HomeMy WebLinkAbout32019 / 82-22July 15, 1982
1� 22 RESOLUTION
PURPOSE: INITIAL RESOLUTION FOR ZNDUSTRIAL DEVELOPMENT REVENUE BONDS
INITZATED BY: FOX VALLEY CARDIOVASCUI.AR ASSOCIATES
$E IT RESOLVED by the Co�on Council o£ the City of Oshkosh that the
initial resolution authorizing City of Oshkosh industrial revenue bonds in
an amount not to exceed $750,000.00 to finance the construction of the clinic
facility and the installation of related equipment to be owned by Fox Valley
Cardiovascular Associates is fiereby approved.
SUBMITTED BY
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RESOLUTION OF THE CITY COUNCIL
OF THE
CITY OF OSHKOSH
RELATING TO THE FINANCING OF AN
INDUSTRIAL PROJECT FOR
FOX VALLEY CARDIOVASCULAR ASSSOCIATES - BUILDING PARTNERSAIP AND
FOX VALLEY CARDIOVASCULAR ASSOCIATES - EQUIPMENT PARTNERSHIP
An Initial Resolution - authorizing not to exceed
$750,000 City of Oshkosh Industrial Development Revenue Bonds to
finance the construction of a clinic facility and the acquisition
and installation of related equipment to be owned by Fox Valley
Cardiovascular Associates - Building Partnership and Fox Valley
Cardiovascular Associates - Equipment Partnership, respectively.
WHEREAS, Fox Valley Cardiovascular Associates -
Building Partnership and Fox Valley Cardiovascular Associates -
Equipment Partnership, Wisconsin general partnerships (herein
called the "Company"), desires to construct and equip a clinic
facility in the City of Oshkosh (hereinafter called the "City"),
and such improvement would contribute to the well-being of the
City in terms of the gainful employment of its citizens and the
preservation and enhancement of its tax base; and
WAEREAS, in connection with the construction and
equipping of the clinic facility, the Company has represented to
the City that it would be an encouragement and ind�cement for the
Company to construct and equip such facility in the City if this
project could be financed with industrial development revenue
bonds; and
WHEREAS, the project is described as follows: land,
building, and equipment which will constitute a clinic facility
(herein collectively called the "Project"); and
WHEREAS, the Project is within the definition of
"industrial project" contained in Section 66.521(2)(b) of the
Wisconsin Statutes; and
WHEREAS, the cost of the Project is presently estimated
to be not greater than $750,000, which is the amount proposed to
be financed with industrial development revenue bonds; and
WHEREAS, it is in the best interests of the City to
promote, attract, stimulate, rehabilitate and revitalize
commerce, industry and manufacturing, to promote the betterment
of the environment of the City, and to stimulate the flow of
private investment funds into the City; and
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WHEREAS, it is the finding and determination of this
City Council that it is desirable for the City to encourage the
Company to construct and equip a clinic facility in the City so
that the City may derive substantial municipal benefits,
including retention of steady employment for its citizens, main-
tenance of or increase in its tax base resulting in greater
support for municipal services, stimulation of existing and new
businesses and stimulation of private investment funds from
financial institutions; and
WAEREAS, the City, as a municipal corporation organized
and existing under and pursuant to the laws of the State of
Wisconsin, is authorized by Section 66.521 of the Wisconsin
Statutes to:
(1) Construct, equip, acquire by gift,
lease or purchase, install, reconstruct,
rebuild, rehabilitate, improve, maintain,
repair, enlarge, supplement, replace or
remodel defined industrial projects;
(2) Borrow money and issue industrial
development revenue bonds to finance the costs
of the above; and
(3) Enter into revenue agreements with
eligible participants with respect to
industrial projects.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
the City of Oshkosh, Wisconsin as follows:
1. In view of the aforesaid substantial benefits to
the City associated with the Project, it is desirable that the
City encourage and assist in the development of such facility by
permitting all or a part of the costs of the Project to be
financed with the proceeds of industrial development revenue
bonds pursuant to a Revenue Agreement between the City and the
Company.
