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HomeMy WebLinkAbout30634 / 80-23Nlarch 20, 1980 # 16 - k 23 RFSOLilPIONS PITFtPC�SE: INITIAL RESOLLTPIOl�,.'S RE: $4,675,000. �RPORATE PURPOSE BC7NC6, SERTFS 1980: AESOLVI'I(7�I PI�VLDING DEPAIIS OF $2,675,000. OJRPORATE PUfZPCSE BCxIDS, SERIFS 1980 AND DIIZEC.TED SALE 'IiIE:RD�F: RESOLtTi'ION DIFtEK.TiNG � ADVERPIS"MED7r ADID SALE OF $625,000. PFd�NffSSORY NCJI'�S, SERIFS 1980 L�;ITIATF,D BY: CITY ADNffNISTRATION 16. IPdITIAL R=�SOLITrION ati.horizing not exoeeding S56L,000. bonds of the City of Oshkcsh for the pt:rpose of iicq�mving the ext��ding the storm sewer system of th� Ciay. � 17• IIVITIAL Fi�'SOI.i7PI0L1 authorizing not excLeding $266,000, bonds of the City of Oshkosh for t'�e puspose of i�roving and extending water m�ir�s of the City. 18• INITIAL RESOLUPION auarhorizing not exceeding $441,000. bonds of the City of OsYilcosh for the purpose of provicling street i�mvements o£ the City. 19• INIT7AI, 1�SOLi7I'Id!�7 authorizing not exceecling $278,000. bonds of the City of Oshkosh for the pLUpose of providing and improving puolic parks of the City. 20. IidITIAL RF.SOLi.1rION authorizing not exceeding $14,000. bonds of the City of Oshkosh for the puspose of iir�mving and extsnding the sanitasy se�er system of the City. 21,. INITIAL HES07�lI'tOV authorizinq not e}c�edi.r.g $3,115,000. bonds of the City of OsY_kosh for the pLUpose o£ constructir_g bridges in tne Ciiy. 22, i�:,c�LL'i`IGr7 proviccing details of $2,675,OU0. Corporar� pur�ose Bonds of the City of Oah: tasfi an3 directing the sale u:ereof. z3• F�50L[TiIG4d u'imcting the advertisezrent and sale of $525,000. Promissozy Not�s, Series 1980, of the City of OsYuosh. _ _- --_ _._.. ,., :, n�l J Ji .�s .._. .... . �........ � ....�... , _ � . � � \ � � .- �!>,�.,� __.� .^ -. _ _______ __ -- -_ �:-- -- L� lo - 23 ' T _____ __ __--: ____ _- - x `_.. �.. % The City Council of the City of Oshkosh, Wisconsin met in regular open, public session at its regular meeting place on March 20, 1980, at 7 o'clock P.M., with the following members present: CHAPIPd, Floyd R., KUTCHERA, Don H., MATHER, James A., PUNG, Robert E., TEICHMILLER, Bernice, SCHIEFELBEIN, Ken R. (6) Absent: PROPP, Kathleen M. (1) �t * �t (Other business) The following initial resolution offered and read on February 21, 1980 was again read in full: , ��� `�\ IPIITIAL RESOLUTION authorizing not exceeding 5 1,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the general obligation bonds of said City in the principal amount of not exceeding $561,000 for the purpose of improving and extending the storm sewer system of said City. F'or the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Approved P4arch 20 , 198�• Recorded March 20 , 1980. Presiden� City Clerk It was rnoved by Councilman r�[ather and seconded by Councilman Chaoin that said resolution be adopted. Upon roll being called, the following voted: Aye: CHAPIN, KUTCHERA, MATHER, PUPdG, TEICHMILLER, SChIEFELBEIN. Nay: The following initial resolution offered and read on February 21, 1980 was again read in full: -Z- INITIAL RESOLUTION authorizing not exceeding 2 ,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the general obligation bonds of said City in the principal amount of not exceeding $266,000 for the purpose of improving and extending water mains of said City. For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Approved Narch 20 , 1980. Recorded prt r�h 0, 198�• res ity Clerk It was moved by Councilman Kutchera and seconded by Councilman Pung that said resolution be adopted. Upon roll being called, the following voted: Aye: CAAPIN, KUTCHERA, P4ATHER, PUNG, TEICHMILLER, SCHIEFELBEIN. Nay: The following initial resolution offered and read on February 21, 1980 was again read in full: -3- 1�,`��� INITIAL RESOLUTIOPI authorizing not exceedin� 1,000 bonds of the City of Oshk.osh. BE TT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the general obligation bonds of said City in the principal amount of not exceeding $441,000 for the purpose of providing street improvements of said City. For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all tar.able property in said City a direct annual irrepealable tax sufficient for that purpose. Approved March 20 , 1980. Pres Recorded T+Iarch 20 , 1980. City Clerk It was moved by Councilman Mather and seconded by Councilman Chapin that said resolution be adopted. Upon roll being called, the following voted: pye; CHAPIN, KUTCHERA, P�IATHBR, PUNG, TEICHN'fILLER, SCHIEFELBEI.