HomeMy WebLinkAbout30996 / 80-21,
October �16, 1980 # 21
I' •�. :�••,1 • I
INITIATED BY: CITY ADNIINISTRATION
f;i�?.Y�2�lil�(i i��l
Wf�REAS, the City of Oshkosh, a NhuLicipal Corporation, located in Winn�bago
Coimty, Wisconsin (the "Mtimicipality"), is in temporary need of ironey in the
azrnmt of 2.5 Niillion Doilars ($2,SCO,OOO.OG} �nrith which to pay its current
and ordinary e�enses; and
WtiEREAS, the governing bociy of the Mtmi.cipality deeins it necessary to its
safety and interest to borma sai.d arrount for said purpose, viz: for general
and current municipal e�enses;
NOW, Tf�HEFURE, BE IT RESOLVID by the governing body o£ the Mimicipality,
that in order to pay the current and ordinary expenses of the Municipality,
the City Manager and the City Clerk are hereby authorized and directed, pursuant
to the provisions of s. 67.12(1), wis. Stats., to borraa from tiure to tisr� from
Valley Bank of Oshkash, (the "Lender"), a total swn not to exceed 2.5 Million Dollars
($2,500,000.00) and to evidence st�h indebtedness said officers shall m3ke,
execute and deliver to the Lender the promissoxy notes of the Miu�icipality to bear
interest at the rate of not to exceed 7.475% per anrnun, be dated when issued and
be payable on March 1, 1981, with prepayccent privileges at any titre aft�r issuanee
o£ said notes; and
BE IT F'[JRI'I3ER RESOLVED that to provic'� for the paynent of the principal
and interest oP said notes when due there shall be and there is hereby levied on
all the taxable property of the Municipality, in addition to all other taxes, a
direct, irxepealable tax sufficient for such puroose. Said tax shall be carried
into the next ±ax ro11_ �f +he Mt,.mic_pali±y l,,mless +_],A no+�s arn sooner pr�� ai�l
and collected as other taxes are collected, as orovided by law, and when said tax
is so collected it shall be kent in a separate and distinct fund and be used for
the sole purpose of paying the principal and interest on said notes; and
BE IT E'tJiu4-IER RESOLVED that the aimunt of said loan evidenced by said
notes shall be used solely for the pL�rposes for which they are issued, but may
be te�orarily invested lmtil needed in legal investments, provided that no such
investtrent shall be in such muuier as would cause the notes to be "arbitrage Bonds"
within the �aning of Section 103(c) (2) of the Internal R�venue Code of 1954, as
a�nded, or the 13�gulations of the Commissioner of Internal R�venue thereimder;
and an officer of the Nhmicipality, charged with the responsibility for issuing
said notes, sha11 certiiy as to facts, estimates and ci�umstances in existence
on the date of closing, which will permit the conclusion that said notes will not
be "arbitrage bonds"; and
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BE IT FUKLYIER RFSOLVED, that the municipal officials are hereby authorized
and directed, so long as said notPS are outstanding, to deliver to the Lencler
any audi.t state�nt or other financial infoxmation as the Lender may reasonable
request and to discuss its affairs and finances with the Lender; and
BE IT FUKPf�R i�SSOLVED that said notes shall be delivez2d from tit[e to
ti�, as nec�ssaxy, to the Lender on or after the date of said notes upon receipt
of the principal am�unt of such loan evidenced thereby.
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- 21B -
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