HomeMy WebLinkAbout32619 / 83-110
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October 20, 1983
(CARRIED LOST
LAID OVER
I/ 11 RESOLUTION
WITHDRAWN )
There will be a resolution authorizing the issuance of Promissory Notes in the
amount of $940,000.00 for purchase of land.
This resolution was split in to two i2) separ�te resolutions.
11 - $700,000
11A- $240,000
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SUBNITTED BY
APPROVED���1`�'''�r�/� �.
,.
The City Council of the City of �shkosh, ��Tinnebago County,
�•lisconsin, met in regular, open, public session at its regular
meeting place on October 20, 1983, at 7:00 .o'clock P.M., with
the following members present:
Council Member Charles J. I�ulsebosch
Council Member pon H. Kutchera
Council Member James A. Mather '
Council hlember Kathleen M. Prcpp
Council Member Bernice Teichmiller
Council Member Floyd R. Chapin
Council Member Robert E. Pung
and the folloNing members absent:
None
* * •
(Other business)
The follot+ing resolution was introduced by Co,ncti M mb r H�lsebosch
and toas reac3 in full, and pursuant to motion made hy _Hulsebosch
and seconded by MathPr was adopted by the following vote:
�Ye� Council Member Mather
Council Member Propp
Council Member Chapin
Council Member Hulsebosch
Council Member Pung
Nay: Council Member Kutchera
Council Member Teichmiller
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RESOLUTION determining to borrow
5700,000 and to issue to the
lender a Promissory Note, Series
1983-D, of the City of Oshkosh,
47isconsin, in such amount, providing
details, prescribing the form of note
and levying taxes.
WHEREAS, the City of Oshkosh, j7innebago County, t•7isconsin, is
in need of funds in the aggregate amount of 5700,0OO,.for the
purpose of providing funds for the payment of the cost of acquiring
land for public purposes; and
t•THERF.AS, cities are authorized by the provisions of Section
67.12(12) of the Wisconsin Statutes to borrow money and issue pror�is-
sory notes for the acquisition of land for public purposes; and
F7HEREAS, it is considered necessary and desirable by the City
Council of said city that said city borro�v S700,000 for the
purpose of providing funds for the purpose aforesaid, and that
said city issue to the lender its promissory.notes to evidence
the indebtedness thereby incurred; and
j7HEREAS, officials of said city have solicited proposals and
based thereon, have negotiated with the M&I 47estern State Bank, of
Oshkosh, Wisconsin for the borrowing of an aggregate sum of S700,000
and said lender has offered to purchase the promissory note of
the city in such aggregate amount at the interest rate of six and
five eighths per cent (6-5/8�) per annum;
NO�I, THEREFORE, Re It Resolved by the City Council of the
City of Oshkosh, 47isconsin, as follows:
Section 1. For the purpose of providing funds for the payment
of the cost of acquisition of land for public purposes, there
shall be borrowed from the t1t�I F7estern State Rank. of Oshkosh,
F7isconsin (the "Lender"), the sum of 5700,000, and 'co evidence
such indebtedness the City of Oshkosh, 4Jinnebago County, t9isconsin
(the "City") shall issue to such Lender its Promissozy Note, Series
1983-D (the "Note"), in the aggregate principal amount of $700,000.
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Section 2. The Note shall be designated "Promissoty Note,
Series 1983-D", shall be payable to the order of the Lender, shall
be dated the date of issuance, shall be of the denomination of
$700,000, shall be numbered one, shall bear interest at the rate of
six and five eighths per cent (6-5/88) per annum payable on May 1 and
November 1 of each year until maturity, commencing hfay 1, 1984, and
shall mature as to principal on November 1, 1985.
The Note shall be subject to prenayment in whole, at the option
of the City, on July 1, 1984 and on the first day of each month
thereafter and prior to r�aturity, at a prepayr�ent Price of par plus
accrued interest to the date fixed for prepayment. Notice of intended
prepayment shall be given to the Lender by certified mail or personal
service once, not less than ten days prior to the date of intended
prepayment.
The ?7ote shall be signed by the City Manager of the City of
Oshkosh and by the City Clerk, and sealed with the corporate seal of
the City, Both principal of and interest unon the Note shall be
paid directly to the Lender by the Treasurer of the City, in lawful
money of the United State of America. Principal and interest
payable at maturity, shall be payable only upon presentation and
surrender of the Note.
Section 3. The Note shall be in substantially the following
form, the omissions to be appropriately completed when the Note is
p repa red :
0
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(FOrm of Note)
UNITED STATES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosh
PROMISSORY NOTE, SERIES 1983-D
NO. $700,000
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in
the County of Winnebago, State of Wisconsin (the "City"), hereby
acknowledges itself to owe and for value received promises to
pay to the M&I Western State Bank, of Oshkosh, Wisconsin (the
"Lender") or registered assigns, the principal sum of Seven Hundred
Thousand Dollars (S700,000), payable upon surrender of this
Note, on the first day of November, 1985, with interest at the
rate of six and five eighths per cent (6-5/88) per annum on the
unpaid principal from the date hereof until the principal amount
shall have been fully paid, such interest being payable directly
to the Lender by the Treasurer of the City of Oshkosh by check
or draft on May 1 and November 1 of each year commencir.g May 1,
1984, interest at maturity being payable only upon presentation
and surrender of this Note.
