HomeMy WebLinkAbout30957 / 80-33A D D E N p U M
September 18, 1980 # 33 RESOLUTION
There will be an Tnitial Resolution to issue not to exceed
$1,500,000.00 Tndu�trial Development Revenue Bonds for the
Universal Foundry Company Pro�ect.
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CITY COUNCII.
OF THC
CITY OF OSHKOSIi, WISCONSIN
Resolution No. ' '�
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INI'fIAL RESOLUTION
RELATING TO
INDUSTRIAL DEVEI.OPMENT REVENUE BOND FINANCING
ON BEHALF OF
UNIVSRSAL FOUNDRY COMYANY
WHEREAS, the City of Oshkosh, Wisconsin (the "Munici-
pality") is a municipal corporation organized and existing
under and pursuant to the laws uf the State of Wisconsin and is
authorized by Section 66.521 Wisconsin Statutes, as amended
(hereinaEter sometimes referred to as the "Act"), to:
(a) issue revenue bonds to finance all or any part of
the costs of the construcCion, equipping, reequipping,
acquisition, purchase, installation, reconstruction, re-
building, rehabilitation, improvinK, supplementing, re-
placing, maintaini�g, repairing, enlarging, extendin�; ot
remodeling of a project which qualiEies under the Act anc
the improvement oE the site therefoc; and
(b) enter into a revenue agreement with an eligible
participant pursuant to which the eligible participa�t
agrees to cause said project to be construcCed and to pay
the Municipality an amount of funds sufficient to provide
for the prompt payment when due oE the principal of and
intetest on said revenue bonds; and
WHEREAS, Universal Foundry Company,
poratiun (the "Eligible Participant") has
undertaking a polLution control project in the
the F.Li�ible Participant fias represented to the
it would be an e�couragement and inducement
Participant to proceed iE the project could
revenue bonds; and
a Wisconsin cor-
been considerin�
Municipality, and
Municipality that
for the Eligible
be financed with
WHF.REAS, the ELi�ible Pacticipant has represented that
the intended use of the project is for the purpose of controlling
dust and particulate emission �nd controlling and pceventing
waCer pollution and that the project would consist of a dust
collection system, namely, a ventillation sys[em, hoods, duct-
work, baghouse, st�uctural support and mezzanines, and solid
waste box; fuKitive dust control items, namely, shakeouts,
casting, cooling and handling system, and sand cooler; cooling
tower; and a water collection system Eor transformers (herein-
after. called the "Yroject"); and
1dHEREAS, the Eligible Parlicipant has estimated that
the cost of the Project would be approximately $1,200,000 but,
with allowance Eor modifications, design changes, and inflation
could be as high as $1,500,000; and
WHEKEAS, 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 larKe fLow of private investment funds into the
Municipality; and
WHEREAS, it is the finding and determination of
this body that the Project is a qualified "project" within
the meaning of the Act and that the Eligible Participant is an
"eligible participant" within the meaning of the Act; and
WHEREAS, it is the findin� and determination of
this body theit the Municipality would derive public benefits
from the Project and its operation, including by way of il-
lustration Uut not limitation the following: the pcovision and
retention of gainful employment opportunities 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 iE the Munici-
pality were to encourage and induce the Eligible Participant to
undertake the Project in the Municipality;
NOW, THEREFORE, BE IT RESOLVEll:
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l. Subject to the conditions speciEied in para-
graph 2, the Municipality shall pursue and consummate a financing
having the following elements:
(a) The Municipality shall issue revenue bonds pur-
suant to the Act at one or more times in one or more series
in such aK�reKate principal amount ❑ot in excess of
$1,500,000 as the Eligible Participant shall request;
provided, however, that the actual aggrega[e principal
amount sha11 not be greater than the then estimated aggre-
gate cost of providing the Project and paying the costs
incident to the financing thereof (said bonds being here-
inaEter caLLed the "Bonds").
(b) The Bonds shall be limited obligations of the
Municipality payable by the Municipality solely out of
revenues derived from the Eligible Participant or otherwise
provided for pursuant to the terms of a luan or similar
agreement (hereinafter called the "Revenue Agreement") to be
entered into between the Municipality and the Eligible
Participant.
(c) The Revenue A�reement sha11 require the Eligible
Parlicipant to acquice, 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 limitations as the Eligible Participant
and the initial Bond purchaser(s) sha11 propose.
2. The issuance of the Bonds by the Municipality
sha11 be on the following conditions:
(a) The Bonds sha11 not constitute an indebtedness of
the Municipality within the meaning oE any State constitu-
tional provision or statutory limitation.
