HomeMy WebLinkAbout32377 / 83-22�
The City council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular, open, public session at its
regular meeting place on April 21, 1983, at 7:00 o`clock p.b7.,
with the following members present:
and the following members absent:
* * *
(Other business)
The Clerk stated that one purpose of the meeting was
the consideration of bids received for the purchase of $800,000
Re:unding Promissory tJotes, Series 1983 of the City of Osnkosh
pursuant to notice of sale duly published in The Bond Buyer, a
financial newspaper published in the City of New York, idew York,
and in the Oshkosh Dai1y Northwestern.
The following sealed bids for said notes were received
in the Councll Chambers in the City Hall until 11:00 A.M., C.S.T.,
on April 21, 1983=
Adopted by the
Council of the City o/ Oshkosh
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Name of Bidder
Continental Illinois National Bank &
Trust Co., Chicago, IL.
First Wisconsin National Bank,
Milwaukee, WI.
LaSalle National Bank, Chicago, IL.
Harris Trust & Savings Bank, Chicaqo, IL
Northern Trust Co., Chicago, IL.
t Interest Cost
$351,563.49
358,300.00
358,551.75
362,900.00
374,250.00
7.601373Y
7.747Q 9a
7.752470%
7.8460 %
8.06634 %
After due deliberation, it was determined that the bid
of Continental Illinois National Bank & Trust Company
of Chicaqo , Illinois , and associates, at a price of
par and accrued interest plus a premium of $2z499.01 was the
highest and best bid submitted for the purchase of said notes,
which bid is as follows:
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(Here insert or attach a true copy of the winning bid)
:u •:,.
MEMBERS OF THE CTTY COUNCII.
CITY OF OSHKOSH, WISCONSIN
April 21� 1983
We offer to purchase the $800,000 Refunding Promissory Notes, Series 1983,
of the City of Oshkosh, Wisconsin to be dated May 1, 1983 and offered £or sale on
the above date� on the terms and conditions stated in the Official Notice of Sale
c�
and the Official Statement therefor, for a price of �� �.�� ry—
(not less than $800,000), and accrued interest to date of delivery. The Bonds of the
various maturities to bear interest at the following annual rate:
7•' �� % for bonds due May 1, 19 EY , through May 1, 19�
.; �% for bonds due May 1, 19 �� through May 1, 19�_
7�; % for bonds due May 1, 19 �i-�, through May 1, 19
p�,r % for bonds due May 1� 19�� through May 1� 19
% for bonds due May 1, 19 , through May 1, 19
% for bonds due May 1, 19 , through May 1, 19
% for bonds due May 1, 19 , through May 1, 19
Our computation of the total amount of interest frem date of issue to
maturity represented by the coupon rates specified above, and of the net interest
cost of this bid� while not a part of tbis bid� aze set forth below.
This bid is made for prompt acceptance and subject to the conditions of the
Official Notice of Sale. We enclose, herewith, our certified check or bank cashier's
or treasurer's check, in the amoi:nt of $16,000, which is to be held by the City
pending compliance with the conditions of this bid.
Respectfully submitted,
Continental Illinois National Bank
and Trust Company of Chicago
Syndicate Manager
� �� �-�'� r a �
By Robert E. Simond Jr., Vice President
Interest Computation
We compute the total amount of interest from date of issue to_maturity,
represented by the coupon rates speciiied in the bid to be i-; 4/ c L- ;. = for
a Net Interest Rate of 7 G.n i37 i%.
The foregoing bid is hereby accepted by and on behalf of the City of
Oshkosh, Wisconsin� tnis 21st day of Aprii, 1963.
City Manager
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Thereupon the following resolution was introduced by
and was read in full, and pursuant to motion
made by and seconded by
was adopted by the following vote:
Aye:
Nay:
RESOLUTION determining to borrow
00,000 and to issue to the lender
Refunding Promissory Notes, Series
1983, of the City of Oshkosh, Wisconsin,
in such amount, providing details,
prescribing the form of note and
coupon, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin
(the "City") has heretofore, by resolution duly adopted on April 15,
1982, issued its Promissory Notes, Series 1982 in the aggregate
principal amount of $2,735,000 (the "Outstanding Notes") dated Tday 1,
1982, pursuant to the provisions o£ Section o7.12(12), Wisconsin
Statutes; and
WHEREAS, cities are authorized by the provisions of
Section 67.12(12), Wisconsin Statutes to issue refunding notes
for the purpose of refunding outstanding promissory notes which
are subject to prepayment; and
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WHEREAS, the Outstanding Notes are subject to prepayment
in whole, or in part in order of their maturity on blay 1, 1983 and
on any interest payment date thereafter; and
WHEREAS, it is considered necessary and desirable by the
City Council of the City, that the City borrow $800,000 for the
purpose of providing funds for the purpose of refunding on November
1, 1983, $800,000 aggregate principal amount of the Outstanding
Notes maturing May 1, 198�+ and numbered 1 to 160, inclusive, and
that the City issue to the lender its refunding promissory notes
to evidence the indebtedness thereby incurred; and
WHEREAS, it has been determined to borrow said money
f rom Continental Illinois National Bank & Trust Company
,
of Chicago , Illinois , and associates, said lenders
having submitted the best bid for said notes at the public sale
thereof; and
WHEREAS, it has been determined that the issuance of
said notes in form payable to the bearer will make such notes
more readily marketable and will thereby be to the advantage of
the City;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of refunding on November 1,
1983, $800,000 aggregate principal amount of the Outstanding
tdotes raaturing T+Iay l, 198� ar.d numbered 1 to 160, inclusive,
there shall be borrowed from Continental Illinois National Bank & Trust Co.,
of Chicago � Illinois , and associates, the
sum of $800,000, and to evidence such indebtedness the City
shall issue to such le�ders its Refunding Promissory Notes,
Series 1983 (the "Notes"), in the aggregate principal amount of
$800,000.
