HomeMy WebLinkAbout31236 / 81-32-24Res
March 19, 1981
PURPOSE: INITIAL RESOLUTIONS RE:
BONDS, SERIES 1981
INITIATED BY: CITY ACMINISTRATION
# 24-32
S3,o50,000
RESOLUTIONS
CORPORATE PURPOSES
#24 1. lNITIAL RESOLUTION authorizing not exceedina $544,OOC
bon�s of the City of Os,:kcsh f�r ;he purpcsa of p�y�r�g
the cost of providing street improvements. �
Res. �25 2
Res. #26 3
Res. #27 4
INITIAL RESOLUTION authorizing not exceeding $317,000
bonds of the City of Oshkosh for the purpose of paying
the cost of improving and extending storm sewers.
INITIAL RESO�UTION authorizing not exceeding $25,000 bonds
of the City of Oshkosh for the purpose of paying the cost of
improving and extending water mains.
INITIAI RESOLUTION authorizing not exceeding $1,000,000
bonds of the City of Oshkosh for the purpose of paying
the cost of constructing bridges.
Res. #28 5• INITIAL RESOLUTION authorizing not exceeding $207,000
honds of the City of Oshkosh for the purpose of paying
the cost of providing park improvements.
Res
Res
#23 6. INITIAL RESOLUTION authorizing not exceeding $759,000
bonds of the City of ��shk.osh for the purpose of paying
the cost to acquire and develop sites for industrial
a�lrpr�ses. .
�30 7. INITIAL RESOLUTION au[horizing not exceeding $93,OG0 benus
of the City of Qshkosh for the purpose of paying the cost
of a revolving Pund out of which to advance the cost of
work for which special assessm_nts may be levied.
Res. a31 8. RESOlUT10N providing details of $3,050,000 Corporate
Purpose Bonds of the City of Oshkosh and directing the
sale thereof.
Res. �`32 9• RESOLUTION directing the advertisement and sale of
$495,000 Prcmissory Notes, Series 1981, of the City of
Oshkosh, Wisconsin.
E"'T,:.._T'iTED F1'!
---- -------- ----
�'�` � �W �f
, •
The City Council of the City of Oshkosh, tJisconsin met in
regular open, public session at its regular meetin� place on
Tlarch 19, 19�1, at o'clock _.P1., with the following
members present:
Absent:
* � �
(Other business)
The Followin� initial resolution offered and read on
?".arch 5, 1981 was a�;ain read in full:
INITIAL RESOLUTION authorizing
not exceeding 317,000 bonds
of the City of Oshkosh.
BE IT RESOLVED by the Cit� Council of the City of OshY.osh,
Wisconsin, th2t there shall be issued the general obligation
bonds of said City in the principal amount of not exceeding
�317,000 for the purpose of improving and extending the storr�
sewer system of said City. For the purpose of paying the
various installments of principal and interest on said bonds as
they severally mature, there is hereb� levied on all taxable
property in said City a direct annual irrepealable tax sufficient
for that purpose.
Approved , 1981.
Recorden , 1981.
It was moved by
resident
City Cler};
and seconded by
that said resolution be adopted. Upon
roll be;ng called, the following voted:
Aye:
Na,y :
The following initial resolution offered and read on
14arch 5, 1981 was again read in full:
INITIAL RESOLUTION authorizing
not exceeding 25,000 bonds
of the City of Oshkosh.
BE IT RESOLVED by the City Council of the City of Oshkosh,
Wisconsin, that there shall be issued the general obligation
bonds of said City in the principal amount of not exceeding
w�25,�00 for the purpose of improving and extending water mains
of said City. For the purpose of payin� the various installments
of principal and interest on said bonds as they severally mature,
-Z-
there is hereby levied on all taxable property in said City a
direct annual irrepealable tax sufficient for that purpose.
Approved _ , 19R1.
Recorded , 1981.
resident
City Clerk
It was moved by and seconded by
that said resolution be adopted. Upon
roll bein� called, the following voted:
Aye:
Nav:
The following initial resolution offered and read on
?^.arch 5, 1981 was again read in full:
INITIAL RESOLUTION authorizing
not exceeding 9,000 bonds
of the City of Oshkosh.
RF. IT RESOLVED by the City Council of the City of Oshkosh,
idisconsin, that there shall be issued the general obligation
bonds of said City in the principal amount of not exceeding
$649,000 for the purpose of providing street improvements of
said City. For the purpose of paying the various installments
of principal and interest on said bonds as they severally mature,
-3-
,
there is hereby levied on all taxable property in said City a
direct annual irrepealable tax sufficient for that purpose.
