HomeMy WebLinkAbout32325 / 83-07.�
The City Council of the City of Oshkosh, Winnebago County,
Wisconsin, met in regular, open, public session at its regular
meeting place on March 17, 1983, at o'clock
_,M., with the following members present:
and the following members absent:
� � �
(Other Business)
The following resolution was introduced by
and read in full:
RESOLUTION directing the advertisement
and sale of $725,000 Promissory Notes,
Series 1983-A and $800,000 Refunding
Promissory Notes, Series 1983, o£ the
City of Oshkosh, Wisconsin.
WHEAEAS it is necessary that funds be raised in the 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 of construction of sidewalks,
renovation of the opera house, construction of a transit garage
and parks department garage, acquiring major equipment and general
munieipal expenses; and
�
WHEREAS the City of Oshkosh, Wisconsin (the "City"), has
previously issued its Promissory Notes, Series 1982 dated May 1,
198z, in the aggregate principal amount of $2,735,000 and it has
herein determined that it is now desirable to refund $800,000
aggregate principal amount of said promissory notes numbered 1 to
160, inclusive, maturing on May 1, 1984; 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 the purposes aforesaid; and
WHEREAS it is considered necessary and desirable by the
City Council of the City that the City borrow an aggregate amount
of $1,525,�00 for the purpose of providing funds as aforesaid,
and that the City issue to the lender its promissory notes to
evidence the indebtedness thereby incurred; and
WHEREAS it is considered desirable to offer said promissory
notes at public sale on April 21, 1983, in conjunction with the
sale of $1,340,000 Corporate Purpose Bonds, Series 1983, in order
to obtain the best possible terms for 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
permanent improvement of lands, acquisition of equipment, improve-
ments to an auditorium, general and current municipal expenses and
public work and improvements as described in the preamble hereto,
there shall be borrowed the sum of $725,000 and to evidence such
indebtedness the City shall issue to the lender its promissory
notes in the aggregate principal amount of $725,000.
Section 2. For the purpose of refunding $800,000 aggregate
principal amount of Promissory Notes, Series 1982, numbered 1 to
160, inclusive, maturing on May 1, 1984, described in the preamble
hereto there shall be borrowed the sum of $800,000 and to evidence
-2-
y
such indebtedness the City shall issue to the lender its refunding
promissory notes in the aggregate principal amount of $800,000.
Section 3• Said notes shall be sold at public sale on or
about April 21, 1983, and shall be advertised for sale by the City
Clerk by the publication of a notice in the Oshkosh Daily Northwestern,
published in Oshkosh, Wisconsin, and in The Bond Buyer published
in New York, New York, as a Class 1 notice. Such publication
shall be in substantially the form set out as Exhibit "A". The
Director of Administration shall cause to be prepared and distributed
an Official Statement, including an Official Notice of Sale which
shall be in substantially the form set out as Exhibit "B" hereto.
Section 4. After bids shall have been received for said
notes this City Council will adopt additional proceedings to
award said notes to the best bidder, prescribe the terms of said
notes, and the forms of note and coupon, and levy taxes to pay
principal and interest.
Adopted
Recorded
Attest:
City Clerk
Motion was made by
1983.
1983.
Mayor
that said
resolution be adopted, and said motion was seconded by
After due consideration and and upon roll being
called, the following voted:
Aye:
Nay:
-3-
0
The Mayor thereupon declared said resolution duly adopted.
� * �
(Other business)
There being no further business to come before the City
Council it was moved by , seconded by
, and unamimously carried that the
City Council adjourn.
Approved , 1983.
ATTEST:
City Clerk
-4-
Mayor
STATE OF WISCONSIN )
) SS:
COUNTY OF WINNEGABO )
I, DONALD 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
copy of excerpts from the minutes of the meeting of the City
Council of said City held on March 17, i983 that I have compared
said copy with the original minute record of said meeting in my
official custody; and that said copy is a true, correct and said
original record relates to the proposed $725,000 Promissory Notes,
Series 1983—A and $800,000 Refunding Promissory Notes, Series 1983
of said City.
WITNESS my official signature and the seal of said City
this day of , 1983.
