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Home My WebLink About32375 / 83-20�. . , The City council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular, open, public session at 1ts regular meeting place on April 21, 1983, at 7•.00 o'clock �.M., with the following members present: and the following members absent: * ,� � (Other business) The City Clerk then reported that pursuant to advertised notice of sale, sealed bids were received until 11:00 o'clock, A.M., C.S.T., on April 21, 1,983, at the Council Chambers in the City Hall in said city for the purchase of $1,3�0,000 Corporate Purpose Bonds, Series 1983, of said city, that the bids had been pubiicly opened and announced at said time and place, and had oeen tabulated as follows: Ar:^p2cv :-�y ')te i ;, . {, i.oancil oi .na City of 0��1.."'.. .... ...�..a.�..... ..A.D., i99.-� ,�ay,.��,.G .�-.P.?�.... , � [ity Ue:k Name of Bidder Net Interest Cost Continental Illinois National Bank & Trust Co.of % Chicago Chicago, ILL. 1,036,795.25 8.334367 First Wisconsin National Bank Milwaukee, WI Harris Trust & Savings Barilc Chicago, ILL. Northern Trust Co., Chicago, ILL. -2- 1,040,02Q.85 1,048,390.00 1,066,68Z.50 8.3602 8.5343 8.68224 /� s ' _ � After due deliberation it was determined that the highest and best bid submitted was that of Continental Illinois Nat'1 Bank & Trust Ca*.ipany of Chicago, Chicago, ILL , and associates, at a price of $ 1,327,062.25 and accrued interest to the date of delivery, and that the acceptance of said bid is recommended, which bid is as follows: Continental Illinois National Bank and Trust C�q�any of Chicago Chicago, ILL 8.334367� -3- ` . (Here insert or attach a copy of the winning bid) ._ � , :u ••�i MEMBERS OF THE CITY COUNCIL CITY OF OSHKOSH, WISCONSIN April Z1, 1983 We offer to purchase the $1,340,000 Corporate Purpose Bonds, Series 1983, of the City of Oshkosh, Wisconsin to be dated May 1, 1983 and offered for sale on the above date� on the terms and conditions stated in the Official Notice of Sale and the Official Statement therefor� for a price of / 3•�7�U•L'� �not less than $1,3Z6�600j� and accrued interest to date of delivery. The Bonds of the vazious maturities to beaz interest at the following annual rate: 'l.ic % for bonds due May 1� 19�, through May 1, 19 `/c �z% for bonds due May 1� 19 `s/ � through May 1� 19�_ Q1;O% For bonds due Vlay 1� 19 y"3 , through May 1� 19 �,�,.�,% for bonds due May 1� 19�,�, through May 1, 19 $?,+�r% for bonds due May 1, 19 g� , through iJay 1, 19 E�;% for bonds due May 1� 19 yG � through May 1� 19 , _�y_% for bonds due May 1, 19 y�, through May 1, 19 99 Our computation of the total amount of interest from date of issue to - maturity represented by the coupon rates specified above� and of the net interest cost of ihis bid, while not a pazt of this bid, aze set forth below. This bid is made for prompt acceptance and sub}ect to the conditions of the Official Notice of Sale. We enclose, herewith, our certified check or bank cash9er's or treasurer's check� in the amount of $2b,800� which is to be held by the City pending compliance with the conditions of this bid. Respectful'.y submitted� Continental Zllinois National Bank and Trust Companv of Chica�o Syndicate Manager �_�� I��i�� 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 specified in the bid to be � p ��,r�-,-7'-=- for a Net Interest Rate of f{,-�;</3c�%. The foregoing bid is hexeby accepted by zsd on behai£ of the City of Oshkosh� Wisconsin, this 21st day of April, 1983. ♦ City Manager Director of Finance/Treasurer � The following resolution was thereupon introduced by and read in full: RESOLUTION confirming sale, determining rates of interest, and levying taxes in connection with $1,340,000 Corporate Purpose Bonds, Series 1983. WHEREAS by proceedings duly taken in the manner, time and form required by law, $1,340,000 Corporate Pur.pose Bonds, Series 1983, (the "Bonds") of the City of Oskosh, Wisconsin (the "City"), have been heretofore authorized; and WHEREAS, pursuant to advertised notice of sale, bids were received for the Bonds on April 21, 1983; and WHEREAS, the bid of Continental Illinois National Bank and Tivst Cang3ny of Chicago, Chicago, Illinois , an d a s s o c i a t e s, a t a price of $1,327,062.25 and accrued interest to the date of delivery was the highest and best bid submitted. NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as follows: Section 1. Said $1,340,000 Corporate Purpose Bonds, Series i983, dated May 1, 1983, shall bear interest as follows: Maturities 1984-1990 1991-1992 1993 1994 1995 1996 1997 - 1999 —5— Interest Rates 7.30� 7.75 % 8.00 � 8.20 $ 8.40 � 8.60 � 8.70 8 Section 2. The sale of the Bonds to Continental illinois National ILL. Bank and Trust Canpanv of Chicaqo, Chicaqp,(and associates, at the price recited in the preamble hereof is hereby confirmed, same being the best bid submltted. Section 3. The Bonds shall be in the denomination of $ 5,000.00 payable in lawful money of the United States of America at -- to be designated in accordance with tY�e official notice,of sale-- or at at the option of the holder. Section 4. r, In order to provide for the collection of a direct annual tax sufficient to pay the interest on the Bonds 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: Year of Levy Amount of Tax Year of Levy Amount of Tax 1983 1984 1985 1986 1987 1988 1989 1990 $ 325,470 173,300 167,825 162,350 156,875 151,400 145,925 140,112.50 1991 1992 1993 1994 1995 1996 1997 199� $ 159,300 151,300 143,100 134,700 126,100 117,400 ioa,�oo In each of said years 1983 to 1998, inclusive, the direct annual tax above levied shall be extended upon the tax rolls of the City and 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 Bonds, so long as any of the Bonds remain outstanding. Section 5- Interest on or principal of the Bonds falling due at any time when there shall be on hand insufficient funds £rom the proceeds of the above tax levy £or the payment of �� • , > such interest or principal shall ba pald 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 6. There is hereby established in the City treasury a fund separate and distinct from all other funds of said city to be designated "Series 1983 Corporate Purpose Bonds Sinking Fund", which fund shall be used solely for the purpose of paying principal of and interest on the Bonds. There shall be deposited in said fund all premium and accrued interest paid on the Bonds at the time the Bonds are delivered to the purchaser; all money raised by taxation pursuant to Section 4 hereof; and such other sums as may be necessary to pay interest on the Bonds when the same shall become due and to retire the Bonds at their respective maturity dates. Section 7. The Bonds, when the same have been executed in the manner heretofore provided, shall be delivered by the City Treasurer to the purchaser thereof upon payment of the purchase price. Adopted April 21, 1983. Approved , 1983. Mayor ATTEST: ty Cle -7- . . Motion was made by that said resolution be adopted, and said motion was seconded by After due consideration, the Mayor put the question, and upon roll being called, the following voted: Aye: Nay: The Mayor then declared said resolution adopted. * � � (Other business) Upon motion of , the City Council adjourned. Approved: April , 1983. ATTEST: City Clerk �� '.�ll • . , STATE OF WISCONSIN COUNTY OF WINNEBAGO > ) SS. ) I, DONNA C. LUEBKE, 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.April 21, 1983, insofar as same pertain to the sale of $1,3�0,000 Corporate Purpose Bonds, 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 bonds has been recorded by me in a separate record book pursuant to the provisions of the Wisconsin Statutes. I further certify that the initial resolutions adopted on March 3, 1983 authorizing the issuance of said bonds were recorded in my office on March _, 1983, as required by law, and that no petition has been filed with me or in my office protesting the issuance of said bonds, requesting that said bonds not be issued, or requesting a referendum on the question of issuing said bonds. WITNESS my official signature and the official seal of said city this (AFFIX) (SEAL ) (HERE ) • day of April, 1983. City Clerk SUBMITTED BY APPROVED �. 0 � � 6' �' �'o � F; "' o °� � n� � w n m r rr r• x � o � � � � ro' �' o W � •• rt �u . H �a g � e� � a V v � � w N O rfi �' N � N O `� � i� � � u