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Home My WebLink About29389 / 78-26CITY OF OSHKOSH, trTZSCONSIN INITIAL RESOLUTION REGt1RDING HOSPITAL FACILITY REVENUE BONDS (MERCY MEDICAL CENTER OF OSHKOSH, INC. PROJECT) WHEREAS, the City of Oshkosh, Wisconsin (the "City") is authoriLed by Section 66.521, Wisconsin Statutes, as amended (the "Act") to cans�ruct, equip, reequip, acquire by gift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, extend or remodel projects including, but not limited to, hospital facilities and facilities to provide service activities in conjunction therewith, and to enter into revenue agreements for the same in order to promote the right to gainful employment, business opportunities and general welfare of its inhabitants and to borrow money and issue bonds to finance costs related to such 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, in the event of default of such agreement as may be authorized by this Council and by law, and which bonds may be secured by a mortgage and/or security interest in the project or other security; and WHEREAS, Mercy Medical Center of Oshkosh, InG. (the "Hospital")} a Wisconsin nonstock nonprofit corporation, has represented to the Gity that it wishes to remodel, to equip and to construct and equip an addition to its hospital facilitq in the Cifiy and to make related improvements (the "Project") for an estimated cost not to exceed $_17;,OOO,Ci�,Oand that it has had negotiations with the City as to the feasibility of financing costs of the Project through the issuance by the City of its hospital facility revenue bonds pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED BY THIS COAg10N COUNCIL OF THE CITY OF OSHKOSH, WISCONSIN THAT: (1) In view of the considerable benefits to be derived from the Project and to induce the Hospital to undertake the Project, the City shall work toward tlze consummation of a Bond Purchase Agreement pursuant to which the City sha11: (a) issue, sell and deliver to purchasers procured by the Hospital hospital facility revenue bonds in the aggregate amount of not to exceed $17,000.00Otthe "Bonds") in order to finance costs related to the Project, which Bonds shall be payable soZely from the revenues derived from a revenue agreement with the Hospital; (b) enter into a loan agreement or other appropriate revenue agreement with the Hospital providing revenues sufficient to pa� principal of, redemption premiun, if any, and interest on, the Bonds when due, and providing for the consummation of the Project by the Hospital; and � -2- (c) assign the revenue agreement and pledge the revenues and other amounts therefrom to the bondholders or to a trustee under an indenture of trust and/or enter into other appropriate arrangements which may be deemed necessary, including but not limited to the granting of a mortgage and/or security interest in part or all of the Project and other real and personal property owned by the Hospital, in order to further secure payment of principal o£, redemption premium, if any, and interest on, the Bonds. (2) THE BONDS ISSUEB TO FIN_ANCE THE PROJECT SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE CITY WITAIN THE MEANING OF ANY STATE CONSTITUTTONAL PROVISION OR STAT[TTORY LIMITATION AI�iD SF•ALL N�T CONSTITUTE OR GIVE RISE TO A PECINIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. (3) All expenses incurred by the City in connection with the transactions herein contemplated shall be paid by the Hospital from the proceeds of the Bonds, or, otherwise, and shall not be tlie responsibility of the City. (4) The appropriate officers of the City are hereb}� authorized negotiate the terms of the Bond purchase Agreenent, loan agreement or other revenue agreement, any instruments of conveyance, indenture of trust, mortgage, 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 provisions of the Act and shall not be binding unless and until: to the (a� The details of the Bond Purchase Agreement and all documents pertinent thereto are revie�oed, authorized and approved by definitive resolution of this Council; (b) The electors of the City shall have been given the opportunity to petition for a referendum on the natter of the aforesaid bond issue as required by the Act; (c) Either no such petition shall 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. (S) The City Clerk is hereby directed to publish notice of adoption of this Resolution as a class 1 notice, under Chapter 985, Wisconsin Statutes (relating to publication of official notices) in the official newspaper of the City in substantially the fom attached to this Resolution. �_ , _ 1 -3- (6) 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 notice. ADOPTED , 1978 City Clerk APPROVED , I978 City Manager . . •. . *�' NOTTCE TO ELECTORS OF THE CITY OF OSAKOSH, WINNEBAGO COUNTY, WISCONSIN TAKE NOTICE that the Common Council of the City of Oshkosh, Winnebago County, Wisconsin, at a lawful meeting held on the 16th day of March, 1978, adopted a resolution, pursuant to Section 66.521 of the Wisconsin Statutes, as amended, setting forth the intent of the City to issue hospital facility revenue bonds in an amount not to exceed $17,00O,O�JO. for the purpose of financing costs related to the remodeling and equipping of, and the construction and equipping of an addition to, the hospital facilities of Mercy Medical Center of Oshkosh, Inc. THE BONDS SHALL NOT CONSTITUTE AI3 INDEBTEDNESS OF THE CITY OF OSHKOSH WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY LIMITATION, AND SHALL NOT CO:iSTSTUTE OR GIVE RISE TO A PECUI4IAR.Y LIABILITY OF THE CIfiY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. THE BONDS SHALL BE PAYABLE SOLELY FRO�I THE REVENUES AND OTHER AMOUNTS DERIVED OR RESULTIIv�G FROM A REVENUE AGREIIKENT BETWEEN THE CITY AND riERCY MEDICAL CENTER WITH RESPECT TO THE PROJECT, OR IN THE EVENT OF DEFAULT OF SUCH AG:tEEriENT, AS OTHERWISE AUTHORIZED BY THE CITY AND PERMITTED BY LA1�1. The resolution may be inspected by any elector of the City at the Office of the City Clerk, Oshkosh, Wisconsin, during business hours during the thirty (30) days next following publication of this Notice. The Bonds will be issued without submitting the proposition to the electors of the City for approval unless within thirty (30) days from the date of publication of this Notice, a petition, signed by not less than S% of the registered electors of the City is filed with the City Clerk requesting a referendum upon the question of �he issuance of the Bonds. If such a petition 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: City Clerk � N � N y O � � � c� � � �,� �i � O � � '� � O � N � � N ? N � � - O � -I-� •r� ,I-� ¢� � 'rl O � r-I '� r-1 •ri d, O U vi «3 O N f� Ei � r--I r-I CLi CL� -1-� �" •r1 •ri O -I-� � •rf •r-I U] .F� � O O H x � � �� r-I .S; � �O N r-I r--I .L i � U � � � cTi •r-I � U