(b) The Bonds shall not constitute or give rise to a
pecuniary liability oE the Municipality or its officers and
officials or a charge against the Municipality's general
credit or taxing powers.
(c) The �ligible Pareicipant shall be responsible for
finding a purchaser or purchasers for all of the Bonds.
(d) Prior to the issuance of the Bonds: (i) the
electors of the Municipality shall have been given the
opportuni[y to petition for a referendum on the matter of
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the Bond issue as required by the Act; (ii) either no such
petition shall be timely filed or such petition shall have
been Eiled and said referendum shall have approved the Bond
issue; and (iii) this body, by Eurther resolution, shall
have authocized and approved the terms of the Bonds and the
Revenue Agreement.
(e) The Bonds sha11 be issued pursuant to the Act, and
the delivery oE the Bonds shall be accompanied with the
unqualified approvin�; Legal opinion of the law firm of Foley
& Lardner or such other nationally recognized firm of bond
attorneys as sha11 be acceptable to the Municipality and the
Eligible Participant.
3. All out-of-pocket costs, including the Munici-
pality's reasonable attorneys fees and expenses, in connection
with the issua�ce and sale of the Bonds shall be paid either from
the proceeds of the Ronds or by the Eligible Participant.
4. The C1erk shall cause notice of adoption of this
Resolution to be published o�ce in the Northwestern (the Munici-
pality's ofEicial newspaper, for the publication of ❑otices
pursuant to Chapter 985 of the Wisconsin Statutes), and shall
cause evidence of publication (including a copy of the notice as
published) indicating the date oE publication of such public
notice to be filed with the Secretary of Department of Develop-
ment of the State oE Wisconsin within 10 days following publi-
cation of such notice.
5. The Clerk is hereby authorized and directed to
execute on behalE of the Municipality an "Issuer's Request" for a
U.S. Small Business Administration Pollution Control Facility
Payment Guarantee in connection with the Bonds, iE requested to
do so by the Eligible Participant.
6. This Resolution is an "initial resolution" within
the meaning of the Act and official action toward issuance of the
Bonds for purposes of. Section 103 of the Internal Revenue Code of
1954, as amended, and the regulations promulgated thereunder.
7. This Resolution sha11 be efEective immediately
upon its passage and approval. Unless the Bonds shall have
been issued prior thereto, the authorities and authorizations
given by this Resolution sha11 expire on the second anniversary
date of the date oE adoption of this Resolution or on such later
date as this body may speciEy by resolution adopted either before
or after such date.
�.
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CERTIFICATIONS AY CLF.RK
I, Converse C. Marks, being first duly sworn, do hereby
depose and certify ehat I am the duly (appointed) (elected),
qualified and actin� CLerk of the City of Oshkosh, in the County
oF Winnebago, State oE Wisconsin, and as such I have in my
pussession, or have access to, the complete corporate records of
said City and oF its City Council; that I have carefully compared
the [ranscript hereto attached with the aEoresaid corporate
records; that said transcript hereto attached is a true, correct
and complete copy of al1 the corporate records in relatio❑ to the
adoption oF Resolution No. entitled:
INITIAL RESOLUTION
RELATING TO
INDUS'PRIAL DEVELOPMENT REVENUE BOND FINANCING
ON BEHALF OF
ONIV�RSAL FOUNDRY COMPANY
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 , 1980. Said meeting was a regular
meeting of the City Council and was held in open session in
compliance with Subchapter IV of Chapter 19 of the Wisconsin
Sta[utes.
2. Said resolution was on the a�enda for said meeting
and public notice thereof was given not less than 24 hours prior
to 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 Hall, 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 Don Kutchera,
Council President, who chaired the meeting. Upon roll I noted
and recorded that the Eollowing council members were present:
and that the following council members we�e absent:
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 adoption was
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moved by Council Member __ , and seconded by Council
INember Following discussion and after all council
members wFio �esired to do so had expressed their views Eor 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 follows:
Aye:
Nay:
Abstain:
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 puUlication (including a copy of the
notice as published) indicating the date of publication of said
notice togethec with a copy of said resolution with the Secretary
of the Department of Business Development of the State of Wis-
consin oc its successor within 10 days following the publication
of said notice.
IN WI'CNESS WHEREOF, I have sihned my name and affixed
the seal oE the City hereto on this day of ,
1980. --------
(Municipal Sea1]
Clerk
STATE OF WISCONSIN )
) SS
COUNTY OF WI!VNF.BAGO )
Subscribed and sworn to before me this day, the
date last above written.
Notary Public
My commission expires:
[Notarial Seal]
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