HomeMy WebLinkAbout29451 / 78-14April. 20 , 19 ; S � 11� F�,� OI�.ITTG�V
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IN CCiv21�'IO�T G���!''�r? CC��'ORA�I� PLT�pCSF ��_���:5 .t�'�TD PRC�NIIS�Gr2�' ivfJ ��S
I.:IT'�"rti� ��..': : Tm`I i�i:idlT�ij��E�TiC�v'
1�W;SOLUT.�Ci�t ccn�i.rrning sal�, deterrrruii�-lg r�tt�s of- incerest, and levying
i-:axes in cc:�nec�.cn w.zth �:L,655,OGG Coz-r�-:at� ��.xL��s�� �r.ds, Series 1973
and ,�,595,000 Prc.-russory 'vote.�, Seri_es 197<;.
SUBMITTED BY
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The City Council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular, open, public session at its
regular meeting place on April 20, 1978, at 7��� o'clock P.M.,
with the following members present:
Council Persons: KUTCHERA, Don H., MATHER, James A.;
PROPP, Kathleen M. ; PUNG, Robert E. ;
TEICHMILLER, Bernice, SCHIEFELBEIN, Ken R.
(6)
and the following members absent:
Council Person: SINGSTOCK, George N. (1)
* � �
(Other business)
The Clerk stated that one purpose of the meeting �--as t.he
consideration of bids received for the purchase of $595,000
Promissory Notes, Series 1978 of the City of Oshkosh pursuant to
notice of sale duly published in The Bond Buyer, a financial
newspaper published in the City of New York, New York, and in the
Oshkosh Daily Northwestern.
The following sealed bids for said notes were received
in the Council Chambers in the City Hall until 11:00 A.M., C.S.T.,
on April 20, 1978:
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Name of Bidder Net Interest Cost
�
After due deliberation, it was determined that the bid of
First Wisconsin National Bank of Milwaukee ,
Wisconsin , and associates, at a price of par and accrued
interest plus a premium of $ 1.50 was the highest and best
bid submitted for the purchase of said notes, which bid is as
follows:
-2-
OF�iCIAL BID �ORMI
City Council
CitS• Hall
Oshkosh, ��' isconsin 5-�901
Gentlemen:
Subject to all terms set forth in the Of�cial \jotice of Sale, which is hereby a part of this proposai, we
offer to pay �1,655,Q00 for Corporate Purpose Bonds and 5�9�,000 for Promissory Notes plus a premiun of
��. �UC�e-ru E.�. -�7'/��0 �S __�%s' )
and accrued interest to date of delivery, for �1,655,000 Corporate Purpose Bonds, Series 1978 and �595,000
Promisson- Notes Series 1978 of the City of Oshkosh, ��'isconsin, dated May 1, 1978, maturing serially May 1 of
each year and bearinD interest as follows:
Amount
S�0,000
������
50,000
5�,000
�0,000
7�,000
75, 000
7�,000
Amount
�>>,���
2�,000
2�,000
��7,��n
� s,aoo
Year of
I�laturity
1979
1930
1981
1982
1933
1984
1985
1986
1'ear of
1�laturity
1979
i�so
Z�S1
19S2
I°��3
CORPORATE PURQOSE BONDS
Interest
Rate
�.2.r ;a
�� �� _ �C
4�,.-. . :� S �;"c
t. . ;,2 �' %
r� ? b %
�� �7� �o
�1- % Z`' 9'0
�-%i0 %
Amount
� ��,000
1Q0,000
150,000
100,000
200,000
2�0,000
200,000
PROil�IISSORY NOTES
Interest
Rate
.�,�. . .� S o'o
� J � �"a
' _ %'? � �o
� � r rio
�
C� ��
V4'e prefer that the bor,ds an� notes be payable at
and at
Year of
Maturity
1987
1983
1989
2990
1991
1992
1993
Interest
Rate
�. k� —�'�
:� fc+ c�
�_ �/D �;'�
�'". 6 c? �
.i, oo qo
�S.oO �
S. C�c o,-Q
Year of Interest
Amount Maturity Rate
S i �, 000
; �,000
7�,0�0
I�,000
100,000
I984
1985
1986
1987
1988
`X`- 76 %
�. 7 d o-o
--T a o
- '� � Ci g'o
+l�„ �tb �-�
Said bonds ar�d notes are to be executed and delirered to us in accordance with the terms of this bid
accompanied by the �pprocin� ?e�al opinion of Chapman and Cutler, Attorneys, Chicago, Illinois. You are to pay
for said legal opin:c. �zd prin*_ing of bonds and notes.
