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Home My WebLink About30195 / 79-53A D D E N D U M June 6, 1979 # 53 RESOLUTION �ece wiii be an Snitial Resolution tu issue 7n3LStrial P,nvenue Bonds pursuant to Section 66.52I o£ the Wiscons.in Statut�s to A1den G. Ferguson and Nancy L. Ferguson £or the purpose of acqLtiring land and constnxcting and equipping an industrial facility in the City of Oshkosh, at a total cost of not tr� e�cceecl $350,�00.00. SUi3D(ITTED BY -53- WASHINGTON OFFICE ONE �ARFAGUT SOUARE SOUTH WA�SHING�ON.�.G20006 �202� 628-3110 John Pence, Esq. City Attorney City Hall 215 Church Avenue Oshkosh WI 54901 Q U A R L E 5 & B R A D Y >fi0 NORTIy WATER STREET MILWAUKEE, WISCONSIN 53202 (419) 2)3-3�00 GABLE: LAWDOCK TWX 910-262-3426 TELECOPY �414� 271-3552 F�� c`" �,��,��, F. � 's A. },... ,.✓': � i : ^.; 5 -- I"�79 r'i'4'Y ;i'"t"`Ii�Ri'�F.�"S C)1� �FCE June 4, 1979 FLORIDA OFFICE � 251 ROYqL PqLM WAY P.O. BO% 231J PALM BEACM�FLORIOA 334B0 (305) 655->195 Re: Potential City of Oshkosh Industrial Revenue Bond Fina�cing Involving Alden G.Ferguson & Nancy L. Ferguson Dear John: Enclosed is a draft of an initial resolution in connection with the proposed above mentioned financing. If possible, we would like to get on the agenda for the June 6 meeting. However, if this is impossible, please schedule this matter for consideration by the Council on June 21, 1979. Please call me with any comments you may have on the enclosed initial resolution. 432jb Enclosure I look £orward to working cvith you again in this £inancing. Very truly yours, S &. BRADY G. Jartz C1TY OE OSfIKOStiI, WINNLF3AG0 CO1TN'I'Y, 4VISCONSIN I[dI'I'Il�L, RESOLUTION REGARUING INUUSTkIAL DEVELOPP4ENT REVEtJUE BONDS WHLREAS, the City of Oshkosh, Flinnebago County, Wisconsin (the "City"), is authorized by Section 66.521, Wisconsin Statutes, <i� aniended (the "AcC"), Lo, among otlier powers, (i) constrgct, equip, re-ec�uip, acquire by gift, lease or purchase, install, rec:onstrucL, reb�iild, rehabilitate, .improve, siipplemenT., replace, n�aitiLairi, iepaiL, eiilarge, ext�nd or remodel i.ndttstrial projects, (.ii) en�er :iriLo revenue producing agr.eements for the same in order to promote the right to gainful employment, business oppor- tunities and generzl welfare of its inhabitants and to preserve aiid enhance its ta�; base, (iii) borrow money and issue bonds to finance costs related to such industrial projects, which bonds are to be payable solely out of the revenues derived pursuant to tlie revenue agreement pertaining to the project to be financed by tlie bonds so issued and, in the event of default of such agreement, as may be autYiorized by tYiis Comrnon Coiiiicil and permitted by law, and which bonds may be secured by a mortgage and/or security i.nterest in the project or. other security; and WfI�REAS, Alden G. Ferguson and Nancy L_ Ferguson (the "Ferqusons"), adult individuals, have represented to the City that they (1) p�.-opose i_a acquire land and coiistruct and equip thereon an indtistrial facility in the City (which acquisition, coiistruction ziid financed equipment and related itnprovements are herein called the "Project") for an estimated cost not to exceed $350,000; ('2) expeci; to lease said Project to Service Litho-Yrint, Inc. for use in its cornmercial printing business and for relatetl service activities; and (3) has had negotiations with the City as to the feasibility of undertaking ttie Project in the City oz elsewhere and as to the financing of the costs of the Project throuyh the i_ssuance by the City of its industrial development revenue bonds pursu�int to the Act; P]0;4, TiIEREFORE, BE IT RESOLVED hy this Common Council of the City of Oslikosh: (1) In view of the considerable benefits to be derived by the City irom the development of the Project in the City, and to induce and encourage the Fergusons to undertake the Project in tlie City, the Ci.ty intends to consummate a Project Financiiig t�greement pursuant to wtiich the City stiall: (a) issue, sell and deliver to purchasers pro- cured by the Fergusons industrial development revenue bond.s in Zn aggregate amount not to exceed $350,000 in order to finance costs related to the Project, which bonds shall be payable solely from the revenues derived from a revenue ayreement with respect to the Project an�l in L'he event of default of such agreement as may be auLhorized by Che City and permitted by law; (b) acquire part or all of the Project, if neces- sary and proper, pursuant to such Project Financing Ayt.