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Home My WebLink About28779 / 77-02� i•iarch �.2, 1977 # 2 RFSOLUTION PURPOSE: TO PROVIDE DETAILS, TO DETERMINE RATES OF INTEREST, ETC. IN CONNECTION WITH THE REFU`:nING BONDS, SERIES 1977 OF THE CITY OF OSHKOSH. 1��` �T•:Ji'iC� :i;'O v 1.'�..�%C'�. u� �ci1iS j C��iif li.iTliii'� i�..�"2$ :.caZC � determining the r�tes of interest and levying taxes in connection with $2a,540,000. Refunding Bor�ds, Series 1977, of the Citv o� Oshkosh. -- -� _. $U13b�iT�"'�'� E',,' i, f.L- .� �� ':;.`��_t.. �. ,�� \ ( Y ' RESOLUTION #2 The City Council of the City of Oshkosh, Winnebago County, Adjourned Regular, t�iisconsin, me� in �� open, public session at its regular rr�eting place on April 12, 1977, at 7:00 o'clock P.M., with the iollowing members present: Council Members : Chaney, Wayne C. ; Kutchera, Don H. ; Propp , Kathleen M. ; Tei chmi ller , Berni ce ; Schiefelbein, Ken R. and the fclloi,�ing memt�ers absent : Council Members: Moser, Robert H.; Singstock, George N. � � � (Other business) The folloTlaing resolution was introduced by A�ouncil Member and read in full: ��`�>`��'" _� _ ,. RESOLUTION providing details,confirming the sale, determining the rates of interest arid levying taxes in connection with $24,540,000 Refunding Bonds, Series 1977, of the City of Oshkosh. WHEREAS by initial resolution duly adopted on March 17, 1977 there have been authorized ta be issued bonds in the principal amount of not exceeding $25,635,000 of the City of Oshkosh for the �urpose of refunding the following outstanding general obligation bonds of said city (the "Outstanding Bonds"): ; and $690,000 Corporate Purpose Bonds, Series 1959, dated July 1, 1959; $1,080,000 Corporate Purpose Bonds, Series 1961, dated July 1, 1g61; $750,000 Corparate Purpose Bonds, Series 1963, dated March 1, 1963; $160,000 Corporate Purpose Bonds, Series 1964, dated September 1, 1964; $1,200,000 Corporate Purpose Bonds, Series 1965, dated March 1, 1g65; $2,200,000 Corporate Purpose Bonds, Series 1967, dated March 1, 1g67; $2,100,000 Corporate Purpose Bonds, Series 1968, dated May 1, 1g68; , $1,475,000 Corporate Purpose Bonds, Series 1970, dated February l, lg7o; $5,100,000 High School Bonds, Series 1970, dated August 1, 1970; �1,550,000 Corporate Purpose Bonds, Series 1971, dated July 1, 1971; $2,100,000 Corporate Purpose Bonds, Series i972, dated September 1, 1972; $3,300,000 Corporate Purpose Bonds, Series �97�, dated May l, i97�; $1,450,000 Corporate Purpose Bonds, Series 1975, dated May 1, 1975; $1,650,000 Corporate Purpose Bonds, Series 1976, dated April l, 1976; $830,000 Corporate Purpose Bonds, Series 1976-A, dated Ocf.ober l, 1976. -2- vrrs rx � . ' WHEREAS by proceedings duly taken in the manner, time and form required by law, the advertisement for sale of $24,540,000 Refunding Bonds, Series 1g77, of the City of Oshkosh, Wisconsin, has been heretofore authorized; and WHEREAS pursuant to advertised notice of sale, the following sealed bids for said bonds were received at the Council Chambers in tne City Hall in said city at 11:00 o'clock A.M., C.S.T. on April 12, 1977: Name of Bidder Net Interest Cost -3- ; ; � , .. A BID TABULATION $2 6,885,000 CITY-OF OSHKOSH WINNE�AGO COUNTY, WISCONSIN $2�+, 540, o00 REFUNDING BONDS, SERIES 1977 $2, 3�+5,000 CORPORATE PURPOSE BONDS,.SERIES 1y77 SALE: Z`uesday, April 12, 1977 @ 11:00 A.Pd, CST Ati�IARD: 1`uAt� OF BIDDER THE NORTHERN TRUST COMPANY NET INTEREST PREi�LIUM COUPONS COST $2,787.00 1978 4.00% $8,323,173.00 1979 6.00% 1980 5.75% 1981 4.00% - 1982 4.OU% 1983 4.1U% 1984 4.20% 1985 4.30% 1986 4.40% 1987 4.50% 1988 4.60% 1989 4.70% 1990-1994 4.75% NET INTEREST RATE 4.50668% ROBERT W. BAIRD & CO. INCORPORATED. 