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Home My WebLink About30194 / 79-52A D D E N D U M June 6, 1°79 # 52 RESOIi7TI0[V _ _ I 7here will b� an Snitial Resolution to issiie In3ustria; �ver.u� Bonds p�ir_suant to Section 66.521 of the Wisconsin Statutes to David D. Jam�son ar�d Lorraine L. Jameson for the pLUpose of acqu.iring land and constructing a-�1 equipping an industrial facility in the City of Oshkosh, at a t�tal cost of not to exceed $500,000.00. SUBNITTED BY -52- WASFVIroGTON OFFICE ONE FPRRAGUT SOUpFE SOUTH WASHINGTON.D.G20006 (202� 628-3110 John Pence, Esq. City Attorney City Hall 215 Church Avenue Oshkosh TAI 54901 Q U A R L E S & B R A p Y ]BO NORTH WATER STREET MILWAUKEE�WISCONSIN 53202 (414) 2>3-3�00 . CABIE:�AWDOCK . TW% 910-262-3<26 TELECOPY �414� 2J1-3552 •��++ June 9, 1979 J!iiti�- l:lj�� »' :."r.'i°iuiiR.'.�:i_:\..� �?i?�.IC� FLORIDA OF�ICE 251 ROYAL PALM W/�Y V.O. BO% 23�J PALM BEACH� F�ORIOA 33460 (305) 655-Jf95 Re: Proposed City of Oshkosh Industrial Revenue Bond Financing Involving David D. Sameson and Lorraine L. Jameson Dear John: Enclosed is a draft o£ an initial resolution in connection with the proposed above mentipned 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 Snclosure I look £orward to working with you again in this financing. Very truly yours, CITY OF OSHFOSFi, WINNELiAGO COUNTY, �JISCONSIN INI'i'IAI. RESOLUI'ION REGAItDING INDUSTRIAL DEVELOPP9EN'P REVENUG BONUS WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin (the "City"), is authorized by Sectioii 66.521, Wisconsin Statutes, as amended (tkie "Act"), to, among other powers, (i) construct, equip, re-equip, acquire by gift, lease or purchase, install, reconstruct, rel�uild, reh�ibili.tate, improve, supplement, replace, maititairi, r.epai�:, enlarge, extend or reniodel industrial projects, (i.i) enter into revenue producing agreements for the same in order to promote the right to gainful employment, business oppor- tunities and general welfare of its inhabitants and to preserve �nd enhance its tax base, (iii) borrow money and issue bonds to finance costs relateci to slich industrial projects; which bonds are to be pay�ble solely out of the revenues derived pursuant to the ievenue �greement pertaining to the project to be financed by the bonds so issued and, in the event of default of such agreement, as may be atrthorized by this Conunon Council and permitted by law, and which bonds may be secured by a mortgage and/or security interest in the project or other security; and WIiEREAS, David D. Jameson and Lorraine L. Jameson ("Jamesons"), adult individuals, have represented to the City that they (1) propose to acquire land and construct and equip thereon an industria]. facility in the City (which acquisition, coristruction and financed equipment and related improvements are herein called the "Yroject") for an estimated cost not to exceed $500,000; (2) expect to lease said Project to Jay Manufacturing Co., a sol_e propr.ietors2iip, for use in.its business of industrial sheet metal manuFacturing and for related manufacturing and service activities; and (3) have had negotiations with the City as to the feasibility of undertaking the Project in the City or elsewhere and as to the financing of the costs of the Project through the issuance by the City of its industrial development revenue bonds pursuant to the Act; NOW, THEREFORE, BE IT R$SOLVED by this Common Council of the City of Oshkosh: (1) In vie�v of the considerable benefits to be derived by the City from the development of the Project in ttie City, and to induce and encourage the Jamesons to undertake the Project in t:he City, the City intends to consummate a Project Financing Agreement pursuziit to wliich the City shall: (a) issue, sell and deliver to purchasers pro- cured by the Jamesons industrial development revenue bonds in 1n agc�regate amount not to exceed $500,000 in order to finaur.e costs related to the Yroject, which bonds shall be payable solely from the revenues derived from a revenue agreement with respect to the Project and i-n the event of deYault of such agreement as may be alithori.zed by the Ci Cy �rid �pernii.ttec3 by l aw; (b) acquiie part or all of the Project, if neces- sary and proper, pursuant to such Project Financing Agreement; (c) enter into a revenue agreement with the Jamesons with respect to the Project providing revenues sufficient to pay principal of, and interest on, the boiids wlien due, �roviding foi: acquisition, const�uction andjor equipping of the Project by the Jamesoiis and which may further provide, in the event title is con- veyed to the City, for the right of the Jamesons to acc�uire the Prpject for the aggregzte amount equal to the amount required to retire all the outstanding bonds plus One Dollar ($1.00) or such other sum as may be required by law; and .