HomeMy WebLinkAbout32832 / 84-02;, ,
The City Council of the City of Oshkosh, Winnebago County, Wisconsin,
met in special, open, public session at its regular meeting place on April 26, 1984, at 4:45
o'clock P.M., with the following members present:
and the following members absent:
s s s s
(Other business)
The Clerk stated that one purpose of the meeting was the consideration of
proposals received for the purchase of $940,000 Refunding Bonds, Series 1984 of the City
of Oshkosh pursuant to sealed bids.
Thereupon the following resolution was introduced by
and was read in full, and pursuant to motion made by
and seconded by was adopted by the following vote:
Aye:
Nay:
SUBNIT?ED BY
; ...� ►
RESOLUTION determining to issue $940,000 Refunding
Bonds, Series 1984, of the City of Oshkosh, Winnebago
County, Wisconsin, providing details, prescribing the
form of bond, awarding the bonds to the highest bidder,
and levying taxes.
WHEREAS, by initial resolutions duly adopted on April 5, 1984 after publi-
cation of same as a Class 2 notice, there have been authorized to be issued bonds of the
City of Oshkosh (the "City") for the purpose of refunding a 5700,000 Promissory Note,
Series 1383-D and a$240,000 Promissory Note, Series 1983-E of the City, each originally
issued on and dated November 7, 1983, maturing on November 1, 1985 and subject to
prepayment on July 1, 1984; and
WHEREAS, it is now necessary that bonds be sold and issued for the pur-
poses aforesaid in the aggregate principal amount of $940,000; and
WHEREAS, the City is authorized by Section 67.05(13), Wisconsin Statutes,
to combine bonds authorized under various initial resolutions into one issue; and
WHEREAS, pursuant to advertisement, sealed bids were received for the
purchase of refunding bonds in said amount until 11:00 A.M., C.S.T. on April 26, 19€4,
which bids are as Follows:
Name of Bidder
Net Interest Rate
Northern Trust Co., Chicago, Illinois 9.64128
First National Bank of Chicago, Chicago, ILL 9.67609
Coatinental I1linois National Bank
& Trust Co., Chicago, ILL 9.719781
Harris Trust 5 Savings Bank, Chicago, ILL 9.8592
; .
; and
WHEREAS� the bid of Northern Trust Co. ,
of Chicago , Illinois and
associates at a price of par plus accrued interest to the date of delivery, was the best bid
submitted, which bid is as follows:
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BID FOEtM
MEMBERS OF THE CITY COUNCIL
CITY OF OSHKOSH, WISCONSS�
April 26, 1954
We offer to purchase the $9'+O,OGO Refunding Boads, Series 1954, of
the Ci[y of Oshkosh, Wisco�sin to be daCed May 1, 1984 and offered for
sale on the above date, on the terms and conditions sta[ed in Che
Offigial Notite � Sale and [h? Official SCa[emen[ [herefor, for a price
of Y�jy� 00�� (not less than E940,000), and accrued in[ezest [o
da[e of elivery. The bonds of [he various maturities [o bear interest
a[ the following annual rates:
� �'/.2oX for boads due May 1, 19$6 through May 1, 19 �/�%
�
1 �J�L for bonds due May 1, 19� through May 1, 19�
, Ct,SGx for bonds due May 1, 19�� throagh May 1, 19
�. • q. r 2 for bonds due May 1, 19� through May 1, 19
�'' �C for bonds due May 1, 19� [hrough May 1, 19
9.9c� for bonds due May 1, dt4%c0 [hroogn May 1, 19
� lo.m 2 for bonds due May 1, SAJo! [hrough May 1,.�0�
L for bonds due May 1, 19 [hrough May 1, 19
X for bonds due May 1, 19 through May 1, 19
% for bonds due May 1, 19 througn May 1, 19
� for bonds due May 1, 19 through May 1, 19
L for bonds due May 1, 19_ [hrough May 1, 19_
Our compu[a[ion of the [otal amount of interes[ from da[e of issue [o
maturity represen[ed by [he interes[ rates specified above, and of the
net interes[ cost of this bid, while no[ a part of [his bid, are se[
forth beloc:.
