HomeMy WebLinkAbout30424 / 79-06Noverrber 1, 1979
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INITIA'I'�D BY: CITY IIDMINISTRATION
# 6
RESOLt7i'IO�i I
Wf�RF,AS, the City of Oshkosh, a Municipal Corporation, located in Winnebago
County, Wisco:isin (the "Muriicipality"), is in temporaiy need of m�ney in the
azmunt of Or� Million Dollars, ($1,o�0,�00.0�) with which to pay its curz�nt
and ordinary expenses; and
WHERF�AS, the governing body of tlie Mimicipality deems it necessary to its
sa£ety and interest to borrow said amount for said purpose; viz: for general
and curmnt mimicipal expenses;
NQJ, TIIEREFbRE, BE IT RESOLUED by the governi.ng bodV of the MUnicipality,
that in order to pay the current and ordinary expenses of the Miu�icipality,
the City Manager and the City Clerk are hernby authorized and directed, pursuant
to the provisions of s. 67.12(1), Wis. Stats., to borraa from ti� to tirce from
The First Wisconsin National Bank o£ Oshkosh, (the "Iznder"}, a total siun not
to exceed One Million Dollars ($1,00�,000.00) and to eviden� such iridebtedness
sai.d officers shall made, execute and deliver to the Iender the promissozy notes
of the Mimicipality to bear interest at the rate of not to exceed nine per cent
(90) per annwn, be dated when issued and be payable on March 1, 1980, with pre-
pay�rent privileges at any tinie after issuance of said notes; and
BE IT FUIU'f�R RFSOLVED that to provide £or the pay�nt of t�e principal
and interest of said notes when due there shall be and there is hereby levied on
all the tax��le proPerty of the Muni.cipality, in addition to all other t�ces, a
direct, irrepealable tax sufficient for such purl�ose. Said tax shall be carried
into the next taac roll of the Nhmicipality (unless the notes are sooner prepaid)
and collected as o;her taxes are collected, as provided by law, and when said tax
is so co1J_ected it sh�11 he kept in a s°_p�.a�... ar:3 ��tinet f-�u':d an3 be ��sed ior
the sole purpose of payinq th.e principal and interest on said notes; arid
BE IT FU17I'HER RESOLVED, that the aimwit of said loan evidenced by said
notes sha1Z be used solely for the purposes for which they are issued, but m�y
be t�ny�orarily invest�d until needed in 1ega1 irn�est�rents, pmvided that no such
investrrent shall be in such xc�iner as would cause the notes to be "arbitrage bonds"
wit�:in the �maning of Section 103(c) (2} o£ the Internal Revenue Cale of 1954, as
airended, or th� I�gulations of the Coimtissioner of Intsrnal Revenue thereunder;
and an o£ficer of the rhmicipality, charqed with the responsibility for issuing
said notes, shall certify as tn facts, estimates anci cire�.nnstances in exist�noe
on the date of closing, which will permit the conclusion that said notes will not
be "arbitra2 bonds" ; and
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BE IT FtTI7IHER RL'SOL�IED, that the municipal of£icials are hereby authorized
and directed, so long as said notes are outstanding, to deliver to the Iender
any audit statermnt or other financial inforn�tion as the I�nder may reasonably
��quest and to discuss its a£fairs and finances with the Iznder; and
BE IT FI7IZPI�R RESOLUID that said nqtes shall be delivered from tiice to
tisre, as ne�ssazy, to the Lender on or after the date of said notes upon receipt
of the prir.cipal aenount of such loan evidenced thereby.
•3
c.�y�;: tiED BY
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