HomeMy WebLinkAbout30066 / 79-13April 19, 1979 k 13 RESO?�UTION
RFSGLOTION det.smiiling to borrcw $325,OOQ and to issue to the lender
Promiss�ixy �i-�s, Sesies 1979, of the City of Oshkosh, Wzsconsin, in such a!rc>u.zt,
provid�ng dstails, pres��ibing the form ox ncrte and cuupon, awarding tze roY,es
to the highest bidder, and l�t^,�.iny t�xE��:.
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SUB?�dITTED BY
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The City council of the Cit;.� of Oshkos:^, '::innebago
�:;OU!?tV� �`�1SCOI1S111� I(.2� 111 I'egU12.t'� O;�°_;?� jJUbilC �°SS7.O:i 3� 1.tS
regular meetino place on April 19, 197„ at _ o'clock _.t�i.,
with ti:e Pollosaiii;; membe; s present:
and tne following menbers absent:
� � *
(Other busincss)
The Cler'r. stat,ed ti;at one purpose o` t^e °eeting was
the consideration of bids received fo: the purch�se of �325,000
Promissory tdotes, Series 1979 of the City of Oshkosr, pursuant to
notice of sale duly published in The Bond BuS�er, a°inancial
newspaper publisried in the City of tdeir York, Neti, York, and in the
Oshkos!-; Daily Peorthwestern.
The following sealed bids for said not_s �::ere received
in the Council Chambers in ttie City H?11 until L:0'� A.��i., C.S.T.,
c�n Aoril 19, 1979:
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PJa��:e of Bidder
Net Interest Cost
%
After due deliberation, it was determined that the bid
of First Wisconsin National Bank of Mil�•iaukee
of Milwaukee Wisconsin , and associates, at a price o£
par and aecrued interest plus a premiurn of $ 72•7� was the
highest and best bid submitted for the purchase of said notes,
which bid is as follows:
-�-
��
OFFICIAL BID FORVI
c,cY co�,r,��i
c,cy x��i
Oshkosh, �Visconsin 54902
G�ntlemen:
Subject to all term; set forth in the OFficial Nof.ice of Sa;e, �vhich is hereby made a puit of this pro-
posal, we offer to pay $ 1,925,000 for Corporate Purpose I3onds and $ 325,000 for Promissoiy Notes
plus a premium of _�� ;-�- ,. �- , �
and accrued interest to date of delivery, far �S 1,920,000 Corporate Purpose Bonds, Series 19i9 and
$ 325,000 Yromissory A�otes Series 1979 of the City of Ostil:osh, i�'iscoiisin, dated May 1, 1979, maturing
serially D1ay 1 of each year and beazing interest as follo�vs:
Amount
S 2s,000
25,000
25,000
25,000
25,000
50,000
75,000
75,000
Air.ount
$ 25,000
25,000
25,000
25,000
25,000
Ye:�r of
Maturity
isso
1981
1982
198p3
IsUi
1985
l/s�apsr�
1�]<) 1
Year of
Maturity
1980
i�s1
1982
1983
1984
CORPORATc P!JR�O�E: F30�1D5
Interest
Rate
� � '' %
'7. /s C %
� �'� %
1<`^ %
`% �, °b
� .�i %
,ir %
J � ��%) �O
Amount
� ioo,000
150,000
250,000
250,000
250,000
so�,000
300,000
PRO�AISSORY N07ES
Inierest
Rate
'% C / %
:. ,!' r %
i l' C %
%�= � �o
' �` " o
Amount
$ 25,000
25,000
50,000
50,000
50,C0�
Yeaz of
Maturity
198R
1989
1990
1991
1992
1993
1994
Year of
Maturity
1985
19F36
iss�
i�sa
1989
Interest
R ate
,s �� c qo
i_!/n %
�•-un io
— ii. %p/
�' • <� /O
_�-�.. %
_5� .:., %
Interest
Rate
,..%S %
,� ;��. %
'.� � %
vO %
�-"r `%
�
«'e prefer that the bonds and notes Be payable at '�' �- �r f. -� _. j' "
andat _'-�^" �<_ � �! �r_,..,._�i:.�
Said bonds and notes aze to Ue executed and �eliverecl to use in accordance with the terms of
this bid accompariied by the approving ]egal opinion of Cliaprnan and Cutler, Attomeys, Chicago, Illinois.