(d) assiqn the revenue agreement and pl.edqe the revenues and other amounts therefrom to tlie boi�;3hol.ders or to a trustee under an indenture of trust ari,i..:,t eiiter into other appropriate arrangements in o� uer r�: further secure paym�ent of principal of, premiuw, ii aiiy, and interest on, the bonds. (2} The bonds issued to finance costs of the Project sha11 never constitute an indebtedness of the City within the meaning of any state constitutional provision or statutory limi- tation and shall not constitute or give rise to a pecuniary liability of the City or a cYiarge against its yeneral cr'edit or taxing powers. (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 amotinL as thouqh such user owned such p�rt. (4) The appropriate officers of the City are hereby authorized to negotiate the terms of the Project Financinq Agree- merit, revenue agreement, indenture of trust, if any, and any other documents required to properly complete the financing, provided Yhat a11 such terms, docwnents and procedures shall be subject to the conditions of this Resolution and the provisions of the Act and shall not be binding unless and until: (a) the details of the Project Fitiancing Agree- merrt and all documents pertinent thereto are reviewed, authorized and a��raved by resolution of this Common Council; (b) the electors of the City shall h�ve been given the opportunity to petition for a referendum on the matter oi the aforesaid bond issue as required by t.he Act; (c) either no such petition shall be timely filed oi: such petition shall h�ve been so filed and sai.d refetendum shall have a��proved the liond issue; and -2- (d) all documents required in connection with the financing stiall have been dtily exec�ited by `tYie parties thereto and delivered to the extent required. (5} The City Clerk is hereby directed to publish notice of adoption of this Resolution as a class 1 notice under Chapter 9II5, VJi,s. Stats., (relatitig to publicatioti of official notices) in tlie official newspapei� of the City iii substantially the form attached to this Resolution. (6) The City Clerk is hereby directed to file with the Secretary of P,usiness Development of the State of Wisconsin a ccpy of this Resolution toqether with a copy of the public notice of its adoption within teri days following publication of such notice. Adopted , 1979 Approved -3- City Clerk 1979 City Manager ., NOTICE TO ELECTORS OF 1'HE CtTY OF OSFIY.OSH, WINNEI3AG0 COUNTY, WISCONSIN TAFE NOTICE that the Common Council of the City of Oshkosh, Winnebago Coui�ty, 4Jisconsin, at a lawful meeting he].d on the day of June, 1979, adopted an initial resolution, pursLiant to Section 60.521 of the �Oisconsi.ii Statutes, as amended, setta.ng fortli the intent of the City to issue industrial devel.op- �ucnti revetiu� botids in aii amoiiiit not to exceed $500, 000 for tlie puipose of fivariciny costs related to the acqixisition of land and Yt�e construction axid equippinq tYiereon of an industrial facility in tYie City and expected to be leased to Jay Manufacturing Company for use in its business of industrial sheet metal manufacturing an3 for related manufacturing and service activities and to enter into a reveniie agreetr.ent witti David D. Jameson and Lorraine L. Jameson witli respect to such fii�anri�ig. THE BONDS SFIALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER AY'IOUNTS DE:RIVED OR RESULTING FROP9 A REVENUE AGREEP9ENT WITH RESPECT TO THE FINANCED PR03ECT OR, IN TF3E EVENT OF DEFAULT OF SUCH AGREEP�IENT, AS O'PHERWI5E AUTHORIZED BY THE CITY OF OSHKOSH AND PERMITTED BY LA6J. THE BONDS SHALL NOT CONSTITUTE AN INDEBT- ED°IESS OF THE CITY OF OSiIKOSH WITHIN TIiE M�ANING OF I�NY STATE CO\STITUTIONAL PROVISION OR STATUTORY LIMITATION, AND SHALL NOT COtiSTITUTE OR GIVE RISE TO A FECUI3IARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GEtvERAL CREDIT OR TAXING POWERS. The resolution may be inspected by any elector of the City at the office of the City Clerk, City Hall, 215 Church Avenue, Oshkosh, Wisconsin during busiaiess hours. The bonds will be issued without submitting the propo- si.tion to the electors of Lhe City for �pproval unless within 30 days from the date of publication of this notice a petition, signed by not less than 5% of the reqist-ered electors of the City, is filed with tlie City Clerk requesting a referendum upon the question of the issuance of the bonds. IP sucl� petiition is filed, the bonds shall not be -issued unti.l approved by a majority of the el.ectors of the City voting thereon at a general or special election. llated June , 1979. Crty Clerk �� o .�, s, � � � N W � L[l � O � ro� H R?} ` N .� � � �J� O � � N � � � �'y T+ •� � � �` o �n ti N� � o � O 1� O W ,i o J� N O � � O ri � � O N O f/I 'J O � N N Lfl / ��CG f� � � � N v � � a � 0 � Q .. o '� H °� .� t� i� � � O U �-I J� O � 1� _- i � ti rn ri � N � � 5 x s, N r-i U 4� U �