This bid is made for prompt acceptance and subject [o the conditions
of the Official Notice of Sale. We enclose, herewi[h, our cashier's or
cer[ified check or bank draft, in [he amoun[ of $18,800, which is [o be
held by the City pending compliance with the conditions of this bid.
Respectfully submi[[ed,
THE NORTHERN TRUST COMPANY
Syndicate Pfanager
�d�LGr/2n/L ,�+'1Dr,I/%z
sy STEVF.N C. BROWN
Second Vice President
Interest Compu[a[ion
We compute the to[al amount of in[eres[ from date of issue to
ma[uri[y, repre�ented by•[he interes[ ra[es specified in the bid, to
be 9�J}y .35�� for a Ne[ Rate of 9,G5�nY�.
The foregoing bid is hereby accepted by and on behalf of the City�of
Oshkosh, Wisconsin this 26[h day of April, 1954.
ty hlanager
DirecCOr of FinanceJTreasurer
9
THE NORTHERN TRUST COMPANY -
CHEMICAL BANK
I�ITER FIRST BANK DALLAS, N.A.
DP,IN, BOShORTH, INC.
PIPER, JAFFRAY & HOPWOOD, INC.
THE FIRST NATIONAL BANK OF ST.
SEATTLE - FIRST NATIONAL BANK
FIRST OF MICHIGAN CORPOATION
BECKER & COWNIE� INC.
CHANNER NEWMAN SECURITIES CO.
FERRIS & COMPANY, INC.
THE HEITNER CORPORATION
PARKER/HUNTER INCORPORATED
SAUERMAN SECURITIES, INC.
SEATTLE - NORTHWEST SECURITZES
A. F. STEPP INVESTMENTS, INC.
SUb1MER5 & COMPANY, INC.
UNIBANC TRUST COMPANY
liNITED STATES NATZONAL BANK OF
Manager
PAUL
CORP .
OREGON
- IN ASSOCIA^1ION WITH -
IvORWEST SECURITIES )Joint
THE FIRST NATIONAL BANK AND TRUST COMPA.'9Y OF OKLAHOMA CITY )
BLYTH, EASTMAN, PAINE, WEBBER IVCORPORATED )Managers
THE CHICAGO CORPORATION
CENTERRE BANK, N.A.
NOW, THEREFORE, Be It Resolved by the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Definitions. For all purposes of this Resolution, except as
otherwise expressly provided or unless the context otherwise requires, the terms defined
in this Section shall have the meanings set forth below, and shall include the plural as
well as the singular.
"Bond" or "Bonds" shall mean one or more of the Refunding Bonds, Series
1984 authorized to be issued by the terms of this Resolution.
"Bond Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Bonds.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"Registrar" shall mean the First Wisconsin Trust Company, in Milwaukee,
Wisconsin, or a successor designated as Registrar hereunder.
the City.
"Resolution" shall mean this resolution as adopted by the Governing Body of
"Statute" shall mean Chapter 67 of the Wisconsin Etatutes, as amended and
supplemented.
Section 2. Authorization. The issuance of $940,000 aggregate principal
amount of refunding bonds is hereby authorized for the purpose of providing funds neces-
sary to refund the principal of the promissory notes identified in the preamble hereto.