You are to pay for srud legal opinion and printing of bonds and note;.
As evidence of good faith, ��;e enclose herelvith a eneck to tne order of the Treasurer of the
City of O:;hkosh, �Visconsin, in the sum of � 45,000 pursuant to the term; provided in your Officiail Notice
of Sale. Attached hereto is a list of'the members of our account on wnose behalf this bid is made.
21
Y .
Descripiion of Check:
Amouc�t: S 45,000
i�'ame of T.ianl;
City_ --
TYF'? — -
Dated - _
S2a-e ___
ecl: \o.
(For City ilse Only) �
7'he Above Check �va; Returned and Received
for t}:e Aboce :�'�med Aec��u�;. �.'.lnagez
�y
1.espectfull5- submit+c>d,
������ F�irst l�,isconsin Plational [3ank of hlilwaukee
lame �
� -- \'�-�� � ---
.. y�0 n��E.��-Egct", 1C2 t'
_lddre;s�77'��F��t I.�i�rnn�in [��i,�ni�c+
�';�y_—[L' �.t'::'� s!rite b:i
For informaiioa of City Oaly. Our Calculation
of Interest Cost from Above is:
Total Interes± . . . . . . . . . . . . . . .$ /. .� �� �' '��75_ c^C;
Less Premium ' " % -' �`
...............$
t�'et Interest Cost . . . . . . . . . . . . .$. ! .">. �. �- :.' 7/. � d
' :>
\ � � t 1.^....: �.; i -�La [e . . . . . . . . . . . . . _.: .------ ,
The foregoina bid �vas accepted ancl bonds ar.d notes sold b5� resolution of the City Council of the
City of O,hl:osh, Wisconsin on April 19, 1979, and receipt is hereby acknowiedged of th� good faith
check lchlch is being held in accordance with the terms of the Officia] Notice oi Sale.
23
—3—
CiTY OF OSHKOSH
t�y
Director of Administration
Thereupon the £ollowing resolution was introduced by
_____ ______ and was read in full, and pursuant to motion
made by and seeonded by
ti��as �3opted by the follo:ring vote:
Aye:
V3y:
RESOLUTI017 deterrnining to bcr^ow
�325,�00 an3 to issue to t.he lender
Promissory i�otes, Series 19i9, of
the City of Oshkosh, lJisconsin, in
such amount, providing detai�s,
pre�cribing tne form of note ar.d
coupon, awardin�r tt�e notes to tne
nighest bidder, and levying taxes,
WHE}?EAS, it is nncessary that funds be raised in tne
total arount oi $325,000 for the purpose of hrovining for
acquisition of equipment, and public worl< anc. ir.:�nrove;ne::ts
consisting of acquisition o: small eyuipment end cons*ruction of
side�ralks; and
� 4;FIEHEAS, cities are authorized hy t:e provisions of
Section 67.12(12) of the l9isconsin Statutes to borrow money and
issue promissory notes for acquisition of equ'pment and public
work and improvements; an9
I�HER�AS, it is considered necessary and desir��le by
the City Council of the City oi' Ost,kosh, Wiscons�n (ti�e "City"),
��
. �- . � - 1' ='i�r4,�'>��,� _ -����'*�°�'�'�"�t`�2_%1
4
that t�e City bo^row �3z5,000 for the purpose o£ providin� funds
for the purposes aforesaid, and that the City issue to the lender
its promissory r,otes to evidence the indebtedness thereby incurred;
and
WHERE�S, it has been determined to oorrow said money
f rom First 4lisconsin National eank of Milwaukee
of Milwaukee Wisconsin , and associates, said lenders
1..._-l� .SLlb[:_t�2�. L;F' OcS� t._U i0: SE�-�d ..�.,�5 ��� ��n-' �,.kh_l_C ., �i'
thereoi; and
L^]HER�A_S, it has been determined th�� t::e issuance of
said notes in form payable to the bearer will ma'r,e such notes
more readily rnar_cetable and will thereby be to tne advantage o£
the City;
NOW, T:?EREFORE, Be It Resolved by t�e City Council of
the City of Oshkosh, Lainnebago County, 6Jisconsin, as follows:
Section 1. For the purpose of paying the cost of
oroviding for ac�uisition of equipment anc. public work and
improvements as described in the preamble hereto, there shall be
borrowe3 from First Wisconsin National Bank of Milwaukee
of Milwaukee Wisconsin
and associates, the sum of �a325,000, and to e�:�idence such
indebtedness the City sha11 issue to such lenders its Promissory
;dotes, Series 1979 (the "hiotes"), in the ag�regate principal
amount of $325,C00.
