HomeMy WebLinkAbout32861 / 84-01r
i! .
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 . *
{Other business)
The Clerk stated that one purpose of the meeting was the consideration of
proposals received for the purchase of $1,125,000 Promissory Notes, Series 1984-B of the
Citv of Oshkosh oursuant 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:
SIIBMITTED BY
dPPROVED
RESOLUTION determining to borrow 51,125,000 and to
issue Promissory Notes, Series 1984-B, of the City of
Oshkosh, Winnebago County, Wisconsin, in such amount,
providing details, prescribing the form of note, awarding
the notes to the highest bidder, and levying taxes.
WHEREAS, cities are authorized by the provisions of Section 67.12(12),
Wisconsin Statutes to issue promissory notes for projects undertaken for pubiic purposes
including sidewalks, traffic signals, purchase of municipal equipment, acquisition of land
and general and current municipal expenses; and
[1�HEREAS, it is considered necessary and desirable by the Common Council
of the City, that the City borrow the aggregate amount of $1,125,000 for the purposes
aforesaid and that the City issue its promissory notes to evidence the indebtedness
thereby incurred; and
.. ,.
0
WHEREAS, pursuant to advertisement, sealed bids were received for the
purchase of promissory notes in said amount until 11:00 A.M., C.S.T. on April 26, 1984,
which bids are as follows:
Name of Bidder
Northern Trust Co., Chicago, ZLL
First Wis. National Bank of Milwaukee,
Milwaukee, WI
LaSalle National Bank, Chicago, ILL
First National Bank of Chicago,
Chicago, Ill.inois
Continental Illinois National Bank
5 Trust Co., Chicago, ILL
Harris Trust & Savings Bank, Chicago, ILL
; and
Net Interest Rate
8.65231 �
8.6986
8.748124
8.81503
8.883168
9.1158
WHEREAS, the bid of Northern Trust Co . ,
of Chicago � I inois 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:
-2-
�
ME!iBERS OF THE CITY COUNCIL
CLTY OF OSHKOSH, WISCONSIN
BID FOEL�f
Apri1 26, 1984
� we offer to purchase the $1,125,000 Promissory Notes, Series 1984-B,
of [he City of Oshkosh, Wisconsia to be dated May 1, 1984 and offered for
�� sale on the above date, on the terms and condi[ions s[ated in the
OEficial No[ice of Sale and the Official Sta[ement therefor, for a price
of �
/ I-�.S Oo�?.� inot less than $1,125,000), and accrued interest
.
� to date o delivery. The notes of the various maturities to bear
interest at the following annuai rates:
�2'�
cSo�
! . i�.'7O %
8.9c�
L
�6
�G
�G
for notes due May
for notes due May
for no[es due May
for no[es due May
for notes due May
for notes due May
for notes due May
for notes due May
1,
1,
1,
1,
1,
1,
1,
1,
19 b_, through May
19� through May
19�3 [hrough May
19� through May
19 through May
19 through May
19 through May
19_ through May
1,
1,
1,
1,
1,
1,
1,
1,
19 b7
19�1
19
19
19
19
19
19_
Our computation of the total amount of interest from date of issue to
maturity represented by the interest rates specified above, and of the
net interest cost of this bid, while not a part of this bid, are set
forth below.
This bid is made for prompt acceptance and subject to the conditions
of the Official Notice of Sale. We enclose, herewith, our cashier's or
certified check or bank draft, in the amount of $22,500, which is to be
held by the City pending compliance with the conditions of this bid.
Respectfully submitted,
THE NORTHERN TRUST COMPANY
Syndicate Manager
�/ �/1"�.� ��%J�/�Y.1�2i
BY STEVEN C. BROWN
Second Vice President
Interes:: Computation
[de compute the total amount of interest from date of issue to
matsaity, rep qesented by the interest rates specified in the bid, to
be CG�Jf��,�/,�'-� for a Net Fate of �� -�/��.3� �.
--i
The foregoing bid is hereby accepted by and on behalf of the City of
Oshkosh, Wisconsin this 26th day of April, 1954.
City hfanager
llirector of Finance/Treasurer
THE NORTHERN TRUST COMPANY - Manager
CHEMICAL BANY.
INTER FIRST BANK DALLAS, N.A.
DaIN, BOSWORTH, INC.
