HomeMy WebLinkAbout29215 / 77-08�
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i;ovett��.r 17, 19'l7 # �: RESOLUTION
��,r�: will be a Resolution awardirig a 67.12 (12) Note in the arrnunt of
;:375,, 010.00; �i� to }�e opPned on November 17, 1977.
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November 17, 1977
For all but no part of your new issue o� $375,000.00 City of Oshkosh, Wisconsin Prom-
issory Note dated December 1, 1977 pursuant ta provisions of Section 67.12(12) of the
Wisconsin Statutes of 1971 dated December 1, 1977 and due December 1, 1978 to 1982, which
shall be in all respects as described in the Official Notice of Sale hereby made a part
of this proposal, we will pay you the par value thereof and accrued interest to date of
delivery to us, plus a premium of $ 2.00 Said notes are to bear
interest as follows:
$ 25,000.00 notes maturing December 1, 1978 @ interest rate of 4.45 $
$ 25,000.00 notes maturing December 1, 1979 @ interest rate of 4.45 �
$ 25,000.00 notes maturing Deeember l, 1980 @ interest rate of 4.45 a
$150,000.00 notes maturing December 1, 1981 @ interest rate of 4.45 0
$150,000.00 notes maturing December l, 1982 @ interest rate of 4.45 %
It is hereby represented that the gross interest cost, computed upon the above specified
rate or rates of interest, will be $ 66,750.00 , and that the net int�rest cost
(deducting premium, if any), will be $ 66,748.00 ,( 4.4498 �).
If either gross interest cost or the net interest cost stated above is incorrectly
computed, the undersigned agrees that the interest rate or rates (as distinguished from
the interest cost) shall prevail and that this bid is for notes bearing interest at the
rate or rates above specified. This bid is made for prompt acceptance, no later than
No-veni'r�e� 18, 1977.
We are to be furnished a complete certifiecl transcript of proceedings covering said new
issue and the final unqualified approving legal opinion of Chapman and Cutler, Chicago,
Illinois. The legal opinion is to be furnished at your expense. The Notes are to be
furnished at your expense, and are to be delivered to us. The Notes shall be noncallable
through June l, 1978. The Notes may be called without penalty on any date after June l,
1978•
Sincerely yours,
We Bid FIRST WISCONSIN NATIONAL BANK OF OSHKOSH
For printed coupon notes, semi-annual ��� .
interest pa ments B ���,.-�, f�i.�y+.-
Y Y /! � �
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We, the duly authorized officials of
acknowledge receipt of the above proposition, which has been considered, accepted, and
the notes awarded in accordance tY:erewith, in legal meeting this day of
, 19 .
ATTEST: Signed
FIRS?'NI;; ���JSIN NATIONP.L BANK OF OSHP:OSH ���'iO3TH hA�AiN �TREET OSHKC�SH Wi�mr.iSir.i 5: oni
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OSHKOSH, WISCONSIN 54901
302 N. MAIN STREET • P. O. BOX 680 • DlAL: 231-6610
CARL A. BIEDERMAN
PRESIDENT
TO: Richard H. Jansen
Director of Administration
City of Oshkosh
City Hall
Oshkosh, Wisconsin 54901
November 17, 1977
With reference to your request for a bid on the $375, 000
negotiable promissory note with coupon notes attached maturing
serially for five years on December lst of each year as follows:
1978 $ 2�,000
1979 2�,000
1980 25,000
1981 150,000
1982 150,000
We are tendering a bid of 4. 25% on the entire issue.
It is our understanding that the City of Oshkosh will pay the
expense of printing the notes as �vell as provide an unqualified approving
opinion of Chapman and Cutler, Chicago, Illinois, covering the legality
of the notes, a no-litigation certificate dated as of the date of the
delivery of the notes, and legal opinion printed thereon.
