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Home My WebLink About31793 / 82-15April 1, 1982 �l 15 RESOLUTIO:� There will be an initial resolution to issue Industrial Development Bonds for the Oshkosh Center project. - 15 - SJ�i�I1":'E�n gy (� r:iCS �l � r � I 1 _ b I� � CITY OF OSHKOSH, WISCONSIN INITIAL RESOLUTION REGARDING INDUSTRIAL DEVELOPMENT REVENUE BONDS WHEREAS, the City o£ Oshkosh, Wisconsin (the "City"), is authorized by Section 66.521, Wisconsin Statutes, as amended (the "Act"), to, among other powers, (i) construct, equip, reequip, acquire by qift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, extend or remodel projects described in the Act, (ii) enter into revenue producing agreements for the same in order to promote the right to gain£ul employment, business opportunities and general we1£are of its inhabitants and to preserve and en- hance its tax base, and (iii) borrow money and issue bonds to finance costs related to such projects, which bonds are to be payable solely out of the revenues derived pursuant to the revenue agreement pertaining to the project to be £inanced by the bonds so issued and, in the event o£ default of such agreement, as may be authorized by this Council and permitted by law, and which bonds may be secured by a mortgage and/or security interest in the project or other security; and WHEREAS, it has been represented to the City that Py-Vavra Development, Inc., a Wisconsin corporation, and/or The Rooney Group, Inc., a Wisconsin corporation (individually or as part of any combination, joint venture or partnership referred to herein as the "Company"), desire to construct and equip on land in the City a convention center and/or hotel £acility and related £acil- ities (which construction, equipping and related acquisitions and improvements are herein called the "Project"); and WHEREAS, it is expected that such construction, equipping and related acquisitions and improvements will be for an estimated cost not to exceed $20,000,000 and negotiations have taken place with the City as to the £easibility of undertaking the Project in the City or elsewhere and as to the £inancing o£ part or all of the costs of the Project throuqh the issuance by the City of its industrial development revenue bonds pursuant to the Act; and WHEREAS, the Project will significantly increase the number o£ persons travelinq to the City for business or recreation; NOW, THEREFORE, BE IT RESOLVED by this Common Council of the City of Oshkosh: (1) The City finds that the Project will significantly increase the number of persons traveling to the City for business or recreation. (2) In view of the considerable bene£its to be derived by the City from the development of the Project in the City and to induce and encourage the Company to undertake the Project in the , City, the City intends to consummate a project £inancing agreement or agreements pursuant to which the City shall: (a) issue, sell and deliver to purchasers procured by the Company industrial development revenue bonds in an aqgregate amount not to exceed $2�,000,000 in order to £inance costs related to the Project, which bonds shall be payable solely £rom the revenues derived from a revenue agreement with respect to the Project and in the event o£ default of such agreement, as may be authori2ed by this Council and permitted by law; (b) enter into a revenue agreement with the Company with respect to at least that part of the Project financed by industrial revenue bonds, providing revenues suf£icient to pay principal of, and interest on, the bonds when due and providing £or completion of part or all of the Project by the Company; and (c) assign the revenue producing agreement and pledge the revenues and other amounts therefrom to the bondholders or to a trustee under an indenture of trust and enter into such other appropriate arrangements which may be deemed nec- essary, if any, including but not limited to, the granting of a mortgage and/or security interest in part or all of the Project, in order to further secure payment o£ principal of, premium, if any, and interest on the bonds. (3) The bonds issued to finance costs of the Project shall never constitute an indebtedness of the City within the meaninq of any state constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability o£ the City or a charge against its general credit or taxing powers. (4) The appropriate officials of the City are hereby autho- rized to neqotiate the Cerms of any project £inancing agreement, revenue producing agreement, indenture of trust, i£ any, ar.d any other documents required to properly complete the financing provided that all such terms, documents and procedures shall be subject to the conditions o£ this Resolution and the provisions of the Act and shall not be binding unless and until: (a) the details o£ the project £inancing agreement and all documents pertinent thereto are reviewed, authorized and approved by resolution of this Council; (b) the electors of the City shall have been given the opportunity to petition for a referendum on the matter of the aforesaid bond issue as required by the Act; (c) either no such petition shall be timely filed or such petition shall have been so filed and said referendum shall have approved the bond issue; and -2- (d) all documents required in connection with the financing shall have been duly executed by the parties thereto and delivered to the extent required. (5) The City Clerk is hereby directed to publish notice of adoption of this Resolution as a class 1 notice under Chapter 985, Wis. Stats., (relating to publication of o£ficial notices) in the newspaper of the City in which the City's o£ficial notices are published pursuant to such chapter in substantially the form attached to this Resolution. Adopted , 1982 SER:C City Cle Approved , 1982 -3- City Manager NOTICE TO ELECTORS OF CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN TAKE NOTICE that the Common Council o£ the City o£ Oshkosh, Winnebago County, Wisconsin at a lawful meeting held on the day of , 1982, adopted an initial resolution, pursuant to Section 66.521 of the Wisconsin Statutes, as amended, setting forth the intent of the City: (1) to issue industrial development revenue bonds in an amount not to exceed $20,000,000 for the purpose o£ financing costs related to the construction and equipping on land in the City of a convention center and/or hotel facility and related facilities by Py-Vavra Development, Inc., a Wisconsin corporation ("Py-Vavra") and/or The Rooney Group, Inc., a Wisconsin corporation ("Rooney") and (2) to enter into a revenue agreement with Py-Vavra and/or Rooney (individ- ually or as part of any combination, joint venture or partnership) with respect to such financing. The Common Council has determined that the Project to be financed will significantly increase the number of people traveling to the City £or business or recreation. THE BONDS SFIALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH RESPECT TO THE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY OF OSHKO5H AND PERMITTED BY LAW. THE BONDS SHALL NOT CONSTITUTE AN INDEBTED- NESS OF THE CITY OF OSHKOSH WITHIN THE MEANING OF ANY STATE CON5TITUTIONAL PROVISION OR STATUTORY LIMITATION, AND SHALL NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY �F THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. The resolution may be inspected by any elector of the City at the office of the City Clerk, City Hall, 215 Church Avenue, Oshkosii, Wisconsin during business hours. Section 66.521{10)(d) o£ the Wisconsin Statutes reads as follows with respect to the opportunity to petition for a refer- endum upon the question of the issuance o£ the Bonds: "(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality £or approval unless within 30 days from the date o£ publication of notice o£ adoption of the initial resolution £or such bonds, a petition, signed by not less than 5% of the registered electors of the municipality, or, if there is no registration of electors in the municipality, by 10% of the number of electors of the municipality voting for the office of governor at the last general election as determined under s.115.01(13), is filed with the clerk of the municipality requesting a referendum upon the guestion of the issuance of the bonds. If such a petition is £iled, the bonds shall not be issued until approved by a majority of the electors o£ the municipality voting thereon at a general or special election." Dated , 1982. SER:F -2- City C1 � � � { 0 � � .�, � �� N N � O ro� H UI O I I �ro � O +� rl fYl U O N U] +� •r� N � O a � � sa � a roos+ �� +� � +� -.+ > a aa�v H q U � ., � � d � c z°. F�. � o d � � H U � 0 .,� +� 0 � i � ._. . _.. ..._, . ._ � .� c� U � rn � � � .,� U � � r� � �� Q