HomeMy WebLinkAbout31826 / 82-24ipcil 15, 1982
/� 24 RESOLUTI��
RESOLUTION determining to borrow $2,735,QQO.QO and to issue to the lender
Promissory Notes, Series 1982, of the City of Oshkosh, Wisconsin, in such amount,
providing details, prescribing the form of note and coupon, awarding the notes
to the highesc bidder, and levying taxes.
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SUBMITTID BI'
6PPROVED � �
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The City council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular, open, public session at its
regular meeting place on April 15, 1982, at 4_30
with the following members present:
and the following members absent:
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(Other business)
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o'clock P.M.,
The Clerk stated that one purpose of the meeting was
the consideration of bids received for the purchase of $2,735,000
Promissory Notes, Series 1982 of the City of Oshkosh pursuant to
notice of sale duly published in The Bond Buyer, a financial
newspaper published in the City of New York, New York, and in the
Oshkosh Da11y Northwestern.
The following sealed bids for said notes were received
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in the Council Chambers in the City Hall until 10:30 A.M., C.S.T.,
on April 15, 1982:
LEX
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Name of Bidder
Continental Illinois National Bank
Net Interest Cost
$2,735,494.25 10.035541%
After due deliberation, it was determined that the bid
of Continental Illinois National 6ank and Trust
o£ Chicago � Illinois , and associates, at a price of
par and accrued interest plus a premium of $ 494.25 was the
highest and best bid submitted for the purchase of said notes,
which bid is as follows:
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(Here insert or attach a true copy of the winning bid) f �
BID FOR:vf �i" � �
IeiEMSERS OF THL' CTTY C:OUNCIL Apxil 15� 1982
CITY OF OSFiI{OSH, WISCOI�'.SII�i
We offe: to purchase the $2,735,OOQ Promissory Tdotes, Series 1982, of the
Ci:y of Oshkoshy �Yisconsin to be dated May 1, 1982 and offered for sale on fhe
above date� on the .terms and conditions stated 'zn the Official Notice pf Sale aud
Yhe Official Statement tl:erefor� for a price o£ _Z 73S �� l�-�- �-�� �»��t
Iess thac� �2,735,OO�J)y arcd accruec� i:�te-.ast Lo date oF delive.y. '['1�e notes o£ Li�r;
various matucities to beaz interest af. the follpwing annual rate:
���' %£or uotes due A1ay 1� i.9_ ��, througl. Nay 1, 1�) 9(�__
f(J,OU o-/,, for notes due May 1, l9 g� , throLgh ;v1ay 1, 19,�`—
�(/. �� %u foc n.oYes due May 1, 14_�! , tkirou�h Mag 1� 79 ----^
l_�O % fos notes due May 1, 19 ,�� th:oueh May 1s 19��_
% for notes due May i, 19�� through May 1, ]9_,�_�
%u for notes due May l� 19�_^� through May 1� � 9,._�
% fos notes due i�-1ay 1, 19 , through Map 1y I9 �
O�s <:oingutatin,z of tY;e t^,iag an�u,uxt of u�.terest fron; d�3tc of issue to
maturitp represented by the coupon rat2s spec3fied above5 and of the net in4exest
eost oi ihis bid, while not a�art c�f this hid� aze sef foxth ort the rev�rse side
hereaf.
This bid is made for pzompt acceptance and subaect to the conditions o£ the
Oificial Notice of Sale. We eneiose, herewith, our certified check or bank cashier's
nr treasurer's check, in the amount of $54,700, which is to be J�eid Up tlxc= City
p�ding compliance with the canditions of this bid.
Respect£ully supmitteds
Continen*_al 311i.nois T�ati.ona7. lZarit:
and Trust Compauy oi Chica�o
�yndicate M ger � ��
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By i r. Leslie . F'���.islr; Vice 1'resi.dent=
The foregoing bid is hexe6y accepted by and on behalf' o£ f�l�e CiS.y ot
Oshkosh, Wisconsin� this 15th day of April, 1982•
City Manger
Director of Adminisiration
Tnterest Cpmpntati�
v7e compute the total amouni of interest fram date of issue to maturity�
represented by the cou�lon rates speci£ied 'an the bid on the resexve side hereof� to
be �O� , i S> = 7'�, for a Net Imterest Rate o£ �GC O 3�%.
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Thereupon 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 \ l`!
