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Home My WebLink About32776 / 84-171 . � . s March l, 1984 # 17 RESOLUTION (CARRIED LOST LAID OVER WITHDRAWN ) PURPOSE: INITIAL RESOLUTION FOR INDUSTRIAL DEVELOPMENT REVENUE BONDS INITIATED BY: CARLSON'S FINE FOODS, INC. BE IT RESOLVED by the Common Council of the City of Oshkosh that the following attached Initial Resolution Relatirtg to Industrial Development Revenue B�ond Financing on behalf of Carison''s Fine Foods,lnc. in an amount not to exceed $4,000,000, is hereby approved. sus�czTTSU ax +PPROVED — 24 — COMMON COUNCIL OF THE CITY OF OSHKOSH, WISCONSIN RESOLUTION N0. 17 INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CARLSON'S FINE FOODS, INC. WHEREAS, the City of Oshkosh, Wisconsin (the "Municipality") is a municipal corporation organized and exist- ing under and pursuant to the laws of the State of Wisconsin and is authorized by section 66.521, Wisconsin Statutes, as amended (the "Act"), to: (1) issue industrial development revenue bonds to finance all or any part of the costs to con- struct, equip, reequip, acquire, purchase, install, recon- struct, rebuild, rehabilitate, improve, supplement, maintain, repair, enlarge, extend or remodel a project which qualifies under the Act and the improvement of the site therefor; and (2) enter into a revenue agreement with an eligible participant whereby the eligible participant agrees to cause the project to be constructed and to pay the Municipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said industrial development rev- enue bonds; and WHEREAS, Carlson's Fine Foods, Inc., a Wisconsin corporation (the "Company"), has been considering undertaking a capital project in the Municipality, and the Company has represented to the Municipality it would be an encouragement and inducement for it to proceed if the project could be financed with industrial development revenue bonds; and WHEREAS, the project would be for the purpose of construction of a retail food store and the purchase of additional equipment and fixtures (the "Project") to be used primarily in the Company's business of retail food sales; and WHEREAS, the Project will be located on property at the corner of Witzel Avenue and Campbell Road which is adjacent to property which this body has previously found to be a "blighted area" as defined by section 66.43(3)(j)1, sec- tion 66.431(4)(e) or section 66.46(2)(a) of the Wisconsin Statutes; and WHEREAS, the Company has estimated the cost of the Project would be approximately $4,000,000; and WHEREAS, it is in the public interest of the Munici- pality to promote, attract, stimulate, rehabilitate and revi- talize commerce, industry and manufacturing, to promote the betterment of the environment and the economy of the Municipal- ity and to stimulate a large flow of private investment funds into the Municipality; and FIHEREAS, it is the finding and determination of this body that the Project is a qualified "project" within the mean- ing of section (2)(b)20 of the Act and that the Company is an "eligible participant" within the meaning of the Act; and WHEREAS, it is the finding and determination of this body that the Municipality would derive public benefits from the Project and its operation by the Company, including by way of illustration but not limitation the following: the provi- sion and retention of gainful employment opportunities for the citizens of the Municipality; the stimulation of the flow of investment capital into the Municipality with resultant bene- ficial effects on the economy in the Municipality; the preser- vation and enhancement of the Municipality's tax base; and WHEREAS, it is the finding and determination of this body that the public interest will be served if the Municipal- ity were to encourage and induce the Company to undertake the Project in the Municipality; and NOW, THEREFORE, BE IT RESOLVED: 1. Subject to the conditions specified in para- graph 2, the Municipality shall pursue and consummate a financ- ing having the following elements: (a) The Municipality shall issue industrial development revenue bonds pursuant to the Act in such amount not in excess of $4,000,000 as the Company shall request, provided, however, that the actual amount shall not be greater than the then estimated aggregate cost of providing the Project and paying the costs incident to the financing (the "Bonds"); -2- (b) The Bonds shall be payable solely out of revenues derived from the Company or otherwise provided for pursuant to the terms of a lease, sale, loan, installment pur- chase or similar agreement (the "Revenue Agreement") to be entered into between the Municipality and the Company; (c) The Revenue Agreement shall require the Com- pany to acquire, construct or install the Project and to pro- vide the Municipality with revenues sufficient to pay when due the principal of, premium, if any, and interest on the Bonds; and (d) The Bonds shall have such maturities, inter- est rates and redemption features as the Company shall propose, provided that such terms shall be substantially similar to the terms of similar bonds secured by obligations of companies hav- ing substantially equivalent credit to that of the Company. 