Approved , 1981.
Recorded , 1981.
resident
y �le
It was moved by and seconded by
that said resolution be adopted. Upon
roll being called, the following voted:
Aye:
Nay:
The followin� initial resolution offered and read on
P^arch 5, 1981 was again read in full:
IPIITIAL RESOLUTION authorizing
not exceeding 207,000 bonds
of the City of Oshkosh.
EE IT RESOLVED by the City Council of the City of Oshkosh,
Wisconsin, that there shall be issued the general obligation
bonds of said City in the principal amount of not exceeding
�a20'],000 for the purPose of providing and improving public parks
of said City. For the purpose of paying the various installments
of principal and interest on said bonds as they severally mature,
—�—
�
there is hereby levied on all taxable property in said City a
direct annual irrepealable tax sufficient for that purpose.
Approved , 1981.
Recorded , 1981.
It was moved by
residen
City Clerk
and seconded by
that said resolution be adopted. Upon
roll bein� called, the following voted:
A;�e:
r.1ay :
The followin�; initial resolution o£fered and read on
Plarch 5, 1981 was again read in full.
INITIAL RESOLUTION authorizing
not exceeding 1,000,000 bonds
of the City o£ Oshlcosh.
BE IT RESOLVED by the Cit� Council of the City of Oshkosh,
Wisconsin, that there shall be issued the general obligation
bonds of saic� City in the principal ar�ount of not exceeding
$1,000,000 for the purpose of constructing bridges in said City.
For the purpose of paying the various installments of principal
and interest on said bonds as they severally mature, there is
-5-
hereby levied on all taxable property in said City a direct
annual irrepealable tax sufficient for that purpose.
Approved , 1981.
Recorded , 1981.
It was moved by
residen
City Clerk
and seconded by
that said resolution be adopted. Upon
roll being called, the follooring voted:
Aye:
Nay:
The followin� initial resolution offered and read on
t?arch 5, 1981 was again read in full:
INITIAL RESOLUTION authorizing
not exceeding 759,000 bonds
of the City of Oshkosh.
PE IT P,ESOLVED by the City Council of the City of Oshkosh,
Wisconsin, that there shall be issued the general obligation
boiids of said City in the principal amount of not exceeding
$759,000 for the purpose of acquiring and developing sites for
industrial par�s in said City. For the purpose of paying the
various installments of principal and interest on said bonds
�Z
as they severally mature, there is hereby levied on all taxable
property in said City a direct annual irrepealable tax sufficient
for that purpose.
ApProved , 1981.
Recorded
It was moved by
, 1981.
residen
City Clery
and seconded by
that said resolution be adopted. Upon
roll being called, the following voted:
Aye:
Nay:
The following initial resolution offered and read on
T?arch 5, 19R1 was again read in full:
INITIAL RESOLUTION authorizing
not exceeding 93,000 bonds
of the City of Oshkosh.
BE IT RESOLVED by the City Council of the City of Oshkosh,
Wisconsin, t}�at there shall be issued the general obligation
bonds of said City in the principal amount of not exceedin�
$93,000 for the purpose of creating a revolving fund out of which
to advance the cost o£ work for which special assessments will be
levied in said City. For the purpose of paying the various
-7-
installments of principal and interest on said bonds as they
severally mature, there is hereby levied on all taxable property
in said City a direct annual irrepealable tax sufficient for
that purpose.
Approved , 1981.
Recorded , 1981.
resident
e'
It was moved by and seconded by
that said resolution be adopted. Upon
roll being called, the followin� voted:
Aye:
Nay:
The followin�* resolution was thereupon introduced and
read in full:
RESOLUTION providing details of
3,050,000 Corporate Purpose Bonds
of the City of Oshkosh and directing
the sale thereof.
