HomeMy WebLinkAbout30664 / 80-07April 17, 1980 # 7
I;i�.Yi)l�7Y(i,\rl
RESOLUi'ION pmviding detail, of $2,675,000. Coxporate Purpose bonds pf
the City o£ Oshkash, confirming the sale tinereoi, levying taxes and repealing
a certain resolution_
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- 7 -
SiTE',fITT,^,D BY
�•,,_,G ..:'.P, ✓vv'v �
ti I
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The City council of the City of Os}ikosh, Winnebago
County, Wisconsin, met in regular, open, public session at its
regula meeting place on April 17, 1980, at 7:00 o'clock �.i�.,
with t e follorring r.�embers present:
'Council Members: Chapin, Floyd R.; Kutchera, Don H.;
Mather, James A.; Propp, Kathleen M.;
Pung, Robert E.; Schiefelbein, Ken R.
Bernice Teichmiller (7)
and the following members absent:
N one
�F � �
(Other business)
TYie Clerk stated that one purpose of t}ie meeting was
tne consideration of bids received for the purcha�e of $625,000
2romissor� Notes, Series 1980 of the City of Oshkosh pursuant to
notice of sale duly published in The Bond Buyer, a financial
newspaner published in the City of Pdew York, New York, and in the
Oshkosh Daily Plorthwestern.
Tne follovrin� seaied bids for said notes v:ere received
in the Council Chambers in the City Hal7. until 10:3� A.P1., C.S.T.,
on April 1.7, 1980:
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, _... .... . .. ._ _ .... __. _ . ... .....
Name of Bidder
Tlet Interest Cost
%
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4fter due deliberation, it was determined that the bid
of Northern Trust Co---- ----------------
of �icago __ _ Illinois � and associates, at a price of
par and accrued interest pl.us a prerniu�a of ^a 8•88 ______ was the
highest and best bid sub^��tted fo: the pizrchase of said no*�s,
which bid is as follows:
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�--
OFFICIAL BID FORM
City Council
City Hall
Oshkosh, Wisconsin 54902
Gentlemen:
Subject to all tezms set forth in the Off5cial Notice of Sale, which is hereby macie a part of this pro-
posal, we offer to pay $ 2,675,000 for Corporate Purpose Bonds and $ 625,000 for Promissory Notes plus
a premium of �'ortv-seven & no/100 Dollars ($ 47. 00 ,)
and accrued intere>t to date of dalivery, far $ 2,675,000 Corporate Purpose Bonds, Series 1980 and
$ 625,000 Promissory Notes Series 1980 of the City of Oshkosh, �'Visconsin, dated May 1, 1980, maturing
serially May 1 of each yeaz and bsaring interest as follows:
CORPORATE PURPOSE BONDS
Yeax of Interest
Amount Maturity Rate
$ 50,000
50,000
b0,000
50,000
50,000
50,000
Amount
�1981 -�-.-�-�a $ 50,000
1982 $ . 40 % 500,000
isss $ • 40 % 500,000
1984 _$--1FQ.-`�o 3G5,U00
1985 AfiR.% 500,000
1986 �3.__�Q_% 5u0,000
PROMISS4RY NOTES
Yeaz of Interest
Amount Maturity Rate
Yeaz of
Maturity
1987
1958
1989
1990
1992
1992.
Interest
Rate
6.70 %
6.40 yo
��a
�—�o
6 . 5 0 3'0
6.60 %
Xear of Intezest
Amount Maturity Rate
$ 25,000 1981_ $ � % � 20,000 1986 g - �t0 %
25,000 1982 $ • �FD %a `L5,OQ0 `1gg� 6 • 70 0
25,000 1983 $• 4�`�0 200,000 1988 h-�`� %
25,000 1984 _$_LaCL.°�o 200,000 1989 6�`70
25,000 1985_ �% 50,000 1990 6.50 qo
�Ve prefer that the Bonds and Notes be payable at
To be designated
and at
Said Bonds and Notes are to be executed and delivered to us in accordance tivith the terms of this
bid accompanied by the approving legal opinion of Chaoman and Cutler, Attomeys, Chicabo, Illinois.
You aze to pay for said legal opinion and printing of bonds and notes.
As evidence o# good faith, we enciose herewith a check to the order of the Treasurer of the City of
Oshkosh, �Gisconsin, in the sum of � 66,000 puxsuant to the terms provided in your Official Notice of
Sale. Attached hereto is a list of the members of our account on whose behalf this bid is made.
21
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Description of Check:
Amount: $ 66,000
Name of Bank 'i'H$" r�,�F��: ����
r�2+� �7y
City Chi�go State LT 1 i noj.�_
Type _Saa�hi �r� � Check No.S('.1Q7�i7
Dated �—� ��80
(For G�ty Use Only)
The Above Checit was Retumed and Received
for the Above Named Account Managex
�
Respectfully submitted,
Name T�� NORTF'LaR�J TRIISfi COMP.A,�7Y
BN f�QP(1`DU_1��\��
�1TxS. K. ��5, sacand V c� Prasic"t
Address 5p � ;,�$a�.�a, ^a��ee�
City �ic$q�, State Z1I ri0�,9
For information of City Only. Our Calculation
of Interest Cost from Above is: -. _- .
