HomeMy WebLinkAbout30599 / 80-18Febn�ary 21, 1980
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There will be a Final I�solution to issue Industrial �nue Bonds
purs:iant to Section 66.521 of the Wisconsin Statubes to Universal Fbimdry
Cw�xiny, in az zsro-imc not Lo exce�,d $i, u0�, �00.
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CITY COUNCIL
OF THE
CITY OF OSHKOSH
RESOLUTIOCd N0. ___
ROND RESOLUTION AUTHORIZING
$1,000,000
CITY OF OSHKOSH, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES A
(UNIVERSAL FOUNDRY COMPANY PROJECT)
WHF.REAS, the City of Oshkosh, Wisconsin (the
"Municipality"), is a municipal corporation organized and
existing under and pursuant to the laws of the State of
Wisconsin and is authorized by Section 66.521 Wisconsin
Statutes, as amended (hereinafter sometimes referred to
as the "Act"), to:
(a) issue industrial development revenue
bonds to Einance all or any part oF the
costs of the construction, equipping,
reequipping, acquisition, purchase,
installation, reconstruction, rebuilding
rehabilitation, improving, supplementing,
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
eli�ible 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
industrial development revenue bonds; and
WHEREAS, Universal Foundry Company, a Wisconsin
corporation (the "Borrower"), has heretofore requested the
Municipality to issue industrial development revenue bonds
to Einance a project on behalf of the Borrower as an eligible
participant under the Act; and
WHEREAS, this body has heretofore found and determined
that said pcoject consisting of b�ildings and equipment Eor the
purpose of adding and improving certain industrial facilities for
the production of ferrous and nonferrous castings (hereinafter
called the "Project") is a qualified "project" within the meaning
of the Act and that the Borrower is an "eligible participant"
within the meaning oF the Act; and
WHEREAS, on October 18, 1979, this body adopted an
initial resolution pursuant to the Act wherein it was resolved
that the Municipality would issue industrial development revenue
bonds to finance the Project, subject however, to the satisfaction
of certain conditions including the approval by this body of the
terms of the bonds and the revenue agreement described i❑ said
initial resolution; and
WHERF.AS, on October 24, 1979, notice of the adoption
of the initial resolution was published in accordance with
Section (10) of the Act, and no sufficient petition has been
filed with the Clerk requesting a referendum on the question of
the issuance oE said industrial development revenue bonds;
and
WHEftEAS, the Borrower has now requested that the Munici-
pality provide for the issuance of $1,000,000 principal amount of
industrial development revenue bonds upon the terms set forth in
this Resolution (as herein described, the "Series A Bonds"); and
WHEREAS, in connection therewith the Borrower has
presented the Municipality with proposed documentation for the
Series A Bonds, as follows:
(a) a Bond Purchase Agreement, to be daCed as of
February 1, 1980 (the "Bond Purchase Agree-
ment"), to be entered into by and among the
Municipality, the Borrower and First Wisconsin
National Bank oF Milwaukee, Milwaukee, Wiscon-
sin, setting forth the terms and conditions
on which the ^lunicipality wi11 se11 and said
investors wi11 purchase the Series A Ronds;
and
(b) an Tndenture of Trust, to he dated as of
March 1, 1980 (the "Tndenture"), to be entered
into between the Municipality and the corporate
trustee hereinafter designated (the "Trustee"),
providing for the creation of the Series A
Bonds, the terms thereof and the security
therefor; and
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(c) a Loan Agreement, to be dated as of March
1, 1980 (the "Loan Agreement"), to be
entered into between the Municipality and
the Borrower providing for a loan of the
Series A Bond proceeds to t�e Borrower
on repayment terms scheduled to provide
the Municipality with revenues sufficient
to retire the Series A Bonds in accordance
with their terms; and
(d) a Promissory Note, to be dated March 1,
1980 (the "Yromissory Note"), to be issued
by the Borrower payable to the order of
the Municipality in the principal amount
of $1,000,000 as evidence of the borrowing
provided for in the Loan Agreement and to
be assigned by the Municipality to the
Trustee; and
(e) a Mortgage, to be dated as of March
1, 1980 (the "Mortgage"), from the
Company to the Municipality, and from
the Municipality to be assigned to the
Trustee, providing collateral security
for the performance of the Borrower's
obligations under the Loan Agreement.