2,735,000 and to issue to the lender
Promissory Notes, Series 1982, of
the City of Oshkosh, Wisconsin, in
such amount, providing details,
prescribing the form of note and
coupon, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, it is necessary that funds be raised in the
total amount of $2,735,000 for the purpose of providing for
acquisition of equipment, permanent improvement of lands, pro—
viding financial assistance to an urban redevelopment program
undertaken pursuant to Section 66.43, Wisconsin Statutes and
public work and improvements consisting of public works vehicles,
fire chief's vehicle, plows and other equipment, construction of
sidewalks, urban redevelopment in downtown Oshkosh and public
building improvements; 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 acquisition of equipment, permanent
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improvement of lands, providing financial assistance to urban re-
development programs undertaken pursuant to Section 66.43, Wisconsin
Statutes, and public work and improvements; and
WHEREAS, it is considered necessary and desirable by the
City Council of the City of Oshkosh, Wisconsin (the "City"), that
the City borrow $2,735,000 for the purpose of providing funds for
the purposes aforesaid, and that the City issue to the lender its
promissory notes to evidence the indebtedness thereby incurred; and
WHEREAS, it has been determined to borrow said money
from Continental Illinois National Bank and Trust ,
of Chicago � Illinois _ , and associates, said lenders
having submitted the best bid for said notes at the public sale
thereof; and
WHEREAS, it has been determined that the issuance of
said notes in form payable to the bearer will make such notes
more readily marketable and will thereby be to the advantage of
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 for acquisition of equipment, permanent improvements
of lands, providing financial assistance to an urban redevelop-
ment program undertaken pursuant to Section 66.43, Wisconsin
Statutes and public work and improvements as described in the
preamble hereto, there shall be borrowed from Continental
Illinois National Bank and Trust , of
Chicago , Illinois , and associates, the sum
of $2,735,000, and to evidence such indebtedness the City shall
issue to such lenders its Promissory Notes, Series 1982 (the
"Notes"), in the aggregate principal amount of $2,735,000.
Section 2. The Notes shall be designated "Promissory
Notes, Series 1982", shall be payable to bearer, shall be dated
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May 1, 1982, shall be of $ 5,000 denomination each, shall be num—
bered 1 to 547, inclusive, shall mature serially in numerical order
on May 1 of each of the years 1984 to 1992, inclusive, and shall
bear interest payable semiannually on the first day of May and
November of each year, beginning May 1, 1983, as follows:
Year Amount Interest Rate
1984 1,975,000 9.70 %
1985 150,000 9.70 �
i986 150,000 9.70 �
1987 150,000 l0.00 �
1988 150,000 10.50 %
Year Amount
1989 35,000
1990 35,000
1991 40,000
1992 50,000
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Interest Rate
11.00 �
11.00 �
�l.00 %
17.00 %
The Notes shall be subject to prepayment at the option of
the City of Oshkosh as a whole, or in part in order of their maturity,
on May 1, 1983, and on any interest payment date thereafter at par and
accrued interest to the date fixed for prepayment.
Notice of intended prepayment shall be given by registered
or certified mail to the banks at which the Notes are payable and
by publication of an appropriate notice once in a financial newspaper
or journal published in New York, New York, or Chicago, Illinois,
such notice to be given not less than 30 days prior to the date fixed
for prepayment.
The Notes shall be signed by the City Manager of the
City with his facsimile signature, and by the City Clerk, and
sealed with the corporate seal of the City. Interest upon the Notes
shall be evidenced by coupons thereto attached, such coupons to
be signed by said City Manager and City Clerk with their respective
facsimile signatures, and said officers shall, by the execution
of the Notes, adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons. Both
principal of and interest on the Notes shall be payable in lawful
money of the United States of America at Continental Illinois National
Bank and Trust . Chica
Illinois
,
at the option of the holder.
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or at
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Section 3• The Notes and coupons shall be in substantially
the following form, the omissions to be appropriately completed
when the notes are printed:
No.
(Form of Note)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
PROMISSORY NOTE, SERIES 1982
$
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KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh,
in the County of Winnebago, State of Wisconsin (the "City"),
hereby acknowledges itself to owe and for value received promises
to pay to bearer, or to the registered holders hereof if this Note
shall then be registered as to principal, the principal sum of
Thousand Dollars ($ ) on the first day of May, 19_,
with interest at the rate of
per cent ( �)
per annum from the date hereof until the principal amount shall
have been fully paid, such interest being payable semiannually
on the ficst days of May and November of each year, beginning
May 1, 1983, interest to maturity being payable only upon presenta—
tion and surrender of the interest coupons attached hereto as
they severally mature. Both principal hereof and interest hereon
are hereby made payable in lawful money of the United States of
America at ,
or at
, at the option of the holder.