PIPER, JAFFRAY & HOPWOOD, INC.
THE FZRST NATIONAL BANK OF ST. PAUL
SEATTLE - FZRST NATIONAL BANK
FIRST OF MICHZGAN CORPOATION
BECKER & COWNIE, INC.
CHFNNER NEWMAN SECURITIES CO.
FERRIS.S COMPANY, INC.
THE HETTNER CORPORATION
PARKER/HUNTER INCORPORATED
S�UERt�1AN SECUP,ITZES, INC.
SEATTLE - NORTHWEST SECURITIES CORP.
A. F. STEPP INVESTMENTS� INC.
SUhSMERS & COMPANY, INC.
CNIBANC TRUST COMPA^IY
UNITED STATES NATIONAL BP.A;K OF OREGON
- IN ASSOCIATION WITH -
NO.R'r7EST SECURITIES )Joint
THE FIRST NATIONAL BANK AND TRUST CODSPANY OF OKLAHOMA CITY j
BLYTH, EASTMAN, PAINE, WEBBER INCORPORATED )Managers
THE CHICAGO CORPORATION
CE:ITERRE 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, exeept 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.
"City" shall mean the City of Oshkosh, Winnebago County, Wisconsin.
"Governing Body" shall mean the City Council of the City.
"Note" or "Notes" shall mean one or more of the Promissory Notes, Series
1984-B authorized to be issued by the terms of this Resolution.
"Note Register" shall mean the books of the City kept by the Registrar to
evidence the registration and transfer of the Notes.
"Registrar" shall mean the First Wisconsin Trust Company, in Milwaukee,
Wisconsin, or a successor designated as Registrar hereunder.
"Resolution" shall mean this resolution as adopted by the Governing Body of
the City.
"Statute" shall mean Chapter 67 of the Wisconsin Statutes, as amended and
supplemented.
Section 2. Authorization. The issuance of $1,125,000 aggregate principal
amount of promissory notes is hereby authorized for the purpose of providing funds in the
amounts and for the purposes as follows:
Amount
Purpose
$ 28,000 Sidewalks
18,000 Traffic Signals
466,000 Municipal Equipment
� a0,000 Acquisition of Industrial
Park Land
325,000 Library Equipment
38,000 General and Current
Municipal Expenses
The Notes shall be designated "Promissory Notes, Series 1984-B," shall be dated May 1,
1984, as originally issued, and shall also bear the date of their authentication by the
Registrar. The Notes shall be in fully registered form, shall be in denominations of
$5,000 each and integral multiples thereof (but no single Note 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 1985 to 1994, inclusive, in the amounts and shall
bear interest at the rates per annum, as follows:
-4-
Year
1985
1986
1987
1988
1989
Interest
Amount Rate Year
$ 25,000 8•0 % 1990
50,000 8•� 1991
50,000 8•� 1992
50,000 $•5 1993
125,000 $•5 1994
Interest
Amount Rate
$125,000 8,5
125,000 8.5
125,000 8•S
200,000 9•7
250,000 $•9
�
Section 3. Interest; Payment Provisions. The Notes shall bear interest
fro m their date or fro m the most recent interest payment date to w hich interest has
been paid or duly provided for, at the rates set out above, such interest (computed upon
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 i, 1985. Interest on each Note
shall be paid by check or draft of the Registrar to the person in whose name such Note is
registered at the close of business on the 15th day of the calendar month next preceding
the interest payment date. The principal of each Note shall be payable in lawful money
of the United States of A m erica upon presentation and surrender of such Note at the
principal corporate trust office of the Registrar in Milw aukee, Wisconsin.
Section 4. Execution; Authentication. The Notes 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 a
printed facsimile thereof. In case any officer w hose signature shall appear on any Note
shall cease to be such officer before the delivery of sueh Note, such signature shall
nevertheless be valid and sufFicient for all purposes, the same as iF such officer had
remained in office until delivery.
All Notes 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 Note 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 authentieation shall have been duly executed by the Registrar by
m anual signature, and such certificate of authentication upon any such Note shall be
conclusive evidence that such Note has been authenticated and delivered under this
Resolution. The certificate of authentication on any Note shall be deemed to have been
eYecuted 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 o£ the
Notes issued hereunder.