Section 2. Said notes sha11 be des,�grlated "Prorr.issory
PJotes, Series 1979", shall be payable Lo bearer, shall be dated
May 1, 1979, shall be of $5,000 denomination each, shall be
numbered 1 to 65, inclusive, shall mature serially in numerical
order without option of prepayment on N;ay 1 0� e2ch of the years
19�0 to 1989, irclusive, and shall bear interest payable semi-
-5-
l
annual�y on the first day of Tiay and Clcvett�ber of each year,
beginn,ng November 1, 1979, as follows:
' Year Amount Interest Rate Year Ar,�ount Interest Pate
198C $25,000 7.00 i 1985 �25,000 6.25 %
1981 25,000 7.00 % 1986 25,oCG 5.40 %
1982 25,000 7.00 � 19E7 50,oG0 5.40 r
1983 25,000 7.00 = 1988 5o,Ov0 5.40 7
1984 25,000 7.00 i 1989 50,OS0 5.40 io
The iJotes shall be si�;ned by the City ;ianager of the
�1.' ,._`.�] []-„ .��.,..=iS111E. .i1ECiC.,,'_]rZ� 8I1C, f1V iti`.. l._`�r (`.,E'C� c.c[�li
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sealed with the corporate seal of the City. Interest upon the 1�otes
shall be evider.ced by coupons thereto attached, such coupons to
be signed by said City P�tanager and City Clerlt wi�h their respective
facsimile signatures, and said o£ficers shall, by the execution
of the tdotes, adopt as and for their oti�n proper si�;natures their
respective facsimile si�natures appearing on said coupons. Both
principal of and interest on the I]otes shall be ga,yable in lawful
money of the United States of America at Valley Trust
Company � Appleton _, Wisconsin , or at
, ,
, at the opticn of the hoider.
Section 3. The I�otes and coupons shall Ue in substantially
the foilowing forr,�, the om=ssions to be appropr�ately completed
when the notes Gre printed:
�.�
_ _ ...._.. ,
- r:�,"��� �.
. ,,,_�a.'-<f`
a
(Form of Note)
Ui+ITED STATES OF AMEHICA
STATE OF WISCONSI;7
COUidTY OF 4JIPINEBAGO
CIiY OI� GSITY,OSH
PRO'•:ISSOHY 110TE, SERIES 1979
''� °� � �UO
. �, ,
Y,P.OI+i ALL MEA1 BY THESE PRF,SEidTS: That the City of Oshkosti,
in the County of Winnebago, State of Wisconsin (the "City"),
hereby ackno�aledges itself to orae and for value received promises
to pay to bearer, the principal sum of Five Thousand llollars
($5,000) on the £irst day of rlay, 19 , with interest at the rate
of per cent ( �) per annwn from the date
hereof until the principal amount shall have been fully paid,
such interest being payable semiannually on the first days of Aiay
and T�oven�ber of each year, beginning Nover�ber l, 1979, interest
to maturity being payable only upon presentation an3 surrender of
the interest coupons attached hereto as they severally mature.
Both principal hereof and interest hereon are hereb5� made payable
in lawful money of t}ie United States of Ar�erica at
, , , or at
�
, ,
at the option of the holder.
' F'or the promYt payment of this note with interest hereon
as aforesaid and for t:�� levy and collection of taxes sufficient
for that purpose, the fuli faith, credit and resources of the City
are hereby irrevocably pled�;ed.