As evidence a: ^�od faith, we enclose here�vith a checI; to the order of the Treasurer of the City of Oshkosh,
�i�'isconsin, in the sum of ���,000 pursuant to the terms provided in your Official Notice of Sale. Attached hereto is
a list of the members of our account on whose behalf this bid i� made.
17
�
Description of Check:
Amount: 545,000
Name of Bank
City _
Type.
Dated
— State _
Check No
(For City Use Only)
The Above Check was Returned and Received for
the Above �'amed Account �Ianager
f' ,
�
Respectft�],��R�brr���S�ONSIN NATIONAL BANK
T
�ame of Mi lwaukee
By/ o n ger, ice resi en
�d ress �� East Wisconsin Avenue
City Mi lwaukee State Wi sconsi n
For information of City Only. Our Catculation of
Interest Cost from Above is:
Total Interest .................... $ �T �7,� /���
Less Premium 'S - 7�
................... �
\et Interest Cost ................ � �s� � ��L� � �'
$—�=�
�et Interest Rate �- G%7�'�' ��
The foregoing bid �vas accepted and bonds and notes sold by- resolution of the City Council of the City of
Oshkosh, Wisconsin on April 20, 1978, and receipt is hereby acknowledged of the good faith check which is
being held in accordance with ihe terms of the Official Notice of Sale.
CITY OF OSHKOSH
By
Director of Administration
19
(Here insert or attach a true copy of the winning bid)
��
Thereupon the following resolution was introduced by
one Council Person and was read in full, and pursuant to motion
made by Mather and seconded by Kutchera
was adopted by the following vote:
Aye• Kutchera, Mather, Propp, Pung, Teichmiller,
� Schiefelbein (6)
Nay: None
RESOLUTION determining to borrow
595,000 and to issue to the lender
Promissory Notes, Series 1978, of
the City of Oshkosh, Wisconsin, in
such amount, providing details,
prescribing the form of note and
coupon, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, it is necessary that funds be raised in the
total amount of $595,000 for the purpose of providing for acquisition
of equipment, permanent improvement of lands and public work and
improvements consisting of acquisition of small equipment and
machinery, improvements to the city golf course and clubhouse
thereon, acquisition of buses, improvements to the city mass transit
system, and construction of sidewalks; and
WHEREAS, cities are authorized by the provisions of
Section 67.12(12) of the Wisconsin Statutes to borrow money and issue
promissory notes for acquisition of equipment, permanent improvement
of lands, and public work and improvements; and
-4-
marketable and will thereby be to the advantage of said city;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
WHEREAS, it is considered necessary and desirable by the
City Council of the City of Oshkosh, Wisconsin, that said city
borrow $595,000 for the purpose of providing funds for the purposes
aforesaid, and that said city issue to the lender its promissory
notes to evidence the indebtedness thereby incurred; and
WHEREAS, it has been determined to borrow said money from
First Wisconsin National Bank
of M i lwaukee , Wi scons i n , and associates, said lenders
having submitted the best bid for said notes at the public sale
thereof; and
WHEREAS, it has been determined that the issuance of said
notes in form payable to the bearer will make such notes more readily
marketable and will thereby be to the advantage of said city;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of paying the cost of providing
for acquisition of equipment, permanent improvement of lands and
public work and improvements as described in the preamble hereto,
there shall be borrowed from F i rst W i scons i n Nat i ona 1
Bank , of Milwaukee , Wisconsin , and
associates, the sum of $595,000, and to evidence such indebtedness
said city shall issue to such lenders its Promissory Notes, Series
1978, in the aggregate principal amount of $595,000.
