HomeMy WebLinkAbout29636 / 78-37_
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July 20, 1978 � 37 �o�x�
'I�ere will be an IrLi.tial Resclutian to is�ue $350,000.00 Industr.ial
Revenue Bonc3,s for Liskar Tnv�s�..n�s, a limited gartnnrship.
SiJBtdITiED BY
. �. � ..
1�F�R0
_ �� _
� ' dmr071878
CITY COUI�C?I.�
OF THE
C I TY OF O�HKOSH , tJI SGONS I,`.d
P.esolution I�'o. 37
ItdITIAL RESOI�UTIO��
REL!�,xI�In TO
II�DUSTP.IAL DEV>: r�OPMEt�:`C F,EVLivTUE F30ND F INATyC ING
ON BF?NAI..F OF
LISK�R I;'���L.ST?�iENTS
t{JfIERFAS, the City of Osht:osh, tlisconsin (the "I� ?nici.--
pality") is a municipal ccrp,orati��i or�anized and exi:;tin�;
unde� �nd pur. su.i:�t tc� the 1��;•�s of the State of �Jisconsin atzd is
atithori��,d �y Section (��;.521 ��lisconsi:� S+..-atutes. as amer�ded
(herein<�f.ter somc�tir�es rc�ferr�d to a.s the "�?ct") , to:
(a) issu� indusC_r i.��l development reventi� ba��cls to
f inance aIl or any part of tl�e costs of the canstructio�,
ec�:�ippir.�,, reequippitY�;, acquisitia�, purchase, insta]_Ia, ion,
r�:construction. rebuiJ_din�, rehabil.it=ation, in�i�,,ovi�E�,
�UPi-'��'�n°ntin�, mazncainin�, rep��iring, et��ar�in�;, extE�ndin;,
or rer,oc�elin� of a pro_ject c•?hich c�ualif ies under the Act anc�.
thc� i�_:roven;e-�t of th^ sitc: therefor � and
(b) ente•x into a re�,�enue ag,reement with ar� ei_i.g,i.ble
par t: ic ipant pur sti.�z�t to c•�h ici� the el_ i� ibl:� p�irt ir.. ipar�t
agreer, to cause said pr.c:>ject Co b•�� COI15tiUCCECI and ta p:���
the f�,t�nicipality «n a�io:��lt, of fun�ls s��fficient� to p1�.�vic��,
f�r ti�r�� pro�,�p� ;: :�yr;ent ���hen c'ue of t:}.-,e pi incipal of: �-�nd
int:e1��>s� on said iizd�strial developmer,t r.evenue bonds:
anc}
[���{EA�t?AS, L:i;;1<<�r Investr�.ez-t_s, a�;eneral. or. Ii;nift�d
p��rtnersh�;� cc�rz,isi in�; nf F'r�,n'� J: K��>,�rny, �II. F�'z�nk J: K��zr_r�., s
P.nil �U':•:1.E'.� cli1�{ CE'TL'V 1fC'y�I' {tC1C, ��iC1r.�)�ap�z�r} 1"1F1S been COIISIC�F'.T'ltici
ur�clertakint; a capit�il pr.o_ject in �1;e ��tunicipal.ity, and the
�.pi!i��'r?I1�! }'13� rE'�L'ESE'i1tE'.�i �O t�"1� i'iL1T!LC1�)�211t�' Lil3� 1� �dQU1Ci �-C' �iil
E'1�..:i_`UC�:�',.^?�:'t?t 11t1�� !T1C�l.!C:_'ITIE'Il� fUI" lt t0 �L'OCEE'C� lf t�"1C' ��CO�E'Ct
CO!. i C� hE' f I r!�iI1C'E'�� 4J 1 tr! lii�jU:; L C i<.' � (�E'�7�-'�O�P1E.'L'l� rE'.VC'111fC' �Oi1C�S :
ci CI ��
_�
�+IHEREAS, the p:�oj�ct would be for the pu��ose of
mant�facturinr fl.exible p�ckagi��; products and c%roi3ld consist
of. land, a buil.din� of app�-oxi�atel_y 16,G00 square feet and
f ixtures (herein�7fter cal.led the "Project") ; and
�ti�F-iEREAS, the Compan� has estimated tha� the cast