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Section 2. The Notes shall be designated "Refunding
Promissory 1Jotes, Series 1983", shall be payable to bearer,
shall be dated May 1, 1983, shall be of $ 5,00O.00denomination
each, shall be numbered 1 to�6�, inclusive, shall mature serially
in numerical order on May 1 of each of the years 1984 to 1993,
inclusive, and shall bear interest payable semiannually on the
first day of May and November of each year, beginning blay 1,
1984, as follows: �
Year Amount
1984 $75,000
1985 75,000
1986 75,000
19g7 75,000
1988 75,000
Interest Rate
7.40 q,
7.40 q
7.40 q,
7.40 q
7.50 q,
Year Amount
1989 a 75,000
1990 75,000
1991 75,000
199z 75,000
1993 125,000
Interest Rate
7.50 p
7.50 �
7.50 7
7.75 %
8.00 �
The Notes shall be subject to prepayment at the option of
the City of Oshkosh as a whole, or in part in inverse order of
their maturity and within a maturity by lot, on May 1, 1990, and
on any interest payment date theneafter, at par and acccued interest
to the date fixed for prepayment.
Notice of intended prepayment shall be given by registered
or certified mail to the banks at which the ilotes are payable and
by pu6lication of an appropriate notice once in a financial newspaper
or journal published in Ne�r York, New Yor;c, or Chicago, 211inois,
such notice to be given not less than 30 days prior to the date fixed
for prepayment.
The Notes shall be signed by the City bianager of the
City with his facsimile signature, and by the City Clerk, and
sealed with the corporate seal of the City. Interest upon the A'otes
shall be evidenced by coupons thereto attached, such coupons to
be signed by said Gity Manager and City Clerk with their respec�ive
facsimile signatures, and said officers shall, by the execution
of the Notes, adopt as and for thein own proper signatures their
respective facsimile signatures appearing on said coupons. Both
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principal of and interest on the Notes shall be payabie in lawful
money of the United States of America at (to be desianated in accordance
with the official gotice of sale) ,
e
at the option of the holder.
, or at
,
Section 3. The Notes and coupons shall be in substantially
the following form, the omissions to be appropriately completed
when the notes are printed:
No.
(Form of 1V�OL2�
UNITED STATES OF AP�IERICA
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
REFUNDING PROMISSORY NOTE, SERIES 1983
$
KNOW ALL MEid 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 bearer, or to the registered holders hereof if this idote
shall then be registered as to principal, the principal sum of
Thousand Dollars ($
with interest at the rate of
) on the first day of ;>:ay, 19_,
per cent ( %)
per annum from the date hereo£ until the principal amount shall
have been fully paid, such interest being payable semiannually
on the first days of hlay and November of each year, beginning
May 1, 1984, interest to maturity being payable only upon presenta-
tion and surrender of the interest coupons att2ched hereto as
they severally mature. Both principal hereof and interest hereon
are hereby made payable in lawful money of the United States of
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America at
>
, or at
, at the option of the holder.
,
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.
Notes of the issue of which this Note is one maturing on
and after May 1, 19g1 are subject to prepayment at the option o; the
City of Oshkosh as a whole, or in part in inverse order of thei:
maturity and within a maturity by lot, on i�ay 1, 1990, and on
any interest payment date therea£ter, at p3r and accrued interest
to date fixed for prepayment.
Notice of intended prepayment shall be given by registered
or certified mail to the banks at which the Notes are payable and by
publication of an appropriate notice once in a financial newspaper
or journal published in NeH York, P1ew York, or Chicago, Illinois,
such notice to be given not less than 30 days prior to the date
fised £or prepayment.
This note is one of an issue of $800,000, all of like dat2,
issued to evidence the indebtedness incurred by the borrowing of
money in such amount for the purpose of refunding �800,000 aggregate
principal amount of Promissory Notes, Series 1982 oF the City
dated May 1, 1g82 and maturing on D�ay 1, 1984, pursuant to and
in all respects in compliance with Section 67.12(12) of the
Wisconsin Statutes and a resolution adopted by the City Council
of the City on April 21, 1983, and entitled, "RESOLUTION deternining
to borrow $800,000 and to issue to the lender Refunding Promissory
Notes, Series 1983 of the City of Oshkosh, Wisconsin, in such
amount, providing details, prescribing the form o£ note and
coupons, awarding the notes to the highest bidder, and levying
taxes".