Section 2. Said notes shall be designated "Promissory
Notes, Series 1978", shall be payable to bearer, shall be dated
May l, 1978, shall be of $5,000 denomination each, shall be numbered
1 to 119, inclusive, shall mature serially in numerical order without
option of prepayment on May 1 of each of the years 1979 to 1988,
-5-
0
inclusive, and shall bear interest payable semiannually on the first
day of May and November of each year, beginning November 1, 1978,
as follows:
Year Amount Interest Rate Year Amount Interest Rate
1979 $ 25, 000 6.25 � 1984 $ 75, 000 4.70 $
1980 25,000 6.25 � 1985 75,000 4.70 $
1981 25, 000 6.25 � 1986 75, 000 4.80 $
1982 45, 000 6.25 $ 1987 75, 000 4.80 $
1983 75, 000 4.70 � 1988 100, 000 4.g0 $
Said nates shall be signed by the City Manager of the
City of Oshkosh with his facsimile signature, and by the City Clerk,
and sealed with the corporate seal of said city. Interest upon said
notes shall be evidenced by coupons thereto attached, such coupons to
be signed by said City Manager and City Clerk with their respective
facsimile signatures, and said officers shall, by the execution of
said notes, adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons. Both
principal of and interest on said notes shall be payable in lawful
money of the United States of America at
Bank , Minneapolis
at the option of the holder.
Northwestern National
, M i nnesota , or at
.
.
Section 3. Said notes and coupons shall be in substantially
the following form, the omissions to be appropriately completed
when the notes are printed:
�
�
No.
(Form of Note)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
PROMISSORY NOTE, SERIES 1978
$5,000
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh,
in the County of Winnebago, State of Wisconsin, hereby acknowledges
itself to owe and for value received promises to pay to bearer, the
principal sum of Five Thousand Dollars ($5,000) on the first day of
May, 19 , with interest at the rate of per cent
( �) per annum from the date hereof until the principal amount
shall have been fully paid, such interest being payable semiannually
on the first days of May and November of each year, beginning
November l, 1978, interest to maturity being payable only upon present-
ation and surrender of the interest coupons attached hereto as they
severally mature. Both principal hereof and interest hereon are
hereby made payable in lawful money of the United States of America at
, , , or
at , , , at the
option of the holder.
For the prompt payment of this note with interest hereon as
aforesaid and for the levy and collection of taxes sufficient for that
purpose, the full faith, credit and resources of the City of Oshkosh
are hereby irrevocably pledged.
This note is one of an issue of $595,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of money
in such amount fo r the purpose of paying the cost of providing for
acquisition of equipment, permanent improvement of lands and public
'SC
work and improvements, pursuant to and in all respects in compliance
with Section 67.12(12) of the Wisconsin Statutes and a resolution
adopted by the City Council of said city on April 20, 1978, and
entitled, "RESOLUTION determining to borrow $595,000 and to issue to
the lender Promissory Notes, Series 1978 of the City of Oshkosh,
Wisconsin, in such amount, providing details, prescribing the form of
note and coupons, awarding the notes to the highest bidder, and
levying taxes."
It is hereby certified and recited that all conditions,
things and acts required by law to exist, to be or to be done prece-
dent to and in the issuance of this note have been, have existed
and have been performed in due form and time; that the indebtedness
of said city, including this note, does not exceed any limitation
imposed by law; and that said city has levied a direct annual
irrepealable tax sufficient to pay the interest hereon when it becomes
due and also to pay the principal hereof at maturity.
IN TESTIMONY WHEREOF, the City of Oshkosh, by its City
Council has caused this note to be signed by its City Manager with
his facsimile signature, and by its City Clerk, and its corporate seal
to be impressed hereon, and the coupons hereto attached to be signed
by said City Manager and City Clerk with their respective facsimile
signatures; and said officers, by the execution of this note, do
adopt as and for their own official signatures their respective
facsimile signatures appearing on said coupons, all as of the first
day of May, 1978.
(facsimile signature)
City Clerk City Manager
���
,� __ _ � _ . E � -.,_.�...
� - ���..�._:..�: _._ .�,,� .a ��
No.
(Form of Coupon )
$
On the first day of , 19_, the City
of Oshkosh, Wisconsin, will pay to bearer the amount shown hereon
in lawful money of the United States of America at
, � —
or at . ___ .