Total Interest . . . . . . . . . . . ...
Less Premium . . . . . . . . . . . . . .
1,.926, 32_5 , 00
47.00
Net Tnterest Cost .. . . . . . . . . . . .�1, 926 , 278 . 00
NetInterestRate ............. 6'.58556 %
The foregoing taid �vas accepted and bonds and.notes sold by resolution of the City Council of the
City of Oshkosh, Wisconsin on April 17, 1980, and receipt is hereby acknowledged of the good faith
check which is being held in accorctance with the tertns of the Official Notice of Sale.
CITY OF OSHKOSA
�
Director of Administration
ACCCtT.yT �18ERS
TSE HO�E;�N fii2t7ST CO�IP�NX — 2�anager .
CH�.^'iZCA� �1lPi{
FZRST Ol' MSCHZGA27 CORPpRATZON
B^CiCS'ct & CGFINSE � INC.
CH<'�'Y�Y�°� AiE'vTH�+T 3ECtTs'2iTZz�u CO.
D�7.N� BOSY70RTfi� YidC.
TH? Hz�IT`7i Ei2 C�RT�(3R?,TiO3J
PS��Z, J.�.'TORP.Y & Zi0°:�700D� ?NC.
U:7ZTz'--D 3T.�'T�i5 NA1'IOIYAL Bs129X OI' OREC,O;T .
i.TIE O�u'H,�QSH N�'1TIOt7AL i3Aiv'Cx
— Y1V ASSOCTATZON WIx'ft —
IIr`�I9C i�Os'21'85l�5T
Tiiw N�R3T ttAT30N�I, BA.�TiC AIdD TZIIST CC�A:'dY O:�
O:ZI,e`SiiGHA CITI'
P?1TN8, 4�382�, JAC�TSON � CpRT'I3 Y,ICO�PO?Ui'I`ED
T:i3 C;TIG�GO COR?O?2.7,TSQN
PIRS1' Nr1TIQNAL B�iHYC ]CC� Si> LCUIS 23
)Joint
)
)tdanagez�
_ ___.._. _ —__ - . _. __ _ . . _ _ _
�
Thereupon the foilowing re>olution vras introduced b�
One Council Member and wa5 read in full, and pursua.nt to motion
made Uy Chapin _______ and seconded by Mather
was adopted by the followin� vote:
Aye: Chapin, Kintchera, Mather, Propp, Pung,
, Schiefelbein, Teichmiller (7)
tday: None
RF.SOLUTIOId determini.ng to borrow
� 25,�nd to issue to the lender
Protaissory Tlotes, Series 1980, of
tYie City of Oshkosh, Wisconsin, in
sucYi amount, providirig details,
prescrii�in� the form of note and
coupon, awardin; tiie notes to the
hi.�hest bidder, and levying taxes.
WHEHF�IS, it is necessary that funds be raised in the
total amount of �625,000 for the purpose of providing for
acqui5ition of equip:nent, permanent improvement of la;�ds and
nublic work and imnrovement� c�nsisting of acquisition of snall
e!�uiprnent, construction of sidewal.ks, parking lot improveraents,
tra£fic si�nals, ��zhlic building irlprovements an�i industrial park
inprovement,,; and
(JHEkEl�S, cities ar� authori2,ed by tYie provisions of
Section 67.12�12) of the Wisconsin Statutes to llorrorr noney and
iss�ze pro�issory notes for acc7uisition of equiprnent, permanent
i��prove�ent of lanrls and p�iblic worlc and improvements; and
�
P4I
__ __. __
e
IdHEFtT:A;, it is considered necessary and desirable oy
the City Council of' the City o:' Oshkosh, Wisconsin (tne "City"),
that the City borrow �625,000 for the purpose of providing funds
for the purposes aforesaid, an3 tnat the City issue to the lender
its promissory notes to evidence L-he indebtedness thereby lncurred;
and
WHERH,AS, it has been determine�l to borrow said money
f rom Northern Trust Co.
— ------------- —_ ,
of �icago _, Illinois___Y, and associates, said lenders
having subrnitted the best bid for said notes at the piihlic sale
thereof; and
WHEHEAS, it has been determined tl�at the issuance of
said notes in form payable to the bearer wil.l make sucil notes
more readily marketable and wLll th�reby be to tne advanta;e oi
the City;
VOti�I, THF.HF.FOHE, Be It Resolved by the City Council of
the City of Oshkosh, P7innebago Coun*y, Wisconsin, as follo;•rs:
SecEion 1. For the purpose of payin� the cost of
providing for acquisition of equlpMent and public work and
impro,,�ements as descriUed in the preamble hereto, there shall be
borrowed from _�_Northern Trust Co�an�� _
of Chicaq°�__--`, I1�i,t14.i.S �_�,
and associates, the sum of $b25,000, an3 to evidence sueh
in�iebtedness the City sf�all issue f,o sucn lenders its Pronissory
Notes, Series 1980 (the °idotes"), in the ag�regat,e principa7.
amount of $625,000.
S°etion 2. Said notes shall be desigr.ated "Promissory
Notes, Series 1980", shall be payable to bearer, shall be dated
May 1, 1g80, shall be of $5,000 denomination each, sha21 be
nur��ered 1 to 125, inclusive, shal7. mature serially in numerical
order without option of prepa;�Ment on T![ay 1 of each of the years
—5—
.� y,:
�,,, � .
