HomeMy WebLinkAbout32893 / 84-08e
RESOLUTZON determining to borrow
596,000 and to issue to the lender
Promissory Notes, Series 1984-C, of
the City of Oshkosh, Wisconsin, in
such amount, providing details, pre-
scribing the form of note and levying
taxes.
WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin, is
in need of funds in the aggregate amount of 596,000, for the
purpose of providing for the development, extension, enlargement,
renovation, rebuilding, repair or improvement of projects undertaken
for public purposes; and
N7HEREAS, cities are authorized by the provisions of Section
67.12(12) of the Wisconsin Statutes to borrow money and issue
promissory notes for the development, extension, enlargement,
renovation, rebuilding, repair or improvement of projects undertaken
for public purposes; and
I�HEREAS, it is considered necessary and desirable by the
City Council of said city that said city borrow 596,000 for the
purpose of providing funds for the purpose aforesaid, and that
said City issue to the lender its promissory notes to evidence
the indebtedness thereby incurred; and
WHEREAS, the officials of said city have neqotiated with
Valley Bank of Oshkosh
First Wisconsin National Bank
Firstar
Western State Bank
for the borrowing of an aggregate sum of 596,000 and said lenders
have offered to purchase the promissory notes of the city at the
interest rate of 8.5 per cent per annum;
e
NOW, THEREFORE, Be It 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 payment of general and current municipal expenses,
there shall be borrowed from Valley Bank of Oshkosh, First
Wisconsin National Bank, Firstar, Western State Bank, the sum of
596,000 and to evidence such indebtedness the City of Oshkosh,
Winnebago County, Wisconsin (the "City") shall issue to such
lender its Promissory Notes, Series 1984-C (the "Notes"), in the
aggregate principal amount of $96,000.
Section 2. The Notes shall be designated "Promissory Notes,
Series 1984-C", shall be payable to the lender or lenders, shall
be dated the date of their issuance, shall be of $24,000
denomination, shall be numbered consecutively 1 thru 4, shall
bear interest at the rate of 8.5� per annum payable at maturity
or upon prepayment, and shall mature as to principal on May 1,
1994.
The Notes shall be subject to prepayment at the option of
the City, as a whole on December 1, 1984, and on the first day of
June or December thereafter, at the principal amount of each Note
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 lender named in the Note being prepaid
and shal l be given not less than 5 days prior to the date fixed
for prepaynent.
The Notes shall be siqned by the City Manager of the City of
Oshkosh and by the City Clerk, and sealed with the corporate seal
2
.J
of the City. Both principal of and interest upon each Notes shall
be paid directly to the lender by the Treasurer of the City, in
lawful money of the United States of America, upon presentation
and surrender of the Notes.
The Notes may be transferred by presentation and surrender
to the City Clerk, hereby designated as Note Registrar, together
with a request for transfer and appropriate instruments of
assignment. Upon receipt of such transfer request the City Clerk
shall cause a new Note or Notes of authorized denominations to be
issued to the assignee and the Note surrendered shall be
cancelled.
Section 3. The Notes shall be in substantially the
following form, the omissions to be appropriately completed when
the Note is prepared:
(Form of Note)
UNITED STATES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosn _
PROMISSORY NOTES, SERIES 1984-C
No. g
KNOW ALL MEN BY THESE PRESENTS: 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
. . . , the principal
sum of (S ), payable on
the first day of June, 1994, with interest at the rate of
3 �
oercent ( 8) per annum on the unpaid principal from
the date hereof until the principal amount shall have been fully
paid, such interest and principal being payable directly to the
lender 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 cf-w'tiich this aoce is one are subject to
prepayment at the option of the City of Oshkosh, as a whole, on
December 1, 1984, and on the first day of June or December
thereafter, at the principal amount of each note so prepaid and
accrued interest to the date fixed for prepayment.
For the prompt payment of this note with interest hereon as
aforesaid and for the levy and collection of taxes sufficient for
that purpose, the full faith, credit and resources of the City of
Oshkosh are hereby irrevocably pledged.
