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Home My WebLink About32712 / 84-15.. .. January 5, 1984 (CARRIED PURPOSE: INITIATED BY: # 15 RESOLUTION LOST LAID OVER WITHDRAWN ) INITIAL RESOLUTION FOR MORGAN PRODUCTS LTD. INDUSTRIAL DEVELOPMENT REVENUE BONDS MORGAN PRODUCTS LTD. BE IT RESOLVED by the Common Council of the City of Oshkosh that the following attached resolution for authorizing the issuance of not to exceed $8,000,000.00 City of Oshkosh, Wisconsin Industrial Development Revenue Bonds on behalf of Morgan Products Ltd., is hereby approved. SUHI[ITTED BY APPROVED — 16 — COMMON COUNCIL OF THE CITY OF OSHKOSH, WISCOI�TSIN RESOLUTION NO. 15 INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF MORGAN PRODUCTS LTD. WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin (the "Municipality") is authorized by Section 66.521, Wisconsin Statutes, as amended (hereinafter sometimes referred to as r1z� �,ect"), ta: (a) issue industrial development revenue bonds to finance all or any part of the costs of the construction, equipping, re-equipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, maintaining, repairing, enlarging, extending or remodeling of a project which qualifies under the Act and the improvement of the site therefor; and (b) enter into a revenue agreement with an eligible participant pursuant to which the eligible participant agrees to cause said pr.oject to be con- structed 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 revenue bonds; and WHEREAS, Morgan Products Ltd., a Delaware corporation (hereinafter referred to as the "Eligible Participant"), has been considering undertaking a capital project in the Municipality, and the Eligible Participant has represented to the Municipality t.at �t woulu ue an encouragemenc and inducement tor it to proceed if the project could be financed with industrial development revenue bonds; and WHEREAS, the project would be for the purpose of acquiring and improving a facility in the Municipality known as the C-E Morgan Manufacturing Division of C-E Morgan, Inc. for the Eligible Participant's business of manufacturing wood doors and millwork (hereinafter called the "Project"); and FIHEREAS, the Eligible Participant has estimated that the cost of the Project would be approximately $7,000,000, but with allowance for modifications, design changes, equipment substitutions and inflation, could be as high as $8,000,000; and WHEREAS, it is in the public interest of the Municipality to promote, attract, stimulate, rehabilitate and revitalize commerce, industry and manufacturing, to promote the betterment of the environment and the economy of the Municipality and to stimulate a larger flow of private investment funds into the Municipality; and WHEREAS, it is the finding and determination of this body, based upon representations of the eligible participant, that the Project is a qualified "project" within the meaning of the Act and that the Eligible Participant 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 Eligible Participant, including by way of illustration, but not limitation, the following: the provision and retention of gainful employment opportunities for the citizens of the Municipality; the stimulation of flow of investment capital into the Municipality with resultant benefi- cial effects on the economy in the Municipality; and the preservation 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 Municipality were to encourage and induce the Eligible Participant to under- take the Project in the Municipality; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, AS FOLLOWS: 1. Subject to the conditions specified in Paragraph 2, the Municipality shall pursue and consummate a financing having the following elements: (a) The Municipality shall issue industrial develonment revenue bonds oursuant to the Ac*_ in c,.�h amount not in excess of $8,000,000 as the Eligible Participant shall request. (b) The Bonds shall be payable solely out of revenues derived from the Eligible Participant or otherwise provided for pursuant to the terms of a lease, sale, loan, installment purchase or similar agreement (hereinafter called the "Revenue Agreement") to be entered into between the Municipality and the Eligible Participant. (c) The Revenue Agreement shall require the Eligible Participant to acquire, construct, improve or -2- install the Project and to provide the Municipality with revenues sufficient to pay when due the principal of, premium, if any, and interest on the Bonds. (d) The Bonds shall have such maturities, interest rates and redemption features as the Eligible Participant and Bond purchaser(s) shall agree. 