The Bonds shall be designated "Refunding Bonds, Series 1984," shall be dated May 1,
1984, as originally issued, and shall also bear the date of their authentication by the
Registrar. The Bonds shall be in fully registered form, shall be in denominations of
$5,000 each and integral multiples thereof (but no single Bond shall represent install-
ments oF principal maturing on more than one date), shall be numbered shall mature
serially on May 1 of each of the years 1986 to 2003, inclusive, in the amounts and shall
bear interest at the rates per annum, as follows:
Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
Interest
Amount Rate Year
$ 40,000
50,�00
50,OOD
50,000
50,000
50,000
50,000
50,000
50,000
9.2
9.2
9.2
9.2
9.2
9.2
9.2
9.2
9.2
0
1995
1996
1997
1998
1999
2000
2001
2002
2003
Amount
$50,000
50,000
50,000
50,000
50,000
50,000
50,000
75,000
75,000
Interest
Rate
9.3
9.3
9.5
9.7
9.8
9.9
10.0
10.0
10.0
�
Section 3. InteresY; Payment Provisions. The Bonds shall bear interest
fro m their date or fro m the m ost recent interest pay ment date to w hich interest has
been paid or duly provided for, at the rates set out above, such interest (computed upon
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the basis of a 360-day year of twelve 30-day months) being payable on the first days of
May and November of each year, commencing on May 1, 1985. Interest on each Bond
shall be paid by check or draft of the Registrar to the person in whose name such Bond is
registered at the close of business on the 15th day of the calendar month next preceding
the interest payment date. The principai of each Bond shall be payable in lawful money
of the United States of America upon presentation and surrender of such Bond at the
principai corporate trust office of the Registrar in Milwaukee, Wisconsin.
Section 4. Execution; Authentication. The Bonds shall be executed on
behalf of the City with the facsimile signature of the City Manager and with the fac-
simile signature of the City Clerk, and sealed with the corporate seal of the City or s
printed facsimile thereof. In case any oFficer whose signature shall appear on any Bond
shall cease to be such officer before the delivery of such Bond, such signature shail
nevertheless be valid and sufficient for a11 purposes, the same as if snch officer had
remained in office until delivery.
All Bonds shall have thereon a certificate of authentication substantially in
the form hereinafter set forth duly executed by the Registrar as authenticating agent of
the City and showing the date of authentication. No Bond shall be valid or obligatory for
any purpose or be entitled to any security or beneFit under this Resolution unless and
until such certificate of authentication shall have been duly executed by the Registrar by
manual signature, and such certificate of authentication upon any such Bond shall be
conclusive evidence that such Bond has been authenticated and delivered under this
Resolution. The certificate of authentication on any Bond shall be deemed to have been
executed by the Registrar if signed by an authorized officer of the Registrar, but it shall
not be necessary that the same officer sign the certificate of authentication on all of the
Bonds issued hereunder.
Section 5. Registration of Bonds; Persons Treated as Owners. The City
shall cause books (the "Bond Register") for the registration and for the transfer of the
Bonds as provided in this Resolution to be kept at the principal corporate trust office of
the Registrar, which is hereby constituted and appointed the registrar of the City with
respect to the Bonds herein authorized. Upon surrender for transfer of any Bond at the
principal corporate trust office of the Registrar duly endorsed by, or accompanied by a
written instrument or instruments of transfer in form satisfactory to the Registrar duly
executed by, the registered owner or his attorney duly authorized in writing, the City
shall execute and the Registrar shall authenticate, date and deliver in the name of the
transferee or transferees a new fully registered Bond or Bonds of the same maturity of
authorized denominations, for a like aggregate principal amount. Any fully registered
Bond or Bonds may be exchanged at said office of the Registrar for a like aggregate
principal amount of Bond or Bonds of the same maturity of other authorized denomina-
tions. The execution by the City of any fully registered Bond shall constitute full and
due authorization of such Bond and the Registrar shali thereby be authorized to authenti-
cate, date and deliver such Bond. The Registrar shall not be required to transfer or
exchange any Bond during the period of fifteen days next preceding any interest payment
date on such Bond, nor to transfer or exchange any Bond after notice calling such Bond
for prepayment has been mailed nor during the period of fifteen days next preceding
mailing of a notice of prepayment of any Bonds.
