the following councilpersons were present: Robert E. Pung Bernice ^leichmiller Floyd R. Chapin Charles J. Hulsebosch Don H. Kutchera James A. Mather and that the following councilpersons were absent: Kathleen M. Pr -i- - 18m - RESOLUTION #10 I noted and recorded that a quorum was present. Various matters and business were taken up during the course of the meeting without intervention of any closed session. One of the matters taken up was said resolution which was introduced and its adop- tion was moved by Councilperson Pune , and seconded by Councilperson Mather Following discussion and after all councilpersons who desired to do so had expressed their views for or against said resolution, the question was called and upon roll being called and the continued presence of a quorum being noted, the recorded vote was as follows: Aye: Pun� Chao�n Teichmiller Huls>bosch Kuta�era a er Nay: None Abstain: None Whereupon the Mayor declared said resolution adopted, and I so recorded it. IN I�ITNESS WHEREOF, I have signed my name and affixed the seal of the City hereto on this Eth_ day of Julv, 1984• (Municipal 5aa1] �,/\"�-)�,1�,?1��� ,�J�.���.�%[J� Clerk STATE OF 64ISCONSIN ) ) SS COUNTY OF WINNEBAGO) SUBMITTED BY APPRGVF.D � Subscribed and sworn to�before me this day, the date last above written. , Nbt�Bry PubliC � i My commission expires: 6 [Notarial Seal] -ii- - 18n - J i � � _ n ti N� � G rt � � � � n � r � � n � x � � (n�., �a � � � 0 rt r� 0 p C] H �o 7� � � H ¢� L�] O C7 R3 . r} � � � rn xo� o��� M (D P1 � r r� w o mro� rr � m N m m n�o rt� n � O ;U ct � C O � � H � \ n m � • � A+ O Ul an m r� . p� N � m N � � 0 �:d . . r`� S� � ,0.,