HomeMy WebLinkAbout31700 / 82-18Sanuary 21, 1982
�� 18 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
There will be an Initial Resolution to issue not to exceed $1,500,000.00
Industrial Development Revenue Bonds for the construction of a medical service
complex by Churchfield Development Co., an Illinois Partnership.
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CITY OF OSHKOSH
INITZAL RESOLUTION FOR REVENUE BONDS
(CHURCHFIELD MEDICAL SERVICES COMPLEX PROJECT)
WHEREAS, the City of Oshkosh, Wisconsin (the
"Municipality") is authorized by Section 66.521 of the
Wisconsin Statutes (the "ACt") to issue industrial
development bonds to finance costs of certain projects
including industrial facilities; and
WHEREAS, the bonds are to
paid under a Revenue Agreement
being financed and not from tax
of the Municipality; and
be payable from amounts
relating to the Project
revenues or other funds
WHEREAS, Churchfield Development Company, an
Illinois Partnership, its affiliates, assignees or
joint venturers (the "Company") wishes to acquire land
in the Municipality and construct and equip thereon a
for profit life care and retirement facility to be
initially owned by the Company and to be initially used
by the Company in connection with its business of
owning and operating Medical Services facilities and
providing auxiliary facilities; and
WHEREAS, the estimated cost of the Project is an
amount greater than $1,000,000; and
WHEREAS, the Company has asked the Municipality to
indicate its intention to provide financing under the
Act for all or a portion of the Project before it
proceeds; and
WHEREAS, the Municipality by this resolution or,
if necessary, by subsequent acts and proceedings may or
in the event of the necessity of such subsequent acts
or proceedings may declare the site on which the
project is to be developed as "blighted" as required by
the "ACt" or related statutes.
WHEREAS, the project will provide employment
opportunities, enhance the Municipality's tax base and
benefit the Municipality in other ways.
NOW, THEREFORE, BE IT RESOLVED:
(1) To encourage the Company to undertake the
Project, the Municipality will pursue a financing plan
(the "Financing") under which it will:
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(a) issue and sell to purchasers, procured
by the Company bonds under the Act in an amount
not to exceed $1,500,000.00 (the "Bonds");
(b) enter into a revenue agreement with the
Company providing revenue sufficient to pay
principal of, and interest on, the Bonds when due,
and requiring the Company to provide the Project;
(c) assign the revenue agreement to holders
of the Bonds or to a trustee for their benefit and
enter into any other appropriate arrangements
requested by the Company; to further secure
payment of the Bonds.
(d) Hereby declares the site of the project
"blighted", as defined in the "Act", which site is
legally described in Exhibit A attached hereto and
hereby authorizes the city attorney, if necessary,
to take such steps and commmence such proceedings
to consumate the "blighting" of said site so that
in the opinion of "BOnd Counsel", satisfactory to
the Municipality when completed, no further acts
or proceedings are necessary to "blight" said site
to allow for the proper issuing of the Bonds
herein described.
The revenue agreement will require the Company to
provide to the Municipality revenue sufficient to pay
principal of, and interest on, the Bonds when due.
(2) The Bonds shall never constitute an
indebtedness of the Municipality within the meaning of
any state constitutional provision or statutory
limitation and shall not constitute or give rise to a
pecuniary liability of the Municipality or a charge
against the Municipality's general credit or taxing
powers.
(3) The appropriate officers of the Municipality
are authorized to negotiate the terms of the Financing
and all related documents provided that all terms and
documents shall be subject to this Resolution and the
Act and shall not be binding unless and until:
(a) the details of the financing are
authorized and approved by further resolution of
this Board, the Bond Resolution;
(b) the electors of the Municipality shall
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� NOTICE TO ELECTORS
OF THE CITY OF OSHKOSH, WISCONSIN
(CHURCHFIELD MEDICAL SERVICES COMPLEX PROJECT)
INDUSTRIAL REVENUE BOND
The City Council of the City of Oshkosh,
Wisconsin, (the "Municipality") on 1982,
adopted an initial resolution, pursuant to Section
66.521 of the Wisconsin Statutes stating the intent of
the Municipality to issue revenue bonds in an amount
not to exceed $1,500,000.00 for the purpose of
financing all or a portion of the costs related to the
acquisition of land in the Municipality and the
constructing and equipping thereon of a Medical
Services Complex facility (the "Project") which is to
be initially owned and used by Churchfield Development
Company, an Illinois Partnership, and its affiliates or
joint venturers (the "Company") in connection with the
company's business of owning, operating, and developing
Medical Services Complex facilities and providing
auxiliary facilities thereto and to enter into a
related revenue agreement with the company and "blight"
the site and initiate such steps to complete the
"blighting" of the site as may be required by Wisconsin
Statutes to allow for the proper issuance of the
Revenue Bond referred to herein.
IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM
THE REVENUES DERZVED FROM A REVENUE AGREEMENT RELATING
TO TAE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF
THE REVENUE AGREEMENT, AS OTHERWISE AUTHORIZED BY THE
MUNICIPALITY AND PERMITTED BY LAW. THE BONDS WOULD NOT
CONSTITUTE AN INDEBTEDNESS OF THE MUNICIPALITY WITHIN
THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR
� STATUTORY LIMITATIO[V, AND WOULD NOT CONSTITUTE OR GZVE
RISE TO A PECUNIARY LIABILITY OF TAE MUNICIPALITY OR
ITS OFFICERS OR A CHARGE AGAINST THE MUNICIPALITY'S
GENERAL CREDIT OR TAXING POWERS.
The resolution may be inspected by any elector of
the Municipality at the office of the Clerk, City Hall,
Oshkosh, Wisconsin, during business hours.
Section 66.521(10)(d) of the Wisconsin Statutes
reads as follows with respect to the opportunity to
petition for a referendum upon the question of the
issuance of the Bonds:
"(d) The governing body may issue bonds under
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" this section without submitting the proposition to
the electors of the municipality for approval
unless within 30 days from the date of publication
oE notice of adoption of the initial resolution of
such bonds, a petition, signed by not less than 58
of the registered electors of the municipality or,
if there is no registration of electors in the
municipality, by 10� of the number oE electors of
the municipality voting for the office of governor
at the last general election as determined under
Section 115.01(13), is filed with the clerk of the
municipality requesting a referendum upon the
question of the issuance of the bonds. If such a
petition is filed, the bonds shall not be issued
until approved by a majority of the electors of
the municipality voting thereon at a general or
special election."
Dated: _ , 1982
Clerk --
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