of t:he Project {,.�ould be a;�proxi�^:ately $350,OOQ bu::, ��ait►� allo��r-
anc��� for moc; i f icat ions , dc�s i�z� changcs , and inf l.a:. ian coulc3 be as
high as �450,000: and
t�t`�:EREAS, it is in t`;e pub�ic interest af the Munici-
pality to promote, a(�tract, sti�?t.�late, rehabilitat� and revit�-
li2e comcnerce, indust.r.y an;? rnanufacturing, to promote th� better-
ment of the environment and the °conomy of the rtunicipali.t�• and
tc> stir,�ulatt� a 1ar�;e flow of pr ivate invest�r�ent funds int� the
Municipality: and
WI�iEK�,AS, it is the rindin�; and determination of
this ha�y that th� Proj��ct is a q��alifi�d "project" c,�ith�n
the tr�eanin�, of the Act and that tt-ie Cor��>any is a:-, "eligibie
par t i.c ip��nt" rai th iri the meun inh of the �,ct ; and
�JHEREAS, it is tne iindin� and deternlination oi
t.his l�ody that the Municipali.ty wauld dPriue publi� b�n�ii.ts
from Lhe A'roject and its ap�ration b� the Company, inclu�+'.n�;
by 4���iy o� illustr:�tiari hut �iot ti?ni�aticn tt-,: f^llc�c�:in�;:
the provi�:±.c�n and rete��t:ion of �ainful emploj�me�zt o�;fjort:uni-
t ie: �or t��e citizens of the Municipality; the stir.nulation
,` rhe f.low o£ investmen� c�pital in:.o the �iuni�ipality with
r��:�ul�ant he+,�ericial ef£ects on the econor�y in t:h� Nfur�ici�alit;�:
arYr3 t��e pre::�ervatior� a�id enr,ar��.E�ment of th� M�inici�a.lity's ta�;
base; and
WH�;KEAS, it is the finding and determir;:3tion of t%is
body that the p�.iblic interest wi.1a.. be ser_ved if the t�iur�ici--
p��l ity were to en��our_ age anci inducc� (�ne Ce�m��any to u��dertake the
Project in t��e l�tunici.pa]_iCy:
NOW, Ti-�ERE�'C�RE , B� I T RESOLVi;D :
l. Subject to tl�e cond.itions si.�ecified i.n par�a-
�raph 2, the Municipality shal_1 puLsue ai�d cansu��..zate a f inancin�
tlav inp; tt;e following elements : '
(��) �'he Mun ie_ i pal i ty st;all iss�e indc�utr�ial dev�lop-
rnent r.e�venuc� rc;,�cls �urGUant to the �cE. in st�c�� amount not� in
excess c�f 5�=5'�;��!�� �s t�7e �;ou1�7=i,�_y shall rec}Uest, pr���ideci,
hc�w�ver, t����i_ the actu-�1 an�ount shall not bc� g,rea�:=�r than
the thE�n estir�atecl. a��y�e����e c�st. of �rovidin� �.he Pro�ec�
and ��<�y in� the cos�s inc ic't�nt to the f inat�c ��z� (said bonds
beir�;:; hereirt,�fte�r cal]_r;�. the "Bonds").
_>_
_� .
(b) The f3onds shail be payabl_� solel_y �ut o� revenues
derived frocn the Conl�any or otherwise provi�ed for pur5uant
t:,.� the ter.ms of a lease, sa'e, loan, instaltment purchase or
s itni .l ar a�;reen�ent (herein�� �' er called the "Revenue Agree-
merit") to be ent�i:�d into bet�oeen the MUnicipality and
the Company.