The principal of this note is subject to prepayment in whole,
at the option of the City, on July 1, 1984 and on the first day
of each month thereafter and prior to maturity, at the prepayment
price of par plus accrued interest to the date fixed for prepayment.
Notice of intended prepayment shall be given to the registered
holder hereinabove named once, not less than ten days prior to the
date of intended prepayment, by certified mail or personal service.
For the prompt payment of this note with interest hereon as
aforesaid and for the levy and collection of taxes sufficient for
that purpose, the full faith, credit and resources of the City
are hereby irrevocably pledged.
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This note is issued to evidence the indebtedness incurred
by the borrowing of money in such amount for the p�rpose of
providing funds for the payment of the cost of acquiring land
for public purposes for the City, pursuant to and in all respects
in compliance with Section 67.12(12) of the Wisconsin Statutes
and a resolution adopted by the members of the City Council of
said city on October 20, 1983, and entitled, "RESOLUTION determining
to borrow S700,000 an� to issue to the lender a Promissory Note,
Series 1983-D, of the City of Oshkosh, Flisconsin, in such amount,
providing details, prescribing the form of note and levying
taxes."
It is hereby certified and recited that all conditions,
things and acts required by law to exist, to be or to be done
precedent to and in the issuance of this note have been, have
existed and have been performed in due form and time; that the
indebtedness of said city, including this note, does not exceed
any limitation imposed by law; and that said city has levied a
direct annual irrepealable tax sufficient to pay the interest
hereon when it becomes due and also to pay the principal hereof
at maturity.
IN TESTIMONY WHEREOF, the City of Oshkosh, by its City
Council, has caused this note to be signed by its City Manager
and by its City Clerk, and its corporate seal to be impressed
hereon, all as of the 7th day of November, 1983.
(SEAL)
— Cit�lerk City Manager
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Section 4. 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 princigal thereof at maturity, there is hereby
levied upon all the taxable property in the City for the year
1983 and including 1984, a direct annual tax in an amount sufficient
for that purpose, to-wit:
Year
19 83
1984
Tax Levy
$ 46,375
5746,375
Section 5. Said tax shall be extended upon the tax rolls of
the City and shall be collected by the officers of the City in
the same manner and at the same time as taxes for general city
purposes for such years are extended and collected, and when so
collected, the proceeds of said taxes shall be kept in a separate
and distinct fund to be used solely for gaying the principal of
and interest on the Note. so lonq as the Note remains outstanding.
Section 6. Interest on or principal of the Note herein
authorized falling due at any time when there shall be on hand
insufficient funds from the proceeds of the above tax levy for the
payment of such interest or principal shall be paid promptly when
due £rom other funds of the City, which funds shall be reimbursed
therefor out of the proceeds of the taxes above levied when such
taxes shall have been collected.
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Section 7. The City Clerk, as Note Registrar, shall keep,
maintain and preserve an adequate and correct register account of
the Note issued and all payments, transfers and other transactions
relating thereto.
Section 8. When the Note shall have been prepared and executed,
the same shall be delivered by the City Treasurer to the lender
upon receipt of the borrowed money.
Section 9. The principal proceeds from the sale of the Note
shall be used only for the payment of the cost of acquiring land for
public purposes for the City. The City recognizes that the purchasers
and holders of the Note 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 said notes shall have been delivered. In this connection the
City aqrees that it shall take no action which may render the
interest on any of the Note subject to Federal income taxation and
that the principal proceeds of the sale of the Note shall be devoted
to and used with due diligence for the payment of the expenses for
which the Note is herein authorized to be issued. The City Manager,
the Clerk and the Treasurer of the City, 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 Note that the proceeds
of the Note are not expected to be used in a manner which would or
miqht result in said note being an "arbitrage bonds" under Section
103(c) of the Internal Revenue Code of 1954, as amended, 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 the Note herein
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authorized shall be made in violation of the expectations prescribec7
by said Arbitrage Certificate.
Adopted October 20, 1983.
Recorded Oct. 20 , 1983.
�,\ 1I/�
1i11/i.� . ..�/'/. �/ i
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�� �
Mayor �
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(Other business)
+
U pon motion of Council Member Chanin , seconded bv
Council Member Pro� and unanimously adopted, the City Council
adjourned.
Attest:
�.
City Clerc
�'
� ,
Hayor
STATE OF [7ISCONSIN )
) BS.
COUNTY OF {7INNEBAGO )
I, 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
true, correct and compared copy of excerpts from the minutes of
the meeting of the City Council of said city held on October 6, 19R3,
insofar as same pertain to the szle of 5700,000 Pror�issory Note,
Series 1983-D of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken to date in the course of
authorizing said notes has been recorded by me in a seParate
record book pursuant to the provisions of the i7isconsin Statutes.
�7ITNESS r�y official signature and the official seal of
said city this 20th day of October, 1963.
(AFFIX)
(SF.AL )
(HERG )
���� � . ������
City lerk
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