HomeMy WebLinkAbout31516 / 81-20August 20, 1981
k 20 RESOLUTION
There wi11 be an Initial Resolution to issue not in excess of $1,000,000.00
lndusLria) Deve)opment Revenue °onds to �iskar, tnc.
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rcg081281
CITY COUNCIL
OF THE
CITY OF OSHKOSH, WISCONSIN
Resolutio❑ No.
INITIAL RFSOLUTION
RELATING TO
INDUSTRIAL DEVELOPMENT REV�NUE BOND FINANCING
ON BEHALF Or^
LISKAR INVESTMENTS
WHEREAS, the City of Oshkosh, Wisconsin (the "Muaici-
oality") is a municipal corporation organized and existin� under
and pursuant to the Laws of the State of :d?sconsin and is au-
thorized by Section 66.�21 Wisconsir. Statutes, as a�ended (here-
inafter someti�es referred to as the "Act"):
(a) to issue revenue bonds to finance a'_1 or any part
of the costs of the construction, equipping, reequipping,
acquisition, purchase, instaliation, reconstruction, re-
building, rehabiLitation, improving, suppiementinp„ re-
pinClilg� II121C1C31t11i1�� Lepairing� e^la?'oltl�� 2XC°L1Cili1� OL
re�odel:r,Q of a projec*_ :ahich qualifies under the Act and
the improvement of the site ther�for; and
(b) to enter into a revenue a�reement with an eligi3le
participart pursuant to which the eli�ible participant
agrees to cause said project �o be construr_ted and to pay
the yunicipality an amount of funds suffici�nt to provide
for the prompt payment when due of the princioal or and
interest on said revenue bonds; and
WHEREAS, Liskar :nvestme�ts, a tdisconsin limited part-
nership (the "Eligible Particioant"), has been considerir.o under-
taking a project in the Munici�ality, and the EligibLe Parti-
cipant has cepresented to th� '^unicipality that it would be an
encoura;ement and induce�ent fer the Eligible Participant to
proceed if the project could be financed with revenue bonds; and
WHEREAS, the Eligible Participant has represented that
the intended use of the project is for the purpose of the manu-
facture of flexible packaging products and that the project
would censist of the expansion, improvement and equipping of an
existing building (hereinafter called the "Project"); and
WHEREAS, the Eligible Participant has estimated that
the cost of the Project would be approximately S700,000 but, with
allowance for modifications, design changes, and inflation could
be as high as $1,000,000; and
WHEREAS, prior to the date of adoption of this Reso-
lution, a statement which provides a good faith estimate of
attorney fees which are expect=d to be paid from proceeds of the
�avenue tonds nas been fiied w:th the Cierk aad with th2 Depart-
ment of Development of the State of Wisconsin, and;
WHEREAS, it is in the public interest of the Munici-
pality to promote, attract, stimulate, rehabilitate and revita-
lize commerce, industry and manufacturing, to promote the better-
ment of the environment and the economy of the Municipality and
to stimulate a large flow of private investment funds into the
Municipality; and
WHEREAS, it is Che finding and determination of this
body that the Project is a qualified "project" within the meaning
of the Act and that the Eligible Participant is an "eligible
participant" within the meaning of the Act; and
WHEREAS, it is the finding and determination of this
body that the yunicipality would derive public benefits from the
Project and its operation, including by way of illustration but
not limitatio❑ the following: the provision and retention of
gainful employment opportunities for the citizens of the Munici-
pality; the stimulation of the flow of investment capital into
the Municipality with resultant beneficial effects on the economy
in the Municipality; ar.d r_he pr�ser�ration and enhancement of the
Municipality's tax base; and
WHEREAS, it is the finding and determination of this
body that the public interest wi11 be served if the Municipality
were to encourage and induce the Eligible Participant to under-
take the Project in the �unicipality;
NOW, THEREFORE, BE IT RESOLVED:
1. Subject to the conditions specified in paragraph 2,
the Municipality shail pursue and consummate a financing having
the following ele�ents:
d�.'
(a) The Municipality shall issue revenue bonds pur-
suant to the Act at one or more times in one or more series
in such aggregate principal amount not in excess of
$1,000,000 as the Eligible Participant shall request;
provided, however, that the actual aggregate principal
amount shall not be greater tha❑ the sum of the the❑ esti-
mated aggregate cost of providing the Project, plus the
amount necessary to fund any reserve deemed necessary or
desirable, plus the estimated financing and bond issuance
costs (said bonds being hereinafter called the "Bonds").
(b) The Bonds sha11 be Limited obligations of the
Municipality payable by the Municipality solely out of
revenues derived from the Eligible Participant ot otherwise
provided for pursuant to the terms of a loan or similar
agreement (hereinafter called the "Revenue Agreement") to be
entered into between the Municipality and the Eligible
Participant.
(c) The Revenue Agreement sha11 require the Eligible
Participant to acquire, construct or install the Project and
to provide the Municipality with revenues sufficient to pay
when due the principal of, premium, if any, and interest on
the Bonds.
(d) The Bonds shall have such maturities, interest
rates and redemption limitations as the Eligible Participant
and the initial Bond purchaser(s) sha11 propose.
