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Home My WebLink About31515 / 81-19August 20, 1981 N 19 RESOLUTION Ther2 wil� be a°esolution r2latirg to wa;ver of Section 66.521(11)(b) l. in connection with an Industrial Development Revenue Bond financing on behalf of Carousel Of Oshkosh, Incorporated, for Carousel Family Theme Park. F-. m � �. 0 r 4 CO r. � - 19 - ; �... �..:� �= �. .___, .._... ,... _....., .. . __.,.._ � �GW ��Cu.�e.Qd�r-' vrdg081181 [Form of Notice to be Published by the Clerk] NDTICE TO ELECTORS OF THE CITY OF OSHKOSH TAKE NOTICE that the governing body of the City of Oshkosh, Wisconsin, at a lawful meeting held on ch� dar of , 1981, adopted an amendment to an initial resolu- tion, pursuant to Section 66.521 of the Wisconsin Statutes, as amended, authorizing the issuance of not to exceed an additional $3,500,000 aggregate principal amount of revenue bonds (the "Bonds") on behalf of Carousel of Oshkosh, Incorporated, a Wisconsin corporation (the "Eligible Participant"). On Aptil 5, 1979, the govetning body previously authorized the issuance of up to $3,500,000 of tevenue bonds on behalf of the Eligible Partici- pant. The purpose of the bond issue is to finance costs of providing a project to be located in the City. The intended use of the project is foL the purpose of providing a recteational facility located at the intersection of West 20th Avenue and West South Park Avenue in the Municipality and that the Project would consist of the acquisition of land and the construction of a theme park comprised of various games and amusement centers, rides, exhibits, shows and attractions and related non-residen- tial facilities and the acquisition and installation of equipment therefor, all of which constitute a recreational facility as defined in Section 66.521 of the Wisconsin Statutes, as amended, which will significantly increase the numbet of persons travel- ling to the Municipality for business and recreation (the "Pro- ject"). THE BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION. THE BONDS SHALL NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWER. THE BONDS SHALL BE LIMITED OBLIGATIONS OF THE CITY PAYABLE BY THE CITY SOLELY OUT OF REVE- NUES DERIVED FROM THE ELIGIBLE PARTICIPANT OR OTHERWISE PROVIDED FOR PUKSUANT TO THE TERMS OF A REVENUE AGREEMENT TO $E ENTERED INTO BETWEEN THE CITY AND THE ELIGIBLE PARTICIPANT. The aforesaid initial resolution is a public document and may be inspected by any elector of the City at the City Hall, 215 Church Street, duting business hours. TAKE FURTHER NOTICE that the electors of the City of Oshkosh may petition for a referendum on the question of the issuance of the additional $3,500,000 ptincipal amount of Bonds. Section 66.521(10)(d) of the Wisconsin Statutes, provides: �4 "(d) The governing body may issue bonds undsr this section without submitting the proposition to che electors of the municipality for approval unless within 30 days from the date of publication of notice of �doption 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 munici- pality, by 107 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 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." TAKE FURTHER NOTICE the governing body of the City of Oshkosh, Wisconsin, at a lawful meeting held on the day of , 1981, did also adopt the following res�ion: RESOLUTION RELATING TO WAIVER OF SECTION 66.521(11)(b)1. IN CONNECTION WITH AN INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CAROUSEL Or OSHKOSH, INCORPORATED WHEREAS, this body has adopted a resolution on April 5, 1979, entitled "City of Oshkosh, Wisconsin Initial Resolution for Revenue Bonds" and subsequently amended said Resolution on , 1981 (as so amended, the "Amended Initial Resolu- tion ; and WHEREAS, the Amended Initial Resolution ptovides that upon certain conditions the City of Oshkosh, Wisconsin (the "Municipality"), shall issue industrial development revenue bonds pursuant to Section 66.521, Wisconsin Statutes, as amended (the "Act") to finance a project in the Municipality to be undertaken by Carousel of Oshkosh, Incorporated, a Wisconsin corporation (the "Eligible Participant"); and WHEREAS, the Eligible Participant has represented that the intended use of the project is for the purpose of providing a recreational facility located at the intersection of West 20th Avenue and West South Patk Avenue in the Municipality and that the Project would consist of the acquisition of land and the construction of a theme park comprised of various games and amusement centers, rides, exhibits, shows and attractions and related non-residential facilities and the acquisition and installation of equipment thetefor, all of which constitute a -2- recreational facility as defined in the Act, which will signifi- cantly increase the number of persons travelling to the Munici- pality for business and recreation (the "Project"); and WHEREAS, Section (11)(b)1. of the Act contains pro- visions requiring competitive bidding for certain construction contracts and prohibiting discrimination with regard to the construction and operation of projects financed under the Act; and WHEREAS, Section (11)(b)2. of the Act empowers the governing body of a municipality to waive' the requirements of Section (11)(b)1. with tespect to a particular project; NOW, THEREFORE, BE IT RESOLVED: It is the finding and determination of this body that the Municipality will not conttol the design, costs, con- struction or operation of the Project; that no public moneys will be expended for the Project; that the Municipality will have no beneficial ownership in the Ptoject; that the primary reason fot tequiting competitive bidding for construction of municipal projects is to protect the taxpayers against excessive expen- ditures of public funds and that such reason, although sound as applied to public wotks, is not applicable to the Project in which no general funds or tax revenues of the Municipality will be used or put at tisk; that it would be more efficient and expedient for the accomplishment of the public putposes of the reven�e bond issue if the Eligible Participant were to have complete control over the letting of contracts fot construction for the Project; and that while an anti-disctimination policy such as that expressed in Section (11)(b)1. of the Act is sup- ported by this body, public policies of that sort applied in the context of a bond financing are more appropriately effectuated by contract with the Eligible Participant. Therefore, the Munici- � pality does hereby waive the provisions of Section (11)(b)1. of the Act with regard to the Project; provided, however, that the revenue agreement to be entered into between the Eligible PaT- ticipant and the Municipality shall contain anti-discrimination clauses satisfactory to the Municipality. -3- /s/ Converse G. Marks City Cletk rn r-1 � ro .� � � � .�: � � a � � �� +GGG� O �W N � � D 3 & � a 0 b 6 O H � O +� � � N N O Z � N � a b w .� � H N U � 0 � �� PJ N C� N �`o � � � U