HomeMy WebLinkAbout29133 / 77-02C
Septernber 22, 1977 # 2 AESOLUTION
SECO�ID RE7IDING
There will be a resolution determining to �rraa $585,000 and to issu�
to the lender ProTSSSOry Notes, Series 1977-A, of tY��e City of Csnkosh,
Wiscon5in � in such amc�.�nt, T�rovidi.ng details ; presc-rtbi�-ig the fo�in of notes anc�
levying taxes.
� U D E N D U M
SEPTFMBER 15, 1977
# 25 RESOLUTION
_ �ere ti�1:i�2 �e a r•esoiuiion awarding the 67.12 (12) Promissory
Notes in the Amount of $585,000 for the purpose of purchasing
industrial park lands.
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Dated: September 13, 1977 - 3:00 p.m.
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( SUBI+�ITTED 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 September 15, 1977, at o'clock P.M., with the
following members pre-sent:
and the following members absent:
u
� * �
(Other business)
The following resolution was introduced by
and was read in full, and pursuant to motion made by
and seconded by was adopted by the following vote:
Aye:
,
Nay:
RESOLUTION determining to borrow
�5 5,000 and to issue to the lender
Promissory Notes, Series 1g77-A,
of the City of Oshkosh, Wisconsin,
in such amount, providing details,
prescribing the form of notes and
levying taxes.
WHEREAS, it is necessary that funds be raised for the purpose
of providing funds for the acquisition of industrial sites; 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 industrial sites; and
WHEREAS, it is considered necessary and desirable by the City
Council of the City of Oshkosh, Wisconsin, that said city borrow
$585,000 for the purpose of providing funds for the purpose aforesaid,
and that said city issue to the lender its promissory note to evidence
the indebtedness thereby incurred; and
WHEREAS, the officials of said city have negotiated with
various lenders for the borrowing of $585,000 and the following lenders
have offered to purchase the promissory note of�the city at the
following interest rates:
Lender
Oshkosh National Bank
Valley Bank
First Wisconsin National Bank of Milwaukee
and
WHEREAS, the
Bank of P�iilwaukee
city;
Interest Rate
5 1/20
4 5/8$ with premi�n ot $2.00
4. 2001 o with premiLUn of
NCl�n1. THEREFORE, Be It Resolved by the City Council of the City of
Oshkosh, Wisconsin, as follaws:
Section 1. For the purpose of paying the cost of providing funds
for the acqliisition of industrial sites, there shall be borrc�ed from the First
Wisconsin National Bank of Milwaukee, of Milwaukee, Wisconsin, the sum of
$585,000, and to evidence such indebtedness said city shall issue to such lender
its Promissory Notes, Series 1977-A, in the aggregate principal am�unt of
$585,000.
Section 2. Said notes shall be designated "Promissory Note, Series
1977-A", shal.l be payable to bearer, shall be dated October 1, i977, shall he
of the following denominations:
• i: •
1
2
3
4
5
6
7
8
9
10
DEE[�ttONIII�TATION
$25,000.00
$30,000.00
$30,000.00
$70,000.00
.$70,000.00 �
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$80,000.00
shall mature as to principa.l in installirents without option of pregayme�lt on
.
October lst of each of the years, and shall bear interest payable ��, 1, 1978
and semiannually as follaas:
• i i: •
1
2
3
4
5
6
7
8
9
10
DENOMINATIA'�
$25,000.00
$30,000.00
$30,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$80,000.00
..
10-1-78
10-1-79
10-1-80
10-1-81
10-1-82
10-1-83
10-1-84
10-1-85
10-1-86
10-1-87
IN'I�REST
5.250
5.250
5.250
3.900
3.900
4.00o
4.100
4.200
4.250
4.35%
Said notes shall be signed by the City Manager of the City of Oshkosh
and by the City Clerk, and sealed wifh the corporate seal of said city. Both
principal of and interest upon said notes shall be paid directly to the bearer
by the Treasurer of the City of Os'.�kosh, in lawful m�ney of the United States of
Att�rica .
Section 3. Said notes shall be in substantially the follawing form,,�'�
the amissions to be appropriately completed when the note'is nrepared:
-3-
(Form of Note)
UNITED STATES OF AMERICA
State of Wisconsin
County of Wi.nnebago
City of Oshkosh
PROMISSORY NO'I'E, SERIES 1977-A
No.
$
KNOW ALL ME[�T BY TI�SE PRESEN'I'S : That the City of Oshkosh, in the County of
Winnebago, State of Wisconsin, hereby ac}rnawledges itself to awe and for value
received promises to pay to bearer, the principal stun of
DOLLA.RS ($ ) .
payable in install.irents on the first day of October as follaws:
Year Am�unt
1978 $25,000
1979 30,000
1980 30,000
1981 70,000
1982 70,000
Year Airount
1983 $70,000
1984 70,000
1985 70,000
1986 70,000
1987 80,000
with interest at the rate of hundredths per cent (
per anrnun on the unpaid principal fram the date hereof until the principal amotmt
sha11 have been fully paid, such interest 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 m�de payable in lawful money
of fhe United States of America�at the office of the Treasurer of the City
of Oshkosh.