The person in whose name any Bond shall be registered shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of the principal of,
premium (if any) or interest on any Bond shall be made only to or upon the order of the
registered owner thereof or his legal representative. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such Bond to the extent of the
sum or sums so paid.
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...�
No service charge shall be made for any transfer or exchange of Bonds, but
the City or the Registrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or
exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unre-
deemed portion of a Bond surrendered for redemption.
Section 6. Prior Redemption. Bonds maturing on and after May 1, 1999
shall be subject to redemption prior to maturity at the option of the City as a whole, or
in part in inverse order of their maturity (less than all of the Bonds of a single maturity
to be selected by the Registrar), on May 1, 1998 and on any interest payment date there-
after, at the redemption price of par plus accrued interest to the date fixed for redemp-
tion.
The Bonds shall be redeemed only in the principal amount of $5,000 each
and integral multiples thereof. At least 45 days prior to the redemption date (unless a
shorter notice shali be satisfactory to the Registrar), the City shall notify the Registrar
of such redemption date and of the principal amount of Bonds to be redeemed. For
purposes of any redemption of less than all of the outstanding Bonds of a single maturity,
the particular Bonds or portions of Bonds to be redeemed shall be selected not more than
60 days prior to the redemption date by the Registrar from the outstanding Bonds of the
longest maturity then outstanding by such method as the Registrar shall deem fair and
appropriate, and which may provide for the selection for redemption of Bonds or portions
of Bonds in principal amounts of $5,000 and integral multiples thereof.
The Registrar shall promptly notify the City in writing of the Bonds or
portions of Bonds selected for redemption and, in the case of any Bond selected for
partial redemption, the principal amount thereof to be redeemed.
Section 7. Redemption Procedure. Unless waived by any holder of Bonds
to be redeemed, notice of the call for any such redemption shall be given by the Regis-
trar on behalf of the City by mailing the redemption notice by registered or certified
mail at least thirty days and not more than sixty days prior to the date fixed for redemp-
tion to the registered owner of the Bond or Bonds to be redeemed at the address shown
on the Bond Register or at such other address as is furnished in writing by such registered
owner to the Registrar.
All notices of redemption shall state:
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the identification
(and, in the case o£ partial redemption, the respective principal amounts) of the
Bonds to be redeemed,
(4) that on the redemption date the redemption price will become due and
payable upon each such Bond or portion thereof called for redemption, and that
interest thereon shall cease to accrue from and after said date, and
(5) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal corporate trust
office of the Registrar.
�i.'�
J
Prior to any redemption date, the City shall deposit with the Registrar an
amount of money sufficient to pay the redemption price of all the Bonds or portions of
Bonds which are to be redeemed on that date.
Notice of redemption having been given as aforesaid, the Bonds or portions
of Bonds so to be redeemed shall, on the redemption date, become due and payabie at the
redemption price therein specified, and from and after such date (unless the City shall
default in the payment of the redemption price) such Bonds or portions of Bonds shall
cease to bear interest. Upon surrender of such Bonds for redemption in accordance with
said notice, such Bonds shall be paid by the Registrar at the redemption price. Install-
ments of interest due on or prior to the redemption date shall be payable as herein pro-
vided for payment of interest. Upon surrender for any partial redemption of any Bond,
there shall be prepared for the registered owner a new Bond or Bonds oF the same matur-
ity in the amount of the unpaid principal. Ail 8onds which have been redeemed shall be
cancelled and destroyed by the Registrar and shall not be reissued.