1981 to 1990, inclusive, and shall bear interest payable seml-
anm�ally on the first day of t9ay and November of each year,
be�inning November 1, 1980, as follows:
Year Amount Interest Rate Year Amount Interest Rate
19�1 $25,000 8.40 % 19�� $25,�0o s.4o �
19�2 25,00o s.ao � 1987 25,000 6.�o y
1983 25,000 8.40 � 1988 200,000 6.40 q
19�� 25,00o s,4p q 19�9 200,000 6.40 q
19�5 25,oao s.4o � 1990 50,000 6.50 q
The Notes shall be signed by the City Manager of the
City with his facsimile signatiire, and hy the City Clerk, and
sealed with the corporate seal of the City. Interest upon the Notes
shall be evidenced by couoons tnereto attached, s�ich coupons to
be signed by said City MManager and City Clerk with their respective
facsimile signatures, and said officers shall, by the execution
of the t�otes, adoot as and for their own proper si�;natures their
respective facsimile si�natures appearing on sa�d coupons. Roth
principal of and interest on the Tdotes shall be payable in lawful
money of the United States of America at a bank to be designated
or at
_ a bank to be designated --- ------' --- ---'
, at the option of the holder.
Sectien 3• The 1Jotes and coupons shall be in substanttal.]_,y
the following form, the omissions to be appropriately completed
when the notes are printed:
.�
No.
(Form of 1Jote)
UNITED STATES OF AfAERICA
STAiF OF WISCONSIN
C�Wi TY OF WIAINF.BAGO
CITY OF OSHKOS}I
PHOP4ISSORY AIOTB, SERIFS 1980
$5,000
KNO�^I ALL D4Eid BY TFIESE PRFSENTS: That the City of Oshkosh,
in the County of Winneba�o, State of Wisconsin (the "City"),
hereby acknowledges itself to owe and for value received promises
to pay to bearer, or to the registered holders hereof if this Note
shall then be registered as to principal, the principal sum of
Five Thousand Dollars ($5,000) on the first day of 1�lay, 19_,
with interest at the rate of _ ____� per cent ( %)
per annum from the date hereof until the principal amowlt sh311
?7ave been fully paid, sucil interest bein� payable semiannually
on the first days of !2ay and November of each year, beginning
ldovernUer 1, 1980, interest to maturity being payable only upon
presentation and surre[ider of the interest coupons attached
hereto as they severally mature. F3qth princinal hereof and
interest hereon are hereUy nade payable in lawful money of the
United States of Anerica at
,
, or at
,
, at the o;�tion of the holder.
For the prompt payment of this note with interest hereon
as aforesaid an3 for the levy and collection of taxes sufficient
for that purpose, the full faith, crediY, and resources of the City
are iiereby irrevocably �led�e�l.
This note is one of an issue of $025,000, a17. of like date,
isst�ed to evidence the indebr,edness incu;red by the borrowin� of
-"l-
. . _... _._..�,. �
� _,���� �
money in such amount for the purpose of paying the cost of providine
for acquisition of equipment, permanent improvernent of lands and
public work and improvements, pursuant to and in a11 respects in
compliance with Section 67.12(12) of the Wisconsin Statutes and
a resolution adopted by the City Council of the City on April 17,
1980, and entitled, "RESOLUTIOPI determining to borrow $625,000
and to issue to the len3er Prornissory Notes, Series 1980 of the
City of Oshkosh, Wisconsin, in such amount, providing details,
prescribing the form of note an� coupons, awarding the notes to
the highest bidd2r, and levying taxes".
This note is registrable as to principal in accordance
with the provisions endorsed on the reverse side hereof.
It is hereby certified and recited that all conditions,
things and acts required by law to exist, to be or to be done
precedent to apd in the issuance of this note nave Ueen, have
existed and have been perfcr�ed in due form and time; �hat the
indebtedness of the City, including this note, 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 becomes due and also to pay the principal hereof
at maturity.
IN TESTIWIOPdY WHEREOr, the City of Oshkosh, by its City
Council has caused this note to be signed by its City Mana�er
c•rith his facsimile signature, and by its City Clerk, and its
corporate seal to be impressed hereon, and the coupons hereto
attached to be signed by said City t�Ianager and City Clerk with
their respective facsimile si�natures; and said officers, by the
execution of this note, do adopt as and for ttieir own official
signatures their respec�ive facsimile si�natures appearing on
said coupons, all as of the first day of 14ay, 1980.
____ ,__�__ (facsimile signature) _ _
City Clerk City T�Iana�er
:
, �i
e
(Form of Coupon)
No.
E�
On the first day of _, 19_, the City of Oshkosh,
`vJisconsin, will pay to bearer the amount shown hereon in lawful
money of tne United States of America at
,
,
or at
— -- ----- — ' -- -- —
___ , upon presentation and surrenc9er of this coupon, for
interest �iue �hat day on its Promissory tlote, Series 1980, dated
t�Tay 1, 1980, No.
