HomeMy WebLinkAbout32439 / 83-25MaY 19> 1983
(CARRIED
PURPOSE:
INITIATED BY:
LOST
WITHDRAWN
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RESOLUTION
LAID OVER )
ESTABLISH A TRUST ACCOUNT FOR REFUNDING
1983 PROMISSORY NOTES
CITY ADMINISTRATION
WHEREAS, the City of Oshkosh issued its Promissory Notes Series 1982,
on May 1, 1982, in the amount of $2,735,000 maturing May 1, 1984 through
May l, 1992, which notes were subject to refunding, and
WHEREAS, the City of Oshkosh has determined to refund $800,000 of
said notzs, bein^y notes ;l through 160 maturing May 1, 1°84, on Nov�mber 1,
1983, and
WHEREAS, to provide funds for said refunding, the City has issued
i[s $800,000 refunding Promissory Notes Series 1983, and
WHEREAS, it is necessary to place said refunding proceeds in a trust
account for' purposes of refunding notes #1 through 160, of the $2,735,000
Series 1982 Promissory Notes, and
WHEREAS, the Valley Bank of Oshkosh has a9reed to be Trustee for the
proceeds of the 1983 notes and has further agreed to make the proceeds of
said notes available to the Continental Bank of Chicago, Illinois, the paying
agent, prior to tHe call date of said notes,
NOId, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the City Treaiurer is hereby authorized and directed to place
the proceeds of the $800,000 Promissory Notes, Series 1g83, in a trust account
at the Valley Bank of Oshkosh for the sole purpose of refunding notes `1 through
160 of the $2,735,000 Series 1g82 Promissory Notes, �ihicn refund shall take
place on or about November 1, 1983.
BE iT FURTHER RESOLVED that the proper City officials are authorized to
enter into an appropriate trust agreement with Valley Bank of Oshkosh for the
purposes of refunding notes ;'i through 160 of the $2,735>000 Series 1982 Proni>sory
Notes.
SUDMITT$D EY
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