HomeMy WebLinkAbout30052 / 79-35April 5, 1979
A D D F. N D U M
n 35
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19�ere c,rill be, an L�itial Resolution for not exceed.ing $3,500,000, revenue bond
fin��;c.i:no for Carousel of Cs2lkosh, ?nm�rat�l.
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CITY OF OSHKOSH, WISCONSIN
INITIAL RESOLUTION FOR REVENUE BONDS
The City of Oshkosh, F7isconsin (the "City") is authorized
by section 66.521 of the Wisconsin Statutes (the "Act") to
issue bonds to finance costs of certain industrial projects
including recreational facilities. mhe bonds are to be
payable from amounts paid under a revenue agreement relating
to the project being financed and not from tax revenues or
other City funds. Carousel of Oshkosh, Incorporated, a
Wisconsin corporation (the "Company") wishes to acquire land
in the City and acquire and construct improvements and
equipment for a family theme park (the "Project") for an
estimated cost of $3,700,000. The Company has asked the
City to indicate its intention to provide financing under
the Act in an amount not to exceed $3,500,000 before the
Company proceeds. The Project will provide employment
opportunities, enhance the City's tax base, attract visitors
to the City and benefit the City in other ways.
RESOLVED:
(1) To encourage the Company to undertake the Project,
the City will pursue a financing plan (the "Financing")
under which it will:
(a) issue and sell to purchasers procured by the
Company bonds under the Act in an amount not to exceed
$3,500,000 (the "Bonds");
(b) enter into a revenue agreement with the
Company providing revenue sufficient to pay principal
of, and interest on, the Bonds when due, and requiring
the Company to provide the Project;
(c) assign the revenue agreement to holders of
the Bonds or to a trustee for their benefit and enter
into any other appropriate arrangements requested by
the Company to £urther secure payment o£ the Bonds.
(2) The Bonds shall never constitute an indebtedness
of the City within the meaning of any state constitutional
provision or statutory limitation and shall not constitute
or give rise to a pecuniary liability of the City or a
charge against its general credit or taxing powers.
(3) The appropriate officers of the City are authorized
to negotiate the terms of the Financing and all related
documents provided that all terms and documents shall be
subject to this Resolution and the Act and shall not be
binding unless and until:
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(a) The details of the Financing are authorized
and approved by £urther resolution of this Council;
(b) The electors of the City shall have been
given the opportunity to petition for a referendum as
required by the Act;
(c) Either (i) no petition shall have been timely
filed or (ii) a petition shall have been timely filed
and a referendum shall have approved the issuance of
the Bonds; and
(d) Al1 documents required in connection with the
Financing shall have been duly executed and delivered
by the parties.
(4) The City Clerk is directed to:
(a) publish notice of adoption of this Resolution
as a class 1 notice under Chapter 985, Wis. Stats., in
the official newspaper of the City in substantially the
form attached to this Resolution.
(b) file with the Secretary of Business Development
o£ the State of TAisconsin a copy of this Resolution and
a copy of the notice of adoption within ten days following
publication of the notice.
Adopted April 5, 1979
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City Clerk
Approve April 5, 1979
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Manaoer°
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NOTICE TO ELECTORS OF
THE CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN
The Common Council of the City of Oshkosh, iVinnebago
County, Wisconsin, on April 5, 1979, adopted an initial
resolution, pursuant to Section 66.521 of the ?aisconsin
Statutes stating the intent of the City to issue revenue
bonds in an amount not to exceed $3,500,000 for the purpose
of financing costs related to the acquisition of land in the
City and the acquisition and construction of improvements
and equipment for a family theme park and to enter into a
related revenue agreement with Carousel of Oshkosh, Incor-
porated.
IF ISSUED, THE BONDS WOULD BE PAYABLE SOLELY FROM THE
REVENUES FROM A REVENUE AGREEMENT RELATING TO THE FINANCED
PROJECT OR, IN THE EVENT OF DEFAULT OF THE REVENUE AGREEMENT,
AS OTHERWISE AUTHORIZED BY THE CITY AND PERMITTED BY LAW.
THE BONDS WOULD NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY
WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR
STATUTORY LIMITATION, AND WOULD NOT CONSTITUTE OR GIVE RISE
TO A PECUNIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS
GENERAL CREDIT OR TAXING POWERS.
The resolution may be inspected by any elector of the
City at the office of the City Clerk, Oshkosh, Wisconsin,
during business hours.
The Bonds will be issued without submitting the proposition
to the electors of the City for approval unless within
thirty (30) days from the date of publication of this Notice,
a petition signed by not less than 5� of the registered
electors of the City is filed with the City Clerk requesting
a referendum upon the question of the issuance of the Bonds.
If such a 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: April !(, 1979
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