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Home My WebLink About31661 / 81-13�.- , � • December 17, 1981 II 13 RESOLLITION PUftPOSE: ZNITIAL RESOLUTION REGARDING IPTDUSTRIAL DEVELOP*tE�T REVENUE BONDS INITIATED BY: OSHKOSH B-GOSH, INC. BE TT RESOLVED by the Co�non Council of the City of Oshkosh that the following attached initial resolution regarding the issuance of Indus- trial Development Revenue Bonds pursuant to Section 66.521, Wis. Stats. for the Oshkosh B'Gosh, Inc. project is hereby approved. - 13 - __. ' '!"i_1iJ Fi1` � ...'{,on'.-'-r:il Y CITY OE OSHKOSH, WISCONSIN INITIAL RESOLUTION REGARDING INDUSTRIAL DEVELOPMENT REVENUE BONDS WHEREAS, the City of 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 gi°t, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarqe, extend or remcdel industrial projects, {ii) enter into revenue producing agreements for the same in order to promote the riqht to gainful employment, business opportunities and generai weifare of its inhabitants and to preserve and enhance its tax base, (iii) borrow money and issue bonds to finance costs related to such industrial projects, which bonds are to be payable solely out o£ the revenues derived pursuant to the revenue agreement pertaining to the project to be financed by the bonds so issued and, in the event of default of such agreement, as may be author- ized by this Council and permitted by 1aw, and which bonds may be secured by a mortgage and/or security interest in the project or other security; and WHEREAS, Oshkosh B'Gosh, Inc., a Delaware corporation (the "Company") has represented to the City that the Company needs to expand and equip the facility (the "Facility") presently operated by the Company in the City in connection with its clothing manu£ac- turing business and reiated distribution and service activities (which expansion, equippinq and related improvements and expenditures are herein called the "Project") for an estimated cost not to exceed $2,500,000; and has had negotiations with the City as to the feasibility of undertaking the Project in the City or elsewhere and as to the financing of part or all of the costs of the Project through the issuance by the City of its industrial development revenue bonds pursuant to the Act; NOW, THEREFORE, BE IT RESOLVED by this Common Council of the" City of Oshkosh: (1) In view of the considerable benefits 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 pursuant to which the City shall: (a) issue, sell and deliver to purchasers procured by the Company industrial development revenue bonds in an aggregate amount not to exceed $2,500,000 in order to finance costs related to the Project, which bonds shall be payable solely from the revenues derived from a revenue agreement with respect Co the Project and in the event of default of such agreement, as may be authorized 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 Facility financed by industrial revenue bonds, providing revenues sufficient to pay principal of, and interest on, the bonds when due and providing for completion o£ the Project by the Company; and (c) assiqn the revenue producing agreement and pledqe the revenues and other amounts therefrom to the bondholders or to a trustee under an indenture of trust and/or enter into other appropriate arrangements, in order to further secure payment o£ principal of, premium, if any, and interest on the bonds. (2) The bonds issued to finance costs of the Project sha11 never constitute an indebtedness of the City within the meaning of any state constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. (3) The appropriate officials of the City are hereby author- ized to negotiate the terms of the project financing agreement, revenue producing agreement, any instzuments of conveyance, indenture of trust, if any, and any other documents required to properly complete the financing provided that a11 such terms, documents and procedures sha11 be subject to the conditions of this Resolution and the provisions of the Act and shall not be bindinq unless and until: (a) the details of the project financing agreement and all documents pertinent thereto are reviewed, authorized and approved by resolution o£ this Council; (b) the electors o£ 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 (d) all documents required in connection with the financing shall have been duly executed by the parties thereto and delivered to the extent required. (n) The City Clerk is hereby �irected to publis�: 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 official notices are pubiished pursuant to such chapter in substantially the form attached to this Resolution. -2- / �� of the electors of the municipality voting thereon at a general or special election." Dated , 1981. BGL:C -2- e City C1erk / NOTICE TO ELECTORS OE THE CITY OF OSHKOSH WINNEBAGO COUNTX, WISCONSIN TAKE NOTICE that the Common Council of the City of Oshkosh, Winnebaqo County, 64isconsin at a lawful meeting held on the 17th day of December, 1981, adopted an initial resolution, pursuant to Section 66.521 of the Wisconsin Statutes, as amended, setting forth the intent of tne City: (1) to issue industrial development revenue bonds in an amount not to exceed $2,500,000 for the purpose of financing costs related to the expansion and equippinq of the facility presently operated by Oshkosh B'Gosh, Inc., a Delaware corporation, in the City in connection with its clothing manufacturing business and related manufacturing and service activities and (2) to enter into a revenue agreement with Oshkosh B'Gosh, Inc., with respect to such financing. THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND OTFiER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH RESPECT TO THE FINANCED PROJECT OR, IN THE EVENT OE DEFAULT OF SUCH AGREEMENT, AS OTHERWISE AUTAORIZED BY THE CITY OF OSHKOSEi AND PERMITTED BY LAW. THE BONDS SHALL NOT CONSTITUTE AN INDEBTED- NESS OF THE CITY OF OSHKOSH WITHIN THE MEANING OE ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION, r1ND SHALL NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OE THE CITY OR A CHARGE AGAIN5T 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 Ha11, 215 Church Avenue 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 refer- endum upon the question of the issuance of the Bonds: "(d) The qoverning body may issue bonds under this section wit7iout submitting the proposition to the electors of the municipality for approval unless within 30 days from the date o£ publication of notice of adoption of the initial resolution for 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 £or the office o£ 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 question of the issuance of the bonds. If such a petition is filed, the bonds sha11 not be issued until approved by a majority (5) Secretary Resolution adoption. � The City Clerk of Development together with is hereby directed to file with the of the State of Wisconsin a copy of this a copy of the public notice of its Adopted Approved -3- 1981 City C , 1981 City Manager M r-I � � � .� �1 U 1 y vv H O F4 i• N U `� � H 1� 'J ' r-�+ � � 0 0 N 11 C7 � �". I p-i' Ol P7 � a.� ctl O W •�-I � O � vx •� � � avN H Q O i._::�:.�... .��.:: -. -. � N � � a o •• � b ¢ a� .� O F-i H F+ � U � O .�, � � � � O� '--I � n � S�x u p e\\�(,�C�7 N � 'T N � A U