HomeMy WebLinkAbout29983 / 79-12M'�rch 1, 1979 # 12
PLTRPOSE: PRII,IMIDIi�RK AQtE�IF�7T FTITfI ZIL�IER SE�'tJRITIFS, INC.
INITIATID BY: CiTY ADNILNISTRATION
�sourrzota
BE TT RESOLVID by the Co�ron Council of the City of (�hkosh that the prop�x
City officials are hereby authorized and directed to enter into a nreliminary
agreemertt with Ziegler Securities, Inc. for the oonsideration of Sinqle Family
I�rtgaqe Revenue Eonds; the terc� of such' agre��nt being set out in a letter to
the City of Oshkosh from Ziegler Securities, Inc. dated Februaiy 21, 1979.
S�?3';fIT:ED BY
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ZiEGL�R SECURtTIES iNC
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THc 70WER • SUITE 702 • ROLUNG MEADOWS, ILLINOIS 60008 •(312) 364-5700
UNDERlVR17ERS
OF TAX EXEMPT
SECURITIES
Febru�— 21, 1979
Honor� _- .'�iayor and Members
of t�`�::_ :.._±-y Gouncil
City o= __ �.icosh
P.O. &cr '130
Oshkosh, �iisconsin 54901
Gentlemen:
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Ziegler Securities, Tnc. ("ZSI") has a�s�ussea. W;,�r, ��ou f;he
possibility of the City of Oshkosh (the "Czi�y"} :�;su9.ncr,
Single Fam=1y Diortgage Revenue Bonds.
Prior to the issuance of securities to meet the needs oi sinqle
� family houszng in the City, an extensive analysis of (a) the
public purpose goals to be achieved by the prograr.i, (b) the
potential demand for this type of mortqage financing, (c) an
appropriate size for such an issue, and {d) the potential
particioation and support of the lending institutions in the
City, z;;;o•:q other things, is necessary in order to assess the
viabilitLL� of this type of financing program and the desirability
of the Ci=y issuing such securities.
ZSI hereb✓ of�ers to assist you in making such an analysis for
the City of OshkosH. As part of such analysis, 7SI w9.11 nresent
the Pinancing concept to all mutual,ly agreed upon and qualified
J�ending institutions located within the City so as to obtain an
indication of their interest in participating in this type of
financi�� �rogram. ZSI sha11 Lndertake to determine the demand
for sinc_e =amily mortgage financing in the Oshkosh iaetropolitan
area ir_ o=der to accurately evaluate this financing concept as it
maY app=� to parcicular circumst�nces existing in the Oshkosh
area. L�on completion of our detailed study, ZSI sha11 report its
findincs 3irectly to the City Council and make recommendations
to the C_ty Council as to the desirability of the City proceeding
with the issuance of Sinqle Family .Niortgage Re�enue Bonds.
In cons__aration of ZSI's efforts in analyzing and structuring
this fi-_-cing concept for the City Council, ZSI will act as
managi== _�:3erwriter in the issuance of the coatemplated Single
Family __c_tqa e Recenue Bonds il it is determined b
g ' L y the City
Council _, issue such securities.
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Page 2
City ot Oshkosh
February 21, 19�9
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If the `Ci�y determines to proceed with the i_ssuance of such
securitz_s, ZSI shall be responsible for structuring all aspects
of a be-= issue in such a way as would result in the low�st
possib_= °inancing cost, consistent with your_ needs and mar.Y.et
csondit___s. At such time as the structure of the bond issue
is mu*__= _�, agreed upon, ZSI will assist the Cit
a sugc--=.3 form of official statement reflecting suchrsPructure.
Upon a�__--;al of the official statement and receipt of bond
ratings, -SI"will present to the City Council a proposa� to
purchase =_�J. of the bonds, reflecting the structure of the i.ssue
and ZS_ �npraisal of bond market conditi_ons then prevailiny.
It is L-__�stood that ZSI's obligation to submit a purchase
proposa_ =�r said contemplated bonds is subaect to our approval
of al], e==zents of the financing program. It is £urther under.stood
that the �onds, if issued, would be accompanied by an unqualified
legal opinion of nationally recognized bond. counse L
2SI would reserve the right to add other qualified i�ivestmen�
ban;cers to its group for the purpose of distributing. such securities
as may be purchased, but agrees to be responsive to the desires of
the City Council in accommodating Iocal dealers in 2SI's selling
group.
�' Although it is the present intent of the City to explore the
desirability of issuing Single Family Mortgage Revenue IIonds, it is
expressly understood and agreed that if, for any reason, the proje�t
is abandoned and bonds for this purpose are not issued, the City
will be u�der ro onligation to ZS2.
This proposal, upon acceptance by you, shall constitute a contract
between ua.
RespectfL:,J.y s4bmitted,
ZIEGL�R SECURITI�S, INC.
Dennis M. Rognerud
Vice Pr=s�dent
Accepte? �y the City Council oP the City of Oshkosh, Wisconsin
this day of 1979.
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CITY' OF CS3FCOSH, WISCONSIN
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