/ . � _ �_ `
C_._l_.._�:���'''F"�\� ..JCG_GC�-:--t--,o-�..-`�
Cax.l-�: Biederman
President
The City Council of the City of Oshkosh, Winnebago County,
Wisconsin, met in regular, open, public session at its regular meeting
place on November 17, 1977, at 7:00 o'clock p.M., with the
following members present:
Council Members: Kutcnera, Don H.; Mather, James A.;
Moser, Robert H.; Propp, Kathleen M.;
Singstock, George N.; Teichmiller, Bernice;
Schiefelbein, Ken R.
and the following members absent:
NONE
� � *
(Other business)
The following resolution was introduced by one councilmember
and was read in full, and pursuant to motion made by singstock
and seconded by Moser was adopted by the following vote:
Aye: Kutchera, Mather, Moser, Propp, Singstock,
Teichmiller, Schiefelbein. (7)
Nay: NONE
RESOLUTION determining to borrow
375,000 and to issue to the lender
Promissory Notes, Series 1977-B, of
the City of Oshkosh, Wisconsin, in
such amount, providing details,
prescribing the form of note and
coupon, and levying taxes.
WHEREAS, at a referendum held on November 2 , 19 76, the
voters of the City of Oshkosh approved the acquisition of City
Transit Lines, Inc., a bus company; and
WHEREAS, it is necessary that funds be raised for the pur-
pose of acquiring the real property and equipment and machinery; and
WHEREAS, it is necessary that funds be raised for the
purpose of acquiring the real property and equipment and machinery of
said bus company; and
WHEREAS, it is necessary that funds be raised for the purpose
of providing funds for the acquisition of a site for a parking lct; 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 the acquisition of lands for public purposes and for equip-
ment and machinery; and
WHEREAS, it is considered necessary and desirable by the City
Council of the City of Oshkosh, Wisconsin, that said city borrow
$375,000 for the purpose of providing funds for the purpose aforesaid,
and that said city issue to the lender its promissory notes to
evidence the indebtedness thereby incurred; and
WHEREAS, the officials of said city have negotiated with
various lenders for the borrowing of $375,000 and the following lenders
have offered to purchase the promissory notes of the city at the
following interest rates:
Lender
•_ i •_ �: �.n_: ��u.
FIRST WISCONSIN ?�TATIONAL BANK
and
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Interest Rate
4.25%
4.45%
WHEREAS, the interest rate offered by Oshkosh National Bank,
Oshkosh, Wisconsin is the most desirable and
advantageous to the city;
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Oshkosh, Wisconsin, as follows:
Section l. For the purpose of paying the cost of providing
funds for the acquisition of lands for public purposes and equipment
and machinery as aforesaid, there shall be borrowed from the Oshkosh
National Bank � of Oshkosh , Wisconsin ,
the sum of $375,000, and to evidence such indebtedness said city shall
issue to such lender its Promissory Notes, Series 1g77-B, in the
aggregate principal amount of $375,000.
Section 2. Said notes shall be designated "Promissory Notes,
Series 1977-B", shall be payable to bearer, shall be dated December l,
1977, shall be of $5,000 denomination, shall be numbered 1 to 75,
inclusive, shall bear interest payable June l, 1978 and semiannually
thereafter on June 1 and December 1 of each year, and shall mature as
to principal in installments on December 1 of each of the years 1978
to 1982, inclusive as follows:
Year
1978
1979
1980
1981
1982
Amount Interest Rate
$25,000
25,000
25,000
150,000
150,000
4.25 �
4.25 �
4.25 �
4.25 �
4.25 �
Said notes shall be subject to prepayment prior to maturity
on June 1, 1978 and on any date thereafter in whole, or in part in
inverse order of maturity and within a maturity by lot, at a prepayment
price of par plus accrued interest to the date of prepayment.
Notice of any intended prepayment shall be given by public-
ation of an appropriate notice one time in a financial newspaper or
journal published in New York, New York, or Chicago, Illinois, and
-3-
by �:°.<_,gz�rere�� mail to the known holder or holders of any notes. Upon
consent of the holder or holders of all notes to be prepaid, publication
of such notice may be waived. Al1 such notices shall be given not more
than 180 days nor less than 30 days prior to the date fixed for
prepayment.
Said notes shall be signed by the City Manager of the City of
Oshkosh 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 the office
of the Treasurer of the City of Oshkosh.
Section 3• Said notes shall be in substantially the following
form, the omissions to be appropriately completed with the notes are
prep�ared:
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No.
(Form of Note)
UN�TED STATES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosh
Promissory Note, Series 1977-B
$5,000
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh,
in the County of Winnebago, State of Wisconsiri, 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
December, 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 day of June and December of each year, beginning June 1, 1978,
interest to maturity being payable only upon presentation 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 the office of the City
Treasurer, City Hall, Oshkosh, Wisconsin.
