HomeMy WebLinkAbout31170 / 81-24FebrUdLy 5, 1981 � 24 RFSOLLTION
Thex� will be an Initial Resolution to iss� not to exceed $1,000,000.00
Industsial Developnent Revenue Bonds for 13emis Con�any, Iric. or a whc;lly aaned
s::�siA�:.�,-z,_
CITY OF OSHK0.SH INITIAL RESOLUTIff.�I E'OR REVEVL]E BONLlS
_ 21} _
"�;L`:1:7'i�il i;Y
"5._ _ . -':i)
�.
r
CITY OF OSHKOSH
INITIAL RESOLUTION EOR REVENUE BONDS
h'HEREAS, the City of Oshkosh, Wisconsin (the "Munici-
pality") is authorized by Section 66.521 of the Wisconsin Statutes
(the "Act") to issue industrial development bonds to £inance
costs of certain projects including industrial facilities; and
WHEREAS, the bonds are to be payable from amounts paid
under a Revenue Aqreement relating to the Project being financed
and not £rom tax revenues or other funds of the Municipality; and
WHEREAS, Bemis Company, Inc., a Missouri corporation
or a wholly owned subsidiary (the "Company") wishes to acquire
land in the Municipality and consturct and equip thereon an
industrial faciiity to be initially owned by the Company and to
be initially used by the Company in connection with its business
of manu£acturing industrial carton closing tape and for related
manu£acturing and service activities; and
WHEREAS, the estimated cost o£ the Project is an amount
qreater than $1,000,000; and
WHEREAS, the Company has asked the Municipality to
indicate its intention to provide financinq under the Act for all
or a portion o£ the Project beEore it proceeds; and
WHEREAS, the Project will provide employment oppor-
tunities, enhance the Municipality's tax base and benefit the
Municipality in other ways.
NOW, THEREFORE, BE IT RESOLVED:
(1) To encouraqe the Company to undertake the Project,
the Municipality will pursue a£inancing plan (the "Financing")
under which it will:
(a) issue and sell to purchasers procured by the
Company bonds under the Act in an amount not to exceed
$1,000,000 (the "Bonds");
(b) enter into a revenue agreement with the
Company providing revenue sufficient to pay principal
of, and interest on, the Bonds when due, and requiring
the Company to provide the Project;
(c) assign the revenue agreement to holders of
the Bonds or to a trustee for their benefit and enter
into any other appropriate arrangements requested by
the Company to further secure payment o£ the Bonds.
The revenue agreement will require the Company to provide to the
Municipality revenue su£ficient to pay principal of, and interest
on, the Bonds when due.
,, .
(2) The Bonds shall never constitute an indebtedness
o£ the Municipality within the meaning of any state constitutional
provision or statutory limitation and shall not constitute or
give rise to a pecuniary liability of the Municipality or a
charge against the Municipality's general credit or taxing powers.
(3) The appropriate officers o£ the Municipality are
authorized to negotiate the terms of the Financing and a11 related
documents provided that all terms and documents shall be subject
to this Resolution and the Act and shall not be binding unless
and until:
JTW36:A
(a) the details of the Financing are authorized
and approved by further resolution of this Board;
(b) the electors of the Municipality sha11 have
been given the opportunity to petition for a re£erendum
as required by the Act;
(c) either (i) no petition shall have been timely
Piled or (ii) a petition shall have been timely filed
and a referendum shall have approved the issuance of
the Bonds; and
(d) all documents required in connection with the
Financing shall have been duly executed and delivered
by the parties.
(4) The Clerk is directed to:
(a) publish notice of adoption o£ this Resolution
as a class 1 notice under Chapter 985, Wis. Stats., in
a newspaper eligible to make such publication for the
Municipality in substantially the form attached to this
Resolution; and
(b) fiie with the Secretary of Development of the
State o£ Wisconsin a copy of this Resolution and a copy
of the notice of adoption within ten days following
publication o£ the notice.
Adopted ��/.��u� -LZ J , 1981
� /�
"l!/9�'l� t%L4
Clerk
Approved , 1981
/"' �
ay - .
City Manager
-Z-
�
NOTICE TO ELECTORS OF
THE CITY OF OSHKOSH
WISCONSIN
The City Council of the City of Oshkosh, Wisconsin,
(the "Municipality") on. � �� 1981, adopted an initial
resolution, pursuant to Section 66.521 0£ the Wisconsin Statutes
stating the intent of the Munic pality to issue revenue bonds in
an amount not to exceed $1,000,000 for the purpose of financinq
all or a portion of the costs related to the acquisition o£ land
in the Municipality and the constructing and equipping thereon of
an industrial facility (the "Project") which is to be initially
owned and used by Bemis Company, Inc., a Missouri corporation or
a wholly owned subsidiary (the "Company") in connection with the
Company's business of manu£acturing industrial carton closinq
tape and £or related manufacturing and service activities and to
enter into a related revenue agreement with the Company.
IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM THE
REVENUES DERIVED FROM A REVENUE AGREEMENT RELATING TO THE FINANCED
PROJECT OR, IN THE EVENT OF DEFAULT OF THE REVENUE AGREEMENT, AS
OTHERWISE AUTHORIZED BY THE MUNICIPALITY AND PERMITTED BY LAW.
THE BONDS WOULD NOT CONSTITUTE AN INDEBTEDNESS OF THE MUNICIPALITY
WITAIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR
STATUTORY LIMITATION, AND WOULD NOT CONSTITUTE OR GIVE RISE TO A
PECUNIARY LIABILITY OF THE MUNICIPALITY OR ITS OFFICERS OR A
CHARGE AGAINST THE MUNICIPALITY'S GENERAL CREDIT OR TAXING POWERS.
The resolution may be inspected by any elector of the
Municipality at the o££ice of the Clerk, City Hall, 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
referendum upon the question o£ the issuance of the Bonds:
"(d) The governing body may issue bonds
under this section without submitting the
proposition to the electors o£ the munici-
pality £or approval unless within 30 days
from the date of publication of notice of
adoption of the initial resolution for such
bonds, a petition, signed by not less than 5%
of the registered electors o£ the municipality,
or, if there is no registration o£ electors
in the municipality, by 10% of the number of
electors of the municipality voting for the
of£ice of governor at the last general elec-
tion as determined under s.115.01(13), is
filed with the clerk of the municipality
requestinq a re£erendum upon the question of
the issuance of the bonds. I£ such a peti-
tion is filed, the bonds shall not be issued
,
JTW36:B
until approved by a majority of the electors
of the municipality voting thereon at a
general or special election."
Dated: L� ' , 1981
-2-
�"l/i/(- jfILCL�Z� L;' /� �lt�
Clerk
�
N
�
�
�� �
�
ri
� SI
'ri o
.N w
�
� �
H 'CS
�
N O
`J P�
O
Fi N
� �
�y�
O' N �
J � CL' H
� �i �
O [d -
ri ri O
J� F-i U
� J>
ri W W
6 � �-i
� � �
N � N
�.Kp�
�
v
ar
N
�
�
J-> •
a �o
o �
6 F�-i
O �
H U
�
O
�-1
N
O
�
` ..._... ..
I
r-i
�
�
�
�
�
�,
N
�
F�
R
N
�
x
i,
�
�
U
�
J�
ri
U