HomeMy WebLinkAbout32376 / 83-21,, � ��
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The City council of the City of Oshkosh, 47innebago
County, Wisconsin, met in regular, open, public session at its
regular meeting place on April 21, 19�3, at ���� o'clockP .M.,
with the following members present:
and the following members absent:
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(Other business)
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The Clerk stated that one purpose of the meeting was
the consideration of bids received for the purchase of $725,000
Promissory Notes, Se^i�s 1983-� o£ th2 City o£ Gs'r,kosh pursuant to
notice of sale duly published in The Bond Buyer, a financial
newspaper published in the City of idew York, New York, and in the
Oshkosh Dai1y Northwestern.
The following sealed bids for said notes were received
in the Council Chambers in the City Hall until 11:00 A.M., C.S.T.,
on April 21, 1983:
Adopted by ti�e
Council of th: City of Oshkosh
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Name of Bidder
Continental Illinois National Bank &
Trust Co., Chicago, IL.
LaSalle National Bank, Chicago, IL.
First Wisconsin National Bank, Milwaukee,
Wlsconsin
Harris Trust & Savings Bank, Chicago, IL.
Northern Trust Co., Chicago, IL.
Net Interest Cost
$361,053.24
368,669.78
368,909.00
372,125.00
381,525.00
7.681984%
7.844038%
7.8491 %
7.9171 %
8.11755 %
A£ter due deliberaiion, it was deterr:�ined that �nz b�d
of Cnntinant�l Illinois National Bank & TrusY. Com�C�y
of Chicago , Illinois , and associates, at a price of
par and accrued interest plus a premium of $ 9.26 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)
BID FORM
MEMBERS OF THE CITY COUNCII.
CITY OF OSHKOSH, WISCONSIN
April 21, 1983
We offer to purchase the $725,000 Promissory Notes, Series 1q83-A, of the
City of Oshkosh, Wisconsin to be dated May 1, I983 and offered far sa2e on the
above date, on the terms and conditions stated in the Official Notice nf Sale and
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the Official Statement therefor, for a price of 7z� �+<< `-' (not
less Yhan $725�000), and accrued interest to date of elivery. The notes of the
vazious maturities to beaz interest at the following annual rate:
7 y�, % for notes due May 1, 19 �'� , through May 1, 19 Ff'7
7.so% for notes due May 1, 19 Yfr , through May 1, 19 q>
7.'��% for notes due May 1, 19 %,_ f throuoh May 1, 19
.� ,% for notes due May 1, 19 �ih , through May 1, 19
% for notes due May 1� 19 � through May 1, 19
Our computation of the total amount of interest from date of issue to
maturiYy represented by the coupon rates specified above, and of the net interest
cost of this bid, while not a pazt of this 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 amount of $14,500, which is to be held by the City
pending compliance with the conditions of this bid.
Respzctfully submitted,
Continental Illinois National Bank
and Trust Comoanv of ChicaQo
Syndicate Manager
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_^�o •!; i. i j j-x ll;(-�.t,-�
By Robert E. Simond Jr., Vice President
Interest Compuiation
We comput� the totai amount o£ interzst from date of issue to maturity,
represented by the coupon rates specified in the bid to be 3t_/ �>; -L'.= for
a Net Interest Rate of �_ %. �
'% CG f 72�'/
The foregoing bid is hereby accepted by and on behaif of the City of
Oshkosh, Wisconsin, this 21st day of April, 1933.
