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Home My WebLink About32809 / 84-18The City Couneil of the City of Oshkosh, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on April 5, 1984, at 7:00 o'clock P.M „ with the following members present: Council Member Charles J. Hulsebosch Council Member pon H. Kutchera Council Member James A. Mather Council Member Kathleen M, Propp Council Member Robert E. Pung and the following members absent: Council Member Floyd R, Chapin Council Member Bernice Teichmiller * � � (Other Business) The following resolution was introduced by Hulsebosch and read in full: RESOLUTION directing the advertisement and sale of $1,125,000 Promissory Notes, Serles 1984-B, $9G0,000 Refunding Bonds, Series 1984, and $1,960,000 Corporate Purpose Bonds, Series 1984, of the City of Oshkosh, Wlsconsin. WHEREAS it is necessary that funds be raised in the amount of $1,125,000 for the purpose of providing for projects undertaken for public purposes and general and current munlcipal expenses; and WHEREAS cities are authorized by the provisions of Section 67.12(12) of the Wisconsin Statutes to bo^row mor.:�y a:d issue promissory notes for the purposes aforesaid; and WHEREAS the C1ty of Oshkosh, Wisconsin (the "City'�}, has prevlously issued $700,000 Promissory Notes, Series 1983-D and __"___-... ...__.._.. _.._._ _....... __.-..._.. ___-__'_`_.. _._. .._. . ._. __ ._ . __.__ _.._....___..__'.__._..1� $240,000 Promissory Notes, Series 1983-E each dated November 7, 1983, for the purpose of acquiring land for public purposes and it has been determined that St is now desirable to refund $9u0,000 aggregate principal amount of said promissory notes maturing on November 1, i985 and prepayable by thelr terms and, by initial resolutions adopted March 15, 1984 general obllgation bonds have been authorized to be issued for the purpose of refunding said promissory notes; and WHEREAS it is considered necessary and desirable by the City Council of the Clty that the City borrow an aggregate amount of $1,960,000 for the purpose of provlding funds for public projects as set out in the various initial resolutions adopted P4arch 15, 198�; and WHEREAS it is considered desirable to offer the aforesaid Promissory Notes at public sale on April 26, 1984, in conjunction with the sale of $940,000 Refunding Bonds, Series 198u and $1,960,000 Corporate Purpose Bonds, Series 1984, in order to obtain the best posslble terms for the City; NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, [9lsconsin, as follows: Section 1. For the purpose of offering at public sale $1,125,000 Promissory Notes, Series 1984-B; $9�0,000 Refunding Bonds, Series 1984; and $1,960,000 Corporate Purpose Bonds, Series 1984, the Finance Director is hereby authorized to publish a notice of the sale of said Promissory Notes and Bonds in the Oshkosh Daily Northwestern, published in Oshkosh, Wisconsin, and in The Bond Buyer published in New York, New York, as a Class 1 notice. Such publication shall be in substantially the form set out as Exhibit "A". The Finance Director shall also cause to be prepared and distributed an Official Statement, including an Official Notice of Sale which shall be in substantially the form set out as Exhibit "B" hereto. -2- _ Section 2. After bids shall have been received for said Promissory Notes, Refunding Bonds and Corporate Purpose Bonds this City Council will adopt additional proceedings to award the same to the best bidder, prescribe the terms thereof, and the forms of note and bond, and levy taxes in the specific amounts necessary to pay principal and interest. Adopted April 5, 198u. Recorded A ril 1984. Attest: f l ., 2-5;; i�i�i ( � � �' ,%O,/i ,.� � City Cler Motion was made by Hulsebosch be adopte�l, and said motion was seconded by �, � Mayor � that said resolution Propp After due consideration and upon roll being called, the following voted: Aye: Hulsebosch, Kutchera, Mather, Propp, Pung Nay: None The Mayor thereupon declared said resolution duly adopted. �t � * (Other Business) There being no further business to come before the City Council it was moved by Kutchera , seconded by Propp and unanimously carried that the C1ty Council adjourn. Approved April ATTEST: % I � `� � �„ii%%�;� '.�—;"-�f, .'