WHEREAS, in accordance with the Act, this Resolution
and the aforesaid i�struments and documents, the Series A Bonds
and interest thereon shall never constitute an indebtedness of
the Municipality within the meaning of any State constitutional
provision or statutory limitation and shall not constitute or
give rise to a pecuniary liability of the Municipality or a
charge against its general credit or taxing powers; and
WHEREAS, it is in the public interest of the Municipality
to encourage and promote the development of projects such as the
Project in order to reaLize public benefits such as, but not
limited to, the provision and retentzon of gainfu2 employment
opportunities for the citizens of the Municipality; the stimula-
tion of the flow of investment capital into the Municipality
with resultant beneficial efEects on the economy in the Muni-
cipality; and the preservation and enhancement of the Munici-
pality's tax base; and
WHEREAS, the development of the Project and the
issuance of Bonds to finance the Project as herein recited
will, in the judgment of this body, serve the intended accom-
plishments of public purpose and in all respects conform to
the provisions and requirements of the Act;
��
NOW, THEREFORF., BE IT RESOLVED:
1. Findings and Determinations. It has been found
and determined and is hereby declared:
(a) that the Project is a qualified "project"
under and for the purposes of the Act;
(b) that the Borrower is a qualified "eligible
participant" under and for purposes of
the Act;
(c) that the Loan Agreement meets the require-
ments of a"revenue agreement" under and
for purposes of the Act;
(d) that the estimated aggrep,ate cost of providing
the Project and paying the costs incident to
the financing is not less than $1,000,000; and
(e) that the payments required to be made by
the Borrower under the Loan Agreement are
sufficient in amount to pay when due the
principal of, premium, if any, and interest
on the Series A Bonds.
2. Authorization to Borrow and to Lend. The Munici-
pality shall borrow, but only in the manner herein recited, the
sum of $1,000,000 for the purpose of (i) financing the costs
of providing the Project, (ii) paying the costs of issuing
and selling the Series A Bonds, and (iii) paying such other
costs related theceto as are permitted to be paid with bond
proceeds under the Act. Said borrowing shall be accomplished
through the sale of the Series A Bonds issued pursuant to the
Act. The Municipality shall lend the sum of $1,000,000 to the
Borrowec pursuant to the terms of the Loan Agreement, which
borrowing sha1Z be evidenced by the Promissory Note and secured
by the Mortgage.
3. Designation, Denomination, Tenor and Maturit of
Series A Bonds Createc� or Issuance. The Series A Bonds
shall be issued in the principal amount of $1,000,000 and shall
be designated:
CITY OF OSHKOSH, WISCONSIN
INDUSTRIAL DEVELOPNENT REVENUE BONDS, SERIES A
(UNIVERSAL FOUNDRY COMPANY PROJECT)
The Series A Bonds sha11 mature in accordance with
the schedule provided in the table below:
��
Principal Principal Interest
Maturity Date Amount Rate
September 1, 1981
December 1, 1981
March 1, 1982
June 1, 1982
September 1, 1982
December I, 1982
March 1, 1983
June 1, 1983
September 1, 1983
December 1, 1983
March 1, 1984
June 1, 1984
September 1, 1984
December 1, 1984
March 1, 1985
June 1, I985
September 1, 1985
December l, 1985
March 1, 1986
June 1, 1986
September 1, 1986
December 1, 1986
March 1, 1987
June 1, 1987
September 1, 1987
December 1, 1987
March 1, 1988
June l, 1988
September 1, 1988
December 1, 1988
Macch 1, 1989
June 1, 1989
September I, 1989
December 1, 1989
March 1, 1990
June 1, 1990
September 1, 1990
December 1, 1990
$25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
35,000
35,000
35,000
35,000
35,000
8.40%
8.40
8.45
8.45
8.45
8.45
8.65
8.65
8.65
8.65
8.75
8.75
8.75
8.75
8.75
9.15
9.15
9.15
9.15
9.15
9.25
9.25
9.25
9.25
9.25
9.35
9.35
9.35
9.35
9.35
9.50
9.50
9.50
9.50
9.50
9,60
9.60
9.60
Interest shall be payable quarterly on the first day of each