(facsinile signature) (facsimile si�;nature)
City Clerk � City ;lanager
(Provision for Registration)
The tiaithin idote may be registered in tiie narne of the
holder as to principal only on books to be kept by the City Clerk
�f the City of Oshkosh, as i4ote Re,gistrar, such re•istration to
oe noted hereon in the registration b1anY. below, after whicn no
transfer shall be valid unless r�ade on said books at t}ie request
of t?�e registered holder or iiis attorney thereunto duly autnorized
and similarly noted in said registration hlank belo�a, but this
ilote may be discharged frorn rz�;istration by being transPerred to
bearer, a£ter whicn it shall be transferable by delivery but may
be again re�istered as before. Such registrat'ion shall not impair
tne negotiahility by delivery of the coupons attached to this Alote.
Date of . Name of' . Address of . Si�natur�
�istration : Registered Holder : Registered Holder : of Registrar
X
9
H
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—�_
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Section 4. In order to provide for the collection of a
direct anmzal tax sufficient to pay the interest on tYie Idotes and
to pay and discharge t}ie principal thereof' at maturity, there is
hereby levied upon all the taxable property in the City a direct
annual tax in an amount sufficient for that purpose, to-tivit:
Year of
Levy
lg8o
1931
19�z
19�3
1984
Amount for Principal
and Interest
� 88,637.50
64,975.00
62,875.00
60,�75.00
58,675.00
Year of
Lev,y
1985
1986
1987
19�II
1989
Arnount for Principal
ancl Interest
� 56,575.00
54,687.50
222,450.00
209,650.00
51,625.00
Section 5• Said tax shall be extende�i upon the tax
rolls of the City and shall be collected by the officers of the
City in the same manner and at the same time as taxes for general
City purposes for Such years are extended and collectefl, and when
so collected, the proceeds of said taxes shall be used solely for
payin� the principal of and interest on the Idotes so lon� as the
Notes remain outstanding. For the purpose of pa;�ing interest on
the blotes due on November 1, 1980, the surn of $ 21,562.50 shall
be nade available from other City funds on hand, said amount to
be repaid from the first collection of taxes levied pursuant to
Section u hereof.
Section 6. Interest on or principal of the Idotes
falling due at any time when there shall be on hand insufficient
func3s from the proceeds of the above tax levy for the payment of
such interest or principal shall be paid pro:nptly when due from
otner funds of the City, which £unds shall he reimbursed therefor
out of tne proceeds of the taxes above levied wnen such taxes shall
have been coller,ted.
-10-
, � I
Section 7. The Ci_ty Clerk shall keep, maintain and
preserve an adequate and correct re�ister account of all Dlotes
issued and all pay�ents and other transactions relating thereto.
Section 8. When the tlotes shall have been printed and
executed, the same shall be delivered by the City Treasurer to
the lender upon receipt of the borro�aed money.
�ection 9• The principal proceeds from the sale of the
tdotes shall be used only for the purpose of paying the cost of
providing for acquisition of equipmerit, permanent improvement
of lands and puhlic work and improvements as set out hereinabove.
The City recognizes ti�aL the purchasers acid holders of the P,otes
will have accepted them on, and paid therefor a price wliich
reflects, the understanding tl7at interest thereon is exempt from
Federal income taxation under laws in force at the tl.me the
;`Iotes shall have been delivered. In this connection the City
agrees that it shall talce no action which may render the interest
on any of the Tdotes subject to r^ederal income taxation and that
the principal proceeds of the sale of tiie ilotes shall be devoted
to and used with due diligence for the completion of the facilities
for which the tJotes are herein authorized to be issued. The
Director of Administration, the Clerk and the Treasurer of the
City, or any of them, are hereby authorized to execute on beh3lf
of the City an Arbitrage Certificate to assure the purchasers
and holders of the Dlotes that the nroceeds of the Notes <ire not
expecte3 to Ue used in a rlanner cvhich would or ni�ht result in
tne tdotes being °arbitrage bonds" under S�ction 103�c) of the
Internal Revenue i,ode of 195u, as amended, or the re�ulations of
the United States Treasury Depart�nent currently in effect or
proposed. Such ArUitra�e Certificate shall constitute a repre-
sentation and certification of t}ie City and no investment of
-11-
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. . . '..4�w'r
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,
Note proceeds or of moneys acewnulated to pa� ttie ldotes tierein
authorized shall be nade in violation of the expectations prescribed
By said Arbitrage Certificate.
Adopted April 1'j, 1980.
Recorded April�l74� 1980.