Section 5. Registration of Notes; Persons �7eated as Owners. The City
shall cause books (the "Note Register") For the registration and for the transfer of the
Notes 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 Notes hecein authorized. Upon surrender for transfer of any Note at the
principal corporate trust ofFice oF the Registrar duly endorsed by, or acco m panied by a
written instru m ent or instru ments 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 Note or Notes of the same maturity of
authorized deno minations, for a like aggregate principal a m ount. Any fully registered
Note or Notes may be exchanged at said office of the Registrar for a like aggregate
principal amount of Note or Notes of the same maturity of other authorized denomina-
tions. The execution by the City of any fully registered Note shall constitute full and
-S-
due authorization of such Note and the Registrar shall thereby be authorized to authenti-
cate, date and deliver such Note. The Registrar shall not be required to transfer or
exchange any Note during the period of fifteen days next preceding any interest payment
date on such Note, nor to transFer or exchange any Note after notice calling such Note
for prepayment has been mailed nor during the period of fifteen days next preceding
mailing of a notice of prepayment of any Notes.
The person in whose name any Note 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 Note 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 Note to the extent oF the
sum or sums so paid.
No service charge shall be made for any trans:er or exchange of Notes, 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 Notes except in the case of the issuance of a Note or Notes for the unpre-
paid portion of a Note surrendered for prepayment.
Section 6. Prepayment. Notes maturing on and after May 1, 1993 shall be
subject to prepayment 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 Notes of a single maturity to be
selected by the Registrar), on May 1, 1992 and on any interest payment date thereafter,
at the prepayment price of par plus accrued interest to the date fixed for prepayment.
The Notes syall be prepaid only in the principal amount of $5,000 each and
integral multiples thereoF. At least 45 days prior to the prepayment date (unless a
shorter notice shall be satisfactory to the Registrar), the City shall notify the Registrar
of such prepayment date and of the principal amount of Notes to be prepaid. For
purposes of any prepayment of less than all of the outstanding Notes of a single maturity,
the particular Notes or portions of Notes to be prepaid shall be selected not more than 60
days prior to the prepayment date by the Registrar from the outstanding Notes 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 prepayment of Notes or portions
of Notes in principal amounts of $5,000 and integral multiples thereof.
The Registrar shall promptly notify the City in writing of the Notes or
portions of Notes selected for prepayment and, in the case of any Note selected for
partial prepayment, the principal amount thereof to be prepaid.
Section 7. Prepayment Procedure. Unless waived by any holder of Notes
to be prepaid, notice of the call for any such prepayment shall be given by the Registrar
on behalf of the City by mailing the prepayment notice by registered or certified mail at
least thirty days and not more than sixty days prior to the date fixed for prepayment to
the registered owner of the Note or Notes to be prepaid at the address shown on the Note
Register or at such other address as is furnished in writing by such registered owner to
the Registrar.
All notices of prepayment shall state:
(1) the prepayment date,
(2) the prepayment price,
�
(3) if less than all outstanding Notes are to be prepaid, the identification
(and, in the case of partial prepay m ent, the respective principal a mounts) of the
Notes to be prepaid,
(4) that on the prepayment date the prepayment price will become due and
payable upon each such Note or portion thereof called for prepayment, and that
interest thereon shall cease to aecrue from and after said date, and
(5) the place where such Notes are to be surrendered for payment of the
prepaym ent price, which place of paym ent shall be the principal corporate trust
office of the Registrar.
Prior to any prepayment date, the City shall deposit with the Registrar an
a mount of money sufficient to pay the prepay m ent price of all the Notes or portions of
Notes which are to be prepaid on that date.
Notice of prepayment having been given as aforesaid, the Notes or portions
of Notes so to be prepaid shall, on the prepayment date, become due and payable at the
prepayment price therein specified, and from and after such date (unless the City shall
deFault in the payment of the prepayment price) such Notes or portions of Notes shall
cease to bear interest. Upon surrender of such Notes for prepayment in accordance with
said notice, such Notes shall be paid by the Registrar at the prepayment price. Install-
m ents of interest due on or prior to the prepaym ent date shall be payable as herein
provided for pay ment of interest. Upon surrender for any partial prepaym ent of any
Note, there shall be prepared for the registered owner a new Note or Notes of the same
maturity in the amount of the unpaid principal. All Notes which have been prepaid shall
be cancelled and destroyed by the Registrar and shall not be reissued.
