HomeMy WebLinkAbout28871 / 77-22_,�. ;
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The City Council of' �he Ci�y of Oshkosh, Winnebaga
Ccun�;�9 Wisconsin, met i.n regular, open, pub�.�c session �� iL�
/and recessed meeting on June 6, 1g77
regu?�^ meeting place on June 2, 1977� at 7:00 o'c3�ock P.M., at
wi�h the following members present: 7:OOP,
�utchera, Don H. ; 2dather, Ja:aes A. ; hios�r,
Robert H. ; Propp, Kath�een M. ; Singstock,
G�orge N.; Teichmil.ler, Bernice, Schiefel-
bein, Ken R. (7)
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zn� ��� following menbers absent:
�tone
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(Other business)
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TYie following resolu�ion was introduced by ane
C���:.._�L_1 '_•`e�ber and was read in fu11, and pursuant to raatiUn macie
D3' �'`°'�'-' and seconded by Kut�hera
�.�a� ac��ted by the followino vote:
Aye: Kutchera, P4ather, Moser, Propp, Singstock,
Teichniller, Sehiefelbein. (7)
I�1ay : ii o � e
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RESOLUTIOid de�ermining to borrow
�1�, 000 and to �.ssue to the �ender
a Promissory Note, Series �g77, of
the City oi' Oshkosh, Wisconsin, in
sucY� amount, providing de�a�ls,
prescribing the form af no�e and
levyi.ng taxes e
WHEREAS9 it is necessary that �und� �i� raised for tt�e
purpose of providi.ng certa.in city equipment consisting o� a rubber
tired end loader; a snow �oader; a bookznobi_I�e; and voting ma.chines;
and
WHEREAS, cities are autharized �y �he provis3.an� of
Section 67.12(12) of the Wisconsin Statu.tes to barraw mone� and
issue promissory notes for equ�pment an:cl m�.ch�nery; and �� --
WHEREAS, �.t is consicier�d neGE�s�.r•y arld d�sirahl� by �h�
City Council of the Ci�y of Oshkosh, Wiscc�i���r�, tha� sai�d �i,ty
borrow $1659000 for the purpose of' providir�� �`unds �'or the purpose
aforesaid, and that said city issue to '�he �ender i�s promissory
note to evidence the indebtedness thereby incurred; and
WHEREAS, the officials of said city have negati��ed with^
various lenders, and the terms offered by Western State Bank,
Oshkosh, Wisconsin, for the borrowing of' �1.65,000 and the issuance
of the promissory note of the City of Oshkash ta evidence t;he
indebtedness thereby created are deemed advantageou� �o sai�d city;
NOW, THEREFORE, �e I� Resolved by �h� City Council of the
City of Oshkosh, Wisconsin, as fol].ows:
Section 1. For the purpose of paying the cost of providing "
equipment and machinery as described in the preamble hereto, there
s�all be borrowed from Western State Bank, of Oshkosh, Wisconsin,
the sum of $165,000, and to evidence such indebtedness said city
shall issue to such lender its Promissory Note, Series 1977, in
tka� a.��re�at� �rir�cipa� �rzo��nfi c�f' �1�5, 0�0 �
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Section 2e Said no�e shall be designated "Promissory
:�o��, Series 1977r', shail be payabl� �o the lendery shall be da�ed
�u.�� 1, 1977, shall be of �165,000 denominatian, shall be numbered 1�
sha11 bear interest at� the rate of �#a�5� pa�able annually on the f`irst
da� o� June of each year, beginning June 19 �.q7$, and shall mature
as to �rincipa7. in installments on June 1 oi' each of the years
�97� �0 1987, inclusive, as fol7.ows:
Years � Amount
197$ — 19�2 $ lOsoOo
1983 15,000
1984 — 1987 25,00�
Saici no�e sha�l. be sub�j ec�G �o prep�ymen� ai; thc optiari pf th� --
C� �y of Oshkosh at a.ny �cime, �,n. who�.eg c►�* �.ri �aarf� in i�2ver. s� ardex� of
pr�nc��al maturity, upon fif�een days wri��en notice to tY�e ]�ender.
Said note shall, be signed by �he City Manag�r a� �h� City
of Os�os�z and by the City C1erk, and sealed with the corpa��.te seal
of said cit�. Both principal of and �nterest upon said note shall
oe pa?d directly to the lender by the Treasurer af the Ci�� of` '
Os�F�os�, in lawful money of the iTni�ed State� caf America.
