HomeMy WebLinkAbout31080 / 80-27Dece.nber 4, 1980 # 27 RESOLLIPICN
There wi.11 be an Initial I�solution to issue not to exoeed $1,000,000.00
Industrial Development Revenue Bonds for Oshkosh Wood Pxoducts Corporati�.
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CITY COUNCIL
OF THE
CITY OF OSHKOSH, WISCONSIN
Resolution No. �7
INITIAL RESOLUTION
RELATING TO
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING
ON BEHALF OF
OSHKOSH WCOD PRODUCTS CORPORATION
WHEREAS, the City of Oshkosh, Wi�consin (the "Munici-
pality") is a municipal corporation organized and existing
under and pursuant to the laws of the State of Wisconsin and is
rauthorized by Section 66.521 Wisconsin St�tutes, :is amended
(hereinxfter sometimes referred to as the "Act"), to:
(a) issue revenue bonds to finance all or any part of
the costs of the construction, equipping, reequipping,
acquisition, purchase, installation, reconstruction, re-
building, rehabilitation, improving, supplementing, re-
placing, maintaining, repairing, enlarging, extending or
remodeling of a project which qualifies under the Act and
the improvement of the site therefor; and
(b) enter into a revenue agreement with an eligible
participant pursuant to which the eligible participant
agrees to cause said project to be constructed and to pay
the Municipality an amount of funds sufficient to provide
for the prompt payment when due of the principal of and
interest on said revenue bonds; and
WHEREAS, Oshkosh Wood Products Cotporation, a Wisconsin
corporation ([he "Eligible Perticipant") hes been considering
undertaking a project in the Municipality, and the EliKible
Participant has represented to the Mu�icipality thet it would be
an encouragement and inducement for the Eligible Participant to
proceed if the project could be financed with revenue bonds;
and
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WHEREAS, the Eligible Participant has represented that
the intended use of the project is for the purpose oF inanu-
facturing wooden adjustable crutches and related activities
and that the project would consist of constructing and equipping
a new buildin� (hereinafter called the "Project"); and
WHEREAS, the Eligible Participant has est{mated that
the cost of the Project woul�i be approximately $750,000 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 expected to be paid from proceeds of the
revenue bonds has been filed with the Clerk and with the 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
WHGREAS, it is the findinq and determinatton of
this body thaC lhe Project is a qualified "project" within
the meaning of the Act and that the E1i�ible Participant is an
"eligible participant" within the meanin� of the Act; and
WHEREAS, it is the finding and determination oE
this body that the Municipality would derive public benefits
from the Project and its operation, including by way of il-
lustratio❑ but not limitation the following: the provision and
retention of gainful employment opportu^ities for the citizens of
the Municipality; the stimulation of the flow of investment
capital into the Municipality with resultant beneficial effects
on the economy in the Municipality; and the preservation 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 Munici-
pality were to encoucage and induce the Eligible Participant to
undertake the Project in the Municipality;
NOW, THEREFORE, BE IT RESOLVED:
1. Subject to the conditions specified in para-
graph 2, the Municipality shall pursue and consummate a financing,
having the following elements:
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(a) The Municipality shall issue revenue bonds pur-
suant to the Act at one or more times in one or more series
in such a�gregate principal amount not in excess of
$1,000,000 as the Eligible Participant shall request;
provided, however, thet the �ctual a�greRate principal
amount shall not be greater than the then estimated ag-
qregate cost of providing the Project and paying the costs
incident to the financinK thereof (said bonds being here-
inafter called the "Bonds").
(b) The Bonds shall be limited obligations oE the
Municipality payable by the Municipality solely out of
revenues derived from the Eligible Participant or otherwise
provided for pursuant to [he terms of a loan or similar
agreement (hereinafter calLed the "Revenue Agreement") to be
entered into betwee❑ the Municipality and the Eligible
Participant.
(c) The Revenue Agreement shall 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 limit:3tions as the Eligible Participant
and the iniCial Bond purchaser(s) shall propose.