March, June, September and December commencing June 1, 1980. The
Series A Bonds of each particular maturity shall bear interest
from its date at the rate per annum specified for that maturity
in the Maturity Table above; provided, however, that if a Tax
Violation sha11 be deemed to have occurred in respect of the
Series A Bonds (as determined in accordance with Section 5.2 of
the Loan Agreement), the interest rate per annum o❑ the Series A
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Bonds with respect to each quarterly intetest payment period
sha11 be and become one-half (1/2) percentage point greater than
115% of the "prime rate" in effect on the first day of such
quarterly period (the "prime rate" being the conventional in-
terest rate charged by First Wisconsin NationaL Bank of Milwaukee
for 90 day loans to its most creditworthy domestic commercial and
industtial customers). Any such change in the method of computing
interest on the Series A Bonds shall be effective retroactive to
the date as of which the Series A Bonds lost their Federal tax
exempt status; provided, however that any amount of additional
interest due in respect of prior periods by reason of the retro-
active application of the change in interest rate shall be payable
in on the second interest payment date following the determination
that a Tax Violation had occurred or, at the option of the Bor-
rower, in lump sum on any earlier date.
The Series A Bonds shall be issuable as fully regis-
tered bonds without coupons in denominations of $5,000 or any
integral multiple thereof. Fully registered Series A Bonds and
the interest thereon and coupon Series A Bonds registered as to
principal (other than to bearer) sha11 be transferable by and
shall be payable to the registered owners thereof in the manner
and with the effect provided in the Indenture. The principal of,
premium, if any, and interest on the Series A Bonds shall be
payable in lawful money of the United States of America at the
principal corporate trust office of the Trustee, as paying agent,
or the ofFice of any successor or additional paying agent desig-
nated by the Municipality and approved by the Borrower.
The Series A Bonds shall be dated March 1, 1980,
except in the case of f�lly registered Secies A Bonds issued
and authenticated after the first interest payment date which
shall be dated in accordance with the provisions therefor
provided in the Indenture. Fully registered Series A Bonds
without coupons shall be lettered with the prefix "AR" and
consecutively from 1 upwards in the order of their issuance.
The Series A Bonds sha11 be issued in the respective
forms therefor as set forth in the Indenture, with such insertions
therein as shall be necessary to comply with the terms of this
Resolution and with such corrections therein, if any, as the
approving bond attorney may require for conformity with the terms
of this Resolution, the Indenture and the Act.
4. Execution and Authentication of Series A Bonds.
The Series A Bonds shall be executed on behalf of the Munici-
pality with the facsimiLe or manual signature of its City Mana-
ger, countersigned with the manual signature of its C1erk and
sha11 have impressed, imprinted or otherwise reproduced thereon
the official seal of the Municipality or a facsimile thereof.
iZ
No Series A Bond shall be issued unless first authenticated by
the Trustee, to be evidenced by the manual signature of an
authorized officer of the Trustee on each Series A Bond.
5. Designation of Trustee. The Municipality hereby
designates and appoints First Wisconsin Tr�st Company, Milwaukee,
Wisconsin, to perform the functions of the Trustee, bood registrar
and paying agent under the Iodenture.
6. Additional Bonds. Bonds in addition to the Series
A Bonds may be issue rom time to time under the Indenture
subject to the terms and condiCions therein provided and subject
to the approval of this body. If so issued, such additional
Bonds shall rank equally and on a parity with the Series A Bonds.