(c) The P.�ven�e A��reer�:ent shall require the Compary to
acqua.re, construct ar instail the Project and to provide the
Municipality wa.th revenuE�s sufficient to pay c��i�en du=_• the
pri_ncipal of, premium, if �ny, az�d interest on the Bonds.
(d) The I3onds shaLl have such maturities, int�ecest
rates and rede�ption fE�atur�s as the Company sha�l propose,
prvvid�d that s�.�ch tecros shall he substantial.ly �ic��i.tar to
t17�� terms of sinlilar. bonds secure� by the obligations of
compani.�:s hav i_n€, substa�ltially equivalent credit to that
of the Company.
2. The isst.ianc� of the Bonds by the Mur�icipality
sh�i�. be on the foll.owin,P conctitions:
(a) The F3or�ds sh�311 not c�nstitute �n indebtec'r�ess of
the t�lunici�:�«1it_y within the m��anin� of any State c��,jstitu-
tional provision or statu'ory 1i,mi[ation.
(b; The Ponds st�all. not coc:stitute or give ri.sc� to a
pecuniary Ii���ility of the uunicipality or a ch��rge a�,ainst
its gerieral creciit or taxin� pot��ers.
(c} If the F�i+.�nici.pality shall hold title ta the
Project tiahil.e the Bo��r3s �.� �:� outsta�ldi��g, the Comp�ny shall_
be su�ject to pro,?ert:y t���;::�tic=n in the samL ar�our�t and to
the sam� extent as tl�ouah C��nPany ��ere tt�e o.�rner af the
Proj��ct> � � � �
(cf) The Compa���;y shal]_ be responsible for finding a
pur.c}�ase� or. purcha.��.ccs for all �f thc� &ui7us.
(e) T't�e out-cl-pocket costs i� connecti�r� with t��e
isst�ancr� and sale ot the �3�.nc�s sha.11 be paid either fro�n the
procet�ds of tE;e Bonds or by the Cc�mpany.
(; ) Pr �or to the � ssuance of tt;e Bonds: (i) the
electors :� the Municipaiity sha11 h�,ve beez� �ive��� the
opportunity to petition fo� a referet.�d�?-n on t}-�e matter of
tl�e P�nd issue as requirec3 b��� the �1ct; (ii; either nv such
pet i t ic�n � hall b� t:T;��-�.� �� f=ie<i or s�:�ch ;�e.: it ion shall have
bee�� f iled and s�iid rEi�ererc'uir. �}�iall Y,a���� �.;;�lY'(1V!?t� Y_}1P,. Bond
issi_ie; ar��': (ii._i) t��is hodv, by iurthec resalu� �c,.�, si,�Z�
have auttz�>r ized an� appraved the ternls oi the B�.-_,s and the
P�evenue A£;reem����t .
-3-
(�) The Bonds sh��I1 b� is:;u�d Pursu«nt to th� Act, a�d
the ciel.ivery of tt7e Bonds shall be accoTnp<�nied taith� the.
unqualified approviT��; le�:al o�inion of hiessrs. Foley &
'" ' Lardner, bond couns•e7 , M:ilv;aukee, Wi:Sconsin, or suc:h ather
n��t ionally reco�;rlized f. iru� o.f botld aLtorr�eys as s1;::' I�,�
acceptable to tt�e �iuri�ip�lity at�d the Comp��ry.
3. The Cl��k shall cai_�sc� noti.ce of ac�apt:ion o� this
Resolut ior. �o be pubi_i.shed once in Osh?•�,��sh I)ail� Ivorthcaest�rn,
(the Municipality's offici�.l nec�spape: ,�for�[.he pub�iicatio:�
of not ices pu� suant to Char>tcr 985 of th� Wi�consin Statutes)
in substantially the £orm at=tach�;d to thi_s Resolution, and
shall cause a cor�y of such pu�lic noti_c�� together with a copy of
this Resol.u�ian to be fi.l_ed caith the Secret�ry of Busir-�e�s
Development of the State of Wiscorsi�7 withiri 10 ciays followir.;
publication of such notice.