For the prompt paym�it of this note with interest hereon as a.foresaid 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 piedged.
'I'his note is issued to evidence the indebtedness incurred by the borrauing
of money in such amount for the purpose of paying the cost of providing funds for
the acquisition of industrial sites, pursuant to and in all respects in co�liance
with Section 67.12(12) of the Wisconsin Statutes and a resolution adopted by the
City Council of said city on September 15, 1977, and entitled, "RESOLUTION
determining to borraa $585,000 and to issue to the lender Promi.ssory Notes, Series
1977-A, of the City of Oshkosh, Wisconsin, in such am�unt, providing details,
prescribing the form of notes and levying taxes."
o)
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 tiir�;
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
prir�cipal hereof at maturity.
IN TESTLMONY Wf�REOF, 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 o�rporate
seal to be irrq�ressed hereon, and the coupons hereto attached to be signed by said
City Manager and City Clerk with theis respective facsimile signatures; and 5aid
officers by the execution of this note do adopt as and for their awn official
signatures their respective facsimile signatures appearing on said coupons, all
as of the first day of October, 1977.
City Clerk
( S E A L )
-4-
ty Manager
0
Section 1!. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on said notesand
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 Amount for Principal
Levy and Interest
19 77 $49,987.50
19 7 8 53, 675 . 00
19 79 52,l00.00
19 80 90,525.00
19 81 87 , 795 . 00
Year of
Le v�
1982
1983
1984
1985
1986
Amount for Principal
and Interest __
$85,065.00
82,265.00
79,395.00
76,455.00
83,480.00
� 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
purpases for such years are extended and collect.ed, and when so
collected, the proceeds of said taxes shall be used solely for paying
the principal of and interest on said promissory notesso long as said
note�remains outstanding.
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 paymerit
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 noteSissued and all
payments and other transactions relating thereto.
-5-
,
Section 8. When said notesshall 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
note�shall be used only for the purpose of paying the cost of provid-
ing funds for the acquisition of industrial sites for the City of
Oshkosh. This City Couricil covenants and agrees that the principal
proceeds of the sale of said notesshall be devoted to and used with
are
due diligence for such acquisition for which said not �/ herein
authorized to be issued, and represents and certifies that:
(a) The City Council expects within six months after
delivery of the not � to incur substantial binding obli�ations
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 note� (including investment proceeds) will be
expended on or before June l, 1980, for the purpose of paying the
cost of said facilities, said date being within three years
following the date of issue of said not�;
(c) All of the proceeds of said not � are needed for the
purposes stated in the form of notes above set out, including
expenses incidental to such purpose and to the issuance of the
not� and
(d) 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 covenants with the pur-
chaser and holder of the not � that so long as said note remains
��
0
outstanding, moneys on deposit in any fund or account in connec-
tion with said note5, whether or not such moneys were derived from
the proceeds of the sale of said notesor from any other sources, will
not be used in a manner which will cause such notes to be an "arbitrage
bond" within the meaning of Section 103(c) of the Internal Revenue
Code of 195�+, as amended, and any lawful regulations promulgated or
proposed thereunder, including Sections 1.103-13 and 1.103-1�4 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 said note subject to federal income taxation. �
Adopted , 1977. �
Recorded , 1977.
Attest:
City Clerk
adjourned.
Attest:
�
Upan motion of
City Clerk
�
(Other business)
President
�
, seconded by
, and unanimously adopted, the City Council
-7-
President
� .�
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 September 15, 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 $585,000 Promissory Notc�, Series 1977-A, of said city
date d November 1, 1977.
I further certify that a true and correct statement of each
step or proceeding had or taken to date in connection with the author-
ization 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 day of , 1977.
(S E A L)
RHG/kp:ep
9-14-77
City Clerk
.
0
(For;n of Coupon)
No.