(S E A L)
City Clerk
SUBMiTTED BY
APPROVED
,
� ";
EXHIBIT A
to
Resolution of March 17, 1983
$1,525,000
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
PROMISSORY NOTES
consisting of
$725,000
PROMISSORY NOTES, SERIES 19g3—A
$800,000
REFUNDING PROMISSORY NOTES, SERIES 1983
SEALED BIDS for each issue of the above notes will be received,
on a separate basis, until 11:00 A.M., C.S.T, on April 21, 1983,
in the City Hall in the City of Oshkosh. The notes are general
obligations of the City. The Series 1983—A Notes are issued for
the purpose of providing funds for the purpose of purchasing
equipment, permanent improvement of lands, public work and improve-
ments, improvements and additions to an auditorium and general and
current municipal expenses. The Refunding Notes, Series 1983 are
issues for the purpose of refunding a like amount of outstanding
promissory notes.
Both issues of notes are dated May 1, 1983, and will mature on
May 1 of each year as follows:
�7z5,0o0
Year Amount
1984 — 198�
1989 — 1991
1992 — 1993
$ 50,000
75,000
125,000
$800,000
Year Amount
1984 — 1992 �75,000
1993 1z5,0oo
Interest will be payable May 1, 198u, and semiannually thereafter.
The notes of each issue maturing May 1, 1991 and thereafter are
callable in whole, or in part in the inverse order of maturity
and within a maturity by lot, on May 1, 1990, and semiannually there-
after at par.
.
The City will provide at its expense the printed notes of
each issue and the unqualified legal opinion of Chapman and Cutler
with respect to each issue. The Official Statement, Official
Notices of Sale and the Bid Form for each issue may be obtained
from the undersigned, or from Miller & Schroeder Municipals,
Inc., Northwestern Financial Center, 7900 Xerxes Avenue South,
Minneapolis, Minnesota 55431, Attention: Ernest L. Clark, Vice
President, telephone (612) 831-1500
-2-
/s/ EDWARD NOKES
Director of Administration
`,.
0
EXHIBIT A
to
Resolution of Mareh 17, 1983
$1,525,000
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
PROMISSORY NOTES
consisting of
$%25,000
PROMISSORY NOTES, SERIES 1983-A
$800,000
REFUNDING PROMISSORY NOTES, SERIES 1983
SEALED BIDS for each issue of the above notes will be received,
on a separate basis, until 11:00 A.M., C.S.T, on April 21, 19�3,
in the City Hall in the City of Oshkosh. The notes are general
obligations of the City. The Series 1983-A Notes are issued for
the purpose of providing funds for the purpose oF purchasing
equipment, permanent improvement of lands, public work and improve-
ments, improvements and additions to an auditorium and general and
current municipal expenses. The Refunding Notes, Series 1983 are
issues for the purpose of refunding a like amount of outstanding
promissory notes.
Both issues of notes are dated May 1, 1983, and will mature on
May 1 of each year as follows:
$725,000
Year Amount
1984 - 1988 $ 50,000
1989 — 1991 75,000
1992 — 1993 125,000
$800,000
Year Amount
1984 - 1992 �75,000
1993 125,000
Interest will be payable May 1, 1984, and semiannually thereaPter.
The notes of each issue maturing May 1, 1991 and thereafter are
callable in whole, or in part in the inverse order of maturity
and within a maturity by lot, on May 1, 1990, and semiannually there-
after at par.
.
`� -
,
,
The City will provide at its expense the printed notes of
each issue and the unqualified legal opinion of Chapman and Cutler
with respect to each issue. The Official Statement, Official
Notices of Sale and the Bid Form for each issue may be obtained
from the undersigned, or from Miller & Schroeder Municipals,
Inc., Northwestern Financial Center, 7900 Xerxes Avenue South,
Minneapolis, Minnesota 55431, Attention: Ernest L. Clark, Vice
President, telephone (612) 831-1500
-Z-
/s/ EDWARD NOKES
Director of Administration
!
�
L
EXHIBIT B
to
Resolution of March 17, 1983
OFFICIAL NOTICE OF SALE
$1,525,000
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
consisting of
$725,000
Promissory Notes, Series i983-a
$800,000
Refunding Promissory Notes, Series 1983
NOTICE IS HEREBY GIVEN that the City of Oshkosh, Winnebago
County, Wisconsin, will receive separate sealed bids only for the
purchase of its $1,525,000 aggregate principal amount of promissory
notes consisting of two separate issues as identified above, until
11:00 o'clock, C.S.T., on April 21, 1983, at which time the bids
for each issue will be publicly opened and announced in the City
Hall in the City of Oshkosh, Al1 notes will be dated May 1, 1983,
will be in the denomination of $5,000 each unless otherwise specified
by the purchaser, and will mature serially on May 1 of each of the
years, as follows:
$725,000
Year Amount
198u - 1988 $ 50,000
1989 - 1991 75,000
1992 - 1993 125,000
$800,000
Year Amount
1984 - 1992 $75,000
1993 125,000
Notes maturing May 1, 1991 and thereafter, are subject to
prior redemption on May 1, 1990, and on any interest payment date
thereafter, in inverse order of maturity and within a maturity
by lot, at par and accrued interest to the date fixed for redemption.
