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OF
OSMIlOSX
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NOTICE OF SPECIAL MEETING
COUNCIL MANAGEF ADMINISTRATION
NOTICE IS HEREBY GIVIN that the Con[[�n Council of the City of
Oshkosh will meet on the 8th day of Februaiy, 1979, at a Sx�ecial Meeting
of the Conmion Council of the City of Oshkosh, said meeting to be held
at 7:00 P.M. in the Council Clk�urbers o£ the Oshkosh City Hall, Rpom
406, Qshkosh, Wisconsin, to consider the follaaing:
A. Initial R�solution to issue not more than $1,000,000.00
City of Oshkosh Industrial Revenue Bonds for Wisconsin
Industrial Shippirxl Supplies, Inc.
B. Whatever else is pextinent or for the good of the City.
Datecl at Oshkosh, Wisconsin, this 6th day of February, 1979.
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CITY HALL • 275 CHURCH AVENUE • P.O. BOX 7730 • OSHKOSH, WISCONSW 54901
CITT
OF
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T0: D�S4BERS �' THE OSHKOSH COM�ION COUNCIL
FROM: CITY ADrZD]ISTRATION
DATE: Februaxy 6, 1979
RE: Snecial Meeting Scheduled for Febn,ary 8, 1979
The purpose of the Special Meeting of the Oshkosh C�mm� Council,
scheduled for Februazy 8, 1979 at 7:00 P.M. in the Cotmcil Ch�ml�ers
of the Oshkosh City Itall, is for the Initial Resolution to issue not
more tlizn $1,000,000.00 City of Oshkosh Industsial Revenue Bonds for
Wisconsin 7ndustrial Shipping Supplies, Inc. Zhis cacq�any is
contetcq�lating purchasing land and constructing a building on this
land in the North Industrial Park. Also, in order to be in operation
by this sim¢ner, the conq�any must order equignent by February 15, 1979.
This, as statecl above, would be the Initial Resolution; the Final
Resolution will be presented to the Council after the publishing periocl
has expired; either the last �reeting in March or the first meeting
in April.
CITV HALL • 275 CHURCH AVENUE • P.O. BOX 7730 • OSHKOSH, WISCONSIN 54901
February 8, 1979 #1 RFSOLUTION
7here N iI be an Initial R�soluti.on to issue not �re than $1,000,000.00
City oY Osh;cos`. Industria2 Rec•enue Bonds £r�r Wisconsin Tndustrial Shipp9ny
Si:�-plies, Inc_
S:;'r':;"1'i:ED BY
;,
COi�'Il'�IGN COUIdC I L
CITY OF OSHKOSH, WINNEBAGG CUUNTY, WISCON5IN
INITIAL RESOLUTION 1�GARDING
INDUSTRIAL DEVELOPMENT nr,VENUE BONDS
(WISCONSIN I*IDUSTRIAL SHIPPING SUPP.T�IES, INC. PROJECT)
wt�REAS, the City of Oshkosh, Winnebago County, Wiscon-
sin (the "City") is authorized by Section 66.521, wisconsin
Statutes, as amended, (the "Act") to, among other powers, (i)
construct, equip, reequip, acquire by gift, lease or purchase,
install, reconstruct, rebuild, rehabiiitate, improve, supplement,
replace: maintain, re�air, er.la�y-e, e:;ter_d or renedel in3ustrial
projects; (ii) enter into revenue 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
and enhance its tax base; and (iii) borrow money and issue bonds
to finance costs related to such industrial projects, which bonds
are to be payable solely out of the revenues derived pursuant to
the revenue agreement pertaining to the project to be financed by
the bonds so issued or, i:� the event of default of such agreement
as may be authorized by T.his Common Council and by law, and which
bonds may be secured by a mortgage and/or security interest in
the project or other secur�ty; and
Wf�REAS, Wisconsin Industrial Shipping Supplies, Inc.,
a Wisconsir. corporation (the "Ccmpany") has represented to the
City that the Company (i} needs to construct and equip a new
industrial facility �n the City to be initially used in its
business of manufacturing polyester film and related products;
(ii) proposes to acquire land in the City and construct thereon
and equip such facility (which land, facility, equipment and
related improvemeats are herein called the "Project") for ar.
estimated cost not to exceed $1,OOG,000; and (iii) has had 3is-
cussions witn the City a� �o t?�e fea�ibility of undertaking the
Project in the City and as to the fiaancing of all or part of tne
costs of the Project through the issuance by the City of its
industrial development revenue bonds pursuant to the Act.