�
On �he first day of , 19^, �he City of Oshkosh,
�aisconsin, will pay to bearer the amount shoVrn hereon in lac�r.fu�.
money of the United States of America at
�, 19isconsin , upon presentaiion and surrender of this
coupon, for in'terest due that day on i.ts:Promissory Noie, Series
1977, dated October. 1, 1977, �o.� ,
i
(facsimile signature) (facsimile si�natttre)
City Clerk City 1`-lanager
Section �i. 'In order to provide for the collection of a
direct annual tax sufficient to pay �he interest on said notes and
to pay ar,d discharge the principal thereof at�maturity, there is
hereby levied upon a11 the taxable proper�y i� the City of Oshkosh
a direct annual tax in an amount sufficient for that purpose, and
there is hereby levied upor� all of said property in said ci�y the
follot•�ing annual tax, to--wit : . �
Year of
Lev3�
1J77
1978
1979
1980
1981
Amount for Principal
and Interest
$ 49,987.50
53,675.00
52,100.00
90,SZ5.00
87,795.00
Year of Amount for Principal
' Levy. �� and Interest
. �
1932 w 35,065,�Q
1933 is2,265.00
1984 79,395.00
1985 76,455.00
1986 83,480.00
.
�
The City Council of the City of Oshkosh, Winnebago Cotmty, Wisconsin, met
in special, open, public session at its regular meeting place on September 22,
1977, at 6:00 o'clock P.M., with the following mesnbers present:
and the following members absent:
�
* * *
(Other business)
The follawing resolution was introduced by
and was read in full, and pursuant to motion made by
and seconded by � was adopted by the follaaing vote:
Aye:
Nay:
�
RESOLUI'ION determining to borrow
$585,000 and to issue to the lender
Promissory Notes, Series 1977-A,
of the City of Oshkosh, Wisconsin,
in such amount, providing details,
prescribing the form of notes and
levying t�es .
WI-�REAS, it is necessazy that funds be raised for the purpose of
providing funds for the acquisition of industrial sites; and
Wf�REAS, cities are authorized by the provisions of Section 67.12(12)
of the Wisconsin Statutes to borrow mc�ney and issue promissory notes for the
acc3uisition of industrial sites; and
Wf�REAS, it is considered necessary and desirable by the City Council
of the City of Oshkosh, Wisconsin, that said city borraw $585,000 for the purr�ose
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
WHERFA.S, the officials of said city have negotiated with various
lenders for the borraaing of $585,000 and the follcxaing lenders have offered to
purchase the promissory notes of the city at the following interest rates:
L'ender
Oshkosh National Bank
Valley Bank
Price Interest Rate
Par
5 1/20
Par + $2.00 4 5/80
First Wisconsin National Bank of Par +$126.50 4.2001�
Milwaukee
and
Wf�REAS, the interest rate offered by the First Wisconsin National
Bank of Milwaukee is the most desirable and advantageous to the city;
-2-
0
NOW, THEREF'ORE, Be It Resolved by the City Council of the City of
Oshkosh, Wisconsin, as follaas:
Section 1. For the purpose of paying the cost of providing funds
for the acquisition of industrial sites, there shall be borrowed from the First
Wisconsin National Bank of Milwaukee, of Milwaukee, Wisconsin, the sum of
$585,000, and to evidence such indebtedness said city shall issue to such lender
its Promissory Notes, Series 1977-A, in the aggregate principal amount of
$585,000.
Section 2. Said notes shall be designated "Promissory Note, Series
1977-A", shall be payable to bearer, shall be dated October l, 1977, shall be
of the following denominations:
NO'i'E NUMBER
1
2
3
4
5
6
7
8
9
10
DENOMINATION
$25,000.00
$30,000.00
$30,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$80,000.00
shall mature as to principal in installme,nts without option of prepayment on
October lst of each of the years, and shall bear interest payable OctQber l, 1978�
and semiannually as follc7ws:
• I:
1
2
3
4
5
6
7
8
9
10
DE[�IOMINATION
$25,000.00
$30,000.00
$30,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$80,000.00
•M��1'_\:7
10-1-78
10-1-79
10-1-80
10-1-81
10-1-82
10-1-83
10-1-84
10-1-85
10-1-86
10-1-87
INTEREST
5.250
5.25g
5.25$
3.90�
3.900
4.00�
4.10$
4.200
4.250
4.350
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 facsimile signatures, and
such officers shall, by execution of said notes, adopt as�and for their awn proper
signatures their respective facsimile signatures appearing on said coupons. Both
principal of and interest upon said notes shall be paid directly to the bearer
by the Treasurer of the City of Oshkosh in lawful rroney of the United States of
America.
Section 3. Said not�es shall be in substantially the following fonn,
the omissions to be appropriately co�leted when the note is prepared:
- 3-
(Form of Note)
UNITID STA'I'ES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosh
PRCX�'LISSORY NO'i'E, SE.�IES 1977-A
�
$
KNO[�7 ALL MEN BY Tf-iE.SE PRESII�TS : 'I`hat the City of Oshkosh, in the County
of Winnebago, State of Wisconsin, hereby aclmawledges itself to awe and for value
received promises to pay to bearer, the principal siun of
DOLI,ARS ( $ )
on the first day of October, 19 with interest at the rate of
hundredths per cent ( o) per anntun on the unpaid
principal from the date hereof �til the princip�l arrount shall have been fully
paid, such interest 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 m�ney of the United States
of America at the office of the Treasurer of the City of Oshkosh.