WHF.REAS by initial resolutions duly adopted on March 19,
1981, there have been authorized to be issued bonds o£ the City
of Oshkosh (the "City') in the ar^ounts and for the purposes as
follows:
v�317,000 for the purpose of improving and extending the
storm sewer system;
$25,�00 for the purpose of improvin� and extending
water mains;
�
0
and
$649,000 for the purpose of providing street
improvements;
$207,000 for the purpose of providing and improving
public parks;
$1,000,000 for the purpose of constructing bridges;
$759,��0 for the purpose of acquiring and developing
sites for industrial parks;
$93,000 for the purpose of creating a revolving fund
out o£ which to advance the cost of work for which
special assessments will be levied;
WHEREAS it is now necessary that bonds be sold and issued
for the purposes aforesaid in the total principal amount of
�3,050,000; and
WHF.REAS the City is authorized by Section 6%.05�13),
4?isconsin Statutes, to combine bonds authorized under various
initial resolutions into one issue:
NOId, THEREFORE, Re It F.esolved by the City Council of the
City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. The bonds authorized by the initial resolutions
adopted by this City Council on tTarch 19, 1981, and referred to
in the preamble hereto, shall be sold and issued as a single issue
in the principal amount o£ 33,�50,000 to be designated "Corporate
Purpose Bonds, Series 1981° (the 'Bonds"), shall be dated P7ay 1,
19�1, shall be of $5,000 denomination each, shall be numbered 1
to 610, inclusive, and shall mature serially in nuMerical order
without option of prior redemption on P1ay 1 of each of the years
1982 to 1995, inclusive, as follows:
Year
19£32
1983
1984
1985
1985
19�7
19�8
l�mount
$ 75,O�o
75,000
75,000
75,000
125,000
125,�Oo
150,000
�
Year
1989
1990
� i99/
1992
1993
1994
1995
Amount
$250,000
250,000
150,000
150,000
150,000
700,000
700,000
The Aonds shall bear interest at a rate or rates to be
hereafter determined, but not exceeding 12 per cent per annum, pay-
able on November l, 1981, and semiannually thereafter on P�ay 1 and
November 1 of each year, and shall be signed by the City P9anager
with his facsimile signature, and by the City Clerk, and sealed
with the corporate seal of the City. Interest upon the Bonds
shall be evidenced by coupons thereto attached, such coupons to
be si�ned by said City Tlanager and City Clerk with their respective
facsi�ile signatures, and said officers shall by the execution of
the Ronds adopt as and for their own official signatures their
respective facsimile si�natures appearing upon sai� coupons. The
Bonds shall be payable, both principal and interest, in lawful
money of the United States of America at a bank or banks, not
exceeding two, to be desi�nated by the purchaser of the Bonds.
Section 2. The Ronds shall be registrable as to principal
in the manner and with the effect provided in the form of Bor.d
hereinafter set out.
Section 3. The Ronds and coupons shall be in substantially
the following form, the omissions to be appropriately completed
when the Aonds are printed:
-10-
(Form of Bond)
UNITED STATES OF AP?ERICA
STATR OF WISCONSIN
COUNTY OF WINPIEBAGO
CITY OF OSHKOSH
CORPORATE PURPOSE BOND, SERIES 1981
Stater�ent of the value of all the taxable
property in said City of Oshkosh according to
the last precedin�* assessment thereof for state
and county taxes, as equalized by the State of
1•]isconsin Department of Revenue, being for the
year 19 . . . . . . . . . . . . . . . . . . . . . $
Statement of the value of all the taxable
property in territory attached to said city for
school purposes according to the last preceding
assessment thereof for state and county taxes,
as equalized by the State of Wisconsin Departr�ent
of Revenue, being for the year 19 .......$
Aggregate amount of existing bonded indebt-
edness of said city, including this issue .....$
No.
�5000
KNOW ALL P1EN AY THESE PRESENTS: That the City of Oshkosh,
(the "City") in the County of Winnebago and State o£ Wisconsin,
hereby acknowledges itself to owe, and for value received promises
to pay to bearer, or to the registered holder if this bond shall
then be registered as to principal, the principal sun� of Five
Thousand Dollars ($5���) on the first day of T1ay, 19 , with
interest at the rate of
per cent ( %) per annum from the date hereof until the
principal amount shall have been fully paid, such interest bein�
payable November 1, 1981, anc3 semiannually thereafter on May 1
and November 1 of each year, interest to maturity being payable
only upon presentation and surrender of the interest coupons
attached hereto as they severally mature. Both principal hereof
and interest hereon are hereby made payable in lawful money of
-11-
the United States of America.at
,
, , or at ,
, , at the option of the holder. For
the prompt payment of this bond with interest hereon as aforesaid
and for the levy of taxes suf£icient for that purpose, the full
faith, credit and resources of the City are hereby irrecovably
pledged.