Section 3, Said note shall be in substantially the
°o?�o�r�no form, the omissions to be appropria�ely comp�eted when
�n� note is prepared:
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ITO. 1
(Form of Not�)
UI�IZTE� STA�E� 9�' .AI�t2�CA
State of Wisconsin
Coun�y of Winnebago
Ci.ty of Oshkosh
PRONIISSORiC 1VOZ'E, SII��ES 1977
$165y000
�±OW ALL MEN BY THESE PRESENTSD That �he Ci�y oi �sYxkosh, in �he �eunty o�' Winneba�o,
St�te o� Wisconsin, hereby acknowledges itselP to �we aad ior value �eceived promi.ses to pay
to i�"ST�V STATE B�LNK, Oshkosh, Wisaonsin9 or order9 th� principal s�m of' ONE HUNDRID
S1�C'�Y�r^IVE THOUSAND DOLLARS ($165,000)9 payable in i�a�tal�,�ents on �he first day of June Af
�ach o� the ye�°s 1978 to 19879 a°�C�u^S�,vey �.s �'01.2�ow� a
Yea_r Amount
z978 $ l0,000
1979 10,000
1980 10,000
1981 lo,000
Year Amount :
198� � l0,000
1983 15900�
198�+ 25,000
1985 25,000
Year Amount
1986 $ 25,000
1987 2�yo0o
with interes� at the rate of iaux° arr.d ��.gh�3rm�'a�� h�c�red�h� per �eni: (1► .$��) �er az�r,�n
an the unpai.� principal �'�om th�: cia-ie hereoP u��a.1. �h� pr�.a����a� aariaut�t shai,�, ha�re bee�.
Pu1.Iy paid, such intex°est 'bein� payable an�ually on �h� ii�s� da� bf. Jun� af each yeax°,
di rectly to the lend�r by the Treaswrex° of the �i�y o�' Oshlios�.
For the prompt payment af this no�te wi�h intex°est hereon as af`oresaid �nd far the levy
and collection of taxes suf�icient fox° that purpos�9 the ful.l faitl�, c��dit and �esou�Ges oY
the City oi Oshkosh are hereby irrevoca.bly pled��de
This note is subject to prepaymen� a� a.ny �ime at the option ot �the Ci�y of Oshkosh,
in vhole, or in part in inverse order oi principal. maturity as afaresaid, upan fi.f�een
days written notice to the lendero
T�+_..i.s note is issued to.evidence the indebtedness xneurred by the borrowing of money
in suca amount for the purpose oi paying the cost of provi.ding equa.pment and machineryF
pursua_n� to and in all respects in compliance with Section 67.�2(i2) c�f the Wiscansin
S�a�utes and a resolution adopted by the City Couneil of said city �n June 2, 1977, and
enti�led, "RESOLUTION determining to borrow $165,000 and ta �.ssue �o �he �.endex� a
Proui.ssory Note, Series 1977, of the City of Oshkosh, Wisconsins in such amou.n�s providing
detai3s, prescribing the form of note a.nd Ievying taxes."
It is hereby certified and recited that a11. conditions9 things and ac�� required by
lax to exist, to be or to be done precedent to an.d in the is�uance o� this note have been,
have e�sted and have been performed in due form and time; tha� the indebtedness af
said ci�y, including this note, does no-� exceed any l�.mitation imposed by law; and tha�
said city has levied a direct annual irrepealable tax sufficient ta pay the interest hereon
aaen it becomes due and also to pay the principal hereof at maturity.
IT TESTII'dONi WF�REOF, the City of Oshkosh, by its City Council9 has Gaused �his no�e
to be s��ned by its City Manager a.nd by its City CZerk, and �.t� corpoxate se�. ta be
ar�uress?d hereon, a11 as of the first day of June, 1977•
City Clerk City Ma.nager
( S E A L )
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Section 4. In order �o provici� for the collec�ion of a
cirect annual tax sufficient to pay �he interest oii said note and
to pzy and discharge the principal. �h�r°eof a� maturi�y, �here �s hereby
lev;ed upon all the taxable prope�t�r �n the �i�y of Oshkosh a direct
��+,nual tax in an amount sufficient #'ox^ichat pur�ose, and the�� is
hereby levied upon a11 oi said property iz� said city the fbll.owing
��nual tax, to-wit :
Year of
Levy
1977
1978
1979
1980
1981
Amount for Principa,l
and Interest
$ 18,002.50
17,517.50
17,o32e5o
16,547.50
16,062.50
Year of
�,evy
�982 �
198�
�.984
1.9&5
�.9�6
Amount for Principal
and Tn�erest
$ 2a,577.So
29,850.00
28,637.50
279�254oa
26, 2�.2 , �Q
Section 5. Said tax sha7,�, b� �:�ter�ded upon th� �ax �o11.s
o� said city and shall be collected by �che officer� of sa�.d city in
t�e sane raanner and at the same tir�e as �axes for ger��ra�. ci.ty
�:�z�oses #'or such years are extended and collected, and when so
c�llected, the proceeds of said tax�s shall be used solely for pay�Lng
�z� �rir_cipal of and interest on said promissory note so �.oz�g as saici
r.��e re�a.ins outstanding.
Section 6. Interest on or princigal of` the no�e Y��rein
a�s�horized falling due at any time when there shall be on k�and in-
s�.:ifici�nt funds from the proceeds of the abo�e �a� i�vy for the paymer�t
o� such interest or principal shall be paid promptly when c�ue from
olner funds of said city, which funds shall be reimbursed �hexefor out
o' ihz proceeds of the taxes above levied when such taxes shall have
b=�n �ollected.
Section 7. The City Clerl� shall keeps mainta�.r� and �reserve
az adequzte and correct regi.ster account of th:e note issued and all
p��m�nts and other transactions relating there�o.