City Manager
Direc2or of Finance/Treasure:
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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
725,000 and to issue to the lender
Promissory Notes, Series 1983-A, 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, it is necessary that funds be raised in the
total amount of $725,000 for the purpose of providing for permanent
improvement of lands, acquisition of equipment, improvements and
additions to an auditorium, general and current municipal expenses
and public work and improvements consisting oi construction of
sidewalks, renovation of the opera house, construction of a
transit garage and parks department garage, acquiring major
equipment and general and current municipal expenses; and
WHEREAS, cities are authorized by the provisions of
Section 67.12(12) of the Wisconsin Statutes to borrow money and
issue promissory notes for acquisition of equipment, permanent
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improvement of lands, additions and improvements to an auditorium,
general and current municipal expenses and public work and improve-
ments; and �
47HEREAS, it is considered necessary and desirable by the
City Council of the City of Oshkosh, Wisconsin (the "City"), that
the City borrow $725,000 for the purpose of providing funds for
the purposes aforesaid, and that the City issue to the lender its
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 paying the cost of
providing for acquisition of equipment, permanent improvements
of lands, additions and improvements to an auditorium, general
and current municipal expenses and public work and improvements
as described in the preamble hereto, there shall be borrowed
f rom Continental Illinois National Bank & Trust Company ,
of Chicago , Illinois , and associates, the
sum of $725,000, and to evidence such indebtedness the City
shall issue to such lenders its Promissory Notes, Series i983-A
(the "Notes"), in the aggregate principal amount of $725,000.
Section 2. The Notes shall be desSgnated "Promissory
Notes, Series 1983-A", shall be payable to bearer, shall be dated
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May 1, 1983; shall be of $5,000.00 denomination each, shall be num-
bered 1 to 145, inclusive, shall r�ature 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 May 1, 198�+, as follows:
Year Amount
i984 $50,000
1985 50,000
1986 50,000
1987 50,000
1988 50,000
Interest Rate
7.40 %
7.40 �
7.40 %
7.40 %
7.50 q
Year Amount Interest Rate
1989 $ 75,000 7.50 io
1990 75,000 7.50 9
1991 75,000 7.50 �
1992 125,000 7.75 %
1993 125,000 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 thereafter, at par and accrued
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 Notes are payable and
by publication of an appropriate notice once in a financial newspaper
or journal published in New York, New York, or Chicago, Illinois,
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 Manager of the
City with his facsimile signature, and by the City Clerk, and
sealed with the corporate seal of the City. Interest upon the Notes
shall be evidenced by coupons thereto attached, such coupons to
ba signed by said City nlana�er a:,d C��y Clerk �,vith their respecti��e
facsimile signatures, and said officers shall, by the execution
of the Notes, adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons. Both
principal of and interest on the Notes shall be payable in lawful
money of the United States of America at (to be designated in aCCOrdance
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with the official no�ice of sale)
,
, at the option of the holder.
, or at
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Section 3. The Notes and coupons shall be in substantially
the fqllowing form, the omissions to be appropriately completed
when the notes are printed:
No.
(Form of Note)
UNITED STATES OF AMERICA
STATE OF WISCOi1SIN
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
PROMISSORY NOTE, SERIES 1983-A
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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 bearer, or to the registered holders hereof if this Note
shall then be registered as to principal, the principal sum of
Thousand Dollars ($
with interest at the rate of
) on the first day of i�Yay, 19_,
per cent ( %)
per annum from the date hereof until the principal amount shall
have been £ully paid, such interest being payable semiannually
on the first days of May and Ivovember of each year, beginning
May 1, 1984, interest to maturity being payable only upon presenta-
tion and surrender of the interest coupons attached hereto as
they severally mature. Both principal hereof and interest hereon
are hereby made payable in lawful money of the United States of
America at , _
, or at
,
, at the option of the holder.
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,
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 o�
and after May 1, 1991 are subject to prepayment at the option of �he
City of Oshkosh as a whole, or in part in inverse order of their
maturity and within a maturity by lot, on blay 1, 1990, and on
any interest payment date thereafter, at par and accrued interest
to date fixed for prepayment.
Notice of intended prepayment shall be given by registe:ed
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 New York, New York, or Chicago, Illinois,
such notice to be given not less than 30 days prior to the date
fixed for prepayment.
This note is one of an issue of $725,000, all of like cate,
issued to evidence the indebtedness incurred by the borrowino of
money in such amount for the purpose of paying the cost of provicin�
for acquisition of equipment, permanent improvement of lands,
additions and improvements to an auditorium, general and current
municipal expenses and public work and improvements, 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 or. Flpril 21, 1983, and entitlefl, "RESCLUTION determi�_n�
to borrow $725,000 and to issue to the lender Promissory Notes,
Series 1983-A 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.