2. Subject to the conditions enumerated hereafter,
this City Council agrees that the City shall work toward the
consummation of a financing arrangement pursuant to which the
City shall:
(a) Issue industrial development
revenue bonds in an amount not to exceed the
cost of the Project and not to exceed $750,000
(the "Bonds") in order to finance the Project,
which bonds shall be payable solely out of the
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revenues derived from the Revenue Agreement
relating to the Project;
(b) Enter into a Revenue Agreement with
the Company whereunder the Company agrees to
pay to the City an amount of funds sufficient
to pay when due the principal of and interest
on the Bonds issued to finance the Project;
(c) Provide for maturities and a rate
or rates of interest on the Bonds of
approximately that payable on similar tax
exempt bonds secured by an obligation of
borrowers of equivalent credit to the Company;
(d) Provide for a sale price for the
Bonds of not less than the par value thereof.
3. The aforesaid financing arrangement contemplates
and is conditioned upon the following:
(a) That the Bonds shall never
constitute an indebtedness of the City within
the meaning of any state constitutional
provision or statutory limitation;
(b) That the Bonds shall not constitute
nor give rise to a pecuniary liability of the
City or a charge against its general credit or
taxing powers;
(c) That the Project shall be subject
to property taxation in the same amount and to
the same extent as though the Project were not
financed with industrial development revenue
bonds;
(d) That the Company shall find a
prospective purchaser(s) for all of the Bonds;
and
(e) That the out-of-pocket costs,
including any Trustee fees, fees of Bond
Counsel and reasonable attorney fees and
expenses incurred by the City, in connection
with the issuance and sale of the Bonds shall
be paid either from the proceeds of the Bonds
or by the Company; and
(f) That the Bonds shall be issued
within one year of the date of this Initial
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Resolution, at which time this Initial
Resolution shall expire unless this City
Council shall provide for its continued
effectiveness.
4. The appropriate officials of the City are
hereby authorized to negotiate the terms of the Plan of
Financing and to execute an agreement with the Company
and the prospective purchaser(s) of the Bonds setting
forth said terms.
5. The Plan of Financing shall not be
binding upon the City nor be finally implemented unless
and until:
(a) The terms, details and mechanics
regarding the issuance of the Bonds and the
documents relating thereto are reviewed,
authorized and approved by a further
resolution of this City Council as provided by
law;
(b) The City Clerk shall cause notice
of this resolution to be published once in a
newspaper of general circulation in the City
and the electors of the City shall have been
given the opportunity to petition for a
referendum on the matter of the issuance of
the Bonds as required by law; and
(c) Either no such petition shall be
timely filed or such petition shall have been
filed and said referendum shall have approved
the issuance of the Bonds.
6. A copy of this resolution, together with a
statement indicating when the notice to electors referred to
herein was published, shall be filed with the Secretary of
Development of the State of Wisconsin within twenty (20) days
following publication of said notice.
7. The intent of this resolution is not to create any
firm or binding obligation on the part of the City unless the
City determines to go forward with the execution of documents
required for this proposed financing and, in such event, the
City's obligation shall be limited in the manner set forth in
such documents.
8. The Mayor and City Clerk, and either of them, are
hereby authorized on behalf of the City to complete, execute and
file with the Internal Revenue Service a statement of election
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respecting this proposed financing in accordance with the
provisions of Section 103(b)(6)(D) of the Internal Revenue Code
of 1954, as amended, if such filing is required.