The Series A Bonds and any such additional Bonds are hereinafter
collectively referred to as the "Bonds".
7. Series A Bonds as Limited Obligations. The Series
A Bonds and interest thereon sha11 never be or be considered a
general obligation of the Municipality or an indebtedness of the
Municipality within the meaning of any State constitutional pro-
vision or statutory limitation and sha11 not constitute or give
rise to a pecuniary liability of the Municipality or a charge
against its general credit or taxing powers.
8. Source of Payment; Pledge of Revenues. The
Series A Bonds sha11 be limited obligations of the Municipality
payable by it solely from revenues consisting of (i) income and
revenue derived by or for the account of the Municipality from
or For the account of the Borrower pursuant to the terms of the
Promissory Note and the Loan Agreement (except certain taxes,
expenses and indemnity payments which may become due to the Mu-
nicipality), (ii) all net proceeds realized upon recourse to the
[�ortgage and any other collateral given to secure the Borrower's
obligations under the Loa❑ Agreement, and (iii) cash and securities
held in trust funds created under the Indenture and the investment
earnings thereon.
As security for the payment of the principal of, pre-
mium, if any, and interest on the Bonds, the Municipality shall
pledge and assign to the Trustee a11 of its right, title and
interest in and to the Promissory Note, the Loan Agreement (ex-
cept for its rights to receive and enforce payment of certain
taxes, expenses and indemnity payments from the Borrowec as set
forth in the Indenture and the Loan Agreement), the Mortgage and
the trust funds held by the Trustee under the Indenture.
9. Redemption of Series A Bonds Prior to Maturity.
The Series A Bonds shall be subject to redemption prior to
maturity as provided in the Indenture and summarized below:
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(a) Extraordinary Event Redemption. Upon or
within one year following the occurrence oF
any oF the extraordinary events specified in
the Indenture, the Borrower shall have the
option of having the Series A Bonds redeemed
in whole (but not in part) at 100% of the
principal amount thereof, plus accrued
interest to the redemption date.
(b) Optional Redemption in �vent of Tax Violation.
The Series A Bonds shall be subject to redemp-
tion at the option of the Borrower in whole upon
the occ�rrence of a"Tax Violation" (relating
to interest on the Series A Bonds) as defined
in the Indenture at 100% of principal amount,
plus accrued interest to the redemption date,
plus a premium equal to the amount, if any, by
which (A) the actual total dollar amount of
interest borne by such Bond during the period
between the date as of which such Bond lost its
Federal tax exempt status and the redemption
date is exceeded by (B) the total dollar amount
of interest which would have been borne by such
Rond during such period if the interest rate
per annum thereon during each quarterly interest
payment period would have been one-half (1/2)
percentage point greater than 115% of the "prime
rate" (the conventional interest rate charged
by First Wisconsin National Bank of Milwaukee for
90 day loans to its most creditworthy domestic
commercial and industrial customers) in effect
at such bank on the first day of such quarterly
payment period.
(c) 0 tional Redem tion. Except as provided in
paragraphs a an�(b) above, the Series A Bonds
sha11 be noncallable for redemption prior to
March 1, 1985. The Series A Bonds maturing on
or after March 1, 1985 (exclusive of those Series
A Bonds called for redemption pursuant to para-
graphs (a) and (b) above), shall be subject to
redemption prior to maturity by the Municipality
(at the Borrower's direction) on or after March
1, 1985, as a whole at any time, or in part in
inverse order of maturity and within a maturity
by lot on any interest payment date, at 100% of
principal amount, plus accrued interest to
the redemption date, plus a premium (expressed
as a percentage of the principal amount of the
Series A Bonds so redeemed) determined in
accordance with the table below:
�:�
Redem tion Dates
�From To an Inc�uding
March 1, 1985 February 28, 1986
March 1, 1986 February 28, 1987
March 1, 1987 February 29, 1988
March 1, 1988 February 28, 1989
March 1, 1989 February 28, 1990
March 1, 1990 and thereafter
Redemption
Premium
5.0%
4.0
3.0
2,0
1,0
None
Notice of any redemption of Series A Bonds prior to stated
maturity sha11 be given in the manner provided in the Indenture.