2. The is:,uance of the Bonds by the Municipality
shall be on the following conditions:
(a) The Bonds shall not constitute an indebtedness of
the Municipality within the meanin� of any State constitu-
tional provision or statutory limita[ion.
(b) The Bonds shall not constitute 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 p�rchasers for all of the Bonds.
(d) Prior to the issuance of the Bonds: (i) the
electors of the Municipality sha11 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 shall have approved the Bond
issue; and (iii) this body, by further resolution, shall
have authorized and approved the terms of the Bonds and the
Revenue Agreement.
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(e) The Bonds shall be issued pursuant to the Act, and
the delivery of the Bonds shall be accompanied with the
unqualiEied 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 Yarticipant.
3. All out-of-pocket costs in connection with the
issuance and sale of the Bonds shall be paid either fcom 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 Northwestern (the Munici-
pality's official newspaper, for the publication of notices
pursuant to Chapter 985 of the Wisconsin Statutes), and sha11
cause evidence of publication (i�cluding 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 Develop-
ment of the State of Wisconsin within 20 days following publi-
cation of such notice.
5. This Resolution is an "initial resolution" within
the meaning of the Act and official action toward issuance of the
eonds for purposes of Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations promulgated thereunder.
b. This Resolution
upon its passage and approval
been issued prior thereto, the
given by this Resolution sha11
date of the date oF adoption of
date as this body may specify by
or after such date.
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shall be effective immediately
. Unless the Bonds sha11 have
authorities and authorizations
expire on the second anniversary
this Resolution or on such later
resolution adopted either before
CERTIFICATIONS BY CLERK
I, Converse C. Marks, being first duly sworn, do hereby
depose and certiFy that I am the duly appointed, qualified end
acting Clerk oE the City oE Oshkosh, {n the County of Winnebego,
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 Council; that I have carefuliy compared the transcript
hereto attached with the aforesaid corporate records; that said
transcript hereto attached is a true, correct and complete copy
of all the corporate records in relation to the adoption of
Resolution No. 27 entitled:
INITIAL RESOLUTION
RELATING TO
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING
ON BEHALF OF
OSHKOSH WOOD PRODUCTS CORPORATION
I do hereby further depose and certify 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.M. on
December 4, 1980. Said meeting was a regular meeting of the City
Council and was held io open session in compliance with Sub-
chapter IV oF Chapter 19 of the Wisconsin Statutes.
2. Said resolution was on the a�enda for said meeting
and public notice thereof was given not less than 24 hours prior
Co 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 Ha11, by notice to
those news media who have filed a written request for notice of
meetings and by notice to the official newspaper of the City.
3. Said meeting was called to order by Mayor pon
Kutchera who chaired the meeting. Upon roll I noted and recorded
that the following council members were present:
Chapin, Floyd R. Mather, James A.
Propp, Kathleen M. Pun�, Robert E.
Schiefelbein, Ken R. Teichmiller, Bernice
Kutchera, Don H. (7)
and that the following council members were absent:
None
I noted and recorded that a quorum was present. Various matters
and business were taken up during the course of the meeting with-
out intervention of any closed session. One of the matters taken
up was said resolution which was introduced and its adoptio❑ was
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moved by Council Member Mather , and seconded by Council
Member Pung Following discussion and after all
council members w�—�esired to do so had expressed their views
for or against said resolution, the question was called and upon
roll being called and the continued presence of a quorum being
noted, the recorded vote was as foliows:
Aye: Chapin, Mather, Propp, Pung,
Srh;efe�be�n Teichmiller,
xvtchera
Nay:
Abstain: None
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 resolution with the Secretary
of the Department of Business Development of the State of Wis-
consin 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 4tn day of December ,
1980.
[M�nicipal Seal]
STATE OF WISCONSIN )
) SS
COUNTY OF WINNEBAGO )
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Subscribed and sworn to before me this day, the
date last above written.
Notary Pubiic
My commission expires:
[Notarial Seal]
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