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Home My WebLink About29942 / 79-10.� 3anuary 18, 1979 � io �Ihere will be an Initi�l �solution Fe: •,�.. .� City �f OS1�1�osh 7ndustxial R°_venue fs�nds (Buttke Golden Sanc7s Skatelana, Ir.�. Projecti z� ;} - 10 - - :_, � ;� '`; f; : . , �� 1/"L/79 Uraft C PPY OF OSITY.OSH, WINN�BnGO COUNTY, lid['C�J1L RESOLUTI0�7 REGT�RDING INDUSTI2IAL UliVELOPMENT R�V�t9UE IIONUS �9fiEREAS, the City of Oshkosh, 6vinneUago County, _ Wisconsin (tl�c "City"), is autliorized by Section 66e521, Plisconsin Statutes, as amended (the "Rct"), to, among other poo�ers, (i) construct, equip, re-equi_p, acquire by gift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improvc, supplement, r.eplace, maintain, repair� enlarge, extend or Lemode2 industrial projects, (ii) enter into revenue pro- ducing agreements for the same in order to promote the ri.ght to qainful employment, business opportuni.ties and g°neral welfare of its inhabitants and to preserve and �nhance its t�ax base, (iii) borrow moiicy and issue bonds ta fi_nance costs related to sucii industrial projects, whicn bonds are to be payable solely out oP tiie revr�nues c7erived pursuant to the revenue agreement pertaininy to the project to be financed by the boncis so issued and, in the event of default of sucl�i ac3recment, as may be authorized by this Common Council and permitte�3 by �aw, and � which bonds may be secured by a mortgaye and/ar security interest in tlle project or other security; and WIiCREnS, John P. Suttke ("Buttke"), an individual residiny in Plover, L9isconsin, has seprese�iLed to tlic City that 11e (1) pro- poses to acquire land and construct and equip thereon a roll.er skatinq facility in the City (which land, facility, and financed eyuipment and related improvements are her_ei_n called the "Project") for an estimated cost not to exceeci $450,000; (2} expects to lease e:aid Project to Golden Sands Skateland, Inc. (the "Company") for use as a recreational facility and for related service activities; and (3) has had negotiations with the City �s to the feasibility of uriciertaking the Project in the City or. elsewhere and as to the financing of thc costs of the Project throuqh the issuance by the City of its industrial development revenue bonds pursuant to the Act; NOW, TtIGREi'ORP, BE IT RESOLVED by this Conunon Council of the City of Oshkosli: (]) ln vicw of lhe consi.der�Ule I>cnet.its to bc cler.ived by ihc l:ily from the clevelo�m�eut ot Lhe Froject in Che City, and to induce and encoura9e Buttke to undertake the Project in the CiL-y, the City intends to consummate a Project I'inanciizy Agreemenl: pursuant to which the City shall: (a) issue, sell and deliver to purchasers procured by Buttke industrial development revenue bonds in an -z- agaregate amount not to exceed $450,000 in order to finance costs related to the Project, which bonds shall be payable solely Erom the r�venues derived from a rev�nue agreement �aith respect to the Project and in the event of default of s�ch agreement as may be authorized by the City and permitted by law. (b) acquire part or all necessary and proper,pursuant Financing Ayreement; of the Project, if to such Project (c) enter inco a revenue agreement �aith Buttke with respect to the Project providing revenues sufficient to.pay principal of, and interest on, the bonds when due� providinq Eor acquisition, construction and/or_ equip�ing of the Project by Buttke ancl cahich may further provide, in the event title is conveyed to the City, for the right of ButL-ke to acqui.re the Proj�ct for. the aqgre- gate amount equal to tlie amount r_eyuired to retire all the outstanding bonds plus G.�e Dollar ($1.00) or such other sum as may be required by law; (d) assiyn the revenue ayreement and pledge the revenues and other amounts therefrom to the bondholders or to a trustee under an indenture of trust and/or. e�ttcr into other appropriate arrange- ments in order to further secure payment of prin- cipal of, premium, if any, and interest on, the bonds. (2) The bonds issued to Pinahce costs of the Project shall never constitute an indebtedness of the City within thc meaning of aiiy state constitutional provision or st�ztutory limita- tiori and shall not constitutc� or give risc to a pecuniary liabili-ty of the City or a charge against its general credit or taxing powers. (3) If the City owns any part oE thc Project, taxes