Section 8. Form of Bonds. The Bonds, the certificate of authentication to
be endorsed thereon and the form of assignment are all to be in substantially the follow-
ing forms with necessary and appropriate variations, omissions and insertions as per-
mitted or required by this Resolution:
(Form of Bond)
United States of America
State of Wisconsin
County of Winnebago
City of Oshkosh
Refunding Bond, Series 1984
Rate of
Interest Maturity Date Registered Owner Principal Amount
May 1, 19
BNOV3 ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in the
County oF Winnebago, Wisconsin (the "City"), hereby acknowledges itself to owe and for
value received promises to pay to the Registered Owner hereinabove identified, or regis-
tered assigns as hereinafter provided, on the Maturity Date hereinabove identified, the
Principal Amount hereinabove identified and to pay interest (computed on the basis of a
3G0-day year of twelve 30-day months) on such principal amount from the date of this
Bond or from the most recent interest payment date to which interest has been paid at
the Rate of Interest per annum hereinabove set forth on May 1 and November 1 of each
year, commencing 1, 19 , until said principal sum is paid, except as the
provisions hereinafter set forth with respect to redemption may be and become appli-
eable hereto.
The principal of this Bond is payable in lawful money oF the United States
of America upon presentation and surrender of this Bond at the principal corporate trust
office of the First Wisconsin Trust Company, Milwaukee, Wisconsin, as registrar and
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paying agent (the "Registrar"). Payment of each installment of interest shall be made to
the registered owner hereof who shall appear on the registration books of the City main-
tained by the Registrar at the close of business on the 15th day of the calendar month
next preceding the interest payment date and shall be paid by check or draft of the
Registrar mailed to such registered owner at his address as it appears on such registra-
tion books or at such other address as may be furnished in writing by such registered
owner to the Registrar.
Reference is hereby made to the Further provisions of this Bond set forth
on'the reverse side hereof and such further provisions shall for all purposes have the
same effect as if set forth on the front side hereof.
It is hereby certified, recited and declared that all acts, conditions and
things required to be done, exist, happen and be performed precedent to and in the issu-
ance of this Bond have been done, have existed, have happened and have been perFormed
in regular form and manner as required by the constitution and statutes of the State of
Wisconsin, that this Bond, together with all other indebtedness of the City, does not
exceed any limitation prescribed by law, and that said city has levied a direct annual
irrepealable tax sufficient to pay the interest hereon when it falls due and also to pay
and discharge the principal hereof at maturity.
The full faith, credit and resources of the City are hereby pledged for the
payment of the principal of and interest on this Bond and the issue of which it is a part as
the same respectively become due and for the levy and collection of sufficient taxes for
that purpose.
This Bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF the City of Oshkosh, Winnebago County, Wisconsin,
by its City Council, has caused this Bond to be executed with the duly authorized fac-
simile signature of its City Manager and with the duly authorized facsimile signature of
its City Clerk and its official seal or a facsimile thereof to be impressed or reproduced
hereon, as of the first day of , 198_
(facsimile signature)
City Clerk
(SEAL]
�
(facsimile signature)
City Manager
9
CERT[FICATE OF AUTHENT(CATION
This Bond is one of the Bonds described in the within mentioned Resolution
and is one of the Refunding Bonds, Series 1984 of the City of Oshkosh, Wisconsin.
Date of Authentication:
First Wisconsin Trust Company,
as Bond Registrar
By
Authorized Officer
[Form of Bond - Reverse Side]
This Bond is one of an authorized issue of Bonds aggregating the principal
amount of $940,000 (the "Bonds") issued to pay the cost of providing funds in the amounts
necessary to refund a$700,000 Promissory Note, Series 1983-D and a$240,000 Promis-
sory Note, Series 1983-E of the City, each dated November 7, 1983 and maturing
November 1, 1985, pursuant to and in all respects in compliance with Chapter 67 of the
Wisconsin Statutes and a resolution adopted by the City Council of said City on April 26,
1984.
Bonds of the issue of which this Bond is one maturing on and after 64ay 1,
1999 are subject to redemption prior to maturity at the option of the City as a whole, or
in part in inverse order of their maturity (in integral multiples of $5,000, less than all the
Bonds of a single maturity to be selected by the Registrar in such manner as it shall
deem fair and appropriate) on May 1, 1998 and on any interest payment date thereafter,
at the redemption price of par plus accrued interest to the date fixed for redemption.