This bond is one of an issue of $3,�50,000 issued for the
purpose of providing funds in the amounts and for the purposes
as follows:
�31�,000 for the purpose of improving and extending the
storm sewer syste�;
�25,��0 for the purpose of improving and extending
water mains;
$649,000 for the purpose of providing street
improvements;
�207,000 for the purpose of providing and improving
public parks;
$1,000,000 for the purpose of constructing bridges;
$759,000 for the purpose of acquiring and developing
sites for industrial parks;
$93,000 for the purpose of creating a revolving fund
out of which to advance the cost of work £or which
special assessments tirill be levied;
pursuant to and in all respects in compliance with Chapter 67
of the �lisconsin Statutes and acts supplemental thereto, and a
resolution duly adopted by the City Council of the City on
March 19, 1981.
This bond is registrable as to principal in accordance
with the provisions endorsed on the reverse side hereof.
It is hereby certified and recited that all conditi�ns,
things and acts required by law to exist, to be or to be done,
precedent to and in the issuance of this bond and the issue of
which it is a part, have been, have existed, and have been
performed in due form and time as required by law; that the
-12-
indebtedness of the City, including this bond, does not exceed
any limitation imposed by law; and that the City has levied a
direct annual irrepealable tax sufficient to pay the interest
hereon when it falls due and also to pay and discharge the
principal hereof at maturity.
IN WITNESS WHFRFOF the City of Oshkosh, by its City Council,
has caused this bond to be signed by its City t;anager with his
facsimile signature, and by its City Cler�, and its corporate seal
to be i�pressed hereon, and the coupons hereto attached to be
signed by said City P1ana�er and City Clerk vrith their respective
facsiMile signatures, and said officers, by the execution of this
bond, do adopt as and for their own official signatures their
respective facsimile signatures appearing on said coupons, as of
the first dav of f1ay, 1981.
(facsi�ile signature)
City C1erY, City P?anager
(Forr� of Coupon)
No. $
On the first day of , 19 , the City of Oshkosh,
ilisconsin, will pa� to bearer the amount shown hereon in lawful
money of the United States of America at
,
,
,
or at
, at the
option of the holder, upon presentation and surrender of this
coupon £or interest due that day on its Corporate Purpose Bond,
Series 1981, dated 17ay 1, 1981, No.
facsiimile si�nature) (facsimile signature)
City Clerk City Manager
-13-
�
(Provision for Registration)
The within Rond may be registered in the name of the
holder as to principal only on books to be kept by the City Clerk
of the City of Oshkosh, as Bond Registrar, such registration to
be noted hereon in the re�istration blank below, after which no
transfer shall be valid unless made on said bool;s at the request
of the registered holder or his attorney thereunto duly authorized
and sir�ilarly noted in said registration blank below, but this
Rond may be dischar�ed £rom registration by being transferred to
bearer, a£ter which it shall be transferable by delivery but may
be again re�istered as before. Such registration shall not impair
the negotiahility by delivery of the coupons attached to this Bond.
Date of . Name of . Address of . Signature
Reeistration : P.e�istered Holder : Re�istered Holder : of Re�istrar
e
e
A
e
e
A
A
Section 4. The Ronds shall be sold at public sale in the
manner provided by law on or about April 16, 1981. Notice of
the sale of the Ronds shall be published once in the official
city newspaper, and in The Bond Buyer, published in P.ew York,
ldew York. Such publication shall be at least 10 days prior to
the sale date and shall be in substantially the form provided in
Exhibit "A" attached hereto. The Director oF Administration
shall prepare and distribute an Official Statement, including an
�fficial Notice of Sale which shall be in substantially the form
provided in Exhibit "B" attached hereto.
—14—
Section 5. When the Bonds shall have been sold, this
City Council will adopt proceedings so as to award the Bonds,
fix the interest rates thereon in accordance with the bid accepted,
and levy taxes to �eet principal and interest thereon at maturity
as require� by law.
Section 6. The proceeds received from the sale of the
Bonds shall be deposited in a special £und and used solely for
the a£oresaid purposes for which the Bonds were authorized. The
City recognizes that the purchasers and holders of the Bonds will
have accepted them on, and paid therefor a price which reflects,
the understanding that interest thereon is exempt from £ederal
income taxation under laws in force at the time the Bonds shall
have been delivered. In this connection the City agrees that
it shall ta�ce no action which may render the interest on any
of the Fonds subject to Federal income taxation and that the
principal proceeds of the sale of the Eonds shall be devoted to
and used with due diligence for the comoletion of the facilities
for which the Ronds are herein authorized to be issued. The
Director o£ Administration, the Clerk and the Treasurer of the
City, or any of them, are hereby authorized to execute on behalf
of the City an Arbitrage Certificate to assure the purchasers
an� holders of the Eonds that the proceeds of the Bonds are not
expected to be used in a manner which would or might result in
the Bonds being "arbitra�e bonds" under Section 103(c) of the
Internal Revenue Code of 195�, as amended, or the regulations of
the United States Treasury Department currently in effect or
proposed. Such Arbitrage Certificate shall constitute a repre-
sentation and certification of the City and no investment of
Aond proceeds or of moneys accumulated to pay the Bonds herein
-15-
authorized shall be made in violation of the expectations
prescribed by said Arbitrage Certificate.