9. The City Clerk is directed, following adoption of
this resolution, to publish notice of such adoption not less than
one time in the official newspaper of the City, such notice to
state that unless within thirty (30) days from the date of such
publication a petition signed by not less than five percent (5�)
of the registered electors of the City shall be filed with the
City Clerk requesting a referendum upon the question of the
issuance of the Bonds, the issuance of such Bonds wi11 not be
submitted to the electors of the City for approval. Said notice
shall be in substantially the following form:
NOTICE TO ELECTORS
OF THE
CITY OF OSHKOSH
TAKE NOTICE that the City Council of the City of
Oshkosh, Wisconsin, at a regular meeting held the 15th day of
July, 1982, adopted a resolution pursuant to Section 66.521,
Wisconsin Statutes, as amended, indicating its intent to issue
City of Oshkosh Industrial Development Revenue Bonds (FOx Valley
Cardiovascular Associates - Building Partnership and Fox Valley
Cardiovascular Associates - Equipment Partnership Project) in an
amount not to exceed $750,000 for the purpose of financing the
construction of a clinic facility and the acquisition and
installation of related equipment to be owned by Fox Valley
Cardiovascular Associates - Building Partnership and Fox Valley
Cardiovascular Associates - Equipment Partnership, respectively,
in the City of Oshkosh.
THE BONDS SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE
CITY OF OSHKOSH NOR SHALL THE BONDS GIVE RISE TO ANY PECUNIARY
LIABILITY OF THE CITY NOR SHALL THE BONDS BE A CHARGE AGAINST THE
GENERAL CREDIT OR TAXING POWERS OF THE CITY. THE BONDS SHALL BE
PAYABLE SOLELY FROM THE REVENUES AND OTHER AMOUNTS DERZVED OR
RESULTING FROM THE REVENUE AGREEMENT RELATING TO SAID PROJECT
BETWEEN THE CITY OF OSHKOSH AND FOX VALLEY CARDIOVASCULAR
ASSOCIATES - BUILDING PARTNERSHIP AND FOX VALLEY CARDIOVASCULAR
ASSOCIATES - EQUIPMENT PARTNERSHIP.
The resolution may be inspected by any elector of the
City at the City Hall during business hours during the thirty
(30) days following publication of this Notice.
Unless within thirty (30) days following the publica-
tion of this Notice a petition signed by not less than five per-
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cent (58) of the registered electors of the City is filed with
the City Clerk requesting a referendum upon the question of the
issuance of the Bonds, the City will issue the Bonds without
submitting the proposition to the electors of the City for
approval. If such a petition is filed as aforesaid, then the
Bonds shall not be issued until approved by a majority of the
electors of the City voting thereon at a general or special
election.
Converse C. Marks, City Clerk
* * *
THIS RESOLUTION INTRODUCED, APPROVED AND ADOPTED
JULY 15, 1982.
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Converse C. Mark�s-�City Clerk
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NOTICE TO ELECTORS
OF THE
CITY OF OSHKOSH
TAKE NOTICE that the City Council of the City of Oshkosh,
Wisconsin at a lawful meeting held on July 15, 1982, adopted a
resolution, pursuant to Section 66.521 of the Wisconsin Statutes,
as amended, waiving the public bidding and non-discximination
provisions with respect to an issue of industrial development
revenue bonds on behalf of Fox Valley Cardiovascular Associates -
Building Partnership and Fox Valley Cardiovascular Associates -
Equipment Partnership. The resolution read in its entirety as
follows:
CITY OF OSHKOSH, WISCONSIN
RESOLUTION WAIVING PUBLIC BIDDING AND NON-DISCRIMINATION
REQUIREMENTS FOR
FOX VALLEY CARDIOVASCULAR ASSOCIATES - BUILDING PARTNERSHIP AND
FOX VALLEY CARDIOVASCULAR ASSOCIATES - EQUIPMENT PARTNERSHIP
ZNDUSTRIAL DEVELOPMENT REVENUE BOND PROJECT
WHEREAS, the City of Oshkosh, Wisconsin (the
"Municipality"), has by resolution of its City Council expressed
its intent to issue bonds pursuant to Section 66.521, Wisconsin
Statutes, in an amount not to exceed $750,000 for the purpose of
financing on behalf of Fox Valley Cardiovascular Associates -
Building Partnership and Fox Valley Cardiovascular Associates -
Equipment Partnership, Wisconsin general partnerships (the
"Company") the construction of a clinic facility and the
