HomeMy WebLinkAbout31890 / 82-16May 20, 1982
S 16 RESOLUTION
There will he aa initial resolution for the issuance of aot to eaceed $1.5 Million
Iadustrial Development Revenue Bonds on behalf of Banner Packaging, Inc.
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SUBMITTED HY
APPROVED v`-_
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rcg051182
COMMON COUNCIL
OF THE
CITY OF OSHKOSH, WISCONSZN
Resolution No. I�c
INITIAL RESOLUTION
RELATING TO
INDUSTRIAL DEVELOPM�NT REVENUE BOND FINANCING
ON BEHALF OF
BANNER PACKAGING, INC.
WHEREAS, the City of Oshkosh, Wisconsin (the "Muni-
cipality") is a municipal corporation organized and existing
under and pursuant to the laws of the State of Wisconsin and is
authorized by Sect•ion 66.521, Wisconsin Statutes, as amended
(hereinafter sometimes referred to as the "Act"):
(a) to issue revenue bonds to finance all or any part
of the costs of the construction, equipping, reequipping,
acquisition, purchase, installation, reconstruction. re-
building, rehabilitation, improving, supplementing, re-
placing, maintaining, repairing, enlarging, extending or
remodeling of a project which aualifies under the Act and
the improvement of the site therefor; and
(b) to enter into a revenue agreement with an eligible
partici,pant pursuant to which the eligible participant
agrees to cause said project to be constructed and to pay
the Munic;pality an amount of funds sufficient to provide
for the prompt payment when due of the principal of and
interest on said revenue bonds; and
WHEREAS, Banner Packaging, Inc., a Wisconsin cor-
poration (the "Eligible Participant") has been considering
undertaking a project in the Municipality, and the Eligible
Participant has represented to the Municipality that it would be
an encouragement and inducement for the Eligible Participant to
proceed if the project could be financed with revenue bonds;
and
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�HEREAS, the Eligible Participant has represented that
the intended use of the project is for the purpose of the manu-
facture of flexible packaging and that the project would consist
of equipment (hereinafter called the "Project"); and
WHEREAS, the Eligible Participant has estimated that
the cost of the Project would be approximately $1,000,000 but,
with allowance for modifications, design changes, and inflation
could be as high as $1,500,000; and
WHEREAS, prior to the date of adoption of this Reso-
lution, a statement which provides a good faith estimate of
attorney fees which are expected to be paid from proceeds of the
revenue bonds has been filed with the Clerk and with the Depart-
ment of Development of the State of Wisconsin, and;
, WHEREAS, it is in the public interest of the Munici-
pality to promote, attract, stimulate, rehabilitate and revita-
lize commerce, industry and manufacturing, to promote the better-
ment of the environment and the economy of the Municipality and
to stimulate a large flow of private investment funds into the
Municipality; and
WHEREAS, it is the finding and determination of this
body that the Project is a qualified "project" within the meaning
of the Act and that the Eligible Participant is an "eligible
participant" within the meaning of the Act; and
WHEREAS, it is the finding and deter.nination of this
body that the Municipality would derive public benefits from the
Project and its operation, including by way of illustration but
not limitation the following: the provision and retention of
gainful employment opportunities for the citizens of the Munici-
pality; the stimulation of the flow of investment capital into
the Municipality with resultant beneficial effects on the economy
in the Municipality; and the preservation and enhancement of the
Municipality's tax base; and
WI�REAS, it is the finding and deter,nination of this
body that the public interest will be served if the Municipality
were to encourage and induce the Eligible Participant to under-
take the Project in the Municipality;
NOW, THEREFORE, BE IT RESOLVED:
1. Subject to the conditions specified in paragraph 2,
the Municipality shall pursue and consummate a financing havinq
the following elements:
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(a) The Municipality shall issue revenue bonds
pursuant to the Act at one or more times in one or more
series in such aggregate principal amount not in excess of
$1,50�,000 as the Eligible Participant shall request;
provided, however, that the actual aggregate principal
amount shall not be greater than the sum of the then esti-
mated aggregate cost of providing the Project, plus the
amount necessary to fund any reserve deemed necessary or
desirable, plus the estimated financing and bond issuance
costs (said bonds being hereinafter called the "Bonds").
(b) The Bonds shall be limited obligations of the
Municipality payable by the Municipality solely out of
revenues derived from the Eligible Participant or otherwise
provided for pursuant to the terms of a loan or similar
agreenent (hereinafter called the "Revenue Agreement") to be
. entered into between the Municipality and the Eliqible
Participant.
(c) The Revenue Agreement shall require the Eligible
Participant to acquire, construct or install the Project and
to provide the Municipality with revenues sufficient to pay
when due the principal of, premium, if any, and interest on
the Bonds.
(d) The Bonds shall have such maturities, interest
rates and redemption limitations as the Eligible Participant
and the initial Bond purchaser(s) shall propose.
2. The issuance of the Bonds by the Municipaliky shall
be on the following conditions:
(a) The Bonds shall not constitute an indebtedness of
the Municipality within the meaning of any State constitu-
tional provision or statutory limitation.
(b) The Bonds shall not constitute or give rise to a
pecunidry liability of the Municipality or a charge against
its general credit or taxing powers.
(c) The Eligible Participant shall be responsible for
finding a purchaser or purchasers for all of the Bonds.