The principal of, premium, if any, and interest on Series
A Bonds called for redemption as aforesaid sha11 be payable
solely from moneys held by the Trustee under the Indenture and
available therefor, including moneys derived from the Borrower
for such purpose pursuant to the Loan Agreement.
10. The following described Trust Funds shall be
created under the Indenture to be held in the custody of the
Trustee and applied for the �ses and purposes provided in the
Indenture (summarized below):
(a) Issuance Expense Fund. The estimated
amount of the Series A Bond issuance costs
will be deposited into the Issuance Expense
Fund from the proceeds of the sale of the
Series A Bonds and will be applied upon
requisition of the Borrower to the payment
of s�ch costs. After certification by the
Borrower that all such costs have been paid,
any remaining balance in the Iss�ance Ex-
pense Fund shall be transferred to the
Construction Fund. Investment earnings on
the Issuance Expense Fund shall be for
the account of the Issuance Expense Fund.
(b) Construction Fund. The proceeds from the
sale o the Series A Bonds (exclusive of
accrued interest and the amount deposited
into the Issuance Expense Fund} will be
deposited into the Construction Fund.
Moneys in the Construction Fund will be
applied to the payment of Project costs
upon requisition of the Borrower as pro-
vided i❑ the Loan Agreement. After
certification by the Borrower that the
Project has been completed and that cer-
tain other conditions have been satisfied,
any remaining balance in the Construction
Fund sha11 be transferred to the Surplus
Fund.
�'2
(c) Bond Fund. The accrued interest received
upo—n t�ie sale of the Series A Bonds and all
payments from or for the account of the
Borrower on the Promissory Note (except
prepayments of principal and premium, if
any, required to be deposited into the
Optional Redemption Fund) shall be deposited
into the Bond Fund. Moneys in the Bond Fund
shall be used for the payment of the prin-
cipal of and interest on the Bonds when
due.
(d) OPtional Redemption Fund. Prepayments by
the Borrower of principal on the Promissory
Note together with the premium, if any,
sha11 be deposited into the Optional Re-
demption Fund. In addition, under certain
circumstances moneys may be transferred
to the Optional Redemption Fund from other
Trust Funds. Moneys in the Optional Re-
demption Fund may be (i) transferred to the
Bond Fund when and as required to pay the
principal of any Bonds called for redemption
in accordance with the Indenture; (ii) used
to pay any premiums payable on Bonds called
for redemption, (iii) transferred to the Bond
Fund to make the final payment of principal on
the Bonds, or (iv) to the extent not needed
for the purposes described in clauses (i) and
(ii) used at the direction of the Borrower to
purchase Bonds for cancellation.
(e) SurPlus Fund. Surplus moneys in the Con-
struction Fund shall be transferred to the
Surplus rund. At the direction of the Bor-
rower, moneys in the Surplus Fund may be
(i) transferred to the Optional Redemption
Fund, (ii) used to purchase Bonds for can-
cellation, or (iii) used to pay or reimburse
the Borrower for costs of depreciable
property necessary to complete the Project
or an additional project.
11. Other Trust Funds. There is hereby created
by the Municipality an or ere established, if necessary,
with the Trustee funds in which there shall be deposited such
net proceeds of certain sales, ins�rance and condemnation awards
as may be provided in the Loan Agreement and the Indenture.
The Trustee is authorized to withdraw funds from said trust
Eunds for application as provided in the Loan Agreement and the
Indenture.