��'��" Oity Clerk -3- , STATE OF WISCONSIN ) ) SS: COUNTY OF WINNEGABO ) Z, DONNA C. SERWAS, hereby certify that Z am the duly qualified and acting City Clerk of the CiCy 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 Council of sald City held on April 5, 1984 that I have compared said copy with the original mSr�ute record of said meeting in my official custody; and that said copy is a true, correct and said original record relates to the proposed $1,125,000 Promissory Notes, Series 1984-B, $940,000 Refunding Bonds, Series 1984 and $1,960,000 CorporaCe Purpose Bonds, Series 198� of said City. WITNESS my official slgnature and the seal of said City this � day of April, 1984. (S E A L} � _ � r , � i� i- i '�t _/'/'j' t`�1�� l�. ; Clty C2erk r EXHIBIT A to Resolution of April 5, 1984 CITY OF OSKOSH, WINNEBAGO COUNTY, WISCONSIN $1,125,000 PROMISSORY NOTES, SERIES 1984-a $1,960,000 CORPORATE PURPOSE BONDS, SERIES 1984 $94o,G00 REFUNDING BONDS, SERIES 1984 SEPARATE SEALED BIDS for the above Bonds and Notes will be received until 11:00 A,M., C,S.T., on April 26, 1984, in the City Hall in the City of Oshkosh. The Bonds and Notes are general obligations of the City issued for the purpose of provlding funds for varlous public pruposes plus the refunding of certain outstanding promissory notes. The Bonds and Notes will be in denominations of $5,000 and integral multiples thereof, in fully registered form, dated P4ay 1, 1984, and will mature on May 1 of each year as follows: $1,960,000 Corporate Purpose Bonds Series 1984 Year Amount 1985 $ 35,000 1986-1988 75,000 1989-1995 100,000 1996-2000 200,000 $1,125,000 Promissory Notes Series 1984-B Year Amount 1985 � 25,000 1986-1988 50,000 1989-1992 125,000 1993 200,000 1994 250,000 $940,000 Refunding Bonds Series 1984 Year Amount 1986 $40,000 1987-2001 50,000 2002-2003 75,000 Corporate Purpose Bonds and Refunding Bonds are callable in whole, or in part by lot in inverse order of maturity, on May 1, 1998 and on any interest payment date thereafter, at 'par plus accrued interest. Promissory Notes are callable in whole, or in part by lot in inverse order of maturity, on May 1, 1992 and on any interest rate thereafter, at par plus accrued interest. First Wisconsin Trust Company, Milwaukee, Wisconsin will be Registrar and Paying Agent. Interest will be payable May 1, 1985, and semiannually thereafter by check or draft of the Paying Agent. The City will provide at its expense the prSnted Bonds and Notes and the unqualified legal opSnion of Chapman and Cutler. The Official Statement, Official Notice of Sale and bid Form may be obtalned from the undersigned, or from Miller & Schroeder Munlcipals, Inc., Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431, Attention: Ernest L. Clark, Vice Presldent, telephone (612) 831-1500. s/ EDWARD A. NOKES Director of Finance 0 -2- EXHIBIT B to Resolution of April 5, 1984 OFFICIAL NOTICE OF SALE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN $i,125,000 Promissory Notes, Series 1984-B �940,000 Refunding Bonds, Series 1984 $1,960,000 Corporate Purpose Bonds, Series 19�u NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago County, Wisconsin (the "City"), will receive separate sealed bids only for the above captioned Corporate Purpose Bonds, Refunding Bonds and Promissory Notes consisting of three separate issues, until 11:00 o'clock, C.S.T., on April 26, 1984, at which time the bids for each issue will be publicly opened and announced in the City Hall in the City of Oshkosh. Award will be made at a meeting of the Common Council at 7:30 P.M. on the sale date. All Bonds and Notes as originally delivered to the purchaser will be dated May 1, 198�, will be in registered form in the denomination of $5,000 each, or integral multiples thereof as otherwise specified by the purchaser and will mature serially on May 1 of each of the years, as follows: $1,960,000 Corporate Purpose Bonds Series 1984 Year 1985 1986-1988 1989-1995 1996-2000 Amount $ 35,000 75,000 100,000 200,000 $1,125,000 Promissory Notes Series 1984-B Year Amount 1985 $ 25,000 1986-1988 50,000 1989-1992 125,000 1993 200,000 1994 250,000 $940,000 Refunding Bonds Series 1984 Year Amount 1986 $40,000 1987-2001 50,000 2002-2003 75,000 Corporate Purpose Bonds and Refunding Bonds are callable in whole, or in part by lot in inverse order of maturity, on May 1, 1998 and on any interest payment date thereafter, at par plus accrued interest. . Promissory Notes are callable Sn whole, or in part by 1ot in inverse order of maturity, on May 1, 1992 and on any interest rate thereafter, at par plus accrued interest. The Bonds and Notes as originally delivered will be 1n such denominations as may be designated by the purchaser within one week from the date of sale. IP the purchaser falls to designate the denominations, the denominations for origlnal delivery will be determined by the Dlrector of Finance of the City. The First Wisconsin Trust