�
This note is registrable as to principal in accordance
with the provisions endorsed on the reverse side hereof.
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 perforned in due form and time; that the
indebtedness of the City, including this note, does not exceed
any limitation imposed by law; and that the 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
with his facsimile signature, and by its City Clerk, and its
corporate seal to be impressed hereon, and the coupons hereto
attached to be signed by said City T�;anager and City Clerk with
their respective facsimile signatures; and said officers, by the
execution of this note, do adopt as and for their own official
signatures their respective facsimile signatures appearing cn
said coupons, all as of the first day of May, 1983.
(facsimile signature)
City Clerk City Manager
(rorr: oF Couponj
No. $
On the first day of , 19_, unless the note to
which this coupon is appurtenant is subject to prepayment and
shall have been called for prepayment and provisions for the
payment thereof duly made, the City of Oshkosh, [Jisconsin, will
pay to bearer the amount shown hereon in lawful money of the
United States of America at
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, or at
,
, upon presenta-
tion and surrender of this coupon, fon interest due that day on
its Refunding Promissory Note, Series 1983, dated May 1, 1983,
No. .
(facsimile signature) (facsimile si�nature)
City Clerk City Manager
(Provision for Registration)
The within Note ma;� be registered in the name of the
holder as to principal only on books to be kept by the City Clerk
of the City of Oshkosh, as Note Registrar, such registration to
be noted hereon in the registration blank below, after which no
transfer shall be valid unless made on said books at the request
of the registered holder or his attorney thereunto duly authorized
and similarly noted in said registration blank below, but this
Note may be discharged from registration by being transferred to
bearer, after which it shall be transfe;able by delivery but may
be again registered as before. Such registration shall not impair
the negoti2bility by delivery of the coupons attached to this tvote.
Date of . Name of .
eistration : Reeistered Holder :
R
i
i
3
Address of . Signature
istered Holder : of Reeistrar
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Section 4. In order to provide for the collection of a
direct 2nnual tax sufficient to pay the interest on the Notes and
to pay and discharge the principal thereof at maturity, there is
hereby levied upon all the taxable property in the City a direct
annual tax in an amount sufficient for that purpose, to-wit:
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Year of Amount for Principal Year of Amount for Principal
Lev,y and Interest Levy and Interest
1983 $ 265,475.00 1988 � 102,062.50
1984 124,412.50 1989 96,437.50
1985 118,862.50 199� 90,812.50
1986 113,312.50 1991 135,000.00
1987 107,687.50 1992
Section 5. Said tax shall be extended upon the tax
rolls of tne 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, tne proceeds of said taxes sha11 be used solely for
paying the principal of and interest on the Notes so long as the
Notes remain outstanding.
Section 6. Interest on or principal of the Notes
falling due at any time when there shall be on �and insufficient
funds from the proceeds of the above tax levy for the payment of
such interest or principal shall be paid prompt';� when due from
other funds of the City, which funds shall be reimbursed therefor
out of the proceeds of the taxes above levied w?�.en sucn taxes shall
have been collected.
Section 7. The City Clerk shall keep, maintain and
preserve an adequate and correct register accou�t of a11 Pdotes
issued and all payments and other transactions relating thereto.
Section 8. When the Notes shall have been printed 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 fro� the sale of the
Notes shall be used only for the purpose of paying the cost of
refunding $800,000 aggregate principal amount o£ the Outstanding
Notes dated May 1, 1982, maturing May 1, 1984 and numbered 1 to
160, inclusive. The City recognizes that the purchasers and
holders of the Notes will have accepted them on, and paid therefor
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a price which reflects, the understanding that interest thereon
is exempt from Federal income taxation under laws in force at
the time the Notes shall have been delivered. In this connection
the City agrees that it shall take no action which may render
the interest on any of the Notes subject to Federal income taxation
and that the principal proceeds of the sale of the Notes shall
be devoted to and used with due diligence for the completion of
the facilities for which the Notes are herein authorized to be
issued. The Director of Administration, 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 Notes that the proceeds of the iJotes are not
expected to be used in a manner which would or might result in
the Notes being "arbitrage bonds" under Section 103ic) 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 repre-
sentation and certification of the City and no investment of
P1ote proceeds or of moneys accumulated to pay the Notes herein
authorized shall be made in violation of the expectations prescribed
by said Arbitrage Certificate.
ATTEST:
Adopted April 21, 1983•
Recorded , 1983.
Approved , 1983.
City
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Mayor
The Mayor then declared said resolution adopted.
� �t *
(Other business)
Upon motion of , the City
Council adjourned.
Approved: April _, 1983.
ATTEST:
ty Cle
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I"'^,�.
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, DONNA C. LUEBKE, hereby certify that I am the duly
qualifled 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 April 21,
1983, insofar as same pertain to the sale of $800,000 Refunding
Promissory Notes, Series 1983 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 Wisconsin Statutes.
WITNESS my official signature and the official seal of
said city this day of April, 1983.
(AFFIX)
(SEAL )
(HERE )
ty Cle
SUBMITTED BY
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