2. The issuance of the Bonds by the Municipality shall be on the following conditions: (a) indebtedness any State limitation. The Bonds shall not constitute an of the Municipality within the meaning of constitutional provision or statutory (b) The Bonds shall not constitute or give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers. (c) If the Municipality shall hold title to the Project while the Bonds are outstanding, the Eligible Participant shall be subject to property taxation in the same amount and to the same extent as though Eligible Particiyant were the owner of the Project. (d) The Eligible Participant shall be responsible for finding a purchaser or purchasers for all of the bonds. (e) The out-of-pocket costs of the Munici- pality in connection with the issuance and sale of the Bonds shall be paid either from the proceeds of the Bonds or by the Eligible Participant. (f) Prior to the issuance of the Bonds: (ij the eleciors of the I'iunicipality shall have been given the opportunity 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; and (iii) this body, by further resolution, shall have'authorized and approved the terms of the Bonds and the Revenue Agreement. (g) The Bonds shall be issued pursuant to the Act, and the delivery of the Bonds shall be accom- panied with unqualified approving legal opinion of Messrs. DeWitt, Sundby, Huggett, Schumacher & Morgan, '�� S.C., bond counsel, Madison, Wisconsin, or such other nationally recognized firm of bond attorneys as shall be acceptable to the Municipality and the Eligible Participant. 3. The Clerk shall cause notice of adoption of this Resolution to be published once in the Oshkosh Daily Northwestern published in Oshkosh, Wisconsin (the Municipality's official newspaper, for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes) in substantially the form attached to this Resolution, and shall cause a copy of such public notice together with a copy of this Resolution to be filed with the Secretary of Development of the State of Wisconsin within 20 days following publication of such notice. 4. This Resolution is an "intitial resolution" within the meaning of the Act. 5. This Resolution shall be effective immediately upon its passage and approval. 6. Unless the Bonds shall have been issued prior thereto, the authorities and authorizations given by this Resolution shall expire on December 31, 1984, or on such later date as this body may specify by resolution adopted either before or after such date. Adopted this Sth day of January, 1984. By order of the Common Council. SEAL Robert E. Pung, Mayor ATTEST: nna Serwas, City Cle -4- Recorded January , 1984. It was moved by and seconded by that the foregoing resolution be adopted. Upon roll call vote, the follow�ng voted Aye: The following voted No: The Resolution was thereupon declared adopted. SEAL onna Serwas , City C1 -5- APPROVAL OF RESOLUTION BY The attached Resolution No. , entitled: INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF MORGAN PRODUCTS LTD. which was adopted by the Common Council of the City of Oshkosh, Wisconsin, on January 5, 1984, is hereby approved. Dated January , 1984. Robert E. Pung, Mayor '.[.� CERTIFICATION I, , being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified 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; the said transcript hereto attached is a true and correct and complete copy of all the corporate records in relation to the adoption of Resolution No. en�itled: INITIAL RESOLUTION RELATING TO ZNDL'STRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF MORGAN PRODUCTS LTD. 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 p.m. on January 5, 1984. Said meeting was a regular meeting of the Common Council and was held in open session in compliance with subch. IV of ch. 19 of the Wisconsin Statutes. 2. Said Resolution was on the agenda for said meeting and public notice thereof was given not less than 24 hours prior to the commencement of said meeting in compliance with Wis. Stat. §19.84 including but without limitation by posting on 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 the Gity. 3. Said meeting was called to order by , who chaired the meeting. Upon roll I noted and recorded the following Council Members were present: and the following Council Members were absent: -7- c I noted and recorded that a quorum 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 Member and seconded by Council Member Following discussion and after all Council Member who desired to do so had expressed their views for or against said Resolution, the question was called and upon roll being called and the continued presence of the quorum being noted, the recorded vote was as follows: Aye: Nay: Abstain: Whereupon the Mayor declared said Resolution adopted, and I so recorded it. 4. Said Resolution was approved by the Mayor on and I have so recorded. 5. I have caused the Resolution to be published in the form and place specified in said Resolution. IN WITNESS WHEREOF, I have signed my name and affixed the seal of the City hereto on this day of , 1984. City C SEAL STATE OF WISCONSIN ) ) ss. COUNTY OF WINNEBAGO ) Subscribed and sworn to before me this day, the last date written above. � Notary Public, State of Wisc. 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