Approved _April_17 , 19gp,
/r / / /�,�,� I . ✓
,�,��J� /��
President
ATTEST:
�_��?t���l�`f� _%f ��
* * *
The City Clerk then reported that pursuant to advertised
notice of sale, sealed bids were received until 10:30 o'clock,
A.12., C.S.T., on April 17, 1980, at the Council Chambers in the
City itall in said city for ttie purciiase of $2,675,000 Corporate
Purpose �onds, Series 1980, of said city, that the bic3s had been
puU�icly opened and announced at sai.cl time and place, and had
been tabulated as follows:
-12-
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Name of Bidder
Net Interest Cost
�
After due deliberation it was determined that the
highest and best bid submitted was that of Northern _
—Trust Co. --- _ _ ___ _ ____ � and asSOCiates,
at a price of par plus a premium of $3$_12 ___� and accrued
interest to the date of delivery, and that the accePtance of
said bid is recommended, which bid is as follovrs:
-13-
.�
�� �'�,
�
OFFICIAL BfD FORM
G�ty Council
City Hall
Oshkosh, �Visconsin 54902
Gentlemen:
t
Subject to all terms set forth in the Official Notice of Sa1e, which is hereby made a part of this pro-
posal, �ve offer to pay ^� 2,675,000 foz Corporate Parpose Bonds and $ 625,000 for Promissory Notes plus
a premium of �'ortv-seven and no/100 Dolla� 47.00 �
and accrued interest to date of delivery, for $ 2,675,000 Corporate Purpose Bonds, Series 1980 and
� 625,000 Promissozy Notes Series 1980 of the City of Oshkosh, �Visconsin, dated May 1, 1980, matuzsng
serially nfay 1 of each yeaz and bearing interest as foHows:
CQRPORATE PURAOSE BONDS
Yeaz of ]nterest
Amount Matnrity Rate
$ 50,000
50,000
50,000
50,000
50,000
50,000
Amount
lggj 8 . �i0 % $ 50,000
1982 8 • 40 %a 500,000
1983 $ • 40 % 500,Q00
1934 �`�a 3�5,000
1985 8 � �0 `�� 500,000
1986 $ • 40 % 500,000
PROiNlSSORY PJOTES
Year of Tnterest
Amount hiaturity Rate
Year of
Maturity
1987
1988
1989
1990
1991
1992
Interest
Rate
6•70 %
6 . �i � %a
6.40 qo
�_%
-y6—.5�0�s-90
�' OU _% .
Xear of Interest
Amount Maturity Rate
� 25,000 1981 $.��% $ 25,000 1986 g• 4� %
25,000 1952 3. �� % 25,000 1987 E' • 7� %
25,000 1983 �• 40 % 200,000 1988 6. 40 qo _
25,000 1984 .�F�% 200,�00 1989 _��%
25,000 1985 °'0 50,000 1990 6• `� �70
1NepreferthatthaBondsandNotesbepayableat To be designated
and at
Said Bonds and Notes are to be execu+,ed and delivered to us an accordance �vith the terms of this
bid accompanied by the approving legal apinion of Chapman and Cutler, Attomeys, ChicaDo, Illinois.
You aze to pay for said legal opinion and printing of bonds and notes.
As evidence of good faith, we enclose herewith a check to the order of the Treasurer of the City of
Oshkosh, �Visconsin, in the sum of $ 66,000 pursuant to the terms provided in your Otficial Notice of
Sale. Attached hereto is a 1ist of the mem_bers of our account on whose behaif this bid is made.
20
, , ,
Desuiption of Check:
tlmount: $ 66,OC� '
Name of Bank THE N�RTHERN TRUST
CO�SPANY
CityChicaqo Statelllinoi> _
TSg2 Cashier's CheckNo.B�1 767
DatNcl 4-10-80
(For GYty Us� Only)
The tlbove Check was Retumed and P�eceived
for tne Above Named Account Manager
�
$espectfully submit}zd,
Narne THE NORTFIERN TRUST COMPANY
rv1.L�tru•i t�. i-�t.nvL'�� JE:CURQ V1C2 Y
Ad[lies5 Sf) �_ 7:rG,L.LI..L_..S�LP�Pt
City Chicago, g��Illinois
For information o£ City Only. Our Calcu;ation
of Interest Cost fro�n flUove is:
Total Interest ...............^�� � 926, 325.00
� 47.00
Less ?remium . . . . . . . . . . . . . . .$
Net Ir.tezest Cost .. . . . . . . . . . . .$�-' 926 , 278 . 00
Net Interest fLate . . . . . . . . . . . . .6 . 5R 5 5 fi o
Z'he f�r.w.�oing bid was accep�ed and bonds znd notes sold hy resolution of the City Council of the
City of Oshkosh, �9;sconsin on e�pril 17, 1980, a_nd receipt is hereby ackno�vledoed of the goed faith
;;heck whicr, is being held in accoidance witS the tezms oi the Official Notice of Sale.
CTTY OF OSHISOSH
�
Directo� ot A�lministration
ACCOUNT i9EMBERS
THE NORTAERP7 TRUST COMPANY — Manager
CHEMICAL BANK •
FIRST OF MICHIGAN CORPORATION
BECI:ER & COS•3P3IE, INC.
CHANNER NES�.AD3 SECURITIES CO.
DAIN, BOS;d0�2TH, INC.