The notes wi11 be in such denomination, and the notes and the
coupons appurtenant thereto will be payable at such bank, as may
be designated by the purchaser within forty-eight (48) hours of
the time of sale, subject to the ratification of the Director of
Administration. If the purchaser fails to designate the denomina-
tion and paying agent, or if either is unacceptable to the City,
the paying agent and denomination will be determined by the Director
of Administration. The notes will be registrable as to principal
only. Interest on the notes will be payable May 1, 1984, and
semiannually thereafter.
Bidders are requested to name the interest rate or rates the
notes are to bear in multiples of 1/20th of one percent. Not more
than five (5) rates of interest in ascending order may be specified,
but a rate may be repeated for consecutive maturities without
being considered an additional rate. One rate of interest shall
apply to all notes of the same maturity of an issue. Interest
payable on any note on any interest payment date shall be represented
by one coupon only. No bid will be considered for less than par
and accrued interest for each issue.
Unless all bids are rejected, the notes will be awarded by
the City Council on the sale date to the bidder whose bid complies
with this notice and results in the lowest net interest cost to
the City, to be determined by computing total interest on all of
the notes of an issue from May 1, 1983, to their respective
maturities, and deducting therefrom the premium bid, if any.
Bids must be accompanied by a certified check or bank cashier's
or treasurer's check in the amount of $14,500 for the Promissory
Notes, Series 1983-A and $16,000 for the Refunding Promissory Notes,
Series 1983, Payable to the City Treasurer as a guarantee of good
faith, to be forfeited to the City by the successful bidder as
liquidated damages should he fail to take up and pay for the notes
when ready. The good faith check of the bidder whose proposal for
an issue is accepted will be held uncashed until delivery of that
issue or forfeiture, and the good faith checks of the unsuccessful
bidders will be returned upon the determination of the highest
bid. In the event of the failure of the City to deliver the notes
-2-
,
to the purchaser in accordance with the terms of this notice within
60 days after the date of sale, said good faith check will, at the
option of the purchaser, be returned to the purchaser prornptly.
The issues above described will be the direct general obligation
of the City of Oshkosh payable from unlimited taxes to be levied
on all taxable property in the City, and are issued: $725,000 for
the purpose of providing funds for the permanent improvement of
lands, acquisition of equipment, improvements and additions to
an auditorium, general and current municipal expenses and public
works and improvements; and $800,000 for the purpose of refunding
a like amount of Promissory Notes, Series 1982 maturing on May 1,
1984.
The printed notes of each issue and the unqualified opinion
of Chapman and Cutler with respect to each issue, together with
the transcript including a no-litigation certificate dated as of
the date of the delivery of the notes, will be furnished to the
purchaser at the expense of the City. The City will obtain and
pay for the printing of CUSIP numbers on the notes; provided that
the failure to print CUSIP numbers or the lack of accuracy thereof
will not be a reason for the failure of the purchaser to accept
and pay for the notes when they are otherwise ready.
The notes are expected to be ready for delivery within 40
days after the sale. Delivery within the continental United States,
at the option of the purchaser, will be made at the expense of the
City against payment in immediately available funds.
Bids should be addressed to the undersigned Director of Admin-
istration and should be submitted in a sealed envelope marked "Bid
for Promissory Notes, Series 1983-A" or "Bid for Refunding Promissory
Notes, Series 1983", as the case may be. Copies of the Official
Statement may be obtained from the undersigned or from Miller &
Schroeder Municipals, Inc., Northwestern Financial Center, 7900
Xerxes Avenue South, Minneapolis, Minnesota 55431.
-3-
The right is reserved to reject any and all bids and to waive
informalities in the bid accepted.
/s/ EDWARD NOKES
Director of Administration
-4-
.�.....,..._.
�
� `
r• �r-
� hj
�J
c� �
� .
� (�l
7''
r�
�
�
� ��
�,,
�,
� �
�' �
v ��
r o
� � �
W
�• rt
��a
�
av
N
v
���
N W G
� � �
O
.�
m -cn o
���
WtNnrQi
• O (6
0
��
u� r•
O �� rt
•q
�
i�
U
�
�
V