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.
Notes of the issue of which this note is one are subject to
prepayment at the option of the city on June l, 1978 and on any date
thereafter at the principal amount thereof and accrued interest to the
date fixed for prepayment.
, Notice of any intended preyament shall be given by publication
of an appropriate notice one time in a financial newspaper or journal
published in New York, New York, or Chicago, Illinois, and by registered
mail to the known holder or holders of the notes. Upon consent of the
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holder or holders of all notes to be prepaid, publication of such
notice may be waived. Al1 such notices shall be given not more than
180 days nor less than 30 days prior to the date fixed for prepayment.
This note is one of an issue of $375,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of money
in such amount for the purpose of paying the cost of providing for the
acquisition of lands for public purposes and machinery and equipment,
pursuant to and in all respects in compliance with Section 67.12(12) of
the Wisconsin Statutes and a resolution adopted by the Common Council
of said city on November 17, 1977, entitled, "RESOLUTION determining to
borrow $375,000 and to issue to the lender Promissory Notes, Series
1977-B, of the City of Oshkosh, Wisconsin, in such amount, providing
details, prescribing the form of note and coupon, 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 precedent
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, 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 execu-
tion 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 December, 1977.
City Clerk City Manager
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f��79
On the first day of
(Form of Coupon)
$
, 19 , unless the note to
which this coupon is appurtenant is subject to prepayment and shall
have been properly called for prepayment and provision for the pre-
payment thereof has been duly made, the City of Oshkosh, Wisconsin,
will pay to bearer the amount shown hereon in lawful money of the
United States of America at
, upon presentation and surrender of
this coupon, for interest due that day on its Promissory Note,
Series 1977-B, dated December 1, 1977, No.
(facsimile signature) (facsimile signature)
City Clerk City Manager
Section 4. In order to provide for the collection of a
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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, and there is
hereby levied upon all of said property in said city the following
annual tax, to-wit:
Year of Levy
1977
1978
1979
1980
1981
Amount fcr Principal
and Interest
$ 40,937.50
39,875.00
38,812.50
162,750.00
156,375.00
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
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.
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Section 6. Interest on or principal of the notes herein
authorized falling due at any time when there shall be on hand in-
sufficient 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 preserve
an adequate and correct register account of the notes issued and all
payments and other transactions relating thereto.
Section 8. When said notes shall have been prepared 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 provid-
ing funds for the acquistion of land for public purposes, and machinery
and equipment for the City of Oshkosh. 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 such acquisition for
which said notes are herein authorized to be issued, and represents
and certifies that:
(a) The City Council expects within six months after
delivery of said notes to incur substantial binding obligations
with respect to said facilities, said bindin� 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 spend-
able proceeds of said notes (including investment proceeds) will�
be expended on or before December l, 1980, for the purpose of
:
paying the cost of said f'acilities, said dat� �eing wiihin
three years following the date of issue of said notes;
(c) Work on said facilities is expected to proceed
with due diligence to completion;
(d) Said 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) All of the proceeds of said 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; an�
(f) To the best of the knowledge 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.
This City Council also certifies and further covenar:ts with the
purchaser and holder of the notes that so long as said notes remain
outstanding, moneys on deposit in any fund or account in connection
with said notes, whether or not such moneys were derived from the
proceeds of the sale of said notes or from any other sources, will not
be used in a manner which will cause such notes to be "arbitrage bonds"
within the meaning of Section 103(c) of the Internal Revenue Code of
1954, as amended, and any lawful regulations 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
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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 said notes subject to federal income taxation.
Attest:
Adopted November 17 , 19%7•
Recorded N�vPmb r l7 , 1977.
City Clerk
Upon motion of
Council Member Propp
Council adjourned.
Attest:
City Clerk
resident
* * *
(Other business)
Council P�ember Moser , seconded by
, and unanimously adopted, the City
-10-
President
' �3
STATE OF WISCONSIN )
) SS
COUNTY OF WINNEBAGO )
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 November 17, 1977; 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 a$375,000 Promissory Note, Series 1977-B, of said city
dated December 1, 1977•
I further certify that a true and correct statement of each
step or proceeding had or taken to date in connection uith the author-
ization of said note 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 �8t.r day of November, 1977.
(S E A L)
RHG/kp
11-14-77
-
City Cle rk
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