This note is one of an issue of 596,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
maney in such amount for the development, extension, enlargement,
renovation, rebuilding, repair or improvement of projects under-
taken for public purposes, pursuant to and in all respects in
compliance with Section 67.12(12) of the Wisconsin Statutes and a
resolution adopted by the members of the City Council of said
city on May 31, 1984, and entitled, "RESOLUTION determining to
borrow 596,000 and to issue to the lender Promissory Notes,
Series 1984-C, of the City of Oshkosh, Wisconsin, in such amount,
providing details, prescribing the form of note and levying
taxes."
d
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; that the
indebtedness of said city, including this note, does-not exceed
any limitation imposed by law; and that said city has levied a
direct annual irrepealable tax sufficient to pay the interest
hereon when it becomes due and also to pay the principal hereof
at maturity.
IN TESTIMONY WHEREOF, the City.of Oshkosh, by its City
Council, has caused this note to be signed by its City Manager
and by its City Clerk, and its corporate seal to be impressed
hereon, all as of the day of
(SEAL)
CITY CLERK
. 198_
CITY MANAGER
Section 4. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on the Notes and
to pay and discharge the princigal thereo� at maturit�, there is
hereby levied upon all the taxable property in the City for the
year 1984 thru 1993, a direct annual tax in an amount sufficient
for the purpose, to-wit:
Year
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
Tax Levv
512,240.00
8,160.00
8,160.00
8,160.00
8,160.00
8,160.00
8,160.00
8,160.00
8,160.00
100,080.00
together with cash on hand in the amount of 54,080.00 to be
interest due and owing in calendar year 1984.
Section 5. Said tax shall be extended upon the tax
rolls of the City and shall be collected by the officers of the
City in the same manner and at the same time as taxes for
general city purposes for such years are extended and collec-
ted, and when so collected-, ihe proceeds of said taxes shal l 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 remains outstanding. �
Section 6. Interest on or principal of the Notes herein
authorized falling due at any time when there shall be on hand
insufficient funds from the proceeds of the above tax levy for
the payment of such interest or principal shall be paid promptly
when due from other funds of the city, which funds shal l be
reimbursed therefor out of the proceeds of the taxes above levied
when such taxes shall have been collected.
Section 7. The City Clerk shall keep, maintain and preserve
an adequate and correct register account of the Notes issued and
all payments and other transactions relating thereot.
Section 8. When the Notes shall have been prepared and
executed, the same shall be delivered by the City Treasurer to
the lenders upon receipt fo the borrowed money.
Section 9. The principal proceeds from the sale of the
Notes shall be used only for the payment of the development,
extension, enlargement, renovation, rebuilding, repair or
improvement of projects undertaken for public purposes. The City
recognizes that the purchasers and holders of the Notes will have
accepted them on, and paid therefor a price which 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 the principal pro-
ceeds of the sale of the Not�s shall be devoted to and used with
due diligence for the payment of the expenses for which the Not�
are herein authorized to be issued. .The City Manager, the Clerk
and the Treasurer of the city, or any of them, are hereby autho-
rized to execute on behalf of the City an Arbitrage Certificate
to assure the purchasers and holders of the Not� that the pro-
ceeds of the Notes are not expected to be used in a manner which
would or might result in said notes being an "arbitrage bonds"
under Section 103(c) of the Internal Revenue Code of 1954, as
amended, or the regulations of the United States Treasury Depart-
ment currently in effect or proposed. such Arbitrage Certificate
shall constitute a representation and certification of the city
and no investment of Note proceeds or of money accumulated to pay
the Notes herein authorized shall be made in violation of the
expectations prescribed by said Arbitrage Certificate.
Adopted May 31, 1984
Recorded Mav �l , 1984 �- �-�t-_,e-/��
Mayor
Att t: �^
��) �1 I° 'V��.C2J �' � �Q'LL (J/� -
City Clerk
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