*d. Nay: The following initial resolution offered and read on February 21, 1980 was again read in full: -4- _ __ _ _ _ _ INITIAL RESOLUTIOPI authorizing not exceeding 27 ,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the general obligation bonds of said City in the principal amount of not exceeding $278,000 for the purpose of providing and improving public parks of said City. For the purpose of paying the various installments of principal and interest on sald bonds as they severally m2ture, there is hereby levied on all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Approved March 20 , 1980. Recorded March 20 It was moved by Councilrnan i�Iather 1•:� ident City Clerk Councilman Kutchera and seconded by that said resolution be adopted. Upon roll being called, the following voted: Aye: CHAPIN, KUTCHERA, NATHER, PUNG, TEICHMILLER, SCHIEFELDEIN. Nay: The following initial resolution offered and read on February 21, 1980 was again read in full. INITIAL RESOLUTIOtd authorizing not exceeding 1 ,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City oi Oshkosh, Wisconsin, that there shall be issued the general obligation -5- ; : .,�\ bonds of said City in the principal amount of not exceeding $14,000 for the purpose of improving and extending the sanitary sewer systen of said City. For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Approved March 20 , 1980. Recorded P4arch 20 , 1980. resident City Clerk It was moved by Couneilr�an Dlather and seconded by Councilm2n Chapin that said resolution be adopted. Upon ro21 being called, the following voted: Aye: Nay: CHAPIN, KUTCHERA, PQATHER, PUNG, TEICHMILLER, SCHIEFELBEIN. The following initial resolution offered and read on February 21, 1980 was again read in full: INITIAL RESOLUTION authorizing not exceeding 3,115,000 bonds o£ the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the general obligation bonds of said City in the principal amount of not exceeding $3,115,000 for the purpose of constructing bridges in said City. � � -� , � _ _ . . _ _ _: _ _ For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said City a direct annual irrepealable tax sufficient for that purpose. Approved March 20 , 1980. Recorded March 20 , 1980. President City Clerk It was moved by Counc3lman Kutchera and seconded by Councilrnan Chapin that said resolution be adopted. Upon roll being called, the following voted: Aye: CHAPIN, KUTCHERA, MATHER, PUNG, SCHIEFELBEIDI. Nay: TEICHMILLER The following resolution was thereupon introduced and read in full: RESOLUTION providing details of 2,6�7S,p00 Corporate Purpose Bonds of the City of Oshkosh and directing the sale thereof. WHEREAS by initial resolutions duly adopted on March 20, 1980, there have been authorized to be issued bonds of the City of Oshkosh (the "City") in the amounts and for the purposes as follows: $561,000 for the purpose of improving and extending the storm sewer system; $266,000 for the purpose of improving and extending water mains; -7- � and � �s i ��� $441,000 £or the purpose of providing street improvements; $278,000 f or the purpose of providing and improving public parks; $14,000 for the purpose of improving and extending the sanitary sewer system; a3,115,000 for the purpose of constructing bridges; WHEREAS it is now necessary that bonds be sold and issued for the purposes aforesaid in the total principal amount of $2,675,000 , the sale of renaining bonds in the amount of $ 2,000,000 for bridge construction being postponed to a future date; and WHEREAS the City is authorized by Section 67.05(13), Wisconsin Statutes, to combine bonds authorized under various initial resolutions into one issue: NOW, TiiEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as follows: Section 1. The bonds authorized by the initial resolutions adopted by this City Council on P4arch 20, 1980, and referred to in the preamble hereto, shall be sold and issued as a single issue in the principal amount o£ �2,675�OQ0 to be designated "Corporate Purpose Bonds, Series 19II0" (the "Bonds"), shall be dated May 1, 1980, shall be of �5,000 denomination each, shall be numbered 1 to �5, inclusive, and shall mature serially in numerical order without option of prior redemption on May 1 of each of the years 1981 to 1992, inclusive, as follows: Year 1.981 198z 1983 1984 1985 1986 1987 Amount 50,000 50,000 50,000 50,000 50,000 50,000 50,000 Year 1988 19II9 1990 1991 1992 � Amount 500,000 500,000 