, upon presentation and surrender of this coupon,
for interest due that day on its Promissory Note, Series 1978,
dated May 1, 1978, No.
(facsimile signature) (facsimile signature)
City Clerk City r4anager
Section 4. In order to provide for the co�l�ction of a
direct annual tax sufficient to pay the interest on said notes and
to pay and discharge the principal thereof at maturity, there is
hereby levied upon all the taxable property in the City of Oshkosh
a direct annual tax in an amount sufficient for that purpose, to-wit:
Year of Amount for Principal Year of Amount for Principal
Levy and Interest Levy and Interest
1978 $ 6g,481.25 1983 S 92,387.50
1979 52,831.25 1984 88,862.50
1980 51 ,268.75 1985 85,300. o0
1981 69,081 .25 1986 81 ,700.00
1982 95,912•50 1987 102,450.00
Section 5. Said tax shall be extended upon the tax rolls
of said city and shall be collected by the officers of said city in
the same manner and at the same time as taxes for general city
:�'L'
purposes for such years are extended and collected, and when so
collected,the proceeds of said taxes shall be used solely for paying
the principal of and interest on said promissory notes so long as
said notes remain outstanding. For the purpose of paying interest
on said notes due on November 1, 1978, the sum of $15,087.50 shall
be made available from other city funds on hand, said amount to be
repaid from the first collection of taxes levied pursuant to
Section 4 hereof.
Section 6. Interest on or principal of the notes herein
authorized falling due at any time when there shall be on hand
insufficient funds from the proceeds of the above tax levy for the
payment of such interest or principal shall be paid promptly when
due from other funds of said city, which funds shall be reimbursed
therefor out of the proceeds of the taxes above levied when such
taxes shall have been collected.
Section 7. The City Clerk shall keep, maintain and pre-
serve an adequate and correct register account of all notes issued
and all payments and other transactions relating thereto.
Section 8. When said notes shall have been printed and
executed, the same shall be delivered by the City Treasurer to the
lender upon receipt of the borrowed money.
Section 9. The principal proceeds from the sale of said
notes shall be used only for the purpose of paying the cost of
providing for acquisition of equipment, permanent improvement of
lands and public work and improvements as set out hereinabove. This
City Council covenants and agrees that the principal proceeds of
the sale of said notes shall be devoted to and used with due diligence
for the acquisition and completion of the equipment and facilities
for which said notes are herein authorized to be issued, and
-10-
represents and certifies that:
(a) The City Council expects within six months
after delivery of the notes to incur substantial binding
obligations with respect to said facilities, said binding
obligations comprising not less than 2-1/2� of the
estimated total cost of said facilities;
(b) The City Council expects that over 85$ of the
spendable proceeds of said notes (including investment
proceeds) will be expended on or before April l, 1981, for
the purpose of paying the cost of said equipment and faci-
lities, said date being within three years following the
date of issue of said notes;
(c) Acquisition of equipment and work on the faci-
lities is expected to proceed with due diligence to
completion;
(d) Said equipment and facilities have not been and
are not expected to be sold or otherwise disposed of in whole
or in part prior to the last maturity of said notes;
(e) Al1 of the proceeds of the notes are needed for the
purposes stated in the form of note above set out, including
expenses incidental to such purpose and to the issuance of
the notes; and
(f) To the best of the kno��ledge and belief of the City
Council there are no facts, estimates or circumstances that
would materially change the conclusions and representations
set out in this section.
Said City Council also certifies and further covenants with the
purchasers and holders of the notes from time to time outstanding
a��
-12-
�
that so long as any of said notes remain outstanding, moneys on
deposit in any fund or account in connection with the notes, whether
or not such moneys were derived from the proceeds of the sale of the
notes or from any other sources, will not be used in a manner which
will cause s�ch notes to be "arbitrage bonds" within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as amended,
and any lawful regulatians promulgated or proposed thereunder,
including Sections 1.103-13 and 1.103-14 of the Income Tax Regulations
(26 CFR Part 1), as the same presently exist, or may from time to
time hereafter be amended, supplemented or revised. The City Council
reserves the right, however, to make any investment of such moneys
permitted by state law if, when and to the extent that said
Section 103(c) or regulations promulgated thereunder shall be
repealed or relaxed or shall be held void by final decision of a
court of competent jurisdiction, but only if any investment made by
virtue of such repeal, relaxation or decision would not, in the
opinion of counsel of recognized competence in such matters, result
in making the interest on the notes subject to federal income
taxation.