acquisition and installation of related equipment (the
"Project"); and
WHEREAS, Section 66.521(11)(b)1., Wisconsin Statutes, (i)
provides that construction work which is let by contract and
which has an estimated cost exceeding $5,000 may be financed with
industrial revenue bonds only if the contract is let to the
lowest responsible bidder and proposals for the contract are
advertised by publishing a class 2 notice under Ch. 985 and (ii)
prohibits discrimination in subcontracting, access, or employment
based on race, creed, sex, handicap, ethnic origin, age, or
marital status with regard to construction, use, and operation of
projects financed under the Act; and
WHEREAS, the Company has made representations to the
Municipality
(i) that compliance with the notice and public bidding
requirement in the first sentence of Section 66.521(11)(b)1.,
Wisconsin Statutes, may impair the prompt and efficient
completion of the Project (a) because of the delays
associated with those requirements and (b) because compliance
with those requirements may prohibit the Company from using
the contractors which, in the Company's judgment, are best
suited to do work on the Project regardless of whether they
are the "lowest responsible bidder" as that term is used in
Section 66.521(11)(b)1., Wisconsin Statutes, and
(ii) that while the Company supports non-discrimination
policies of the type enunciated by the statute, the Company
would prefer to handle the non-di.scrimination aspects of the
Project by contract because there� has been no judicial
interpretation of what is require�d under the
non-discrimination provisions of Section 66.521(11)(b)l.,
Wisconsin Statutes, or what the x-emedies may be for the
failure to comply with them and because a prospective
bondholder must be able to satisfy itself that the validity
of the bonds will not be subject to attack for failure of the
Company to comply with uninterpreted statutes; and
WHEREAS, Section 66.521(11)(b)2., Wisconsin Statutes,
provides the Municipality with authority to waive the public
bidding and non-discrimination requir.ements of Section
66.521(11)(b)1., Wisconsin Statutes;
NOW, THEREFORE, BE IT RESOLVED by this City Council of the
City of Oshkosh:
1. This City Council hereby finds
(i) that the imposition of the public notice and
bidding requirements of Section 66.521(11)(b)1.,
Wisconsin Statutes, may impair the prompt and efficient
completion of the Project (a) because of the delays
associated with those requirements and (b) because
compliance with those requirements may prohibit the
Company from using the contractors which, in the
Company's judgment, are best suited to do work on the
Project regardless of whether they may be the "lowest
responsible bidder" as that term is used in Section
66.521(11)(b)1., Wisconsin Statutes, and
(ii) that the non-discrimination requirements of
Section 66.521(11)(b)1., Wisconsin Statutes, are more
appropriately handled by contract with the Company
because there has been no judicial interpretation of
what is required under the non-discrimination provisions
of Section 66.521(11)(b)1. or what the remedies may be
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for the failure to comply with them
prospective bondholder must be able
that the validity of the bonds will
attack for failure of the Company to
uninterpreted statutes.
and because a
to satisfy itself
not be subject to
comply with
2. For the reasons stated above, this City Council
pursuant to the authority granted to it by Section
66.521(11)(b)2., Wisconsin Statutes, hereby waives the
requirements of Section 66.521(11)(b)1., Wisconsin Statutes, with
regard to the Project, provided that the revenue producing
agreement for the financing shall contain a non-discrimination
provision satisfactory to the Municipality;
FURTHER RESOLVED, that the City Clerk is hereby directed to
publish this resolution as a class 1 notice under Ch. 985,
Wisconsin Statutes (relating to publication of official notices)
in the official newspaper of the Municipality pursuant to such
chapter.
Adopted July 15, 1982
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Converse C. Mar�lta, ity Clerk
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