325,000 500,000 500,000 ( The Bonds shall bear interest at a rate or rates to be hereafter determined, but not exceeding 10 per cent per annum, pay— able on November 1, 1980, and semiannually thereafter on May 1 and November 1 of each year, and shall be signed by the City Manager with his facsimile signature, and by the City Clerk, and seale3 with the corporate seal of the City. Interest upon the Bonds shall be evidenced by coupons thereto attached, such coupons to be signed by said City Manager and City Clerk with their respective facsimile signatures, and said officers shall by the execution of the Bonds adopt as and for their own official signatures their respective facsimile signatures appearing upon said coupons. The Bon3s shall be payable, both principal and interest, in lawful money of the United States of America at a bank or banks, not exceeding two, to be designated by the purchaser of the Bonds. Section 2. The Bonds shall be registrable as to principal in the manner and with the effect provided in the form of Bond hereinafter set out. Section 3• The Bonds and coupons shall be in substantially the following form, the omissions to be appropriately completed when the Bonds are printed: �� _ . _ .. . __ . ._,. ..r -., A,,;«,.-�.-.� (Form of Bond) UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF WIHNEBAGO 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 thereof for state and county taxes, as equallzed by the State of Wisconsin Department of Revenue, being for the year 1979 . . . . . . . . . . . . . . . . . . . ,� ��\ . . $783,206,950 Statement of the value of all the taxable property in territory attached to said city for school purposes according to the last preceding assessment thereof for state and county taxes, as equalized by the State of Wisconsin Department of Revenue, being for the year 1979 •••••• • �250,466,894 Aggregate amount of existing bonded indebt- edness of said city, including this issue .....� No. KNOW ALL MEN BY THESE PRESr,NTS: $5000 That the City of Oshkosh, (the "City") in the County of Winnebago and State of Wisconsin, hereby acknowledges itself to owe, and for value received promises to pay to bearer, or to the registered holder if this bond shall then be registered as to principal, the principal sum of Five Thousand Dollars iS5�00) on the first day of May, 19 , with interest at the rate of per cent ( $) per annum from the date hereof until the principal amount shall have been fully paid, such interest be3ng payable November 1, 1980, and semiannually thereafter on lday 1 and November 1 of each year, interest to maturity being payable only upon presentation and surrender o£ the interest coupons attached hereto as they severally mature. Both principal hereof and interest hereon are hereby made payable in lawful money of -10- _._._ _ _ . � ._Y.._ ___ __ _.,.n__ _ ___ _._- -_ _� ._.r-� _,.._,....__..,.�--�--n,�.,. , ,,_. �,_, . � the United States of America at i' ��.� or at at the option of the holder. For the prompt payment of this bond with interest hereon as aforesaid and for the levy of taxes sufficient for that purpose, the full faith, credit and resources of the City are hereby irrecovably pledged. This bond is one of an issue of $ 2,675,OOOissued for the purpose of providing funds in the amounts and for the purposes as follows: $561,000 for the purpose of improving and extending the storm sewer system; $266,000 for the purpose of improving and extending water nains; $441,000 for the purpose of provlding street improvements; $278,000 for the purpose of providing and improving public parks; $1�+,000 for the purpose of 3mproving and extending the sanitary sewer system; $ 1,115,QOOfor the purpose of constructing bridges; pursuant to and in all respects in compliance with Chapter 67 of the Wisconsin Statutes and acts supplemental thereto, and a resolution duly adopted by the City Council of the City on March 20, 1980. This bond is registrable as to principal in accordance wlth the provisions endorsed on the reverse side hereof. It is hereby certified and recited that all conditioas, things and acts required by law to exist, to be or to be done, precedent to and in the issuance of this bond and the issue of which it is a part, have been, haye existed, and have been performed in due form and time as required by law; that the -ll- , � __ . . _ _ _ .