HomeMy WebLinkAbout31928 / 82-240
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JUNE 3, 1982
# 24 RESOLUTION
WHEREAS, applications for licenses have been made, fees
deposited, and 311 legal procedures have been taken as per
Ordinance of the City of Oshkosh,
NOW,
, BE IT RESOLVED by the Common Council of
the City of Oshkosh that the following license be granted:
SPECIAI, CLASS "B° LICENSE
NAME AND ADDRESS: LOCATION AND DATE:
Ohio St. Civic Association
Warren L. Norkofski, 223 W. South
Park Avenue
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South Park �
July 25, 1982
10:00 a.m. to 5:00 p.m.
SUBTdITTFJ BY
Lfii7iS�l�l�7
.::'t
The City Council of the City of Oshkosh, Winnebago County,
Wisconsin, met in regular, open, public session at its regular
meeting place on June 3, 1982, at o'clock P.M., with
the following members present:
and the following memi�ers absent:
* *
(Other business)
*
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
$7,500,000 and to issue to the
lender Promissory Notes, Series
1982-B, 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 $7,500,000, 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
67.12(12) of the Wisconsin Statutes to borrow money and issue pronis-
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 $7,500,000 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
M& I Marshall & Ilsley Bank & Associates of Milwaukee $7,500,000
for the borrowing of an aggregate sum of $7,500,000 and said lenfler(s)
offered to purchase the promissory notes of the city at the interest
rate of nine per cent ( 9.00 �) per annum;
NOW, THEREFORE, Be It Resolved by the City Council of the City
of Oshkosh, Wisconsin, as follows:
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 M& I Marshall & Ilsley & Associates.
of Milwaukee. Wisconsin , the sum of $7,500,000, and to evi-
dence such indebtedness the City of Oshkosh, Winnebago County,
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Wisconsin (the "City") shall issue to such lender its Promissory Notes,
Series 1982-B (the "Notes"), in the aggregate principal amount of
$7,500,000.
Section 2. The Notes shall be designated "Promissory Notes,
Series 1982-B", shall be payable to the order of the lender, shall
be dated the date of their issuance, shall be of $100,000 denomina-
tion or any multiple thereof, shall be numbered consecutively from 1
upward, shall bear interest at the rate of g,pp o per annum
payable on December 1, 1982, at maturity or upon prepayment, and
shall mature as to principal on August 1, 1983.
The Notes shall be subject to prepayment at the option of the
City, as a whole or in part by lot, on December 1, 1982, 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 beinq prepaid and
shall be given not less than 5 days prior to the date £ixed for
prepayment.
The Notes shall be signed by the City Manager of the City of
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 States of America. Payment of principal at ma-
turity or upon prepayment shall be made upon presentation and sur-
render of the Nqte.
Section 3. The Notes shall be in substantially the following
form, the omissions to be appropriately completed when the Note is
prepared:
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NO.
(FOrm of Note)
UNITED STATES OF �1MERICA
State of wisconsin
County of Winnebago
City of Oshkosh
PROMISSORY NOTE, SERIES 1982-B $
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in
the County o£ winnebago, State of Wisconsin, hereby acknowledges
itsel£ to owe and £or value received promises to pay to
.
or order, the
principal sum of ($ ), payable
on the first day of August, 1983, 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 on December 1, 1982,
and at maturity or upon prepayment, directly to the lender by the
Treasurer of the City of Oshkosh. Payment of principal shall be
made 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, 1982, and on the first day of any month
thereafter, at the principal amount of each note so prepaid and ac-
crued interest to the date fixed 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 oP this note with interest hereon as
aforesaid and for the levy and collection of taxes sufficient for
that purpose, the £ull faith, credit and resources of the City o£
Oshkosh are hereby irrevocably pledged.
This note is one of an issue oP $7,500,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
money in such amount for the purpose of paying the cost of providing
funds for the payment of General and Current municipal expenses, pur-
suant to and in all respects in compliance with Section 67.12(12) of
the Wisconsin Statutes and a resolution adopted by the members of
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the City Council of said city on June 3, 1982, and entitled,
"RESOLUTION determining to borrow $7,500,000 and to issue to the len-
der Promissory Notes, Series 1982-B, 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 o£ 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,
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 June, 1982.
(SEAL)
City Clerk
(Form of Endorsement)
ty Manager
Pay to the order of , ,
. By
Section 4. 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
1982 a direct annual tax in an amount sufficient for that purpose,
to-wit: $8,281.875.00.
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
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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 autho-
rized falling due at any time when there shall be on hand insuffi-
cient 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 exe-
cuted, 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 in-
come 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
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Internal Revenue Code of 1954, as amended, or the regulations of the
United States Treasury Department currently in e£fect or proposed.
Such Arbitrage Certificate shall constitute a representation and cer-
tification 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 June 3, 1982.
Recorded June , 1982.
Attest:
Mayor
City Clerk
* * *
Upon motion of , seconded by
, and unanimously adopted, the City
Council adjourned.
Attest:
City Clerk
- 7-
Mayor
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STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, CONVERSE C. MARKS, 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 June 3, 1982,
insofar as same pertain to the sale of $7,500,000 Promissory Notes,
Series 1982-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 )
day of June, 1982.
City Clerk
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