Adopted April 20, 1978.
Recorded April 20� 1978.
Approved April 20� 1978.
ATTEST:
� /, �'!��%i� � �' ^
City Cler�-�''
-12-
� • .
� �, ,.�
President
.�
�
* * *
(Other business)
Upon motion of Kutchera the City
Council adjourned.
ATTEST:
_ ( �1��1,�u�t iZr' 1���/ ��
City Cl�rk
Z,, ` �
----c- � � ' .-e.
President
�13--
� ; •:.
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
)
) SS.
)
I, CONVERSE C. MARKS, hereby certify that I am the duly
qualified and acting Clerk of the City of Oshkosh, Wisconsin, and
as such official I further certify that attached hereto is a copy of
excerpts from the minutes of the meeting of the City Council of said
city held on April 20, 1978; that I have compared said copy with the
original minute record of said meeting in my official custody; and
that said copy is a true, correct and complete transcript from said
original minute record insofar as said original record relates to
$595,000 Promissory Notes, Series 1978 of said city dated May l,
1978.
I further certify that a true and correct statement of each
step or procee3ing had or taken to da�e in connection with �he
authorization of said notes has been recorded by me in a separate
record book as required by law.
WITNESS my official signature and the seal of said city
this 21 day of April, 1978.
v��� 4� osy��`��
( s E ) �' ���' •
• � il � �
• �
�. � �
RHG:kp
3/28/78
fy
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f � 7
City Clerk
� . .,
The City Council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular� open, public session at its
regular meet�ng place on April 2Q, 1978, at 7��� o'clock P.M.,
with the following members present:
Council Persons: KUTCHERA, Don H.; MATHER, James A.;
PROPP, Kathleen M; PUNG, Robert E. ;
TEICHMILLER, Bernice; SCHIEFELBEIN, Ken R.
(6)
and the following members absent:
Council Person: SINGSTOCK, George N. (1)
* * *
(Other business)
The City Clerk then reported that pursuant to advertised
notice of sale, sealed bids were received until 11:00 o'clock, A.M.,
C.S.T., on April 20, 1978, at the Council Chambers in the City Hall
in said city for the purchase of $1,655,000 Corporate Purpose Bonds,
Series 1978, of said city, that the bids had been publicly opened
and announced at said time and place, and had been tabulated as
follows:
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Name of Bidder
Net Interest Cost
that the highest and best bid submitted was that of F i rst Wi scons i n
National Bank of Milwaukee
at a price of par plus a premium of $ 4.25
, and associates,
and accrued
interest to the date of delivery, and that the acceptance of said
bid is recommended, which bid is as follows:
-2-
Citv Council
Cit�� Hall
O�hkosh. «'isconsin i-�901
Gentlemen:
?
OF�iCI�L 61D �ORtV!
Subject to all terms set forth in the Official Notice of Sale, which is hereby a part of this proposal, we
offer to pay 51,655,000 for Corporate Purpose Bonds and 5�95,000 for Promissory Notes plus a premiun of
� �
��-� - C=�-Lt. E� „� 1� j��? (S �_ S�% S }
and accrued interest to date of delivery, for $1,6�5,000 Corporate Purpose Bonds, Series 1978 and $�95,000
Promissory Notes Series 1978 of the City of Oshkosh, «"isconsin, dated May 1, 1978, maturing seriall.v May 1 of
each year and bearing interest as follows:
Amount
�a0,���
a�,��)�
so,000
55,000
50,000
75,000
75,000
75,000
1'ear of
:��I aturity
1979
1980
1981
1982
1983
1984
1985
1986
COFiPORATE PURPOSE BONDS
Interest
Rate
� , � .5` �-o
(v . � 5' �'o
�: : :� s �;�
� . r� �" �i"o
� 7 �' io
�. 7� _�'n
y. i C g-�
�l � �> �,
�o
Amount
75,000
100,000
170, 000
150,000
200,000
250,000
250,000
PROtlAISSORY l�dOTES
Year of Interest
�mount �iaturitv Rate
�25,000
25,000
25, 000
-�5, 000
75,000
1979
19£0
1981
igg�
1983
� :; S c,fi
L,_J� q:�
_� . � 3 `'o
� � 5� �>;,
�. 70 °'o
��'e prefer that the bor,ds and notes be payable at
and at
Year of
Maturity
1987
1988
1989
1990
1991
1992
1993
Interest
Rate
�_C�
;✓ �� G� r
�—: �
y_ �io �
:, . c 0 �"c
.� . c � c:�
_T,.cU ��
S_ t�r. c�.