Adopted P7arch 19, 1981.
Recorded , 19�1.
T1otion 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:
Thereupon the £ollowing resolution was introduced by
and read in full:
RESOLUTION directing the advertisement
and sale of �495,000 Promissory Notes,
Series 1981, of the City of Oshkosh,
Wisconsin.
idHF,REAS it is necessary that funds be raised in the amount
of $U95,000 for the purpose of providing for permanent improvement
of lands, acquisition o£ equipment and public work consisting of
construction of sidewalks, bridge lighting, improvements to a
public buildin� and acquiring major equipment; and
WHERF.AS cities are authorized by the provisions of Section
67.12(12) of the Wisconsin Statutes to borrow money and issue
promissory notes for permanent improvement of lands, public work
-16-
and improvements and acquisition of equipment and machinery; and
WHF,REAS it is considered necessary and desirable by the
City Council of the City of Oshkosh, Wisconsin (the "City"), that
the City borrow 5495,000 for the purpose of providing funds for
the purpose a£oresaid, and that the City issue to the lender its
promissory notes to evidence the indebtedness thereby incurred; and
WHEREAS it is considered desirable to offer said promissory
notes at public sale on April 16, 1981, in conjunction with the
sale of 53,�50,000 Corporate Purpose Bonds, Series 1981, in order
to obtain the best possible terms for the City;
NO[1, THEREFORE, Be It Resolved by the City Council of the
City of Oshkosh, 47inneba�o County, Wisconsin, as follows:
Section l. For the purpose of paying the cost of providing
permanent i�provement of lands, public work and improve�ents and
acquisition of equipment as described in the preamble hereto,
there shall be borrowed the sum of �495,000 and to evidence such
indebtedness the City shall issue to the lender its promissory
notes in the a�gregate principal amount of $495,000.
Section 2. Said notes shall be sold at public sale on or
about April 16, 19�1, and shall be advertised for sale by the
City Clerk by the publication of a notice in the Osh�osh Daily
Northwestern, published in Oshkosh, Wisconsin, and in The Eond
R,uyer published in New York, New York, as a Class 1 notice.
Such publication shall be in substantially the form set out as
F.xhibit "A" to a resolution entitled "RESOLUTION providing details
of $3,050,000 Corporate Purpose Bonds of the City of Oshkosh and
directin� the sale thereof." The Director of Administration
shall cause to be prepared and distributed an Official Statement,
including an Official Notice of Sale which shall be in substantially
the form set out as Exhibit "B" to a resolution entitled "RESOLUTION
-17-
providin� details of $3,�50,000 Corporate Purpose Bonds of the
City of Oshkosh and directin� the sale thereof."
Section 3• After bids shall have been received for said
notes this City Council will adopt additional proceedings to
award said notes to the best bidder, prescribe the terms of said
notes, and the forms of note and coupon, and levy taxes to pay
principal and interest.
Adopted P7arch 19, 19801
Recorded , 19�1.
Attest:
resiaen
City Clerk
Aye:
iday :
The President thereupon declared saic� resolution duly
adopted.
* � �
(Other business)
There being no further business to come before the City
Council it was moved by , seconded by
, and unamimously carried that the
City Council adjourn.
ATTEST:
Approved , 1981.
City Clerk
-18-
President
STATE OF L�IISCONSIN )
) SS:
COUNTY OF WINP7F,GABO )
I,
, hereby certify that I am
the duly qualified and acting City Clerk of the City of Oshkosh,
Wisconsin, and as such official I further certify that attached
hereto is a copy of excerpts from the ninutes of the meeting of
the City Council of said City held on tlarch 19, 1981 that I have
cor:pared said copy with the original minute record of said meeting
in my official custody; and that said copy is a true, correct and
said original record relates to the proposed $3,050,000 general
obligation bonds and $495,000 Pror�issory Notes of said City.
WITNESS m;� official signature and the seal of said City
this day o£ , 1981.
(S E A L)
City Clerk
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