THE HEITNER CORPORATION
PIPER, JAF'PRAY & HOPWOOD, ID?C. •
UNITED STATES NATIONAL BANK OF OREGQN
THE OSHKOSH NATIONAL BANK
— IN ASSOCIATI0�3 PiITH —
BAiVC I30RT�3EST
THE FIRST I3�TIONAL BANK AND TRUST COP�IPANY OF
OKLAHO:^A CITY
PAINE, WE3BER, JACKSON & CURTIS INCORPORATEt7
THE CHICAGO COP.PORATION
FIRST NATS�vAL BANK IN ST. LOUIS
�
)Joint
)
)Managers
Thereupon the following resolution was thereupon lntroduced
by One Council Memberand read in full:
RESOLUTION providing details of
$2,675,000 Corporate Purpose Bonds
of the C1ty of Oshkash, confirming
the sale thereof, levying taxes and
repealing a certain resolution
WHEREAS by initial resolutions duly adopted on P4arch 20,
1980, there have been authorized to be issued bonds of the City
of Oshl�osh (the "City") in the amounts and for the purposes as
follows:
and
�561,000 for the purpose of improving and extendin� the
storm sewer system;
$266,000 for the purpose of improving and extending
water mains;
$441,000 for the purpose of providing street
improvements;
$278,000 for the purpose of providing and improving
public parks;
$14,000 for the purpose of improving and extending
the sanitary sewer system;
�3,115,000 for the purpose of constructing brid�es;
WHEREAS it is now necessary that bonds be sold and issued
for the purposes aforesaid in the total principal arnount of
$2,675,000, including $1,115,000 for the pizrpose of constructing
brid�es, the sale of remainir� bonds in the amount of $2,000,000
for bridge construction being postponed to a future date; and
GIHEREAS bonds in the amount of �2,675,000 have been ad-
vertised for public sale in the manner provided by law by publica-
tion of a class 2 notice of the sale o£ the bonds published once
each week for two consecutive week� in the official city newspaper,
and in Tne Bond Buyer, published in lderr York, Idew York; and
-15-
__ _ . _ ,_ .... _._, . , _� .,..„..__.
,..
�.
WHEHEAS the City is authorized by Section 67.05(13),
Wisconsin Statutes, to combine bonds authorized under various
initi3l resolutions into one issue; 2nd
WHEREAS, the bid of __Northern Trust Co___ __ __ _
�_Chicago, Illinois __________ ___, and associates,
at a price of par plus a prernium of $38.12 _____ and accrued
interest to tne date of delivery was the highest and best bid
submitted:
P10W, THEREG'ORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Of the bonds authorized by the initial resolu-
tions adopted by this City Council on March 20, 1980, and referred
to in the preamble hereto, bonds in the aggregate principal amount
of $2,675,000 3re hereby sold to i_Northern Trust Co., _ __ _
Ghicago, Illinois � and associates at the price recited in the
preamble llereto, bein� the best bid suUrnitt,ed and shall be desig-
nated "Corporat� Purpose Bonds, Series 1980° (tn�� "IIonds"), dated
Niay l, 1980, of w5,000 denomination each, numbered 1 to 535, in-
clusive, mat�xring serially in numerical order without option of
prior redemption on PQay 1 of each of the years 1900 to 1992, j.n-
clusive, and bearing interest at tiie rates per annum, as follows:
Year Amount
1981 $ 50,000.
1982 50,000.
1983 50,000.
1984 50,000.
1985 50,000.
1986 50,000.
Interest
Rate
8.40°s
8.40°s
8.40°s
8.40°s
8.40g
8.40a
-16-
Year
1987
1988
1989
1990
1991
1992
Amount
$ 50,000.
500,000.
500,000.
325,000.
500,000.
500,000.
Interest
Rate
6.700
6.400
6.400
6.50°s
6.50°s
6.60°s
__ .-�
..�z-�,' ,
The Bonds shall bear interest payable on Nover�ber 1, 1980,
and seniannually thereafter on t4ay 1 and [dovember 1 of each year
at the cates set out above, and shall be signed Uy the City
Manager with his facsimile signature, and by the City Clerk, and
sealed with the corporate seal of the City. Interest upon the
Bonds sha11 be evidenced by coupons thereto attached, such coupon�
to be signed by said City i�anager and City Clerlt with their
respective far_simile signatures, and said officers shall by the
execution of the Bonds adopt 2s an3 for their own official signa—
tures their respective facsimile signatures appearin� upon said
coupons. The Bonds shall be payable, both principal an3 interest,
at _ a ban;c to be designatQdl----- -------' ----'
, or at _ a bank to be designated _____i___,
, , at the of�tion of the holder.
Section 2. The Bonds shall be registrable as to princi��al
in the nanner and with tne effect provided in tne form of Bond
hereinafter set out.
Section 3. The f3onds and coupons sliall be in substaritially
the following form, the oraissions to be appropriately completed
when the Bonds are printed:
-1%-
0
(Forn of Bond)
UNIiED STATES OF AP�ERICA
STATE OF WISCONSIPI
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
CORPORATE PURPOSE BOND, SERIES 1980
Statement of the value of all the taxable
property in said City of Oshkosh according to
the last preceding assessment t}iereof for state
and county taxes, as equalized by the State of
Wisconsin Department of Revenue, being for the
year 1979 . . . . . . . . . . . . . . . . . . .
Statenent of tiie value of all the taxable
property in territory attached to said city for
school purposes according to the last precedin�
assessrnent thereof for state and county taxes,
as equalized by tkie State of Wisconsin Department
of Revenue, being for the year 197g ......
�783,206,950
$250,466,894
Aggregate amount of existing bonded indebt—
edness of said city, including this issue .....$
rro .