NOW, TF�REFORE, BE IT RESGLVED BY THIS COMt,ON COUNCIL
OF THE CITY OF OSHKO5H, WISCONSIN, THAT:
(1) In view of the considerabie benefits to be derived
by the City from the continued development of the Project in the
City, and to induce and encourage the Co;npany to undertake work
on tne Project in the City, the City shall consumr,iate a bond
purchase agreement pursuant to wh�ch the City shall:
(a) issue, se?1 and deliver to purchasers procured by
the Company industrial development revenue bonds in the
��,
aggregate amount of not to exr_eed $1,000,000 (the "Bonds")
in order to £inance costs relaced to the Project, which
Bonds shall be payable solely from the revenues derived from
a revenue agreement with respect to part or all of the
Project and in the event of default of such agreement, as
may be authorized by this Common Council and permitted by
the Act;
(b) acquire part or all of the Project, if necessary
and proper gursuant to such bond purchase agreement;
(c) enter into a revenue agreement with the Company
with respect to at least that part of the Project financed
by industrial development revenue bonds, providing rentals
or other revenues sufficient to pay principal of, redemption
premium, if any, and interest on, the Bonds when due, pro-
viding for the acquisition, construction and installation of
the Project by the Company and which may, if appropriate,
further provide for the right of the Company to acquire any
part of the Project which the City shall have acquired
previously, for the aggregate amount equal to the amount
required to retire all the outstanding Bonds plus Ten Dollars
($10) or such other sum as may be required by law; and
(d) assign the revenue agreement and pledqe the reve-
nues and other amounts therefrom to the bondholders or to a
trustee under an indenture of trust and/or enter into such
other appropriate arrangements which may be deemed neces-
sary, if any, including but not limited to, the granting of
a mortgage and/or security interest in part or all of the
Project, in order *o further secure payment of principal of,
and interest on, the Bonds.
(2) Th'E BONDS ISSUED TO FINANCE COSTS OF TAE PROJECT
SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF T*.-IE CITY wITHIN THE
MEANING OF [iNY STATE GGtiS'TSIJTICi;�:., PROJISiGN O!? STA'i'UTOAY LIMI-
TATION AND SHALL NOT CONSTITUTE OR GIVE RISE TO A PECTJNIARY
LIABZLZTY OF TE� CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR
TAXING POWERS.
(3) All expenses incurred in connection with the
transactions herein contemplated shali be paid by the Company
from the proceeds of the Bonds, or o*�herwise, and shall not be
the respansibility of the City.
(4) 2axes shall be assessed in accordance with appli-
cable law to the Company with respect to the Project in the same
manner and amount as though the Company owned the Project regard-
less of the passage of title to the City, if any, in connection
with the financing.
-2-
NOTICE TO ELECTORS OF
THE CITY OF OSHKGSH
WINNEBAGO COUNTY, WISCONSIN
TAKE NOTTCE that the Common Council of the City of
Oshkosh, winnebago County, wisconsin, at a lawful meeting held on
the Sth day of February, 1979, adopted a resolution, pursuant to
Section 66.521 of the Wisconsin 5tatutes, as amended, which sets
forth the intent of the City to issue industrial development
revenue bonds in an amount not to exceed $1,000,000 to finance
costs related to the acquisition. of land in the City and the
construction i:.er�or_ and eqaipping of an industrial facility to
be operated by Wisconsin Industrial Shipping Supplies, Inc. (the
"Company") to be initially used in the Company's business of
manufacturing polyester film and related products. The initial
resolution also expresses the City's intent to enter into a
revenue agreement with the Company with respect to such financing.
TF� BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND
OTHER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH
RESPECT TO TI3E FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF
SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY OF OSHKO5H
AND PERMITTED BY LAW. THE BONDS SHALL NOT CONSTITUTE AN INDEBTED-
NESS OF THE CITY OF OSHKOSH WITHIN TE� MEP.bIING OF ANY STATE
CONSTITUTIONAL PROVISION OR STATLTTORY LIMITATION, AND SHALL NOT
CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILI'1'Y OF Ti� CITY OR A
CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
The initial resolution may be inspected by any elector
of the City at the office of the City Clerk, 215 Church Avenue,
Oshkosh, wisconsin, during business hours.
The bonds will be issued without submitting the propo-
sition to the electors of the City for approval unless within
thirty (30j 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 peti-
tion 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: February 13_, 1979.
_'���r',fli�X Z�%/%f�rf �
— C}ty lerk
(5) The appropriate officers of the City are hereby
authorized to negotiate the terms of the bond purchase agreement,
the revenue agreement, any instruments of conveyance, Y.he mort-
gage, the indenture of trust, if any, and any other documents
required to properly complete the financing provided that all
such terms, documents 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 bond purchase agreement and all
documents pertinent thereto are reviewed, authorized and
approved by resolution of this Common Council;
(b) Ir.e electors os the City shall have been given in�
opportunity to petition for a referendum on the matter of
the aforesaid bond issue as required by the Act;
(c) Either no such petition shal"1 be timely filed or
such petition shall have been so filed and said referendum
shall have approved the bond issue; and
(d) All documents required in connection with the
financing shall have been duly executed by the parties
thereto and delivered to the extent required.
(b) The City Clerk is hereby directed to publish
notice of adoption of this Resolution as a class 1 notice under
Chapter 985 of the Wisconsin Statutes, as amended, (relating to
publication of official notices) in the official newspaper of the
City in substantially the form attached to this Resolution.
(7) The City Clerk is hereby directed to file with the
Secretary of Business Development of the State of Wisconsin a
copy of this Resolution together with a copy of the public notice
of its adoption within ten (10) days following publication of
such r.oti�e.
ADOPTED '� February 8 , 1974
� /.r�� � ,��� -�� �.C:
City Manager
APPROVED February 8 , 1979
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