-10-
12. Investment of Trust Funds. Any moneys held
as a part of the trust funds held by the Trustee under the
Indenture may be invested and reinvested by the Trustee upon
request by the Borrower in (i) direct, full faith and credit
obligations of the United States of America ("Government Ob1i-
gations"), (ii) securities which are unconditionally guaranteed
as to both principal and interest by the United States of Ameri-
ca, (iii) obligations of any of the following: Banks for Co-
operatives, Federal Financing 8ank, Federal Land Banks, Federal
Home Loan Banks, Federal Intermediate Credit Banks, Federal
National Mortgage Association, Export Import Bank of the United
States or Government National Mortgage Association, (iv) bank
repurchase agreements fully secured by Government Obligations,
and (v) interest-bearing accounts, time deposits and certificates
of deposit issued by any bank, tr�st company or national banking
association (including the Trustee and any affiliate of the
Trustee} which has capital, surplus and undivided profits in
excess of $5,000,000, but in no event shall the amount invested
at any one time, in interest-bearing accounts, time deposits and
certificates of deposit issued by any one bank, trust company or
national banking association equal or exceed 20% of the capital,
surplus and undivided profits of such bank, trust company or
national banking association.
13. Determination oE Revenue Payment. The amount
necessary in each year to pay the principal of, premium, if
any, and interest on the Series A Bonds is the sum of (i)
the amount of principal becoming due in such year in accordance
with the table in paragraph 3 of this Resolution (as reduced
from time to time by reason of prior redemptions and open
market purchases of Series A Bonds in accordance with the
Indenture); plus (ii) the principal amount of Series A Bonds
to be redeemed in such year in accordance with a call for redemp-
tion made in accordance with paragraph 9 of this Resolution and
the Indenture, plus the premium, if any, payable with respect
theceto; plus (iii) the amount of interest on the Series A Bonds
becoming due in such year in accordance with the intetest rates
and, if applicable, the formula specified in paragraph 3 of
this Kesolution.
In expressing the Borrower`s obligation to make the
necessary revenue payments, it shall suffice herein and in
the Loan Agreement to state that the Borrower shall be obligated
to pay the Municipality (or the Trustee for the account of the
Municipality) amounts sufficient to pay when due the principal
of, premium, if any, and interest on the Bonds.
The Loan Agreement contains provisions, adequate in
the judgment of this body, requiring the Borrower to provide
Eor the maintenance of the Project and the carrying of all
proper insurance with respect thereto. Consequently, the
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Borrower need not be required to pay amounts into any reserve
funds for the retirement of the Series A Bonds or for the
maintenance of the Project.
14. Award of Series A Bonds; Execution and Delivery
of the Bond Purchase Agreement. The Borrower has negotiated for
t—�ale o t— i�ies A Bon�s to First Wisconsin National Bank
of Milwaukee, Milwaukee, Wisconsin (the "Bond Purchaser") at a
price of 100% oF the principal amount of the Series A Bonds, plus
accrued interest to the date of delivery. Given the purposes of
the financing and the involvement of the Municipality therewith,
it is the determination of this body that the Series A Bonds shall
be hereby awarded to the Bond Purchasers at the price aforesaid
with delivery to follow in the manner, at the time and subject to
the conditions set forth in the Bond Purchase Agreement. As evi-
dence thereoE, the City Manager and the Clerk are hereby authorized
and directed for and in the name of the Municipality to execute,
affix with the official seal of the Municipality aod deliver the
Bond Purchase Agreement in the form presented herewith, or with
s�ch insertions therein or corrections thereto as shall be approved
by the City Manager and Clerk consistent with this Resolution
and the terms of the Act, their execution thereof to constitute
conclusive evidence of their approval of any such insertions
and corrections.