$5000
KidOW ALL MEN BY `PHESE PRESFNTS: Tnat the City of Oshkosn,
(the "City") in the County of Winnebago aiid State of j9lscorisin,
hereby ackno�aledges itself to otive, and for value received pror,lises
to pay to bearer, or to LYie registered holder if ttiis bond sha17.
bhen be registered as to principal, the principal surn of b�ive
Thousand Dollars ($5�00) on the first day of h1a9, 19_, with
interest at the rate oF
per cent ( ___�) per annun from the date tiereof until the
principal amount shall have been fully paid, such interest bein�
payable AlovemUer 1, 1980, and se�niannually thereafter on May 1
and Tdovember I of each year, interest to maturity being payable
only upon presentation and surrender of t}ie interest coupons
attached hereto as they severally mature. Both prinripal hereof
anc] interest hereon are hereby made payable in lawful rnoney of
:
the United States of America at
.
, --- , or at _� —_— ---
, _`___, at the option of the holder. For
the prompt paycaent of this bond with interest hereon as aforesaid
and for the levy of taxes sufficient for t?iat purpose, the full
faith, credit and r�esources of the City are hereby irrecovabZy
pleciged .
This bond is one of an issue of $2,675,000 issued for ttie
purpose of providing funds in the amounts and for the r�urposes
as follows:
�561,000 for the purpose of improving and extendin�
the storrn sewer system;
$266,000 for the gurpose of improvin� and extending
water mains;
$441,000 for tiie purpose of providin� street
improve:nent s ;
$278,OOU for ttie purpose of providina and improving
public parks;
$14,000 for tiie purpose of improvinb and extending
the sanitary sewer s;�stem;
�1,115,000 for ttie purpose of constructin� bridges;
purstiant to and in all resoects in compliance with CYiapter 67
of the Wisconsin Statutes and arts supplemental thereto, and a
resolution duly adopted by tne City Council of the City on
April 17, 1980.
This bond is registrable as to Principal in accordance
witi� the provisions endorsed on the reverse side hereof.
It is hereby certified and recited that all conditions,
thin�� and acts require3 U;� law to exist, to be or to be done,
preceden� to and in the issuanca oP this bond and the issue of
which it is a part, have been, have existed, arid have heen
-19-
_ _ _..__ ._.._ _.
__ _ . _ .. , . . . _.... �.�..,,�,�._
,
�-*``T
_ _ .....
g
performed in due forn and time as required by law; that the
indeUtedness of the City, inclu�ing this bond, does not eaceed
any limitation imposed by law; and tiiat 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 tlie
principal hereof at maturity.
IN WITNESS WHEHEOF the City of Oshlcosh, by its City Council,
has caused this bond to be signed by its City T4ana�er with his
facsirnile signature, and Uy its City Clerk, and its corporate seal
to be impressed hereon, and the coupons hereto attached to be
signed hy said City Manager and City Clerk wit� their respective
facsimile signatures, and said officers, by the execution of this
bond, do adopt as and for their own oifici�l signatures their
respective facsinile signatures appearin� on said coupons, as of
the first day of i4ay, 1980.
No.
ity Cle
___� (facsimile si�nature) _
City Manager
(Forrn of Coupon)
�
On the first day of ____, 19_, the City of Oshkosh,
Wisconsin, will pay to bearer the a?nount shown hereon in lawful
money of the United States of America at
,
, or at
---_— --------' -------' ---- -' at the
option of the nolder, upon presentation and surrender of this
coupon for interest due that day on its Corporate Purpuse Bond,
Series 19��, �ated t![ay 1, 1980, P1o.__
(facsiimile si�nature) ___
City Clerk
-20-
facsirnile signature
City Tdanager
Ta;;':..
(Provision for Registration)
The within Bond raay 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 Oshlcosh, as Bond Registrar, such registration to
be noted hereon in the registration blank below# after which no
transfer shall be valid unless made on said books at the request
of the registered holder or ]iis attorney tliereunto duly authorized
and similarly noted in said re&istration blank below, but this
Bond may be discharged from registration by being transferred to
bearer, after which it s�all Ue transferable by delivery but may
be again registered as before. Such registration shall not irnpair
the negotiability by delivery of the coupons a�tached to this Bond.
Date of . Name of . Address of . Signature
Registration : Registered Holder_: Registered Holder : of Registrar
tl
e
�
e
H
Section 4. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on tlie Bonds and
to pay and dischar�e the principal thereof at naturlty, there is
hereby levied upon all the taxable property in ttie City a direct
annual tax in an a;nount sufficient for that purpose, to-wit:
Year of Levy
1980
1981
1982
1983
1984
19�5
Amount of Tax
$316,662.50
222,875.00
218,675.00
214,475.00
210,275.00
206,075.00
Year of Levy
1986
1987
198�
1989
1990
1991
—21—
��
Amount of Tax
$202,300.00
634,625.00
602,625.00
401,0'02.50
549,250.00
516,500.00
_ _ r �.e,�-
�'.
In each of said years 1980 to 1991, inclusive, the
direct annual tax above levied shall be extended upon the tax
rolls of the City acid collccte3 by the officers of the City in
the same manner and at the same time as taxes for general City
purposes for such years are extended and collected, and when so
collected, the proceeds of said taxes shall be used solely for
paying the principal of and interest on the Bonds, so lon� as any
of the flonds remain outstandinj.