Year of Interest
:�mount Maturity Rate
S 75,000
75,000
75, 000
75,OQ0
100,000
1984
1985
1986
1987
1988
`F. 7c� ���
1-I. 7 E �
i.t � � c�
� ' ��' �.
��,�
�.. �tc ��
Said bonds an�i notes are to be executed and delivered to us in accordance with the terms of this bid
accompanied by the approving legal opinion of Chapman and Cutler, Attorneys, Chicago, Illinois. You are to pay
for said legal opinion and printing of bonds and notes.
As evidence of bood faith, we enclose herewith a check to the order of the Treasurer of the City of Oshkosh,
�1�'isconsin, in the sum of �45,000 pursuant to the terms provided in your Official Notice of Sale. Attached hereto is
a list of the members of our account on whose behalf this bid is made.
17
0
Description of'Check:
Amount: S-��,000
Name of Bank
City
Type.
Dated
State
Check No.
(For City Use Only)
The Abo��e Check was Returned and Received for
the Above \amed Account Manager
r ��-�
Respectfu�ll�R�br���SCONSIN NATIONAL BANK
T
�ame of Mi lwaukee
By ---
o n ger, ice resi en
Ad ress » Eas t Wi scons i n Avenue
City Mi lwaukee State Wi sconsi n
For information of City Only. Our Calculation of
Interest Cost from Above is:
Total Interest 1, D�� ��t��
.................... $� ,.
Less Premium $ "5 - 7�
�� ,.
I�et Interest Cost ................ $ 1� ��3 iy � S"
I\ et Interest Rate �• / %� �f �"
.............. �f
The foregoing bid was accepted arid bonds and notes sold by resolution of the City Council of the City of
Oshkosh, �Visconsin on April 20, 19 i 8, and receipt is hereby acknowledged of the good faith check which is
being held in accordance with the terms of the Official Notice of Sale.
CITY OF OSHKOSH
By Director of Administration
19
I
i
�
�
(Here insert or attach a copy of the winning bid)
-3-
The following resolution was thereupon introduced by
One Council Person and read in full:
RESOLUTION confirming sale,
determining rates of interest,
and levying taxes in connection
with $1,655,000 Corporate
Purpose Bonds, Series 1978.
WHEREAS, by proceedings duly taken in the manner, time
and form required by law $1,655,000 Corporate Purpose Bonds, Series
1978, of the City of Oshkosh, Wisconsin, have been heretofore
authorized; and
WHEREAS, pursuant to advertised notice of sale, bids
were received for said bonds on April 20, 1978; and
WHEREAS, the bid of First Wisconsin National Bank
of Milwaukee
at a price of par plus a premium of $ 4.25
, and associates,
and
accrued interest to the date of delivery was the highest and best
bid submitted;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. Said $1,655,000 Corporate Purpose Bonds,
Series 1978, dated May l, 1978, shall bear interest as follows:
Maturities
. . .•
.
.• .•
.
. .
•.. •.
. .
.�; .�.
..� ..
—4—
Interest Rates
6.25i
4.70�
4,8oq
4,90i
5.00r
. ' +:
Section 2. The sale of said bonds to
National Bank of Milwaukee
First Wisconsin
, and associates,
at the price recited in the preamble hereof is hereby confirmed,
same being the best bid submitted.
Section 3. Said bonds shall be payable in lawful money
of the United States of America at Northwestern National Bank
the option of the holder.
