HomeMy WebLinkAbout31261 / 81-07� 7 ,�soLVrzoN
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April 16, 1981
�tails of 53,0�0.000.00 Corporatt P�Se BOnds
�dLUTION p�vidi.n5 ��s and
of the CitY of Oshkosh, ��irmin5 the saLe thereof, levYu`4
reP���g a �r�n resolution.
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The City Clerk then reported that pursuant to advertised
notice of saZe, sealed bids were recelved until 10:30 o'clock,
A.M., C.S.T., on Apri1 16, 1981, at the Council Chambers in the
City Hall in said city for the purchase of $3,050,000 Corporate
Purpose Bonds, Series 1981, of said city, that the bids had been
publicly opened and announced at said time and place, and had
been tabuZated as fol7.ows:
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Name of Bidder
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Net Interest Cost
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After due deliberation it was determined that the
highest and best bid submitted was that of First
Wisconsin National Bank. Milwaukee� WI. , 8rid aSSOCiates,
at a price of par plus a premium of $13.59 and accrued
interest to the date of delivery, and that the acceptance of
said bid is recommended, which bLd is as follows:
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OFFICIAL BID FORM
City Council
City Haii
Oshkosh, Wisconsin 54902
Gentlemen:
. . " - 1:'�,M1'.3':i<`A ..
Aprii 16, T981
Subject to all terms set forth in the Official Notice of Sale, which is hereby
made a paFt of this proposal, we offer to pay $3,050,000 for Corporate Purpose Bonds
and $495,000 for Promissory Notes plus a premium of /�.•f� L°•
(S /�' iy�, ) and accrued interest to date of delivery, for
$3,�50,000 Corporate Purpcse Bonds, Series 1°S1 and $495,000 Promissory Notes,5eries
t981 of the City of Oshkosh, Wisconsin, dated May 1, 1981, maturing serially May 1
of each year and bearing interest as follows:
CORPORATE PURPOSE BONDS
Year of Interest
Amount Maturity Rate
5 75.000
75,000
75,000
75,000
125,000
125,000
150,000
1982
1983
1984
1985
I986
�987
1988
/C' .c c� �
i� C� 6 %
' � �
,/`.Cd �
�% /rf c"c�
%.yc �i r °�
PROMISSORY NOTES
Year of Interest
Amount MaLurity Rate
Amount
S25o,o00
250,000
150,000
150,000
150,000
700,000
700,000
Amount
Year of
Maturity
19a9
i990
1991
1992
1993
1994
i995
Year of
Maturity
I�terest
Rate
�%. C� 0 $
�j. �i C� %
�i..3 a �
9. .3 �'+ %
� �� �
�"/.l�r+ �
`�!. S c �
tnterest
Rate
S 25,600 1982 /�..c�C� % $ 25,000 1987 /0 r�' %
25,000 19a3 . o•r 0% 20,000 1988 i- E c %
z5,0oo 1984 ;�, c•� � l00,000 1989 � c L+ �
25,000 1985 �e c^ �� loo,000 1990 �; o o �
25,000 1986 ir� t�c� % 125,000 1991 :.;�� %
We prefer that the Bonds and Notes be payable at �i
and at
Said Bonds and Notes are to be executed and delivered to us in accordance with the
terms of this bid accompanied by the approving legal opinion of Chapman and Cutler,
Attorneys, Chicago, Illinois. You are to pay for said iegal opinion and printing of
bonds and notes.
As evidence of good faith, we enclose herewith a check to the order of the Treasurer
of the City of Oshkosh, Wisconsi�, in the sum of $70,900 pursuant to the terms provided
in your Official No[ice of Sale. Attached hereto is a list of the members of our account
on whose behalf this bid is made.
19
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Description of Check:
Amount: $7a.900
Name of Bank First Wisconsin National
Ban�- of Milwaukee
��ty Milwaukee State WI _
Type Cashier's Check No. Z10988
Dated April l0 1!�4�
(For City Use Only)
The Above Check was Returned and Received
for the Above Named Account Manager
By
Respectfully submitted,
Name FIRST WISCONSIN NATIONAL BANK _.
gY �.,ti �'c�,'�' � C� `� —
Jo�in . _ger, irst �ce resi ent
Address 777 Eas± Wisconsin Avenae
City Milwaukee 5tate Wisconsin I
For information of Lity Only. Our
Calculation of Interest Cost from Above
is:
Total Interest.......$^� '3���, •�yC-�n
Less Premium.........$ � �• ��
Net Interest Cost....$.3 •3c�i 3=�4.-� �
Net Interest Rate.... %� �/� � [` �
The foregoing bid was accepted and bonds and notes sold by resolution of the City
Council of the City of Oshkosh, Wisconsin on April 16, 1981, and receipt is hereby
acknowledged of the good faith check whicn is being heid in accordance with the terms
of the Official Notice of Sale.
CITY OF OSHKOSH
By
Director of Administration
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, � . . . � . . ';5F Y.;�y:�a�'s'iwv..' X "p�."*.'.�...a�.'-0! ' .