(d) Prior to the issuance of the Bonds: (i) the
electors of the Municipality shall have been given the
opportunity to petition for a referendum on the matter of
the Bond issue as required by the Act; (ii) either no such
petition shall be timely filed or such petitio� shall have
been filed and said referendum shall have approved the Bond
issue; and (iii) this body, by further resolution, shall
have authorized and approved the terms of the Bonds and the
Revenue Agreement.
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(e) The Bonds shall be issued pursuant to the Act, and
the delivery of the Bonds shall be accompanied with the
unqualified approving legal opinion of the law firm of Foley
& Lardner or such other nationally recognized firm of bond
attorneys as shall be acceptable to the Municipality and the
Eligible Participant.
3. All out-of-pocket costs in connection with the
issuance and sale of the Bonds shall be paid either from the
proceeds of the Bonds or by the Eligible Participant.
4. The Clerk shall cause notice of adoption of this
Resolution to be published once in the Oshkosh Daily Northwestern
(the Municipality's official newspaper, for the publication of
notices pursuant to Chapter 985 of the Wisconsin Statutes), and
shall cause evidence of publication (including a copy of the
notice as published) indicating the date of publication of such
public notice to be filed with the Secretary of Department of
Development of the State of Wisconsin within 20 days following
publication of such notice.
5. This Resolution is an "initial resolution" within
the meaning of the Act and official action toward issuance of the
Bonds for purposes of Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations promulgated thereunder.
6. This Resolution shall be effective immediately upon
its passage and approval. Unless the Bonds shall have been
issued prior thereto, the authorities and authorizations given by
this Resolution shall expire on the second anniversary date of
the date of adoption of this Resolution or on such later date as
this body may specify by resolution adopted either before or
after such date.
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APPROVAL OF RESOLUTION BY MAYOR
The attached Resolution No. 16 , entitl.ed
INITIAL RESOLi3TION -.
RELATING TO
REVENUE B0:7D FINANCING
ON BEFiALF OF
BANNER PACKAGTNG� INC.
which was adopted by the Common Council of the City of Oshkosh,
Wisconsin, on May 20, 1982, is hereby approved.
� Dated May 20 , 1982.
Mayor
CERTIFICATIONS BY CLERK
I, Converse C. Marks, being first duly sworn, do hereby
depose and certify that i am the duly appointed, qualified and
acting Clerk of the City of Oshkosh, in the County of Winnebago,
State of Wisconsin, and as such I have in my possession, or have
access to, the complete corporate records of said City and of its
Common Council; that I have carefully compared the tzanscript
hereto attached with the aforesaid corporate records; that said
transcript hereto attached is a true, correct and complete copy
of all the corporate records in relation to the adoption of
Resolution No. 16 entitlede
INITIAL RESOLUTION
RELATING TO
� INDUSTRIAL DEVELOPMENT REVENUE BOND FZNANCING
ON BEHALF OF
BANNER PACKAGING, INC.
I do hereby further depose and certify as follows:
1. Said resolution was considered for adoption by the
Common Council at a meeting held in the City Hall at 7:00 P.M.
on May 20, 1982. Said meeting was a regular meeting of the
Common Council and was held in open session in compliance with
Subchapter IV of Chapter 19 of the Wisconsin Statutes.
2. Said resolution was on the agenda for said meeting
and public notice thereof was given not less than 24 hours prior
to the commencement of said meeting in compliance with Section
19.84 of the Wisconsin Statutes, including, without limita.tion,
by posting on the bulletin board in the City Hall, by notice to
those news media who have filed a written request for notice of
meetings and by notice to the official newspaper of the City.
3. Said meeting was called to order by Robert Pung,
Mayor, who ehaired the meeting. Upon roll I noted and recorded
that the following a3f}er�+r� were present:
Council Members Floyd R. Chapin, Charles J.
, Hulsebosch, Don H. Kutchera, James A.
Mather, Kathleen M. Propp,
Robert E. Pung
and that the following aldar.�nea were absent:
Council Member Teichmiller
I noted and recorded that a quoru�-n was present. Various matters
and business were taken up during the course of the meeting with-
out intervention of any closed session. One of the matters taken
up was said resolution which was introduced,and its adoption was
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Council Member Couacil Membe
moved by Alderman Kutchera , and seconded by Alderman
Mather Following iscussion and after all aldermen
who desired to do so had expressed their views for or against
said resolution, the question was called and upon roll being
called and the continued presence of a quorum being noted,
the recorded vote was as follows:
Aye:
Nay: None
Abstain: None
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Whereupon the Mayor declared said resolution adopted, and I so
recorded it.
4. 5aid resolution was approved by the Mayor on
May 20 , 1982, and I have so recorded.
5. I have caused the "Notice to Electors" to be
publis.h�d in the form and place specified in said resolution; and
� I will file� evidence of publication (including a copy of the
notice as published) indicating the date of publication of said
notice together with a copy of said resolution with the Secretary
of the Department of Development of the State of Wisconsin or its
successor within 20 days following the publication of said
notice.
IN WITNESS WHEREOF, I have signed my na�e and affixed
the seal of the City hereto on this 2oth day of May ,
1982.
[Municipal 5eal�
•. Cler
"STATE OF WISCONSIN )
)-SS
COUNTY Or^ WINNEBAGO )
Subscribed and sworn to before me this day, the date
last above written.
Notary Public
My commission expires:
[Notarial Seal]
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