Minneapolis,
�
Minnesota , or at
, at
Section 4. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on said bonds and
to pay and discharge the principal thereof at maturity, there is
hereby levied upon all the taxable property in the City of Oshkosh,
a direct annual tax in an amount sufficient for that purpose and
there is hereby levied upon all of said taxable property in said
city the following direct annual tax, to-wit:
Year of Levy Amount of Tax Year of Levy
1978
1979
1980
1981
1982
1983
1984
1985
$174,681.25
12g,475.00
126,350.00
128,068.75
120,175.00
142,237.50
138,712.50
135,150.00
1986
1987
1988
1989
1990
1991
1992
Amount of Tax
$131,550.00
152,300.00
1g6,175.00
188,750.00
230,000.00
268,750.00
256,250.00
In each of said years 1979 to 1992, inclusive, the
direct annual tax above levied shall be extended upon the tax rolls
of said City of Oshkosh and collected by the officers of said city
in the same manner and at the same time as taxes for general city
purposes for such years are extended and collected, and when so
collected, the proceeds of said taxes shall be used solely for
paying the principal of and interest on said Corporate Purpose
Bonds, Series 1978, so long as any of said bonds remain outstanding.
-5-
_ :
, , i ,
Section 5. Interest en or principal of the bonds herein
authorized falling due at any time when there shall be on hand
insufficient funds from the proceeds of the above tax levy for the
payment of such interest or principal shall be paid promptly when
due from other funds of said city, which funds shall be reimbursed
therefor out of the proceeds of the taxes above levied when such
taxes shall have been collected.
Section 6. There is hereby established in the city
treasury a fund separate and distinct from all other funds of said
city to be designated "Series 1978 Corporate Purpose Bonds Sinking
Fund", which fund shall be used solely for the purpose of paying
principal of and interest on said bonds. There shall be deposited
in said fund all premium and accrued interest paid on said bonds at
the time said bonds are delivered to the purchaser; all money
raised by taxation pursuant to Section 4 hereof; the sum of $42,p81.25
for the purpose of paying interest on said bonds payable November 1,
1978; and such other sums as may be necessary to pay interest on
said bonds when the same shall become due and to retire said bonds
at their respective maturity dates.
Section 7. Said bonds when the same have been executed
in the manner heretofore provided shall be delivered by the City
Treasurer to the purchaser thereof upon payment of the purchase
price.
Adopted: April 20, 1978.
ATTEST:
�
' z � �1 ->
City Cl�r
- ��e_..._.,_..�
Presi ent
�
� t
, ' �
Motion was made by K��t eh e r a. that said
resolution be adopted, and said motion was seconded by
Teichmiller After due consideration, the President put
the question, and upon roll being called, the following voted:
Aye: Kutchera, Mather, Propp, Pung, Teichmiller,
Schiefelbein (6)
adjourned.
ATTEST:
Nay: None
The President then declared said resolution duly adopted.
* * *
(Other business)
Upon motion of Kutchera , the City Council
Approved: April 20, 1978.
�
- ;�, "� /_
City Cler
-7-
Pres
�
�
- .f
` ; , -, ,
` +
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, CONVERSE C. MARKS, hereby certify that I am the duly
qualified and �cting City Clerk of the City of Oshkosh, Wisconsin,
and as such official I further certify that attached hereto is a
true, correct and compared capy of excerpts from the minutes of the
meeting of the City Council of said city held on April 20, 1978,
insofar as same pertain to the sale of $1,655,000 Corporate Purpose
Bonds, Series 1978 of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken to date in the course of
authorizing said bonds has been recorded by me in a separate record
book pursuant to the provisions of Section 67.05(12) of the
Wisconsin Statutes.
I further certify that the initial resolutions adopted on
March 16, 1978 authorizing the issuance of said bonds were
recorded in my office on March 16 , 1978, as required by law,
and that no petition has been filed with me or in my office protesting
the issuance of said bonds, requesting that said bonds not be
issued, or requesting a referendum on the question of issuing said
bonds.
WITNESS my official signature and the official seal of
said city this 21 day of
1'� °� °s �'o
C:� .r�t . � ��
(AFFIX) � �,� .
( SEAL ) � ,� f+� .
(HERE ) � �
RHG/kp
3/27/78
April , 19%g.
9
ity C1.
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