For the promot 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 issued to evidence the indebtedness incurred by the borrawing
of money in such amount for the purpose of paying the cost of providing funds for
the acc�.u.sition of industrial sites, 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 September 22, 1977, and entitled, "RESOLUTION
deterrrLni�-lg to borraw $585,000 and to issue to the lender Promissory Notes, Series
1977-A, of the City of Oshkosh, Wisconsin, in such am�unt, providing details,
prescribing the form of notes and levying taxes."
It is hereby certified and recited that all conditions, things and acts
required by law to e�st, 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 TESTIM�NY WFiEREOF, 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 i�rroressed 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 siqnatures appearing on said coupons, all
as of the first day of October, 1977.
ty Clerk City Manager
( S E A L )
-4-
�
No.
On the first day of
(Form of Coupon)
�
^.
�
, the City of Oshkosh, Wisoonsin,
will pay to bearer the arrount shawn hereon in lawful money of the United States
of America at the office of the City Treasurer in the City Hall, Oshkosh, Wisconsin,
upon presentation and surrender of this coupon, for interest due that day on its
Promissory Note, Series 1977, dated October 1, 1977, No.
(facsimile signature)
City Clerk
0
(facsimile signature)
City Manager
Section 4. In order to provide for the collection 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 am�unt 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
I,e�
1977
1978
1979
1980
1981
Am�unt for Principal
and Interest
$49,987.50
53,675.00
52,100.00
90,525.00
87,795.00
Year of
I��
1982
1983
1984
1985
1986
Ampunt for Principal
and Interest
$85,065.00
82,265.00
79,395.00
76 � 455..00
83,480.00
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 e�ended and
collected, and when so collected, the proceeds of said ta��es shall be used solely
for paying the principal of and interest on said promissory notes so long as said
notes remain outstanding.
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
reitr�bursed therefor out of the proceeds of the taxes above levied when such taxes
shall have be�n collected.
Section 7. 'I'he 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.
-5-
0
i
0
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 �borrawed ironey .
Section 9. The principal proceeds from the sale of said notes
shall be used only for the pur��ose of paying the cost of providing funds for the
acquisition of industrial sites for the City of Oshkosh. This City Council
covenants and agrees that the principal proceeds of the sale of said notes shall
be dewted 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 Cotmcil 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 2-1/20 of the estimated total cost of
said facilities;
(b) The City Coimcil e�ects that over 85% of the spendable
proceeds of said notes (including investment proceeds) will be
�zded on or before Jtme 1, 1980, for the purpose of paying the
cost of said facilities, said date being within three years
follaving the date of issu�e of said notes;
(c) All of the proceeds of said notes are needed for the
purposes stated in the form of notes above set out, including
expenses incidental to such purpose and to the issuance of the
notes and
(d) To the best of the knawledge and belief of the City
Council there are no facts, estimates or circ�tances that
would rn3terially change the conclusions and representations set
out in this section.
This City Cotmcil also certifies and further covenants with the purchaser and
holder of the notes that so long as said notes remain outstanding, m�neys on
deposit in any fund or accoimt in connection with said notes, whether or not such
m�neys 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
an "arbitrage bond" within the me.aning of Section 103(c) of the Internal Revenue
Code of 1954, as aire.nded, and any lawful regulations promulgated or proposed
T�
thereunder, including Sections 1.103-13 and 1.103-14 of the Income T� Regulations
(26 C�'R Part 1), as the same presently exist, or may from time to time hereafter
be amended, supplemented or revised. The City CoLmcil reserves the right,
hawever, 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 co�etent jurisdiction, but only if any investrrent made by virtue of
such repeal, relaxation or decision would not, in the opinion of counsel of
recognized co�etence in such matters, result in making the interest on said note
subject to federal income taxation.
Attest:
P,clopted
Recorded
City Clerk
adjourned.
Attest:
, 1977.
, 1977.
President
* * *
(Other business)
Upon m�tion of , seconded by
, and unani.m�usly adopted, the City Council
ty Clerk
-7-
President
STATE OF WISCONSIN )
) Ss
covNrY oF w��o )
I, CONVERSE C. N�2KS, 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 Coimcil of said city held on Septe.nber 22, 1977; that I have compared said
copy with the original minute record of said meceting 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 $585,000 Promissory Notes, Series
1977-A, of said city dated November 1, 1977.
� I further certify that a true and correct statem�nt of each ste� or
proceeding had or taken to date in connection with the authorization of said notes
has been recorded by me in a separate record book as required by law.
WITI�SS my official signature and the seal of said city this
day of
(S E A L)
1977.
City Clerk
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