Notice of any intended redemption shall be sent by registered or certified
mail not less than thirty days nor more than sixty days prior to the date fixed for
redemption to the registered owner of each Bond to be redeemed (in whole or in part) at
the address shown on the registration books of the City maintained by the Registrar or at
such other address as is furnished in writing by such registered owner to the Registrar.
When so called for redemption, this Bond, or the portion thereof being so called for
redemption, will cease to bear interest on the specified redemption date, provided funds
for redemption are on deposit at the place of payment at that time, and shall not be
deemed to be outstanding.
This Bond is transferable by the registered owner hereof in person or by his
attorney duly authorized in writing at the principal corporate trust office of the Regis-
trar in Milwaukee, Wisconsin, but only in the manner, subject to the limitations and upon
payment of the charges provided in the authorizing resolution, and upon surrender and
cancellation of this Bond. Upon such transfer a new Bond or Bonds of authorized denom-
inations of the same maturity and for the same aggregate principal amount will be issued
to the transferee in exchange therefor.
T'he Bonds are issuable in fully registered form in the denomination of
$5,000 each or integral multiples thereof. This Bond may be exchanged at the prineipal
corporate trust office of the Registrar for a like aggregate principal amount of Bonds of
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the same maturity of other authorized denominations, upon the terms set forth in the
authorizing resolution.
The City and the Registrar may deem and treat the registered owner as the
absolute owner hereof for the purpose of receiving payment of or on account of principal
hereof, premium, if any, hereon and interest due hereon and for all other purposes and
neither the City nor the Registrar shall be affected by any notice to the contrary.
ASS[GNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
or its successor as Registrar to
transfer the said Bond on the books kept for registration thereof with full power of
substitution in the premises.
Dated:
Signature guaranteed:
NOT[CE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the face of the within Bond in every
particular, without alteration or enlargement or any change whatever.
Section 9. Sale of Bonds. The sale of the Bonds to
Northern Trust Co., ChicaQO, Illinois, and Associates, at the price of
par plus accrued interest to the date of delivery is hereby confirmed. The City Treasurer
is hereby authorized to deliver the Bonds to said purchasers upon payment of the pur-
chase price.
Sec4ion 10. Use of Proceeds; No Arbitrage; Bonds to Remain in Registered
Form. The principal proceeds of the Bonds shall be deposited in a special fund and used
solely for the purpose for which the Bonds were authorized.
The principal proceeds from the sale of the Bonds together with other funds
of the City to be used to pay accrued interest, shall be used only to pay the costs of
refunding the aforesaid promissory notes oF the City. Oi the proceeds of the Bonds,
$700,000 shall be escrowed for the purpose of prepaying the Promissory Note, Series
1983-D on July 1, 1984 and the remaining $240,000 shall be used promptly upon receipt to
prepay the Promissory Note, Series 1983-E.
The City recognizes that the purchasers and holders of the Bonds 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
the Bonds shall have been delivered. !n this connection the City agrees that it shall take
no action which may render the interest on any of the Bonds subject to federal income
taxation and that the principal proceeds of the sale of the Bonds shall be devoted to and
used with due diligence for the purpose for which the Bonds are hereby authorized to be
issued.
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�
The City Manager, the City Clerk, the City Finance Director and the City
Treasurer, or any of them, are hereby authorized to execute on behalf of the City an
Arbitrage Certificate to assure the purchasers and holders of the Bonds that the proceeds
of the Bonds are not expected to be used in a manner which would or might result in the
Bonds being "erbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954,
as amended, (the "Code") or the regulations of the United States Treasury Department
currently in efFect or proposed. Such Arbitrage Certificate shall constitute a represen-
tation and certification of the City and no investment of Bond proceeds or of moneys
accumulated to pay the Bonds herein authorized shall be made in violation of the expec-
tations prescribed by said Arbitrage Certificate.
