HomeMy WebLinkAbout30065 / 79-12P.pri119, 1979 #12
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RESOLUTION
RE'SOL�U'I'ION confzrminq sale, detezmining rates of interest, and levying
taxes is; connection with $1,925,000 Cor�»rate Pu__* �se Fn;xls, Series 1979.
.^,?i;:SITTFD BY
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The City Council of the City oi Osrkos., Winnebago
County, Wisconsin, met in regular, open, pubiic session at its
regular meeting place on April 19, 1979, at o'clock .M.,
with the following r�embers present:
and the following members absent:
� � �
(Other Business)
The City Clerk then reported that pursuant to advertised
notice of sale, sealed bids were received un�il 11:00 o'clock,
l;.N., C.S.T., on April 19, 1979, at the Council Chambers in Y.he
City Ha�l in said city £or the purchase of $1,925,000 Corporate
Purpose Bonds, Series 1g79, of said city, that the bids had been
publicly opened and announced at said tir.;e ar_d place, and had
been tabulated as follovrs:
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Name of Bidder
Net Interest Cost
%
a
that the high2st and best bid submitted was that o£ First
Wisconsin National Bank of P4ilviaukee
at a prYce of par plus a premium of $430.80
, and essociates,
and accrued
interest to the date of delivery, and that the aeceptance of
said bid is recorr.,ended, which bid is as follows:
—z—
� k, �
OFFICIAL BID FORh1
City Cuuncil
City Ilall
Oshko�h, �Visconsin 5=902
Gentlemen:
Sub;ect to al'. �crms set iorth ;� the Ofr±cial \otice vf Salc, zcnicn is hereby m_uie apart of. this pro-
posal, we offer to pa; S 1,9?.5,000 for Corporate Purpose Bonds and $ 32�,000 for Promissory Notes
plus a premium of �r� ;— . .; . , >
and accrued interest to date of delivery, for $ 1,920,000 Co:porate Purpose Bonds, Series 19i9 and
$ 325,000 Promissory \otes Series 1979 of the City of Oshkosh, SFi�consin, dated :�4ay 1, 1979, maturinn
serially blay 1 of each y ear and beazin; interest as follosv,:
Amount
$ 25,000
25,000
25,000
`ZJ,���
25,000
50,000
75,000
75,000
Amount
$ 25,000
25,000
25,000
25,000
25,000
1"ear of
\Iaturity
lsso
1981
1982
1983
1984
1985
1986
i�s�
Year of
Dlaturity
1950
1981
issa
1983
198�
CORPORATE P�IR?OSE f30iVDS
Interest
Rate
," '�' �' %
'7. C �; %
� '^ %
7 ^ %
� =. '-. %
a
-.J3 %
✓/ /O
� -I =% IO
Amount
� ioo,000
150,000
250,000
250,000
250,000
300,000
300,000
PROMISSORY NOTES
Interest
Rate
^7 �^ / %
�: � %,
%�-o
, �' %
% %
Amount
$ 25,000
25,000
50,000
50,000
50,000
Year of
Matttrity
1988
1939
1990
1991
1992
1993
1994
Year of
blaturity
1985
1956
1987
isss
1989
Interest
Rate
<�>���%
;. - i� n %
Un. %
� �r `%
;. %
,'>� '/' %
Interest
Rate
(-..� 5 %
�� �"• %
�� � %
-� �� � �o
i % �� ro
�Ve prefer tha. tne bonds and notes be payablu ai �/" i- {;' r. -, ,/ "
and at '�=� �_ l��!" .., _..�y�� �
Said bonds and notes aze to be executed and delivereci to use in accordance �vith the t2rms of
this bid accompanied b� the approving legal opinion of Chapman and Cutle:, =lttorneys, Chicaoo, Illinois.
You are to pay for stid lenal opinion and printing oF bonc3s and notes.
As evidence cf �ood faith, we enclose herewith a check to tl�e order of the Treasurer of the
City of Oshkosh, �Visconsin, in the sum of $ 45,000 pursttant to the term; prov:ded in your Ofiici:il Notice
of Sale. Attached hereto is a list of the members of our account on cvho;e laehalf this bid is madz.