15. Execution and Delivery of the Loan Agreement
and the Indenture; Assi nment of the Promissor Note and the
Mortgage. The terms an provisions o the Promissory Note, the
Loan Agreemen�, the Mortgage and the Indenture are hereby ap-
proved. The City Manager and the Clerk are hereby authorized
for and in the name of the Municipality to execute, affix with
the ofFicial seal of the Municipality and deliver the Loan Agree-
ment, the Indenture and the assignments of the Promissory Note
and the Mortgage in the respective forms thereof presented here-
with, or with such insertions therein or corrections thereto as
sha11 be approved by the City Manager and Clerk consistent with
this Resolution and the terms of the Act, their execution thereof
to constitute conclusive evidence of their approval of any such
insertions and corrections.
16. Execution and Delivery of the Series A Bonds.
The City Manager and the Clerk are hereby authorized for and
in the name of the Municipality to execute the Series A Bonds
and appurtenant coupons, if any, in the manner authorized
by paragraph 4 of this Resolution. Subject to the terms and
conditions of the Bond Purchase Agreement, the Municipality
sha11 deliver the Series A Bonds to the Bond Purchaser.
17. General Authorizations. The City Manager and
the Clerk and the appropriate deputies and officials of the
Municipality in accordance with their assigned responsibilities
-12-
are hereby each authorized to execute, publish, file and record
such other documents, instruments, notices (including notice
pursuant to Wis. Stats. §893.23) and records and to take such
other actions as sha�be necessary or desirable to accomplish
the purposes of this Resolution and to comply with and perform
the obligations of the Municipality under the Series A Bonds,
the Loa❑ Agreement and the Indenture.
In the event that the City Manager or the Clerk shall
be unable by reason of death, disability, absence or vacancy
of office to perform in timely fashion any of the duties speci-
fied herein (such as the execution of Series A Bonds, the Bond
Purchase Agreement, the Loan Agreement, the Indenture or the
assignments of the Promissory Note and the Mortgage), such
duties shall be perEormed by the officer or official succeeding
to such duties in accordance with law and in the ordinances of
the Municipality.
18. Effective Date; Conformity. This Resolution
shall be effective immediately upon its passage and approval.
To the extent that any prior resolutions of this body are
inconsistent with the provisions hereof, this Resolution
shall control and such prior resol�tions shall be deemed amended
to such extent as may be necessary to bring them in conformity
with this Resolution.
� * * >e *
The foregoing resolution of the City Council of
the City of Oshkosh, Wisconsin, was adopted, approved and
recorded on , 19
City Manager
er
-13-
CERTIFICATIONS BY CLERK
I, Converse C. Marks, being first duly sworn, do hereby
depose and certify that I am the duly (appointed) (elected),
qualified and acting Clerk of the City of Oshkosh, in the County
of Winnebago, State of Wisconsin, and as such I have in my pos-
session, or have access to, the complete corporate records of
said City and of its City Council; that I have carefully 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. entitled:
BOND RESOLUTION AUTHORIZING
$1,000,000
CITY OF OSHKOSH, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES A
(UNIVERSAL FOUNDRY COMPANY PROJECT)
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 Hal1 at
P.M. on February 21, 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
Statutes.
2. Said resolution was on the agenda 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 i❑ 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.
Schiefelbein,
roll I noted
present:
Said meeting was called to order by Kenneth
Council President, who chaired the meeting. Upon
and recorded that the following CounciLmen were
and that the following Councilmen were absent:
I❑oted and recorded that a quorum was present. Various matters
and business were taken up during the course of the meeting
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without intervention of any closed session. One of the matters
taken up was said resolution which was introduced and its adop-
tion was moved by Councilman , and seconded by
Councilman Following �iscussion and after all
Councilmen who a�s�rea 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 follows:
Aye:
Nay:
Abstain:
Whereupon the Council President declared said resolution adopted,
and I so recorded it.
IN WITNESS WHEREOF, I have signed my name and affixed
the seal of the City hereto on this day of February, 1980.
[Municipal Sea1] �_ ,
Clerk
STATE OF WISCONSIN )
} SS
COUNTY OF WINNEBAGO )
Subscribed and sworn to before me this day, the
date last above written.
Notary Yublic
My commission expires:
[Notarial Seal]
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