4. Tnis R�solution is ar, "initial resol.utio�" within
the meanin�; �f the Ac� �ind a"bond resolL:tic�n or other similar
ofzicia.l_ ac: �on" c,�i.thiz� the meanin� af Sf-.C�lOIl 1.7_�'3-8(a)(5) of
t?-�e Treasu; :: R;� ;l� l_at ior�s promulgat rd un�er S�ct ion 103 of t�re
Internal A,evenu�� Cod�� of 195!�, as am�r:lLd.
5. Th i:> Resolut ion shall be. ei fect. ive im:nE��i iat ely
upon it:s passa�;E ���id a�pro��a1. Ln��=�ss the I���f,"s sY��;.l �:-;.�ve
b: ,•n issued pr iar thert�to, the au?_;����rities a.��J a�rthucir«:.: "�u:�s
�,iven hy this Resol.r.ltic.-, sha11 exp+;��.:• .:;-i �1�,��.;ust l, 1979 vr r�n
suc`� later dat.e a_; th i;; vody �,�.3y spe::: i, by resolut ia� adopt:ect.
ei�tier beLore o.° after such date.
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[Form of Notice to be Publishc�d by the Clerk]
NOTICE T� EI,EC"i'ORS
OF TF�E
CITY CF OSHKOSH
TAKE NOTICE tL�at the City Coui�cil of the City oF
Oshkosh, i�lisconsin, �t a lac.FUl �ec.t:i.ng h��ld on �:he 20th�ja� of
July, 1978, adopte�d an initial resolution, pursu��nt�to Section
66.521 of the L�lisc�,�nsin Statutes, authorizin� the issuance of not
to �xr_eed ti450,G00 princi�?al a:�:�.��.�nt ai industrial developmert
r�ver�ue b,rids on berali of Lis�ar Inv�stments, a�;�:n�ra� or
Z1T,ili�:�'_� p:ai°[:riE'LS�Ii:: COTIS1.Stlri�: O� �'T'clI�1�C .1. Kear►�y, zT;_� �'I'clt�?i .1.
Ke�art�y, ;. ;� Sowle, �n��i Gerry �'.eyer (the "C,�m��r.ln.y") . The puraase
of th� t>. z�d isst�.�� is to finarice the co;� ;tructi�n, a�c;ttisition arid
insta�_lat�i.on costs ot a projc�c_t cc>nsistin� .�f land, a�>uildin, o�
�pproximatel_y 1.6,000 sq�are feet, and fixtur_es tv be ].a�a�r��cl in
the City ����<i operated by th:� Company f_or tr�e manu.���:cture cf
fle>:ikile �,-(ckagirYt prt; ��_icts.
�iI�!; BONDS S�[AI.L. i�it1T CO�S't'iTUTE AN IIV�D;:PTEDi��I:,S� 4F
T�II�: CIT�:' OI�' OStIKQS�I: ItiTOi� 5�;.��(.L T�(��, I3GNBS CIVF: F..� ��t: TO Ai`��' Fx?-
C[1��::ARY 7..IABILI'TY G�F THE CITY: i,U�'. S�iF,T�T, THE BOND:�: BE �1 CHARC�i�
AGAINS'�' T'�iE GETdER�L CR;�JII' OP� TA�:I�G F'OWER 0� THE CI'sY. RATHEr;,
THE B0�?DS S�TALL Br PA`�[`.F;I.�E S011'�;LY FROM THE REV�rvUE:� �`^:D OTII�;��
AI�i0t1N'1'S DE}:ZIVEll OlZ RI;SUf�TIi,G Fp,Q^1 A REVF.NU� A(;I:E�;I�tE��IT TO BE
EN1'EF.ED INTO t��IT�� T?iE COTiPANY.