This note is one of an issue of 5325,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
-7-
. . . `t'': '£a ` f1 '^v��t I;.n. Y%'�^RR�`�A��`Ylpk�f.w^i (:�.
-'
.. _ .vP.. '+'�e d
�one�� in such ar„ount for the purpose of payin� �he cost of providing
for acquisition of equipment and public work anc inprovements,
pursuant to and in all respects in compliance w_�h Section 67.12(12)
of the 1^Jisconsin Statutes and a resolution adopt�d by the City
Council of the City oii April 19, 1979, and ertitled, "HESOLUiI01i
determining to borrow w325,0�0 and to issue *o t:,e lender Promissory
Iiotes, Series 1979 of the Ci�y of Oshkosn, �d'_sconsir., in such
_ .
...��1.._,�..� �.^� �--i]1r' Q�rt?11.5 D._ ,,,_+i_�,_n � ri: _i; O" I�iIF I�.a C�ll_.JpG�
2��varding tne notes to the hig:�est bidder, and levying taxes".
It is hereby certi;ied and rec?ted thzt 211 conditions,
thin�s and acts reyuired by law to exist, to be or to be done
precedent to and in the issuance of this note have been, have
existed and have been perforr::ed in due forrn and tic=; that the
indebtedness of the City, including this note, does not exceed
any limitation imposed by lavr; and that the City h�s levied a
direct annual irrepealable tax sufficient to pay the interest
hereon when it becomed due and also to pay the principal heneof
at maturity.
IIv' TF;STIMOP�Y WHEREOF, the City of Cshkosh, by� its City
Council has caused this note to be signed by its City P7anager
with his facsimile signature, an3 by its City Cl�rk, and its
corporate seal to be impressed hereon, and the coupons hereto
attached to be si�ned by said City I�;anager and CitS� Clerk with
their respective facsimile sionatures; and said of.icers, by the
execution of this note, do adopt as and for their own official
signatures their respective facsimile sionatures appearing on
said coupons, all as of the first day of i�lay, 1,79•
(facsir.�ile signature)
City Clerk City i;znager
�
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� . . . . . A ,i^.4�`. ,S�`N . ;� �'' �
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(Forr,, of Coupon)
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On the first day o: , 19_, the City of OshkosYi,
Y]iscorisin, tivill pay to bearer the ar..ou ,t sho:m hereon in lawful
rr,or��ep of the Onited �*ates - America a'
or at
�
,
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, upon presentation and surrender of this coupon, for
interest due tPiat day on its Pror�issory 7dote, Series 1979, dated
May 1, 1979> No. .
(facsimile si�nature) (facsir,�zle signature)
City Clerk City Aianager
Section 4. In order to prov�de for the collection of a
direct annual tax sufficient to pay the interest on the Tdotes and
to pay and discharge the prir.cipal thereof at mattzrity, there is
hereby levied upon all the taxable property _n the City a direct
annual tax in an ar,�ount sufficient for t7at purpose, to-ti•iit:
Year of Arnount for Principal Year of Amount for Prineipal
Levy _ and Interest_ Levv and Interest
7 979 �a 53,768J5 1984 � 35,231 .25
1980 42,137.50 19b5 33,775.00
1981 40,387.50 1986 56,750.00
1982 ' 38,637.50 1987 54,�50.00
1983 36,SII7.50 1988 51,350.00
Section 5. Said tax shall be exten3ed upon the tax
rolls of the City and shall be collected by the officers of the
City in the same manner and at the sar.,e tinie as taxes for general
City purposes for such years are extended and collected, ar,d when
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so collect,ec, the proceeds of said taaes shall be used solely for
paying the pr_ncipal o° and interest on the P�otes so long as the
;do�es remai;: outstand`ng. For the purpose of p��;ing interest on
t'.e Idotes dne on Nover.:oer l, 1979, the sun. of � 9,881.25 shall
be made ava`_-�able fror.. other City funus on hand, said arnount to
be repaid fro,r, the first collection o; taxes levied pursuant to
Section 4 hereof.
