HomeMy WebLinkAbout31825 / 82-23;� 23 RESOLUTION
.nri]. 15, 1982
RESOLUTION providing details of $3,465,000.00 Corporate Purpose Bonds
of the City of Oshkosh, confirming the sale thereof, and levying taxes.
SUB3iITTID BY
APPRO`1ED
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The City Clerk then reported that pursuant to advertised
notice of sale, sealed bids were received until 1.0:30 o'clock,
A.M., C.S.T., on P.pril 15, 1982, at the Council Chambers in the
City Hall in said city for the purc'riase of $3,465,000 Corporate
Purpose Bonds, Series 2g82, of said city, that the bids had been
publicly opene@ ar,d ar.iiounced at sai3 time and p;�ace, and had
been tabulated as follows:
Name of Bidder
First Wisconsin National Bank, P4ilwaukee, WI
Harris Trust & Savings Bank, Chica�o, IL.
Northern Trust Co., Chicaao, IL..
lst Chicago National Bank, Chicago, IL.
Continental Illinois Nat'7 Bank & Trust Cc.,
Chicago, IL.
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Net Interest Cost
$3,315,344.85
$3,320,5?6.10
$3,321,60G.00
�3,343,344.78
10.8771%
10,8942%
10.89752%
70.96897%
$3,344,4%9.25 10.97270!
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A£ter due deliberation it was determined that the
highest and best bid submitted was that of Firstl�lisconsin
National Bank, ?1ilwaukee, Wisconsin , and associates,
at a price of par plus a premi.um of $ 18�.15 and accrued
interest to the date of delivery, and that the aoceptanee of
said bid is recommended, whieh hid is as follows:
First Wisconsin (Vational Bank, Nilwaukee, ldI. 10.5771%
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(Here inser� or attach a copy o£ the winriing uid)
BID FOP.*.�
MEMBERS OF TH.F CTTY COUNCII. April 15; 198?
CITY OF OSHKOSH, VTISCONSIN
We offer to purchase the $3�465�000 Corporate i?urpos�: $onds, Series 1982, of
the City of Oshkoshf �'Jisconsin to he dated A4ay T, 19$2 �,nd of.f.ered for sale on the
2bove d�.te, on the terms and condiiions stated 'an fhc Official Natice of Sa?e and
the Official utatement ti�eref'o:, £o: a pzice o1 _ fC-j._/��C?_ /S inot
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less than $3�465,00`I), a�d r.ccnsed ;nterest. to laie cf deJivr.iy. The Bonds of tl�e
IIcS10113 L"i1iLII'Si.14:5 i4" �;�:.'.' 11-i±EiCS'i: F:L t�il:� �q:).OA77I].Fi �P,J�ll�l). 1`"l.it,�
/0�5 % for bonds due N,ay i� i9�' �� thruu�h May 7.S 19�' ��
/p,�% % for bonds due ilfay 1R 19_�� ,��i�ugh hhay �.s 19,y_/
f�0 % for bonds duA i.4ay �,y 14�_� '�hrough 4/ay i, 19 t_�?�,
l�, d C� % for bo�ids due D: ay 1.s i 9�3 � through 7vf a}' l� 7. y y y
f/ �S'% for bonds due Pdzy It 19�� �. throubll Ma.}� l s lq %5�-_.
% for bonds due Ma� ls 19 , fhrotegh tv3ay ), I9 �_
% for bond�. due :v1. ;� 1f 19 _____s �?lrough YJJay 1, 19 _�__.
Uur eomput«tic*i cf <}ae tvt�`. z:r,;r:cuf <.,i' iziferes; i:rom date oi iss�te to
�aYurity represented bp t'�e coupon rates speci£ied above5 ar.d af the net interest
eost of this bid, while not a part of this bzd9 are set forth on the xeverse side
�ereof.
This bid is made for �:ompt acce��tan�e anci sui�jeci f.o 2he corac3i4ions nf the.
Offici3l Notice of Sale. �`de enclose, herewithr our c,c:rtiSiect chacY, or bazik cashier's
er trease:rer's checi:, in the amount ot �69,300, wY�ich is tio be held by the City
pendiag campliance cvith the conditions af this 3id�.
Respe;.tfully� eubwif.tedr
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$Y(Jam� Arl:eliauer, ��ice President
The fo:egoing bid is hereoy accepted by and on �ehali of the C`sty of
Oshkosl� �risconsin, this 15th day af April, J.982�
City Nianagea
Director of Administratiora
Interest Computation
\'Je compute the total amouni of interest: krorn cL;te of issue ta maturity,
represented by the cou�on rates specitied in the bid wi the reserve side Iiereof� to
be _T 3/��, .���}. rQ;i- for a Net Interest �tate o£ l� •�77J %.