Section 5• Interest on or principal of the �onds
fallin� c9ue at any time when there. shall be on hand insufficient
funds from the proceeds of tiie above tax levy for the payment of
such interest or prinripal shall be pai3 promptly when due from
other funds of tne City, which funds shall be reimbursed therefor
out of the proceeds of the taxes above levied when such taxes
shall h3ve been collected.
Section 6. There is hereby established in the City
treasury a fund separate and distinet from all other funds of
said city to Ue designabed "Series 1980 Corporate Purpose Bvnds
Sinking Funr]", wi7ich f und shall be used solely for the purpose of
paying principal of and interest on the Bond,^,. There shall be
deposited in said fund all preraium and accrued interest paid on
the Bonds at the time the Bonds are delivered to t}ie purcliaser;
all money raised by taxation pursuant to Section 4 hereof; the
sum of $ 89,587.50 for the purpose of paying interest on said
bonds payable i�`ovember 1, 1980; an3 such other sums as may be
necessary to pay interest on the Bonds when the same s}iall becoine
due and to retire the Bonds at their respective maturity dates.
Section 7. The Bonds, when the same have been executed
in the manner heretofore provi.ded, shall be delivered by the City
Treasurer to the purchaser tnereo� upon pa;�ment of ttie purchase
price.
_22_
�
_ _. . _ ... . . /�,�;,.._
Section 8. The principal proceeds from the sale of the
Bonds shall be deposited in a special fund used as follows:
$561,000 for the purpose of improvitig and extendin�
the storm sewer system;
�2bFi,000 for the purpose of improving and extending
water rlains;
$441,000 for the purpose of providing street
improvements;
$278,000 for ttie purpose of �roviding and irnprovin�
p�_iUlic parks;
$14,000 for tkie purpose of improving and extending
the sanitary setiaer systern;
$1,115,000 for the purpose of constructing bridges;
T'he City recognizes that tiie purchasers and holders of the Bonds
will have accepted them on, atid paid ttierefor a price which
reflects, the understanding that interest thereon is exempt from
federal income tasation under laws in force at the tirne the Bonds
shall have been delivered. Tn this connection the City agrees
that Lt shall take no action which may render the interest on
any of the Bonds subject to Federal income taxation and that the
principal procee3s of the sale of the Bonds shall be devoted to
and used with due 3tligence for the completion of the facilities
for which the Bonds a:e herein authorized to be issued. The
Director of Administration, the Clerk and the Treasurer of the
City, or an;� of tnem, are hereby authorized to execute on behalf
of the City an Arbitrage Certificate to assure the purchasers
and holders of the Bonds that the proceeds of the 13onds are not
expected to be used in a manner which would or rnidht result in
the Bonds being "arbitrage bonds" under Section 103ic) of the
Internal Revenue Code of 1954, as amended, or the re6ulations of
the United States Treasury Department currently in effect or
proposed. Such Arbitrage Certificate sha11 consbitute a repre-
seritatton and certiiication of ttie City and no investrnent of
-23-
0
Bond proceeds or of moneys accumulated to pay the Bonds herein
authorized shall be nade in violation of the expectations
prescribed by said Arbitrage Certifieate.
Section 9- That certain resolution adopted by this
City Council on Marc11 20, 1980 and entitled "RESOLUTION providing
details of ^�2,675,000 Corporate Purpose Bonds of the City of
Oshlcosh an3 directing the sale thereof" is hereby in all respects
repealed.
Adonted April 17, 1980.
Recorded Apri1 �7 , 198a•
____�� �// _ ' ' —
City erc
t4otion was r,lade by ____ Schiefelbein!____ Y.hat said
resolution be adopted, and said motion was seconded by
Teichmiller Aiter due consideration, the President
put the question, and upon roil being called, the following voted:
AYP� Chapin, Kutchera, Mather, Propp, Pung,
Schiefelbein, Teichmiller (7)
Nay: None
� * �
(Other buslness)
Upon motion of _____ �_Chapin_ _, ttie City
Council adjourned.
Approved: April 17, 1980.
ATTEST:
-=�� �-�--�--�-'-�'!}����¢!�?- - -
City C
LEX
-24-
%,�i
J �� %-�����-��
� Pres�dent
,•
. ,
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, CONVERSE C. MARKS, hereUy 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
true, correct and compared copy of excerpts from the minutes of
the meeting of the City Council of said city held on April 17,
1980, insofar as sane pertain to the sale of �2,675,000 Corporate
Purpose Bonds, Series 1980 and $625,000 Promissory Tdotes, Series
1980 of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken to date in the course of
authorizing sald bonds and notes has been recor3ed by me in a
separate record book pursuant to the provisions of the Wisconsin
Statutes.
I furtiier certify tha� the initial resolutions adopted
on March 20, 198o authorizing the issuance of said bonds were
recor3ed in my ofiice on _ March 20 _� 1980, as required by law,
and that no petition has baen filed with me or in my oFfice
protesting ttie issuance of said bonds, requesting that said bonds
not be issued, or raquesting a referendum on the question of
issuing said bonds.
WITIJESS my ofFicial signature an3 the official seal of
said city this i7thday of April, 19II0.
( APP'ZX)
(SEAL )
(HI:,RE )
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