� �,,,p.. �� 0 i indebtedness of the City, including this bond, 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 falls due and also to pay and discharge the principal hereof at maturity. IN WITNESS WHEREOF the City of �shkosh, by its City Council, has caused this bond to be signed by its City Manager with h2s 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 Manager and City Clerk with their respective £acsimlle signatures, and said officers, by the execution of this bond, do adopt as and for their own official s3gnatures their respective facsimile signatures appearing on said coupons, as of the first day of May, 1980. ty (facsimile signature) City Tdanager (�'orm of Coupon) No. $ On the first day of , 19_, the City of Oshkosh, Wisconsin, will pay to bearer the amount shown hereon in lawful money of the United States of America at . , � , , or at , at the option o£ the holder, upon presentation and surrender of this coupon for Snterest due that day on 3ts Corporate Purpose Bond, Series 1980, dated May l, 1980, No. (facsiimile siAnature) City Clerk _Z2_ (facsimile siQnature) City Manager � 0 � \\ �,���\ (Provision for Registration) The witihin Bond may 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 Oshkosh, as Bond Registrar, such registration to be noted hereon in the registration blank below, after which no transfer sha1Z be va12d unZess made on said books at the request of the registered holder or his attorney thereunto duly authorized and similarly noted in said registration Dlank below, but this Bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery but may be again registered as before. Such registration shall not impair the negotiability by delivery of the coupons attached to this Bond. Date of . Name of . Address of gistration : Registered Holder : Reqistered Ho i a er : ture Section 4. The Bonds shall be sold at public sale in the manner provided by law on or about April 17, 1980. Notice of the sale of the Bonds shall be publlshed once each week for two consecutive weeks 1n the official city newspaper, and in The Bond Buyer, published in New York, ilew York. The last of each such publication shall be at least 10 days prior to the sale date. Such notice shall be in substantially the form provided in Exhibit "A" attached hereto. The Director of Administration shall prepare and distribute an Official Statement, including an Official Sale Notice r�hich shall be in substantially the form provided in Exhibit "B" attached hereto. —13— l � 0 Section 5. ��:.�,� � When the Bonds shall have been sold, this City Counci2 will adopt proceedings so as to award said bonds, fix the interest rates thereon in accordance with the bid accepted, and levy taxes to neet principal and interest thereon at maturity as required by law. Section 6. The principal proceeds from the sale of the Bonds shall be used as follows: $561,000 for the purpose of improving and extending the storm sewer system; $266,000 for the purpose of improving and extending water mains; $u41,000 for the purpose of providing street improvements; $278,000 for the purpose of providing and improving pub�ic parks; $14,000 for the purpose of improving and extending the sanitary sewer system; $ 1,115,OOOfor the purpose of constructing bridges; Section 7. The proceeds received £rom the sale of the Bonds shall be deposited in a special fund and used solely for the aforesaid purposes for which the Bonds were authorized. The City recognizes that the purchasers and holders of the Bonds wili have accepted them on; and paid therefor a price which reflects, the understanding that interest thereon is exempt from federal income taxation under laws in force at the time the Bonds shall have been delivered. In this connection the City agrees that it shall take no actlon which may render the interest on any of tlze Bonds subject to Federal income taxation and that the principal proceeds of the sale of the Bonds shall be devoted to and used with due diligence for the completion of the facilities for whlch the Bonds 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 behalf -lu- � �.�.