The aforesai� _ initial reso?�.itiaz� is a publ_it� document.
ar,:I n�ay be� insp�.�cted by �riy el�;ctar of the City at t�ze City �:cill,
230 Ct�urc�� Ave����e, du: in�; busir�e�s hours.
TAK}? FURTI-�ER IhC� i ICF TFI:�T TN.B ELEC I �)� :� OF TF�E C I'TY QF
C��HP{�: �i MAY F'E1'I':CIO�: I'OP. A REFEP.F\L'��,i�� ON 'C�fE Q(i:Z'>TION OF THE BONt)
ISSU?�. Sectio�z 66.5�1(l�)(dj oi t��e Wisco��sin SCatul��s, pro-
v icle: :
"(d) The gov�rnir�� body may issi�� bonds unc?er this
,
secC ic��: t�iitr�out. s�!b;��it t ii__� �i-�e. E��-oposi tio,_� to t:he elerLc:rs
o�.- t�;;��.:: r�unicipal�.ty for. a��;::ov�ll tn�less, 4aithin 30 days from
ti-�_> c'.:ii.c� of gublic��rion oi r��.�tice ni adoptian of the iz:.iti.�Z
reti�olut ion for suc-h bonds , a pet ' t� ion, s i�;ned by nat less
than 5% of the re�ist:�rec� e'_ectors of the municzpality, cr,
if t��,nre i.s no regi�;t:ration �� electors ir� tt�e munici.pal.ity,
by 10% of the nu.~�l�er of elec�ors of the r�c�ni�ip�J_ity voting,
for trre office of governor at t�-�e last ��>n�:�al el�ction as
deter.rr�ineu un�ier s. 1]_5.01(13}, is filed �aith t�e clerk
of the munic.ipality rec,uest.in�; a referend«rt� upon the
question of the issu�zrlce of tt�ie b�r�cls. If such a pet_itic�n
is fil�d, the 1-,ands shal_1 not bc� issued until appr(iVEf� by a
u���jor�ity oi i'r,f, eiec�or:; �f tt�e it«iiiic:��,ality votin� tt?:: �ec;n
at a�;ct�er�31 or sp�cial e' ec _�;�1�," -
/s/ Con�,�E�r.se C. P•t�rks
City t:lerk
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�
CF.P�T'IFICATIO��� BY CI.FaP.K
I, Converse C. M�r�:s. b�in� fir.st duly sc��orn, do F�.c�ret�y>
depose and certify that I am th� duly appoi�ted, qualifiecl and
actin� Cler.k of the Ci.ty of Os?�kosh, in the Coui�ty of Winne'-;.:�go,
State of Wisc.on.:in, and as s�:ch I have iri my pos�ession, o,- hav�
access to, the co.nplete corporate recards of said C,ity and of. its
C i. ty Counc i l; th�t I have careful.]_y con�pared the transcr i�t
he�_eto attacned t•�i.th the a;c�resa,�:d carporate r�c�rds;. that said
tran5crii�t hereta attached i:> a truc, correct and complete copy
c�f: a11 the c�rporat� recor.ds it� relation to thF: adoption of
Resolution No. 37 en'itled:
INTTIAL P.ESOLIlTION
KELAT T NG TC1
INDCISTRIAL T3EVEI,OP�IE�T REVE�dUE SOND PIIvTANCING
ON F3�'t�ALF OF
� LISnAR I�y`VEST�iErITS �
I do Y�ereby further depo5e and certify as follacas:
l. Said resolution was considered for adap ion
hy the City Cvuncil at a :.�et:in�r held i;:� the City Ha� i. a�:
7: OC? P.�1, on July 2�, 1978. :�aid ineetiz;z; wr.3s a renul��r me�:tzr ;
of. t.he City Cour,cil and caas held iri opE.n sessi�n in cnrnp? ianc�
wit:h Sut�chapter IV of Chapter 19 o.f the Wisconsin Statut�s.