� -ion� 6. T�*er�", on o i-i*:c_ .,, _ ���s
faliing pue �t any tic.,e when there shall be on hand insufficient
funds from t^:e proceeds of the above tax levy for the payment of
such interes� or principal shall be paid promptly when due from
otner funds o£ the City, which funds shall be re_rbursed there£or
out of the p^oceeds of the taxes above levied whFn such taxes shall
have been collected.
Section 7. The CitS� Clerk shall keep, maint2in and
preserve an adequate and correct register account of all Notes
issued and a'_1 payments and other transactions relating thereto.
Section 8. Plhen the 2dotes shall have been printed and
executed, the sar:;e shzll be deliverecl by ttie City Treasurer to
the lender upon receipt of the borrowed money.
Se:tion 9. The principal proceeds frcc: the sale of th�
Notes sha11 ce usvd only for the purpose of payir.o the cost of
providing for acquisition of equipment and public wor� and improve-
ments as set out hereinabove. �i'he City reco�nizes that the
purchasers 2:�.d holders of the P�otes will have acc2pted them on,
r
and paid therefor a price which reflects, the understandin� that
interest thereon is exempt from Federal income taxation under
laws in force at the time the Notes shall have been delivered.
In this coni;�ction the City agrees that it shall tak:; no action
vrhich may rer.3er the interest on any o£ the Pdotes subject to
Federal incc-.� taxat_on and that the principal p:oceeds of the
-lU-
� , . - . ; ,;'�a� +tiv ;i:nr*�c�t"���•�b`�%` ^�F�RsL'�ti� ti ,�
sale of the A:otes shall be devoted to and used with due diligence
for the completion o£ the facilities for rrhich the Notes are
here-�n authorized to be issued. The Director of Adr.iinistration,
�he Clerk anu the Treasurer of the City, or any of them, are hereby
autnorized to execute on behalf of the City an Arbitrage Certificate
to assure the purchasers and holders of the Notes that the proceeds
of tne Pdotes ere not expect�d to be used in a manner which would
, _. ,'1� � �..._ �"I `.}:� TiU`_., fJ2171(.; ndZf)3i,t"cL;;E' t10Y:t]°n ;i'ii�r SECt_�.nll
iO3ic) of the Internal Revenue Code of 195y, as amended, or tne
regu�ations o° the United States Treasury Department currently in
e£fect or proposed. Such Arbitrage Certificate shall constitute
a representation and certification of the City and no investment
of P1ote proceeds or of moneys accumulated to pay the Notes herein
authorized shall be rr�ade S.n violation of the expectations prescribed
by� s2id Arbitrage Certificate.
ATTEST:
Adopted Flpril 19, 1979.
Recorded , 1979.
Approved , 1979,
City Clerk
—11—
President
T � �� �� �:�` ��� �
0
* * *
Upon r.:otion of
Cour.cil adjourned.
AT1ESm:
ty Cle
(Other Businessj
—12—
President
the City
. . - � � .. �` `. a-, �.n�i.�.`�'ke��.�:oa�,�*i5s,��+i2'3��sarf..�:'.ft.,,
STk�E OF Y1ISCONSIM )
) SS.
CCi;idTY OF' WINPdEBAGO )
I, CODIVEHSE C. I�7kRKS, herby certliy tnat I am the duly
qualified and actin�; Clerk o£ the City of Osh�osh, G•Jisconsin, and
as such off'icial I further certify that attache;7 hereto is a copy
of excerpt� ±'rom the minutes of the r:;�etin>- of tne City Council
'vI' S3].C: C.-ii�;j }1P1_C] 071 1�D:':il l�j� � y���n �f]Fi.i. _ r1G'.'� COffl'�aY'°Ci :;fll�l
copy with the ori�inal minute record of said meetin� in my official
custody; and that said copy is a true, correct and cor.�plete
transcript from said original minute record insofar as said
original record relates to $325,000 Pror,�issory ;iotes, Series 19%9
of said city dated May 1, 1979.
I further certify that a true and correct statement of
each step or proceeding had or talcen to date in connection with
the authorization of said notes has been recorded by me in a
separate record Uook as required by law.
WIiNESS my official si�nature and the seal of said city
this day of April, 19%9.
( S E A L )
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LEX:RHG:C�
4/2/79
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