Company, M1lwaukee, Wisconsin, will act as the Reglstrar/Paying Agent. Principal will be payable upon presentation of the Bond or Note at the main corporate office of the Paying Agent/Registrar and interest will be payable by check or draft of the Paying Agent/Registrar mailed to the registered owner of the Bond or Note. The CSty wlll pay reasonable and customary charges for the services of the Paying Agent/Registrar. interest on the Bonds and Notes will be payable May 1, 1985, and semiannually thereafter. Bidders are requested to name the interest rate or rates the Bonds and Notes are to bear in multiples of 1/20th of one percent. Not more than twelve (12) rates of interest in ascending order may be specified for the Corporate Purpose Bonds and RePunding Bonds and not more than eight (8) rates in ascending order may be specified for the Promissory Notes, but a rate may be repeated for consecutive maturities without being consldered an additional rate. One rate of interest shall apply to all Bonds or Notes of the same maturity of an issue. Interest paya6le on any Bond or Note on any inte:est payment date shall be represented by one rate only. No bid will be considered for less than par and accrued interest for each issue. Unless all bids for an issue are rejected, the Bonds and Notes will be awarded by the City Council on the sale date to the bidder whose bid complies with this notice and results in the -2- a lowest net interest cost to the City, to be determined by computing total interest on all Bonds or Notes of an issue from May 1, 1984, to their respective maturities, and deducting therefrom the premium bid, if any. Bids must be accompanied by a certified check or bank cashier's or treasurer's check in the amount of $39,200 for the Corporate Purpose Bonds, Series 1984, $22,500 for the Promissory Notes, Serles 1984-8 and $18,800 for the Refunding Bonds, Series 1984, payable to the City Treasurer as a guarantee of good £aith, to be forfeited to the City b;� the successful bidder as liquidated damages should he fail to take up and pay for the notes when ready. The good faith check of the' bidder whose proposal for an issue is accepted will be held uncashed unt11 delivery of that Sssue or forfeiture, and the good faith checks of the unsuccessful bidders will be returned upon the determination of the highest bid. In the event of the failure of the City to deliver the Bonds or Notes to the purchaser in accordance with the terms of this notice within 60 days after the date of sale, said good faith check w111, at the option of the purchaser, be returned to the purchaser promptly. The issues above described will be the direct general obliga- tion of the City of Oshkosh payable from unlimited taxes to be levied on all taxable property ln the City, and are issued for the purpose of providing funds for projects undertaken for public purposes, for general and current municipal expenses and for the purpose of refunding $940,000 aggregate principal amount of Promissory Notes, Series 19a3, maturing on November 1, 1985. The printed Bonds or Notes of each issue and the unqualified opinion of Chapman and Cutler with respect to each issue, together with the transcrlpt, Sncluding a no-litigation certificate date$ as of the date of delivery of the issue, will be furnished to the purchaser at the expense of the City. The successful purchaser will -3- be expected to obtain and pay for the assignment of CUSIP numbers for the issue purchased. The Bonds and Notes are expected to be ready for delivery within 40 days after the sale. Delivery within the continental U�Sted States, at the option of the purchaser, w111 be made at the expense of the Clty against payment in immediately available funds. Separate blds for each issue should be addressed to the undersigned Director of Finance and should be submitted in a sealed envelope marked "Bid for Corporate Purpose Bonds, Series 1984-A��; ��Hid for Promissory Notes, Series 198�-B"; or "Bid for Refunding Bonds, Series 1984", as the case may be. Copies of the Official Statement may be obtained from the undersigned or from Miller & Schroeder Municlpals, Inc., Nor�hwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55�31. The right is reserved to reject any and all bids and to waive informalities 2n the bid aceepted. ; s; iD4;A.°.D A. ..CF;ES Director ot' Pinance -4- .�.. .... .�_. �� . .. . ... . _ � n �� r• � � � �- � �� ° ~ p N� � m . x� � �o �o «� �y � � U� �tl � � rt � m m � � ( ♦ o n m r�r � o ]'r•N m G G m rt mor� m�° r• m o`' o rh � 'tl H 'tj GJ U1 h; � G C Q� m m cn a. r a �o r cn a> +J N � • rt z m m � r � .� i� .7 :) , ,