The City further recognizes that Section 103(j) of the Code requires the
Bonds to be issued and to remain in fully registered form in order that interest thereon is
exempt from federal income taxation under laws in force at the time the Bonds are
deliver�d. In this conn�ction, the City agrees that it will not take any action to permit
the Bonds to be issued in, or converted into, bearer or coupon form.
Seetion 11. Duties of Registrar. If requested by the Registrar, the City
Manager is authorized to execute and the City Clerk is authorized to attest the Regis-
trar's standard form of agreement between the City and the Registrar with respect to
the obligations and duties of the Registrar hereunder whieh shall include the following:
(a) to act as Registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(b) to give notice of redemption of Bonds as provided herein;
(c) to cancel and destroy Bonds which have been paid at maturity or upon
earlier redemption or submitted for exchange or transfer;
(d) to furnish the City at least annually a certificate of destruction with
respect to Bonds cancelled and destroyed; and
(e) to furnish the City at least annually an audit confirmation of Bonds
paid, Bonds outstanding and payments made with respect to interest on the Bonds.
Section 12. Taz Levy. In order to provide For the collection of a direct
annual tax sufFicient to pay the interest on the Bonds and to pay and discharge the prin-
cipal thereof at maturity, there is hereby levied upon all the taxable property in the City
of Oshkosh a direct annual tax in amounts sufficient for that purpose to-wit:
Year Amount Year Amount
1984
1985
1986
1957
1988
1989
1990
1991
1992
1993
$ 133,845
127,390
133,250
128,650
124,050
119,450
114,850
110,250
105,650
101,050
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1994
1995
1996
1997
1998
1999
2000
2001
2002
$ 96,425
91,775
87,075
82,275
77,400
72,475
67,500
86,250
78,750
In each of said years from 1984 to 2003, inclusive, the direct annual tax
above levied shall be extended upon the tax rolls of the City in the same manner and
time as taxes for general city purposes, and when collected the proceeds of said taxes
shall be deposited into the account of the debt service fund established in favor of the
Bonds, to be used solely for paying the principal of and interest on the Bonds as long as
any Bonds of the Bond remain outstanding.
Section 13. Sufficiency. Interest or principal maturing at any time during
the life of the Bonds when there shall be insufficient funds on hand from the above tax
levy to pay the same shall be paid promptly when due from the general fund of the City,
and said fund shall be reimbursed in a like amount out of the proceeds of taxes hereby
levied when the same shall have been collected.
Section 14. Debt Service Fund. There has been ordered to be established
in the City Treasury a fund separate and distinet from all other funds of the City of
Oshkosh to be designated the "Debt Service Fund," which fund shall be nsed solely for the
purpose of paying principal of and interest on municipal obligations issued pursuant to
Chapter 67, Wisconsin Statutes. There is hereby created and there shall be deposited in,
an account known as the "Series 1984 Refunding Bond Account", to be held as a part of
the Debt Service Fund, all premium and accrued interest paid on the Bonds at the time
the Bonds are delivered to the purchaser; all money raised by taxation pursuant to Sec-
tion 12 hereof; and such other sums as may be necessary to pay interest on the Bonds
when the same shall become due and to retire the Bonds at their respective maturity
dates.
Section 15. Trust Agreement. The City Manager is hereby authorized to
execute and the City Clerk is hereby authorized to attest, a Trust Agreement with Valley
Bank of Oshkosh, as Trustee, substantially in the form of Exhibit A hereto.
Section 16. Prior Action. The action of this City Couneil in introducing
and adopting the initisl resolutions authorizing issuance of bonds of the City for the
purpose aforesaid and the publication of same as a Class 2 notice, all as required by
pertinent sections of the Wisconsin Statutes then in force, is hereby in all respects rati-
fied and confirmed.
Section 17. Severability. IF any section, paragraph or provision of this
resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability or sueh section, paragraph or provision shall not affect any of the
remaining provisions of this resolution.
Attest:
Adopted
1984.
Approved ,1984.
Recorded . 1954
City Clerk
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