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The following resolution was thereupon introduced by
and read in full:
RESOLUTION confirming sale,
determining rates of interest,
and levying taxes in connectior.
with �3,465:000 Corporate Purpose
Bonds, Series 1982
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WHEREAS by proceedings duly taken in the manner, time
and form required by law, $3,465,000 Corporate Purpose Bonds,
Series 1982, (the "Bonds") o£ the City of Oskosh, Wisconsin
(the "City"}, have been heretofone authorized; and
WHEREAS, pursuant to aflvertised notic� of sale, bids
were received for the Bonds on April 15, 198z; ar�d
WHEREAS, the bid of First Wisconsin National Bank,
Milwaukee, Wisconsin , and as,.rn;t.�,tes, at a
price of par plus a premium of $ 180.15 and accrued interest
to the date of delivery was the highest and best bid submitted.
NOW, THEREFORE, Be It Resolved by the •°:it,y Council af
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section l. Said $3,465,000 Corporate Purpose Bonds,
Series 1982, dated May 1, 1982, shall bear interest as follows:
Maturities
1984 - 1988
1989 - 1991
1492
1993 - 1994
1995
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Interest Rates
10.5C%
ie.�oi
�o.ae°i
11.00%
11.25�
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Section 2. The sale of the Bonds to First Wisconsin
P7ational Bank Milwaukee, ldI. , and associates, at the price
recited in the preamble hereof is hereby confirmed, same being
tne best bid submitted.
Section 3• The Bonds sha�l be in the denomination of
5 5,000.00 payable in lawful money of the United States of America
�t American National Bank F� T�°ust Co. , Chicaao _, I1}inois. ,
or at
at the option of the holder.
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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 Bonds and
to pay and discha'rge the principal thereof at maturity, there is
hereby levied upon aIl the taxable ;,;roperty in the City a direct
annual tax in an amount sufficient 2ar that purpose, to-wit:
Year of Levy Amount of Tax Year of Levy Amount of Tax
1982
1983
198u
1985
1986
1987
19gg
$561,3�0.00
$483,162.50
$456,875.00
$493,750.00
$572,75�.0�
$641,250.�0
�a509,500.00
1489
1990
1991
1992
1993
149�
$482,750.00
$456,000.00
$429,125.00
$87/1,375.00
$555,625.00
$264,062..50
In each of said years 1982 to 1994, inclusive, the
direct annual tax above levied shall be extended upon the tax:
rolls of the City and 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 interesL on the Bonds, so long as any
of the Bonds remain outstanuing.
Section 5• Interest on �a� principal of' the Bonds
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
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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 6. There is hereby established in the City
treasury a fund separate and distinct from all other funds of
said city to be designated "Series 19�e Corgorate Purpose Bonds
Sinking Fund", which fund shall be used solely f°or the purpose of
paying principal of and interest on the Bonds. mhere sha11 be
�9eposited in said £und al.l premium and accrued interest paid on
the Bonds at the time the Bonds are delivered to the purchaser;
a11 money raised by taxation pursuant to Seetior-.f! hereof; and
such other sums as may be necessary to pay interest on the Bonds
when the same shall become due and to retire the Bonds at their
respective maturity dates.
Section 7. The Bonds, when ti7e same have been executed
in the manner heretofore provided, shall be delivered by the City
Treasurer to the purchaser thereof upon payment of the purchase
o^ice.
ATTEST:
9dopted April 25, 198c.
Approved , 1982.
City Clerk
:
Mayor
Motion was made by that said
resolution be adopted, and said motion was seconded by
After due consideration, the President
put the question, and upon roll being ca:l.Led, the following voted:
Aye:
Nay:
The President vhen declared said resolution adopted.
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(Other bnsiness�
Upon motion of
Council adjourned.
Approved: April 15, 1982m
ATTEST:
City Clerk
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the City
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 hel<X ori ,
1982, insofar as same pertain to the sale of $3,��65,000 Corporate
Purpose Bonds, Series 1982 and $2,735,000 Promis=:ory Notes, Series
1982 of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken to date ir. the course of
authorizing said bonds and notes has been recorded by me in a
separate record book pursuant to the provisions of the Wisconsin
Statutes.
I further certify that the initial resolur,ions adopted
on March 4, 19fi2 authorizing the issuance of said bonds were
recorded in my office on b4arch 4, 1982, as required by law, and
that no petition has been filed with me or in my office protesting
the issuance of sai.d t�onds, requesting that saic bon�s not �e
issued, or requesting a referendum on the question of issuing
said bonds.
WITNESS my official signature and the �fficial seal of'
said city this
(AFFIX)
(SEAL )
(HERE )
day of April, 1982•
City Cle
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