-eement; (c) enter into a revenue agreement with the Fergtisoiis with respect to the Project px'ovidinq reveciues sufficient to pay principal of, and interest on, the bonds wlien due, providiiig for acquisitioti, consLructioii and/or equippi�ig of the Project by ttie Fergusons and which may further provide, in the event title is con- veyed to the City, for the rigtit of the Fergusons to acquire the Project for the aggregate amount equal to the amount required to retire all the outstznding bonds plus One Dollar ($1.00) or such ottier sum as may be reyuired by law; and , (d) assign the revenue agreement and pledge the revenues and other amounts therefrom to tl�e bondholders or to a trustee under an indenture of trust and!or enter irito other appropriate �rrangements in ::� �tt:�t t�, further secure payment of principal of, premiuu„ ii ar,y, and intei:est on, the bonds. (2) The bonds issued to finance costs of the PTOject shall never constitute an indebtedness of the City witliin the meaning of �ny st�te constitutional provision or statutory limi- tation and sYiall not constitute or give rise to a pecuniary liability of the City or a charge against its general credit or taxirig potae.rs. (3) If the City owns any part of the Project, taxes shall be assessed to the user of such part of the Project in the same manner and amoun't as t;hough such user owned such part. (4) The appropriate o£ficers of the City are hereby auttiorized to negotiate tkie terrns of t}ie Project Financinq Agree- ment, revenue agreement, indenture of tzust, if any, and any other documents required to properly complete the financing, provided that all such terms, documents arid grocedures shall be subject to the conditions of thi.s Resolution and the provisions loP the Act aizd shall not be biuding unless and until: (a) the details of the Project Financing Agree- ment and all documents pertinent thereto are reviewed, authorized �nd approved by resolution of thi.s Common Council; (b) the electors of the City sYiall have been given the opportunity to petition for a referendum on the rnatter of the aforesaid bond issue as.required by the Act; (c) either no such petition shall be timely filed or siich petiT_i,on shall ]iave been so filed and said refcrendiim shall l�ave �i�provecl tlie bo�nd isslie; and -2- (d) all documents required in connection with the finaiZCiiig shall have beeci diily execirted by tkie partiie� thei:eto and delivered to the extent required. (5) The City Clerk is hereby directed to publish notice of adoption of tliis Resolution as a class 1 notice under Chapter 9:35, Wis. Stats., (relatirig to ptiblicati.on of official �7otic�e�) in tlie official newspaper of the City in substantially the torm attached to this Resolution. (G) 7'he City Clerlc is liereby directed to file witti tl�e Secr.etary of t3iisi.ness Development of the State of Wisconsin a copy of this Resalution together with a copy of the public notice of its adoption within ten days following publication of such TIO�iC1CC�. Adopted Approved -3- 1979 City Clerk , 1999 City Manager � NOTICE TO ELtiCTORS OF THE CITY OF OSHKOSH, WINNE13AG0 C011NTY, �OISCONSIN TAKI, NOTTCE that the Common Council of the City of Os}ikosti, Winnebago County, Wisconsin, at a lawful meeting held on the day uE Ji�ne, 1979, adopted an initial resolution, pursuant to Section 66.521 of the Wisconsin StatliLes, as amended, setting fo�-tli the intenL of the Cit:y to issue indttstrial develop- nietiL ieventie boiids in ati amount not to exceed $350,000 for the purpose of i'inaiicing costs related to the acquisition of land and the construction and equipping thereon of an industrial facility in the City and expected to be leased to Service Litho-Print, Inc. for use in its commercial printing business and for related service activities and to enter into a revenue agreement with Alden G. Ferguson and Nancy L. Ferguson with respect to such financing. THE BONDS SHALL BE PAYABLE SOLELY FROI9 THE REVETiOES AND OTHER AMOUN`tS UERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH RESPECT TO TE3E FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF SUCFi AGREEP+[ENT, AS OTHERG4ISE AUTFIORIZED BY THE CITY OF OSHKOSH AND PEF2MITTED BY LA�d. THE BONDS SFiALL P70T CONSTITUTE AN INDEBT- EDNESS OF THE CITY OF OSHKOSH WITHIN THE P9EANING OF ANY STATE CONSTIi'UTIOIdAL PROVISION OR STAT'UTORY LIMITATION, AND SHALL NOT CONSTITUZ'E OR GIVli RISE TO A PECUNIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TF12:ING POWERS. The resolution may be inspected by any elector of the City at the office of the City Clerk, City Hall, 215 Church Aveiiue, Oslikosh, Wisconsin during business tiours. The bonds will be issued without submitting the propo- sition to the electors of the City for approval unless within 30 days fron� the date of publication of this notice a petition, sigized by not less than 5% of the registered electors of the City, is filed with the City Ci.erk requestinq a referendum upon the question of the issuance of the bonds. If such petition is filed, the bonds shall not be issued until approved by a majority of the electors of the City voting thereon at a general or special election. Dated June , 1979. — City Clerk m � a � �-- �a at o � c. .N � � � � � o � � H • N S'., O � � � t� S'. 60 ri ri ta O nl Cr� � � O � O 1� O ,L] •ri O J� N O � � O � � � O N O �n > �, u� u� m aa� � N N N � CL O � b d � O "� E1 �' i� � U C.' O +-I � 0 � '' : _ ... - _ _ 0 rn ti � r� � N � � � � � Fa � U � +i U