21
�
Description of Check: � �
Amount: $ 45,000
Name of Bank
City_ _____State__
TYP? Check \o.
Dated
(For City Use Only)
The Above Check was Returned and Received
:nr t.h= Abc,�:= \�u-n�d A,:co:�nt'�iana;;=r
riy _
Respectfully submitted,
\'ane F�irst !lisconsin National Qank of hiilwaukee
$5,__ �1'\l. --
o n .� 9�', ic r
Address_J1ZFact '•litrnnsin AvFn��P
�
i��tY.._ ,, ,ti? �; _� StakP 4IT
For ioformaiion of City Only. Our C<ilculation
of Interest Cost from ,�bove is:
TotalInterest ...............$ �- 1 1?. '� "lS_c'�
Less Premium . . . . . . . . . . . . . ..�5 '� � � ? C
\ et Interest Co=` . . . . . . . . . . . . .$ �—_'-?` " -�/. ? i.
i\et.Intere;tRate.. . ... ... _-�. � : / c�
The fo:eaoing bid was accepted and bonds and notes so]d by resoluticn of the City Council of the
City of Osnkosh, ��'isconsin on April 19, 1979, and receipt is hereby ack�owledged of the govd faith
check which is being held in accordance with the terms of the Official Notice of Sale.
23
—3—
CI'I'Y OF OSHKOSH
�
Director of Aciministration
. �- �:. ; . : � �,��';:.:
�,
�
The following resolution was thereupon introduced by
and read in full:
RESOLUTI02d confirming sale,
determining rates of interest,
and levying taxes in connect�on
with $1,925,000 Corporate
Purpose Bonds, Series i979•
� i ;}'... , b,y' C� O,�PB'� _1"]�8 GL:Zj� tBICP':1 1T; ,?:� :'i3-.*!C[`� �.:..�_
and f'orm required by law $1,925,000 Corporate Purpose 3onds,
Series 1979 (the "Bonds"), of the City of Oshkosh, 47isconsin (the
"City"), have been heretofore authorized; and
WHEREAS, pursuant to advertised notice of sa1e, bids
were received for the Bonds on April 19, 1979; 2nd
of Mil
{dHEREAS, the bid of First 4lisconsin National Bank
and associates,
at a price o£ par plus a premium of $ 430.80 and accrued
interest to the date of delivery iaas the highest and best bid
submitted;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, l�Jisconsin, as follows:
Section 1. Said �a1,925,000 Corporate °urpose Bonds,
Series 1979, dated Nay 1, 1979, shall bear interest as follows:
.
Maturities
1980-1984
1985
1986-1991
1992-1993
1994
-4-
Interest F,ates
7.00i
6.25%
5.40%
5.50%
5.60%
��.;,:y����+����"�• ,�,
,d �
;-
Section 2. The sale of the Bonds to
National Bank of h1ilwaukee
First 6lisconsin
, and associates,
at the price recited in the preamble hereof is hereby confirmed,
same being t�e best bid submitted.
Se��ion 3• The Bonds shall be peyable in lawful money
of the United States of America at Valley Trust
Company
. --'
Appleton � Wiscansin
the option o° the holder.
0
, or at
, <_ .,
Section 4. In order to provide for tr,e collection of a
direct anriva'_ tax sufficient to pay the interest on the Bonds and
to pay and d`-scharge the principal thereof at maturity, there is
hereby leviec upon all the taxable property in tne City a direct
annual tax i^: an amount sufficient for that purpose, to-tiait:
Year of Levy
1979
1980
1981
198z
1983
19��
1°85
1986
Amount of Tax
"� 185,412.50
129,900.00
128,150.00
126,400.00
124,650.00
147,212.50
168,625.00
164,575.00
Year of Lev
1987
1988
19�9
1990
1991
1992
1993
Amount of Tax
$ 184,850.00
228,100.00
317,300.00
303,800.00
29�,175.00
325,�50.00
308,40G.00
Ir each of said years 197g to 1993, inclusive, the
direct annua_ tax above levied shall be exten3e� upon the tax
rolls of the �ity and col].ected by the office^s of the City in
the same man;:er and at the same time as taxes for general City
purposes for such years are extended and coliected, and when so
collected, t:�e proceeds of said taxes shall be used solely £or
paying the p^incipal of and interest on the Bonds, so long as any
of the Bonds remain outstanding.