2. The issuance of the Bonds by the Municipality sha11
be on the folLowing conditions:
(a) The Bonds sha11 not constitute an indebtedness of
the yunicipality within the meaning of any State constitu-
tional provision or statutory limitation.
(b) The Bords Shai1 not cor.stitu�e or give rise to a
pecuniary Liability of the Municipality or a charge against
its general credit or taxing powers.
(c) The Eligible Participant shall be responsible for
finding a purchaser or ourchasers for all of the Bonds.
(d) Prior to the issuance of the Bonds: (i) the
electors of the yunicipality si�ali have been given the
opportunity to petition for a referendum on the matter of
the Bond issue as required by the Act; (ii) either no such
petition sha11 be timely filed or such petition shall have
been filed and said referendum sha11 have approved the Bond
issue; and (iii) this body, by further resolution, sha11
have authorized and appcoved the terms of the Bonds and the
Revenue Agreement.
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(e) The Bonds sha11 be issued pursuant to the Act, and
the delivery of the Bonds sha11 be accompanied wiGh the
unqualified approving legal opinion of Messrs. Foley &
Lardner or such other nationally recognized firm of bond
attorneys as shall be acceptable to the Municipality and the
Eligible Participant.
3. A11 out-of-pocket costs in cannection with the
issuance and sale of the Bonds shall be paid either fro� the
proceeds of the Bonds or by the Eligible Participant.
4. The Clerk sha11 cause notice of adoption of this
Resolution to be published once in the Oshkosh Daily Northwestern
(the Municipality's official newspaper, for the publication
of nutices pursuant to Chapter '3'�7 of the Wisconsin Scatutes),
and sha11 cause evide�ce of publication (including a copy of the
notice as published) indicating the date of publication of such
public notice to be filed with the Secretary of Department of
Developmen[ of the State of Wisconsin within 20 days following
publication of such notice.
5. This Resolution is an "initial resolution" within
the meaning of the Act and official action toward issuance of the
Bonds for purposes of Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations promulgated thereunder.
b. This Resolution shall be effective immediately upon
its passage and approval. Unless the Bonds shall have been
issued prior thereto, the authorities and authorizations given by
this Resolution sha11 expire on the second anniversary date of
the date of adoption of this Resolution or on such later date as
this body may specify by resolution adopted either before or
after such date.
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CERTIFICATIONS BY CLERK
I, Converce C. Matks, being fitst duly swotn, do hereby
depose and certify that I am the duLy appointed, qualified and
acting Clerk of the City of Oshkosh, in the County of Winnebago,
State of Wisconsin, and as such I have in my possession: or have
access to, the complete corporate records of said City and of its
City Co�ncil; that I have catefuLly compared the ttansctipt
hereto attached with the aforesaid corporate records; that said
Cranscript hereto aCtached is a true, correct and complete copy
of all the corporate records in relation to the adoption of
Resolution No. enCitled:
INITIAL RE�OLUTION
RELATING TO
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCIVG
ON BEHALF OF
LISKAR INVES2MENTS
I do hereby further depose and cerCify as follows:
1. Said resolution was considered for adoption by the
City Council at a meeting held in the City Hall at 7:00 P.y. on
August 20, 1981. Said meeting was a regular meeting of the City
Council and was held in open session in compliance with 5ub-
chapter IV of ChaQter 19 of Che Wisconsin Statutes.
2. Said tesoLution was on the agenda for said meeting
and public notice thereof was given not less than 24 hours orior
to the commencement of said meeting in compliance with Section
19.84 of the Wisconsin Statutes, including, without limitation,
by posting on the bulletin board in the City Hall, by notice to
those news media who have filed a�.atitten request for notice of
meetings and by ❑otice to the official newspaper o£ the City.
3. Said cieeting was called to order by Don H.
Kutchera, hlayor, who chaired the meeting. Upon roil I noted and
recorded that the following council members wete present:
and that the foliowing council members were absent:
I noted and recorded that a quorum was present. Various �atters
and business were taken up during the course of the meeting with-
out iatervention of any closed session. One of the matters taken
up was said resolution which �aas introduced and its adoption was
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moved by Council Member , and seconded by Council
Member FoLlowing discussion and after a11
council members who desired to do so had expressed their views
for or against said resolution, the question was called and upon
ro11 being called and the continued presence of a quorum being
noted, the recorded vote was as follows:
Aye:
Nay:
Abstain:
Whereupon the Mayor declared said resolution adopted, and I so
recorded it.
4. I have caused the "Notice to Electors" to be
published in the form and place specified in said resolution; and
I have filed evidence of publication (including a copy of the
notice as published) indicating the date of publication of said
notice together with a copy of said tesolution with the Secretary
of the Department of Development of the State of Wisconsin or its
successor within 20 days following the publication of said
notice.
IN WITNESS WHEREOF, I have signed my name and affixed
the seal of the City hereto on this day of August, 1981.
[yunicipal Seal]
C1erk
STATE OF WISCONSIN )
) SS
COUNTY OF WINNEBAGO )
Subscribed and sworn to before me this day, the
date last above written.
Notary Public
My commission expires:
[votarial Seal]
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