The following resolution was thereupon introduced by
and read in full:
RESOLUTION confirming sale,
determining rates of interest,
and levying taxes in connection
with $3,050,000 Corporate Purpose
Bonds, Series 1981
WHEREAS by proceedings duly taken in the mannec, time
and form required by law, $3,050,000 Corporate Purpose Bonds,
Series 1981, (the "Bonds") of the City of Oskosh, 4Jisconsin
(the "City"), have been heretofore authorized; and
WHEREAS, pursuant to advertised notice of sale, bida
were received for the Bonds on April 16, 1981; and
WHEREAS, the bid of First Wisconsin National Bank,
Milwaukee�, wisconsin , and associates, at a
price of par plus a premium of $ 13.59 and accrued interest
to the date of delivery was the highest and best bid submi�ted.
NOW, THEREFORE, Be It Resolved by the City Council oP
the�Ci�y of Osnkosh, Winnebago County, Wisconsin, as follows:
Section 1. Said $3,050,000 Corporate Purpose Bonds,
Series 1981, dated May I, 1981, shall bear interest as follows:
P-4aturities
1982-1985 $ 75,000
1986-1987 125,000
1988 150,000
1989-1990 250,000
1991-1992 150,000
1993 150,000
1994 700,000
1995 700,000
-15-
Interest Rates
10.00%
10.00%
9.600
9.00%
9.30%
9.60%
9.60%
9.50%
t
.
Section 2. The sale of the Bonds to First {Visconsin
National Bank, Milwaukee, wI. , and associates, at the price
recited in the preamble hereof is heceby confirmed, same being
the best bid submitted.
Section 3. The Bonds shall be payable in lawful money oP
the United States of America at First Wisconsin Trust Co.
Milwaukee � Wisconsin � or at
,
Section 4.
at the option of the holder.
In order to provide for the collection of a
direct annual tax sufficient to pay the interest on the Bonds and
to pay and discharge the principal thereof at maturity, there is
hereby levied upon aIl the taxabie property in the City a direct
annual tax in an amount sufPicient for that purpose, to-wi�:
Year of Levy Amount of Tax Year of Levy Amount of Tax
1981
1982
1983
1984
1985
1986
1987
$506,850.00
354,150.00
346,650.00
339,150.00
379,150.00
366,650.00
378,200.00
1988
1989
1990
1991
1992
1993
i99u
�ass,�so.00
437,250.00
319,025.00
3a5,075.00
290,900.00
soo,ioo.00
733,250.00
In each of said years 1981 to 1994, inclusive, the
direct annual tax above levied shall be extended upon the tax
rolls of the City and collected by the officers of the City in
the same manner and at the same time as taxes for general City
purposes for such years are extended and collected, and when so
collected, the proceeds of said taxes shall be used solely for
paying the principal of and intecest on the Bonds, so long as any
of the Bonds remain outstanding.
Section 5• Interest on or principal of the Bonds
falling due at any time when there shall be on hand insufficient
funds from the proceeds of the above tax levy for the payment of
—16—
I�I�r" y . . . .: ; . . . . . x a .::k:S "sr..., . .
such interest or principal shall be paid promptly when due from
other funds of the City, which funds shall be reimbursed therefor
out of the proceeds of the taxes above levied when such taxes
shall have been collected.
Section 6. There is hereby established in the City
treasury a fund separate and distinct from all other funds of
said city to be designated "Series 1981.Corporate Purpose Bonds
Sinking Fund", which fund shall be used solely Por the purpose of
paqing pcincipal of and interest on the Bonds. There shall be
deposited in said fund all premium and accrued interest paid on
the Bonds at the time the Bonds are delivered to the purchaser;
all money raised by taxation pursuant to Section 4 hereof; the
sum of S 1a5.200.00 for the purpose of paying interest on said
bonds payable November 1, 1981; and such other sums as may be
necessary to pay interest on the Bonds when the same sha11 become
due and to retire the Bonds at their respective maturity dates.
Section 7. The Bonds, when the same have been executed
in the manner heretofore provided, shall be delivered by the City
Treasurer to the purchaser thereof upon payment of the purchase
price.
ATTEST:
Adopted April 16, 1981.
Approved , 1981.
City Clerk
-17-
President
=-.fi r = , �,�,...., �f w
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Motion was made by that said
resolution be adopted, and said motion was seconded by
After due consideration, the President
put the question, and upon roll being called, the following voted:
Aye:
Nay:
The President then declared said resolution adopted.
� * �
(Other business)
Upon motion of , the City
Council adjourned.
Approved: April 16, 1981.
ATTEST:
City Clerk
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President
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STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, CONVERSE C. MARKS, hereby certify that I am the duly
qualified and acting City Clerk of the City of Oshkosh, Wisconsin,
and as such official I further certiPy that attached hereto is a
true, correct and compared copy of excerpts from the minutes of
the meeting of the City Council of said city held on April 16,
1981, insofar as same pertain to the sale of $3,050,000 Corporate
Purpose Bonds, Series i981 and $495,000 Promissory Notes, Series
1981 of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken to date in the course of
authorizing said bonds and notes has been recorded by me in a
separate record book pursuant to the provisions of the Wisconsin
Statutes.
I further certify that the initial resolutions adopted
on March 19, 1981 authorizing the issuance of said bonds were
recorded in my office on , 1981, as required by law,
and that no petition has been filed with me or in my office
protesting the issuance of said bonds, requesting that said bonds
not be issued, or requesting a referendum on the question of
issuing said bonds.
WITNESS my official signature and the official seal of
said city this
(AFFIX)
(SEAL )
(HERE )
day of April, 1981.
City Clerk
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