Section 5• Interest on or princip4l of the Eonds
falling due �� any time when there shall be on :-:and insufficient
funds from t.`.e proceeds cf the above tax lev;; for the payr,�ent of
-5-
I
0
,
such '_nterest or principal shall be paid pror-.Dt��� when due from
other £unds of the City, which funds shall be reimbursed therefor
out of the proceeds of the taxes above levie� wren such taxes
shall have been collected.
Section 6. There is hereb,y establish�� in the City
treasury a fnnd separate and distinet from a=1 c�her £unds of
said c,_ty to be designated "Series 1979 Cor�o^at� Purpose Bonds
s,� ��
..�_r.�,_.- Fur,�. , wi�ici� `un.i shall Y;� ue,e�l sole=�. 'or the purpo�e oF
paying principal of and interest on the Bonds. _here shall be
deposited in said fund all premium and accrued interest paid on
the Bo:�ds at the time the Bonds are deliverec to the purchaser;
all money ra�sed by taxation pursuant to Sectior 4 hereof; the
sum of $ 53,762.50 for the purpose o� payir.� iaterest on said
bonds payable P]ovember 1, 19y9; and such othe^ sums as may be
necessary to pay interest on the Bonds Vrhen the same shall become
due and to retire the Bonds at their respective r;aturity dates.
Section %. The E3onds, when the sar..e have been executed
in the manner heretofore provided, shall be del�vered by the City
Treasurer to the purchaser thereof upon payment of the purchase
price.
ATTEST:,
Adopted: April 19, 1979.
Approved: , 1979,
y �ie
m.�.
^es�
� � � �, �,;�,:�
0
':•�tion was mace b�� that said
^es�_ation be a�opted, ar.�d said motion was seco:�ded by
_ After d�e consideration, th� President put the
�u�s��on, and t.pon roll �eir.� called, the follo�,;-_ng voted:
t'�� :
i2ay :
Tne President t�er. declared said resolution duly adopted.
} � �
!Ot�.er busin�cs)
Upon r�otion of _ , the City
Counc'_1 adjourned.
AN�roved: Apri� l;, 1979.
hi1'L: ' r
t J L'i°
'7_
residen
u
STAT� OF ��'ISCOtiSItd )
) SS.
COU^+'=Y Or^ WI?d:'EBAvO )
I, COIdV�RSE C. hiARF;S, hereby certify t:a� I.,am the duly
qualiiied an:i acting City Cle^k of the City of Cshkosh, Wisconsin,
and as such o`i'icial I furthe^ certify that att��hed hereto is a
r,;���,_. cor��� �_ �, _.__ , o;;�:p _��d c;;_�,;° o£ er.c�rpts fro,:�. �ne m.in��ites o£
tYie r;eeting o_` the City Council of said city hei� on April 19,
1978, insofar as same pertain to the sale of $1,925,000 Corporate
Purpose Bonds, Series 1978 oi said city.
I further certify tnat a true and corr=ct statement of
every step or proceedino had or taken to date in the course of
authorizing said bonds has been recorded by me ir, a separate
record book pursuant to the provisions of Sectic�: 67.05(12) of
the 4lisconsin Statutes.
I further certify tnat the initial res;;iutions adopted
on P+";arch 15, 1979 authorizino the issuance of sa`d bonds were
recor3ed in m�✓ ofiice on , 1979, as required by law,
and t:iat no petition has been filed with me or ?^ my office
protestino the issuance of said bonds, requestir.: that said bonds
not be issued, or requesting a referendum on the question of
issuing said bonds.
WI�?:ESS my afficial signatu^e and the official seal of
said ci�y� this day oF April, 1979.
(AFFIX)
iSEAL )
(HER� )
i,ex: =.SG:ct
4/2/?9
ity Cle
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