HomeMy WebLinkAbout32374 / 83-19.
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.M., with
the following members present:
and the following members absent:
�t � �
(Other business)
The following resolution was introdured by
and was read in full, and pursuant to motion made by
and seconded by was adopted by the following vote:
Aye:
Nay:
Adopted by the
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RESOLUTION determining to borrow
$7,800,000 and to issue to the
lender Promissory Notes, Series
1983-8, of the City of Oshkosh,
Wisconsin, in such amount, providing
details, prescribing the form of note
and levying taxes.
WHEREAS, the City of Oshkosh, Winnebago County;,Wisconsin, is
in temporary need of money in the amount of $'j,800,000, for the
purpose of providing funds for the payment of general and current
municipal expenses; and
WHEREAS, cities are authorized by the provisions of Section
6%.12(12) of the Wisconsin Statutes to borrow money and issue promis-
sory notes for the payment of general and current municipal expenses;
and
WHEREAS, it is considered necessary and desirable by the City
Council of said city, that said city borrow $%,800,000 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
WHEREAS, the City Council of said city deems it necessary to its
safety and interest to borrow said amount for said purpose; and
WHEREAS, the officials of said city have negotiated with
Valley Bank of Oshkosh
Valley Bank Green Bay
Vallev Bank
for the borrowing of an aggregate sum of $7,800,000 and said lenders
have offered to purchase the promissory notes of the city at the
interest rate of six & 5/lOth per cent ( 6.5 %) per annum;
NOW, THEREFORE, Be It Resolved by the City Council of the City
of Oshkosh, Wisconsin, as follows:
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Section 1. For the purpose of paying the cost of providing
funds for the payment of general and current municipal expenses,
there shall be borrowed from Vallev �nk of Oshkosh , Vallev
Bank Green :
Vallev Bank
, and
, the sum of $7,800,000, and to
evidence such indebtedness the City of Oshkosh, Winnebago County,
Wisconsin (the "City") shall issue to such lender its Promissory
Notes, Series 1983-8 (the "Notes"), in the aggregate principal amount
of $7,800,000.
Section 2. The Notes shall be designated "Promissory Notes,
Series 1983-B", shall be payable to the order of the lender or lenders,
shall be dated the date of their issuance, shall be of $100,000
denomination or any multiple thereof, shall be numbered consecutively
from 1 upward, shall bear interest at the rate of 6.5 � per
annum payable at maturity or upon prepayment, and shall mature as to
principal on August 1, 198�•
The Notes shall be subject to prepayment at the option of the
City, as a whole or in part by lot, on December 1, 1983, and on the
first day of any month thereafter, at the principal amount of each
Note so prepaid and accrued interest to the date fixed for prepayment.
Notice of intended prepayment shall be given by registered or
certified mail to the lender named in the Note being prepaid and
shall be given not less than 5 days prior to the date fixed for
prepayment.
The Notes sha11 be signed by the City Manager of the City of
by his facsimile siq nature
Oshkosh� and by the City Clerk, and sealed with the corporate seal of
the City. Both principal of and interest upon each Note shall be
paid directly to the lender by the Treasurer of the City, in lawful
money of the United State of America, upon presentation and surrender
of the Note.
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Section 3. The Notes shall be in substantia2ly the fo2lowing
form, the omissions to be appropriately completed when the Note is
prepared:
(Form of Note)
UNITED STATES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosh
PROMISSORY NOTE, SERIES 1983-8
NO.� $
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, 3n
the County of Winnebago, State of Wisconsin, hereby acknowledges
itself to owe and for value received promises to pay to
, or order, the
principal sum of ($ ), payable
on the first day of August, 1984, with interest at the rate of
per cent ( �) per annum on the unpaid
principal from the date hereof until the principal amount shall
have been fully paid, such interest being payable directly t�
the lender by the Treasurer of the City of Oshkosh at maturity
or upon prepayment, only upon presentation and surrender of this
Note.
Notes of the issue of which this note is one are subject
to prepayment at the option of the City of Oshkosh, as a whole
or in part by lot, on December 1, 1983, and on the first day of
any month thereafter, at Yhe principal amount of each note so
prepaid and a�crued interest Lo the date £ixed for prepayment.
Notice of intended prepayment shall be given by registered
or certified mail to the lender hereinabove named, not less than
5 days prior to the date fixed for prepayment.
For the prompt payment of this note with interest hereon as
aforesaid and for the levy 2nd collection of taxes sufficient for
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that purpose, the full faith, credit and resources of the City of
Oshkosh are hereby irrevocably pledged.
This note is one of an issue of $7,800,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
money in such amount £or the purpose of paying the cost of providing
funds for the payment of general and current municipal expenses,
pursuant to and in all respects in compliance with Section 6%.12(12)
of the Wisconsin Statutes and a resolution adopted by the members
of the City Council of said city on April 21, i983, and entitled,
"RESOLUTION determining to borrow $7,800,000 and to issue to the
lender Promissory Notes, Series i983-s, of the City of Oshkosh,
Wisconsin, 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,
by his facsimile signature
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 day of April, 1983.
(SEAL)
City Clerk City Manager
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�
Pay to the order of
Section 4.
(Form of Endorsement)
,
�
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 principal thereof at maturity, there is hereby
levied upon all the taxable property in the City for the year
1983 a direct annual tax in an amount sufficient for that purpose,
to—wit: $ $ 44�900.
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 £or 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 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 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 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 the Notes issued and
all payments and other transactions relating thereto.
Section 8. When the Notes 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 Notes
shall be used only for the purpose of paying the cost of providing
for the payment of general and current municipal expenses. The
City recognizes that the purchasers and holders of said 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 said 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 payment of the expenses for which the
Notes are 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 Notes that the proceeds
of the Notes are not expected to be used in a manner which would
or might result in said notes being "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 Notes herein
authorized shall be made in violation of the expectations prescribed
by said Arbitrage Certificate.
Adopted April 21, 1983.
Aecorded , 1983.
Attest:
ty Clerk
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* � �
(Other business)
Upon motion of , seconded by
, and unanimously adopted, the City Council
adjourned.
Attest:
City Cle
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�n
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, i983,
insofar as same pertain to the sale of $7,800,000 Promissory Notes,
Series 1983-B 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
(AFFIX)
(SEAL )
(HERE )
SUBI[ITTED BY
APPROYED
day of April, 1983•
�
City Clerk
Adopted by the
Council o/ the City o/ Oahkash
........................AD., 19...
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