Section 8. Form of Notes. The Notes, 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 Note)
United States of America
State af Wisconsin
County of Winnebago
City of Oshkosh
Promissory Note, Series 1984-B
Rate of
Interest Maturity Date Registered Owner Principal Amount
n7ay l, 19
KNOW ALI. MGN BY THESE PRESENTS: That the City of Oshkosh, in the
County of Winnebago, Wisconsin (the "City"), hereby acknowledges itself to owe and for
-7-
�
value received promises to pay to the Registered Owner hereinabove identified, or regis-
tered assigns as hereinafter provided, on the 6taturity Date hereinabove identified, the
Principal Amount hereinabove identified and to pay interest (computed on the basis of a
360-day year of twelve 30-day months) on such principal amount from the date of this
Note or from the most recent interest payment date to which interest has been paid at
the Rate of [nterest per annum hereinabove set forth on May 1 and November 1 of each
year, commencing 1, 19 , until said principal sum is paid, escept as the
provisions hereinafter set forth with respect to prepayment may be and become appli-
cable hereto.
� The principal of this Note is payable in lawful money of the United States
of America upon presentation and surrender of this Note at the principal corporate trust
office of the First Wisconsin Trust Company, Milwaukee, Wisconsin, as registrar and
paying agent (the "Registrar"). Payment of each installment of interest shail 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 ov;ner 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 Note 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 Note 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 Note, 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 Note 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 Note 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 Coonty, Wisconsin,
by its City Council, has caused this Note to be executed with the duly authorized fac-
simile signature oF its City Manager and with the duly authorized facsimile signature of
�
r
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) (facsimile si�nature)
City Clerk City Manager
[SEAL]
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes described in the within mentioned Resolution
and is one of the Promissory Notes, Series 1984-B of the City of Oshkosh, Wisconsin.
Date of Authentication:
First Wisconsin Trust Company,
as Note Registrar
By
Authorized Officer
[Form of Note - Reverse Side]
This Note is one of an authorized issue of Notes aggregating the principal
amount of $1,125,000 (the "Notes") issued to pay the cost of providing public projects
including sidewalks, traffic signals, purehase of municipal equipment, acquisition of land
and general and current municipal expenses 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.
Notes of the issue of which this Note is one maturing on and after May 1,
1993 are subject to prepayment 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 Notes of a single
maturity to be selected by the Registrar in such manner as it shall deem fair and appro-
priate) on May 1, 1992 and on any interest payment date thereafter, at the prepayment
price of par plus accrued interest to the date fixed for prepayment.
Notice of any such prepayment shall be sent by registered or certified mail
not less than thirty days nor more than sixty days prior to the date fixed for prepayment
to the registered owner of each Note to be prepaid (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 prepayment, this Note, or the portion thereof being so called For prepayment,
will cease to bear interest on the specified prepayment date, provided funds for prepay-
ment are on deposit at the place of payment at that time, and shall not be deemed to be
outstanding.
This Note 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-
a
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 Note. Upon such transfer a new Note or Notes of authorized denom-
inations of the same maturity and for the same aggregate principal amount will be issued
to the transferee in exchange therefor.
The Notes are issuable in fully registered form in the denomination of
$5,000 each or integral multiples thereof. This Note may be exchanged at the principal
corporate trust office of the Registrar for a like aggregate principal amount of Notes of
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 eegistered 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.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
the within Note and does hereby irrevocably constitute and appoint
or its successor as Registrar to
transfer the said Note on the books kept for registration thereof with ful] power of
substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears upon the Face of the withii. Note in every
particular, without alteration or enlargement or any change whatever.
Sectio❑ 9. Sale of Notes. The sale oF the Notes to
Northern Trust Co. of Chicago, 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 Notes to said purchasers upon payment of the
purchase price.
Section 10. Use of Proceeds; No Arbitrage; Notes to Remain in Registered
Form. The principal proceeds of the Notes shall be deposited in a special fund and used
solely for the purpose for which the Notes were authorized.
The principal proceeds from the sale of the Notes shall be used only to pay
the costs of public projects aforesaid and general and current municipal expenses.
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
-10-
interest thereon is exempt from federal income taxation under laws in force at the time
the 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 proceeds of the sale of the Notes shall be devoted to and
used with due diligence for the purpose for which the Notes are hereby authorized to be
issued.