2. Sa id re� olu� ioz� caas on the a�enc�a for s;� � d r� �:�t i?�ry
and p��b � i c no� ice thereof was F ivet; not less t_han 24 ho��rs pr. ic ��
to the coulm����ce.r�:ent o� sa id m: et in�; in cc,��pl iance w i th Sect i�ri
]9.8�� of the Wisconsin Statutes, includin�;, c,rith�ut li�nitati�>r�y
Uy pc�:>tin� on tt-�� b?��letin board in t�ie City Ha4_1, b;7 nnti_c:° '�
tt�ose nr_�;�r� �r�ec3ia wh;� have filed a wr. itten reque:�Z far notice o��
mec�tings �:.nd by notice to the o`ficial_ ne:.�:;p::��cr of the City.
3. Said m�et ing; w�
Schiefelbeir�, Cocsncii Pres�. �E>nt
roll I rzotec] and rE:�corded thaL
pres�nt;
Council
�
is ca1 lec� ta order by � Ker�ne:t:r�
caho chaired th� mee�:i��g. � Upan
the fol_lo�ling Council_persons c•�ere
b7enib,° rs : KU`� �iiE �: ;� , �on H.
-- --- - -- -------- -- _—__-_---------- -
P'•1A`_:_ER J��.es A
---__ ...----- - --- - - ---�-- _�—__ _ .__ — _ _ _
---_. ---------- P Ii C= P�_!_- a�-'_ � E> e n A2 . ___�
------- -- --- --
SIi�::STC �ri Geor e �-
--�.__.____------ ---'---------�-----=' -__ _--
----- -
T��.r�iT�?!..�L�' Bern�_ce
--_ -- -- ,_�.._,._._�—��.-------------_ —
_______ _SCt�_�F'-_�B_!N�__Ken_ _�•___
�n� that the followi?;€; Co�.�ncilpersons weLe abs:�rit:
F U �'; �, r. ��� :^ t ��
I n�ted and recorded th�t a yuor��� t•�as present_. Variaus matt:�r.s
and business caerE3 taken up durinr; the course o£ the m�eting 't:l�i-
out. iritervention of any cicsed session. One of the mE :_I.:ers ��� :��n
up ���as said reso;.ut.ion whic� was ir:troduc�d by and its ad�ption
-i--
0
was moved by Councilperson SI'_��S_�:.;C_; , and secon�ied hy Cc�unciI.--
-
person Yti�CHf�,RA . roll.ocaing discus�ion and afler al_:.
CotmciLperson wtio cTesired to do so had expressed their viec•:,,
for. or a�,ainst said resolution, the quesLion c�as called ar4�'
upon roi]_ beipg called an::� thn continued presence af a quorui��
bein� noted, ttle recorded vote was as follows:
A e: KUmCHERA MAr=-ir� ?R� PP
�' ---------------3----.__—�3_--= -__� _------
—._._____�SING`>'�'OCK,_1 _IC �T•i_�L���z SC.%iIEF`ELBEI�I
N a y : _ rJ oN � - ----- ^— �_
E�bsta iri : NOI�1E
Whereupon the Council Presi.dE�:�� declar�d said re�ol�tioi� adopted,
ar�d I sa recarcle�l it..
�+. I have c�used th� "Notice to Electors" to be
publ i:•�.etl in tl-�e fo�-m and place spec i f- 7�d in said resolut ion; an�?
I h:lv� fil�ci a coz�y of sai' natice ��.� pub? ished together. with� :3
copy of sazd r�s�::�.�tion �•�ith the Se;�l�eta�-y o� the 17�partr,:t�:7t of
B!��iness Develapmf��.:�t c>f the State of '�disconsin w.it'nin 10 d.ays
f�l]_c�c•�ir.�, th� puhlication of sa.id notice.
�� IP1. WITNJ:SS tA;}iEP.EOF, I hav� s ip;necl rriy name anc] af f ixed
the seal of t:he City hereto oc} ttiis �J_ day of 3uly, 1978.
[ f•I u n i c i�: a 1 S e a 1] --`'����i'_'� � ��____. _
c�������
STA:'I� OF WISCOi�Sli�? )
) SS
COUNTY OF WINNERAGn )
Subscr ihE:ci and sworn to be£�re me thzs d<zy, the
date lasi above �.�er itten.
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