S
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 the City, including this note, does not excee3
any limitation imposed by law; and that the City has levied a
direct annual irrepealable tax. su£ficient to pay the interest
hereon when it becomes due and also to pay the principal hereof
at maturity.
IN TESTINONY L�IHEREOF, the City of Oshkosh, by i�s C�ty
Council has caused this note to be signed by its City P�ianager
with his facsimile signature, and by its City Clerk, and its
corporate seal to be lmpressed hereon, and the coupons hereto
attached to be signed by said City Manager and City Clerk witn
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 on
said coupons, all as of the first day of b4ay, 1983.
(facsimile signature)
City Clerk City I�?anager
(Form of Coupon)
No. �w
On the first day of , 19 , unless the no`e tc
which this coupon is appurtenant is subject to prepaynent an3
shall have been called for prepayment and provisions for the
payment thereof duly made, the City of Oshkosh, Wisconsin, will
pay to bearer the amount shown hereon in lawful money of the
United States of America at
, or at
, , , upon presenta-
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tion and surrender of this coupon, for interest due that day on
its Promissory Note, Series 1983—A, dated May 1, 1983, No.
(facsimile signature) (facsimile signatur
City Clerk City T�ianager
(Provision for Registration}
The within Note may be registered in the narne of the
holder as to principal only on books to be kept by the �ity 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 ti�2 requ°st
of the registered holder or his attorney thereunto dul�t authorized
and similarly noted in said registration blank below, tsut this
Note may be discharged from registration by being transferred to
bearer, after which it shall be transferable by delivery but may
be again registered as before. Such registration shal� not impair
the negotiability by delivery of the coupons attached to this Note.
Date of . Name of . Address of . Signature
Registration : Registered Holder : Registered Holder : of ReAistrar
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Section 4.
d
e
In order to provide for the collection of a
direct annual tax sufficient to pay the interest on.the Notes and
to pay arid discharge tne principal tner2oF at maturity, there is
hereby levied upon all the taxable property in the City a direct
annual tax in an arnount sufficient for that purpose, to-wit:
Year of Amount for Principal Year of Amount for Principal
Levy and Interest Levy and Interest
1984 $ 206,525.00
1985 97,712.50
198� 94,012.50
1987 90,312.50
111,562.50
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19$$ S 105,937.50
1989 100,312.50
1990 144,687.50
1991 }35,000.00
1992
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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 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 hand insufficient
funds from the proceeds of the above tax levy for the pay�:ent of
such interest or principal shall be paid promptly when due from
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.
Section 7. The City Clerk shall keep, maintain and
preserve an adequate and correct register account of all Plotes
issued and all payments and other transactions relating thereto.
Section 8. When the 14otes 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 from the sale of the
Notes shall be used only for the purpose of paying the cost of
providing for acquisition of equipment, permanent improvement of
lands, additions and improvements to an auditorium, general and
current municipal expenses and public work and improvements as
set out hereinabove. The City recognizes that the purchasers
and holders of the Notes 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 the Notes shall have been delivered. In this
connection the City agrees that it shall take no action which
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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 idotes are herein
author,ized 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 Notes are not expected to be used in a manner which would
or might result in the Notes being "arbitrage bonds" under Section
103�c) of the Internal Revenue Code of 1954, as amended, or tne
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 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 Clerk
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The Mayor then declared said resolution adopted.
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(Other Business)
Upon motion of , the City
Council adjourned.
Approved: April _, 1983.
ATTEST:
City Clerk
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1, .
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, DONNA C. LUEBKE, hereby certify that I am the duly
qualiPied 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 $725,000 Promissory
Notes, Series 1983—A 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 Wiscons�in Statutes.
WITNESS my official signature and the official seal of said
city this day of April, 1983•
(AFFIX)
(SEAL)
(HERE)
City Clerk
Sj1BMITT�p BY
APPROVED
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