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 Notes that the proceeds
of the Notes are not expected to be used in a manner which would or might result in the
Notes being "arbitrage 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
representation and certification of the City and no investment of Note proceeds or of
moneys accumulated to pay Yhe Notes herein authorized shall be made in violation of the
expectations prescribed by said Arbitrage Certificate.
The City further recogr:izes that Section 103(j) of the Code requires the
Notes 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 Notes are
delivered. In this connection, the City agrees that it will not take any action to permit
the Notes to be issued in, or converted into, bearer or coupon form.
Section 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 which shall inctude the following:
(a) to act as Registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(b) to give notice of prepayment of Notes as provided herein;
(c) to cancel and destroy Notes which have been paid at maturity or upon
earlier prepayment or submitted for exchange or transfer;
(d) to furnish the City at least annualty a certificate of destruction with
respect to Notes cancelled and destroyed; and
(e) to furnish the City at least annually an audit confirmation of Notes
paid, Notes outstanding and payments made with respect to interest on the Notes.
Section 12. Tax Levy. 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 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:
-11-
Year
1984
1985
1986
1987
1958
Amount
$168,600.00
142,400.00
138,400.00
134,275.00
201,837.50
Year
1989
1990
1991
1992
1993
Amount
191,212.50
180,587.50
169,962.50
230,950.00
261,125.00
In each of said years from 1984 to 1993, inclusive, the direct annual tax
above levied shall be extended upon the tax rolls of the City in the same manner and
tim e as taxes for general city purposes, and when coilected the proceeds of said taxes
shall be deposited into the account of the debt service fund established in favor of the
Notes, to be used solely for paying the principal of and interest on the Notes as long as
any Notes of the Note remain outstanding.
Section 13. Sufficiency. Interest or principal m aturing at any time during
the liFe of the Notes 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 is hereby ordered to be established
in the City Treasury a fund separate and distinct from all other funds of the City of
Oshkosh to be designated the "Debt Service Fund," which fund shall be used solely for the
purpose of paying principal of and interest on m unicipal 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-B Promissory Note Account", to be held as a part
of the Debt Service Fund, all premium and accrued interest paid on the Notes at the time
the Notes 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 Notes
when the same shall become due and to retire the Notes at their respeetive maturity
dates.
Section 15. Severability. If any section, paragraph or provision of thi�
resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability or such section, paragraph or provision shall not affect any of the
remaining provisions of this resolution.
Attest:
ty
Adopted
Approved
Recorded
-12-
1984.
1984.
1984
� l���s ��,�.�D. 'UJ"c/ //% ��-C�7a��
Mayor ' �—
STATE OF WISCONSIN )
)
COUNTY OF WINNEBAGO )
l, Donna C. Serwas, hereby certify that I am the duly qualified and acting
City Clerk of the City of Oshkosh, Wisconsin, and as such official I further certify that
attached hereto is a copy of excerpts from the minutes of the meeting of the City Coun-
cil o£ said City held on April 26, 1984; that I have compared said copy with the original
minute record of said meeting in my official custody; and that said copy is a true, cor-
rect and complete transcript from said original minute record insofar as said original
record relates to the proposed $1,125,000 Promissory Notes, Series 1` 84-B, of said City,
dated May 1, 1984.
WITNESS my official signature and the seal of said City this day
of , 1984.
ty Clerk
(SEAL)
�
N•
�r
�
C]
N
�
n
�
,.. Y. . _,. . .. _.. . _ . �+r
�a
zs
�3
�, F'.
C� ~
� N
rn
� �
� �
�
r
��
ao
'�[J c r
� N.
H O
C�7 �
tj ..
H
ao
m a
m ty
0
�ro
vt y
z
0
m
m
F�
�o N�no �
c�o�Mm
�3 �.. tn
[n � I—' T7 O
G Cd N y F-'
� O �'d ct
cr M o o r•
o c: o
crctow �
o � N
m�dm�,
m �s o
m c� o M �s
a� r• � o
N �r N• n cr
N �C [n �'
p. cn cr CD
O O 7'
a �-y n m o
N• �c o
c�. o �o �
m m z � m
• � O y N•
� ct C� R�
O (D ,3 (D
N N w n
� �n w
cn m cr
m N•
�soo
N•M�
m
m
m
�
a
N
:J
C`�
�
?,