shall be nssessed to t:he user. of such part of thc Project in the same manncr anci amoiuit as thouqh such user owned e;ucl� E�art. (4) '.Plu� �E�I,rc�prinCc ol f. iccrs oE Lhc CiCy arc hcrcbY autliorized to necJotiate the terms of the Pr.oject Pinancing Agree- ment, revenuc agreement, indenture of trust, if any, and any other documents requised to properly complete Lhe f.inancing, E�r.ovided that: all such terms, docume»ts and procedures shall be subject to the conditions of this Resolution and the provisions of the Act and shall nol be binding unless and until: (a) the details oE the Project Financing Ayreement a::c all documents pertinent thereto ��rc reviewed, autho- ri�ed and approved by resolution of this Conunon Council; � - 3 - � (b) the electors of the City shall have been qiven the opport wiity to petition for a referendum on the makter of the aforesaid bond issue as required by the Act; (c) either no such petition shall be timely fi.l.ed or such petition shall have been so filed and said referendum shall have approved the bond issue; and (d} all documents requir�d in connecti.on wi_th the financiny shall have Ueen duly executed by the parties thereto and delivered to the extent required. (5) The City Clerk is hereby directed to publi.sh notice of adoption of tliis Resolution as a class i noi:ir,e under. Chapi.er 985, Wis. Stats., (relating to publication oi ofiicial noti.ces) in the official newspaper of the City in substanti.ally the form attached to this Resolution. (6) 'ftie City Clerk is hereby directed Co iil.e with the Secretary of I3usiness Uevelopment of i:��e State of �Jisconsin a copy of this Kesolution together witlt a copy of_ Lhe public noCice of its ado�tion within ten days followiny publi.cation of such notice. Adopted January 18 , 1979 ty Clerk A roved January 18 1974 PP — Mayor NOTICli TO ELLC'I'OI2S OF 'CIIE CITY OF OSE3I:OSH, WiNNliI3�G0 COWi TY, WISCONSIN TAKE NOTICE that the Conu-non Council of the City of Oshkosh, �•:inncbago County, Wisconsin, at a lawful meeti.ng he]A on the i3th �z}� of January, 1979, adopted an initial resol.uti.on, pursuant to Section 66.521 of the idi.sconsin Statutes, as amended, setting forth the intent of the City t:o issue industrial develop- ment reve,iue bonds in an amount not: i:o exceed $450,000 for the purpose of finaneinq costs related to t1i� acquisition of land and construction and equipping thereon of a roller skating facility to Ue located in the City and expected to be leased to Golden Sands Skateland, Inc. for use as a recreai.ional facility and for related service activities and to enter into a revenue agreement with John E. IIuttke with respect to such financinq. TH� BONDS SI171LL BE PAYAf3LI: SOLFLY PROM TIIE REV�NUES AND OTIIPR Ah10UNTS U�RIVliD OR RPSUL'I'ING FROM I� I2EVENOE AGRELMT'NT WI'i']I RESPECI' TO THE FINFINCI:D PROJI.CT OR, IN 7'l1E EVL'NT OF DPP'AUL'P OF SOC}I I�GF2li�PiSNT, 11S OTHCKWIS� AUTAORIZED F3Y THE CITY OF OSIIKOSFI APJD PPI2AIIT'PLU 13`l I,11W. 'PIIC. 130NUS SHALL PJOT CONS1'ITU'PE A[d INDL:L3TED- NI1SS OP TffE CITY OI' OSEIICOSEI WITHIN TIIE b1li11NING OF ANY S`I'ATE CO:v- STITUTION�IL PROVISION OR STATU'PORY LII�IITATIJN, AND S}IALL NOT CONSTITUTE OR GIVB F<ISE TO A PECUNIARY LIAI3II,ITY OF T}IE CITY OR A CFIARGE AGAINST ITS GENER}1L CRliDIT OA TAXI.AG POWERS. The resolution may be inspected by any elector of the City at the office of the City Clerk, City llall, 215 Church �lvenue, Oslikosh, Wisconsin duriny business hour.s. Tl�e bonds will be issucd without suumitting the proposition to thc electors of the City for approval unless within 30 days from the date o[ puUlicat.i.on of t}iis noticc a i�eCitio�i, s.iyncQ by not less than So o[ tiie registered el.ectors of the City, is filed with tl�e City Clerk r.equestiny a referendum upon the yuestiofi of the issuance of the bonds. If sucn petition is filed, the bonds sl�all not be issucd unti]. aE�provec3 by a majbrity of the electors of the City voting thereo�i at a general or special election. Dated January 18 , 1979. City Clerk 0 � i at � • a3� � �b � N � H ri O � W ^ H '� q , N � ♦: w y '�y�" r�-I "^ Si i +� �:, c�d � vi O «t � .I� •ri N Si 'd � +� .-I O v� O a-1 � C7 • J � Tj 1� � � N �1 rl H .'�i N O +� T� U1 F-� +> O � -'� N O � S-i �i J� 1 p'.. 4-a P� Pr �i �__�--_ � , .. +� P. O � d O E � O ri � O � N N N a �d N .� H F� � U _ . . ; ... .. . � � ti rn � �� I .-� � � �. � � \ \l `�U 1� � ` l� y +"� U