For the prompt payment of this note with interest hereon
as aforesaid and for the levy and collection of taxes sufficient
for that purpose, the full faith, credit and resources of the City
are hereby irrevocably pledged.
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any limitation imposed by law; and that the City has levied a
direct annual irrepealable tax sufficient to pay the intecest
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
with his facsimile signature, and by its City Clerk, and its
corporate seal to be impressed hereon, and the coupons heceto
attached to be signed by said City Manager and City Clerk with
their respective facsimile signatures; and said officers, by the
execution of this note, do adopt as and for their own official
signatures their respective facsimile signatures appearing on
said coupons, all as of the first day of May, 1982•
No.
City Clerk
facsimile signature
City Manager
(Form of Coupon)
$
On the first day of , 19_, unless the note to
which this coupon is appurtenant is subject to prepayment and
shall have been called for prepayment and provisions for the
payment thereof duly made, the City of Oshkosh, Wisconsin, will
pay to bearer the amount shown hereon in lawful money of the
United States of America at
, or at
upon presenta-
tion and surrender of this coupon, for interest due that day on
its Promissory Note, Series 1982, dated May 1, 1982, No.
(facsimile signature) (facsimile signature) _
City Clerk City Manager
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Notes of the issue of which this Note is one maturing on
and after May 1, 1983 are subject to prepayment at the option of the
City of Oshkosh as a whole, or in part in order of their maturity,
on May 1, 1983, and on any interest payment date thereafter at par
and accrued interest to date fixed for prepayment.
Notice of intended prepayment shall be given by registered
or certified mail to the banks at which the Notes are payable and by
publication of an appropriate notice once in a financial newspaper
or journal published in New York, New York, or Chicago, Illinois,
such notice to be given not less than 30 days prior to the date
fixed for prepayment.
This note is one of an issue of $2,735,000, 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
for acquisition of equipment, permanent improvement of lands, pro-
viding financial assistance to an urban redevelopment project under-
taken pursuant to Section 66.43 of the Wisconsin Statutes and
public work and improvements, pursuant to and in all respects in
compliance with Section 67.12(12) of the Wisconsin Statutes and
a resolution adopted by the City Council of the City on April 15 ,
1982, and entitled, "RESOLUTION determining to borrow $2,735,000
and to issue to the lender Promissory Notes, Series 1982 of the
City of Oshkosh, Wisconsin, in such amount, providing details,
prescribing the form of note and coupons, awarding the notes to
the highest bidder, and levying taxes".
This note is registrable as to principal in accordance
wiCh the provisians endorsed on the reverse side hereof.
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 the City, including this note, does not exceed
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(Provision for Registration)
The within Note may be registered in the name of the
holder as to principal only on books to be kept by the City Clerk
of the City of Oshkosh, as Note Registrar, such registration to
be noted hereon in the registration blank below, after which no
transfer shall be valid unless made on said books at the request
of the registered holder or his attorney thereunto duly authorized
and similarly noted in said registration blank below, but this
Note may be discharged from registration by being transferred to
bearer, after which it shall be transferable by delivery but may
be again registered as before. Such registration shall not impair
the negotiability by delivery of the coupons attached to this Note.
Date of . Name of . Address of . Signature
Registration : Registered Holder : Registered Holder : of Registrar
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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 a direct
annual tax in an amount sufficient for that purpose, to-wit:
Year of Amount for Principal Year of Amount for Principal
Levy and Interest Levy and Interest
1982 $ 403,537.50
1983 $ 2,148,237.50
1984 $ 220,175.00
1985 $ 205,625.00
1986 $ 19o,s50.00
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1987 $ 175,475.00
19$$ $ 5�,675.00
1989 $ 46,825.00
1990 S 4�,�no.00
i99i $ 52,750.00
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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 for such years are extended and collected, and when
so collected, the proceeds of said taxes shall 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
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 all Notes
issued and all paymenL's and ather ti•ansactions relating thereto.
Section 8. When the Notes shall have been printed 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 acquisition of equipment, permanent improvement
of lands, providing financial assistance to an urban redevelop-
ment pro,Ject undertaken pursuant to Section 66.43, Wisconsin
Statutes and public work and improvements as set out hereinabove.
The City recognizes that the purchasers and holders of the 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 the
Notes shall have been delivered. In this connection the City
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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 completion of the facilities
for which the Notes are herein authorized to be issued. The
Director of Administration, 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
the 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 repre-
sentation 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 15, 1982•
Recorded , 1982.
Approved , 1982.
ATTEST:
City Clerk
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Mayor
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