2. The issuance of the Bonds by the Municipality shall be on the following conditions: (a) The Bonds shall not constitute an indebted- ness of the Municipality within the meaning of any state con- stitutional provision or statutory limitation; (b) The Bonds shall not constitute or give rise to a pecuniary liability of the Municipality or a charge against its qeneral credit or taxing powers; (c) The Company shall be responsible for finding a purchaser or purchasers for all of the Bonds; (d) The out-of-pocket costs in connection with the issuance and sale of the Bonds shall be paid either from the proceeds of the Bonds or by the Company; (e) Prior to the issuance of the Bonds: (i] the electors of the Municipality shall have been given the oppor- tunity to petition for a referendum on the matter of the Bond issue as required by the Act; [ii] either no such petition shall be timely filed or such petition shall have been filed and said referendum shall have approved the Bond issue; [iii] this body shall have held a public hearing on the Bond Issue as required by section 103 of the Internal Revenue Code of 1954, as amended; and [iv] this body, by further resolution, shall have authorized and approved the terms of the Bonds and the Revenue Agreement; and -3- (f) The Bonds shall be issued pursuant to the Act, and the delivery of the Bonds shall be accompanied with the approving legal opinion of a law firm acceptable to the Municipality and the Company. 3. The Clerk shall cause notice of adoption of this Resolution to be published as a class 1 notice in the Munici- pality's official newspaper for the publication of notices pursuant to Chapter 985, Wisconsin Statutes, and shall cause a statement indicating when such public notice was published together with a copy of this Resolution to be filed with the Department of Development of the State of Wisconsin within 20 days following publication of such notice. 4. This Resolution is an "initial resolution" within the meaning of the Act and a"bond resolution or other similar official action" within the meaning of section 1.103-8(a)(5) of the Treasury Regulations promulqated under section 103 of the Internal Revenue Code of 1954, as amended. 5. This Resolution shall be effective immediately upon its passage and approval. a� . • APPROVAL OF RESOLUTION BY MAYOR The attached Resolution No. 17 , entitled INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CARLSON'S FINE FOODS, INC. which was adopted by the Common Council of the City of Oshkosh, Wisconsin, on March 1, 198?, is hereby appreved. Dated March 1 , 1984. — ( � � �. Robert E. Pung, May CERTIFICATIONS BY CLERK I, DONNA C. SERWAS, being first duly sworn, do hereby depose and certify that I am the duly (appointed) (elected), gualified 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 Common Council; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the adoption of Resolution No. 17 entitled: INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CARLSON'S FINE FOODS, INC. I do hereby further depose and certify as follows: 1. Said resolution was considered for adoption by the Common Council at a meeting held in the City Hall at 7 p.m. on March 1, 1984. Said meeting was a regular meeting of the Common 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 meet- ing 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 those news media who have filed a written request for notice of ineetings and by notice to the official newspaper of th2 City. 3. Said meeting was called to order by Robert L. Pung, Mayor, who chaired the meetinq. Upon roll I noted and recorded that the following �oNNEnAER were present: Council Member Floyd R. Chapin Council Member pon H, Kutchera ., . ,. • � • 11 � 11 � � 11 � � 11 � � • � U-11�- � �� 1/ •�• Council Member Bernice Teichmiller Council Member Robert E. and that the following co" Mer,eeR were absent: Council Member Charles J. Hulsebosch I noted and recorded that a q_uorum 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 adoption was moved by Council A�ember Mather , and seconded by Council Member Kutchera Foilowing discus- sion and after all �U�MENHEk Who desired to do so had expressed their views for or against said resolution, the auestion was called and upon roll being called and the continued presence of a quorum being noted, the recorded vote was as follows: Aye: Council Member Flovd R. Chapin _ Council Member pon H. Kutchera Council Member James A, Mather Council Member Robert E. Puncx Nay: Council Member Kathleen Propp Council Member Bernice Teichmiller Abstain: None Whereupon the Mayor declared said resolution adopted, and I so recorded it. 4. Said resolution was approved by the Mayor on March 1, 1984, and I have so recorded. 5. I have caused the "Notice to Electors" to be published as specified in said resolution; and I have filed a statement indicating when such public notice was published together with a copy of said resolution with the Secretary of , ,. the Department of Development of the State of Wisconsin within 20 days following the publication of said notice. IN WITNESS WIiEREOF, I have signed my name and affixed the sesl of the City hereto on this lst day of March, 1984. �� [Municipal Seal] ��`� �:i�'L� � � �� %��%� Donna C. Serwas, City Clerk State of Wisconsin ) . 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