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. Se�tio�7 8.. When sai�� nute sha�.=;. have been �r�pared ana
executed, the sam� shall be delivex�ed by tns City Treasurer to the
lender upon receipt of the borroiaed money,
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Section 9e The principal proceeds from the sale of said no�e
shall be used only for �h� purpose o� paying; the cos� of providing
e�uipment and machinery for the Ci.'�y of 9shkosh. This City Cauncil
covenants and agrees that th� principa�. proceeds oi' the sale of said
note shall� be devoted to and used witY� du� di.li.gence for the completian
of �he facilities for which said note is he�ein authorized ta be issued,
and represents and cer�ifies tY�at:
(a) The Ci�Cy Council expec�s w�.�hin six mor�ths a�'�er
delivery of' the note tca in�ur suias�an�ia� bixidin� obii�aL-�on�
with respect to sa3.d facil.ities, saicl bi�ding obl�gation� cam�
prising not less than 2-��/2� of the esta.ma�ed �o�al cQ�t ai` sain
facilities;
(b) The City Counc3l expects tY�at ov�r �5� of the sDendable
proceeds of said note (including invesLznen� proce�ds� wil�, be
expended on br before June l, 198�, for the pu�pose o� paying the
cost of said facilities, saici date being within �hree y�ars
following the date of issue of said not�;
(c) Work on the said faciliicies is expected to proceed
with due diligence to completion; �
(d) Said facilities have not been and are not exg�cted to be
sold or otherwise disposed of in whole or in part prior to ihe
maturity of said note;
(e) All of the proceeds of' sa3.d note are needed for �he
purposes stated in �h� form of note above set out, includin�
expenses ineidental to suGh purpase and to the issuance af the
note; and
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(f) To the best oP the knawledge and.belief of �he City
Co:inci� there are no facts, estimates or circumstances that
:�oaz�d �a�erially chang� th� cor�clusions and representations set
ou� in this sectiono
fi:�s Ci�� Council also certifies and f'urther cav�nants with the
purchas�r and holder of the note �ha� so 1o�g as said note rema�ns out-
sLzndin�, �oneys on depos��_ �z� any �und or c�.GGGUit� �.n connect�.an with
szad note, whe�her or not such moneys were d�riv�d from the proceeds of
tre sale of said note or fra� any oth�r sou�ce�, wil�, nat be used in a
nz..�n?� �s�ich will cause �uch note to be 9ta�i�i,t�°age boflas" w�thin the
��aning of Section ao3(c) og �he In�ernal R�v�r�u� Code oi` �.GS�, as
�s�nded, ar!d ariy la��rful x�egulations promu�.gz."��� er prapas�c� �ri�reunder. ,
ir.c3udir� Sections 1.103°13 �d 1 e 1.03°1� o:� th� �ncome �'ax Regula�ians
t25 CFR Part I), as the same pr€�sen��.y exist, ar may f`ram f:im� to time
:�e�ea�te� be aciended, supple��:n�ed or r�vised. �he Ci�y C�un�i1 reserv�s
�Y�� ri�±t, hoT�ever, to make any investmert of �uch morieys �ermiLted by
st�te la;a if, when and to the ex�erzt tha� s�.ic� S���iUn 1Q3(d) a�
?'2j11�t�ons aromulga�ed ther�under sha11 be repealea or re�axed or sha11
oe held �roid b� final decision of a court .of cGrripe�er�t jurisdic�ion,
bu� o�1y �f any investr�ent made by virtue of such repea�, relaxat3on ar
�e�ision �ouid no�, �n the opinion of counsel. a�` r�cognized competence
?n suci� LL2t�ers, result in mai�cing the interes� ari said note subject to
°e��r�l �nco�e ta�ation.
�t�es�:
�dop�ed �une 6 , 1977•
R�corded June 6 , 1977•
C? t;j C18Z'f{
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(Other business)
Upon motion of Council Member Teichmiller�,gconded by
Council Member Moser9 a�d unanimously adopt�ci, the Gity Council.
adjourned. ,
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�'r�s�d�n�
Attest: _
City Clerk
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CC'UNTY OF WINNEBAGO )
I, CONVERSE Co MARKS, hereby ce�tify that I am the duly
qualified and acting Clerk of° the C�.�y c�f Oshkosh, Wisconsin, and as
such official I fur�her certi�'y tha� attached hereto is a copy oi
excerp�s from �he minu�es of° �th� meeti.ng o� �he City Counci]. of said
city held on June 2, 1977; that T have compared said copy with the
original minute record of said mee�ing in my official custody; and that
said copy is a true, correct and comple�e transcript from Said original.
minute recorcl insofar as said or3.ginal record reiates to a$165,000
Promissory Note� S�ries 1977, of said c�.ty dated June 1, �.�77.
I fur�k�er certify tha� a tru� and correct statemen� of each
step or praceed�n� had c�r taken �o date ir� connectior� with the authora
ization of said no�e has been recorded by zn� in a separat� record book
as required by lawe .
WITNESS zny official sign.ature and the seal of said city
this 6th day of _ Ju.�._,� 1977.
( S E A L )
RFiG/kp
6/1/77
City Clerk
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