�� of the City an Arbitrage Certificate to assure the purchasers and holders of the Bonds that the proceeds of the Bonds are not expected to be used in a manner which would or might result in the Bonds being "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended, or the regulations of the United States Treasury Department currently in effect or proposed. Such Arbitrage Certificate shall constitute a repre- sentation and cert�fication of the City and no investment of Bond proceeds or of moneys accumulated to pay the Bonds herein autho:ized shall be made in violation of the expectations prescribed by said Arbitrage Certificate. Adopted idarch 20, 1980. Recorded P9arch 2� , 1980. City Clerk Motion was made by Councilman Kutchera that said resolution be adopted, and said motion was seconded by Councilman Chapin After due consideration, the President put the question, and upon roll being called, the following voted: Aye: CHAPIN, KUTCHERA, MATHER, PUNG, TEICHMILLER, SCEIEFF.LBEIN. Nay: Thereupon the following resolution was introduced by one councilrran and read in full: -15- L� � 0 i ��� ,, RESOLUTION directing the advertisement and sale o£ $625,000 Promissory Notes, Series 1980, of the Clty of Oshkosh, Wisconsin. WHEREAS it is necessary that funds be raised in the amount of $625,000 for the purpose of providing for permanent Smprovement oP lands and public work consisting of construction of sidewalks, parking lot improvements, improvements to public buildings 2nd for the gurpose of acquiring equipment and machinery in said city; and WHEREAS cities are authorized by the provisions of Section 67.12(12) of the Wisconsin Statutes to borrow money and issue promissory notes for public work and improvements and acquisition o.° equipnent and machinery; and WHEREAS it is considered necessary and desirable by the City Council of the Clty of Oshkosh, Wisconsin (the "City"), that the City borrow $625,000 for the purpose of prov�ding funds for the purpose aforesaid, and that the City issue to the lender its promissory notes to evidence the indebtedness thereby incurred; and WHEREAS it is considered desirable to offer said promissory notes at public sale on April 17, 1980 in conjunction with the sale of $2 675.000 Corporate Purpose Bonds, Series 1980, in order to obtain the best possible terms for the City; NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as follows: Section 1. For the purpose of paying the cost of providing permanent improvement of lands, public work and improvements and acquisition of equipnent as described in the preamble hereto, there shall be borrowed the sum of $625,000 and to evidence such indebtedness the City shall issue to the lender its promissory notes Sn the aggregate principal amount of $625,000. -16- -.... Section 2. Said notes shall be sold at public sale on or about April 1%, 1980, and shall be advertised for sale by the City Clerk by the publication of a notice in the Oshkosh Daily Northwesbern, published in Oshkosh, Wisconsin, and in The Bond Buyer published in New York, New York, as a class 2 notice. Such publication shall be in substantlally the form set out as Exhibit "A" to a resolution entitled "RESOLUTION providing details of $ 2,675,000 Corporate Purpose Bonds of the City of Oshkosh and directing the sale thereof." The Director of Administration shall cause to be prepared and distributed an Official Statement, including an Official Notice of Sale which shall be in substantially the form set out as Exhibit "B" to a resolution entitled "RESOLUTI011 providing details of $2�675,000 Corporate Purpose Bonds of the City of Oshkosh and directing the sale thereof." Section 3• After bids shall have been received for said notes this City Council will adopt additional proceedings to award said notes to the best bidder, prescribe the terms of said notes, and the forms of note and coupon, and levy taxes to pay principal and interest. Adopted March 20, 1980. Recorded March 20 , 1980. Attest: President ty Clerk Aye: CHAPIPd, KUTCHERA, MATHER, PUNG, TEICAMILLER, SCHIEFELBEIN. Nay: The President thereupon declared said resolution duly adopted. -17- y�� � � I i� .�� � � � (Other business) There being no further business to come before the City Council it was moved by Councilman Kutchera , seconded by Councilman Mather , and unamimously carried that the City Council adjourn. Approved March 20 , 1980. President ATTEST: City Clerk ��� ` STATE OF WISCONSIN ) ) SS: COUNTY OF WINNEGABO ) I, , hereby certify that 2 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 copy of excerpts from the minutes of the meeting of the City Council of said City held on March 20, 1980; that I have compared said copy with the original minute record of said meeting in my official custody; and that said copy is a true, correct and said original record relates to the proposed $4,675,000 general obligation bonds and $625,000 Promissory Notes of said City. 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