777 EAST I�JISCONSI(V AVENUE. POST OFFICE BOX 672. MILVVAUKEE. WI 53201 MEMBER NcW YORK. A!IDWEST. AMERICAN STOCK EXCHANGES - '� ' Ci-�y of Oshkosh, Winnebago County, Wisconsin 26 885,000 Refunding and Cor orate Purpose Bonds BIDS PAGE 2 NAME OF BIDDER FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE THE FIRST NATIONAL BANK OF CHICAGO = CITIBANK, N.A. PRE��IIUI�I C OUPONS $131.50 1978 3,7�% 1979 5.75% 1980 4. €3G% . 1981 3.f3�% 1982 4.OU5� 1983 4.10% 1984 4.25% 1985-1986 4.�0% 1987 4.5Q� 1988 4.6C)1 1989 4.75q 7 990 4. £�0% 19�1-1994 5.G0% $680.00 1978 3�80% 1979 5.75% 1980 5.25% 1981 3.8U�o 1982 4.00� 1983 4.10% 1984 4.25% 1985 4.40% 1986-1987 4.50% 1988 4:70% 1989 4.75% 1990 4.90% 1991=1994 5.00% $2,635.00 1978 4.00% 1979 6.00q 1980 4.90% 1981-1982 4.00% 1983 4.10% 1984 4.30% 1985 4.40% 1986 4.50% 1987 4.60% 1988 4.70% 1989 4.80% 1990 4.90% 1991-1992 5.00% 1993-1994 4.00% NET INTEREST COST $8,335,316.00 � �8,410,492.48 $8,430,000.00 1VET INTEREST RATE 4.513261% 4.553966% 4.5656% .,�.� � � � � and WHEREAS the bid of The Northern Trust Company and associates, at a price of par plus accrued interest to date of adjusted premium delivery and �cx��c�c�� of � 2,540.28 was the best bicz submitted which bid is as follows: , and 1978 1979 1980 1981-1982 1983 1984 1985 198b 1987 1988 1989 1990-1994 4.00% 6.00% 5.75% 4.00� 4.101 4. 20°6 4. 30% 4.40% 4.50% 4. 60°6 4.70% 4.75% WHEREAS the refur:a�ng oi the Outstanding Bonds will reduce debt service costs, cor.soiidate debt and effect bookkeeping, adminis�rative and other economies for the City of Oshkosh; and WHEREAS the issuance of refunding bonds and the investment of the proceeds thereof in direc� obligations of the United States of America, and the deposit of such governmental obligations in trust i�1i11 result in the rece�pt of sufficient money as interest and the liquidation of principal from such governm.ental obligations to pay all principal of ar�d �ntGrest on the Outstanding Bonds of each issue as such principal �nd interest fa.i1. due thereon �o the ;r?aturity of such bonds; ar_d _�_ � ��; = � WHEREAS it is necessary that action be taken at this time to provide the details of said bonds, to confirm the sale of said bonds, and to levy taxes to pay interest and principal of said bonds at ma�urity; and Y�HEREAS the notice of' sale of said bonds provides Lhat of the total amount of bonds advertised for sale, bonds maturing in the year 1994 in the principal amount of not exceeding $75,000 may, at the option of the city, be ti�rithheld from delivery and cance�led, and in such event, any premium bid for the bonds shall be reduced by the same ratio as the amount of withheld and cancelled bonds bears to �24,540,000; and WHEREAS it has been determined by this City Council to be in the best interests of the City of Oshkosh that of the total amounL of bonds so authorized and advertised for sale, bonds maturing in the year 1g94 in the principal amount of $35,000 and numbered 4902 to 4go8, inclu��ive, shall be withheld from delivery to the winnin� bidder and shall be cancelled: NOUJ, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, ulisconsin, as follows: Section l. The bonds authorized by the initial resolution adopted by this City Council and referred to in the preamble hereto (the "bonds") sriall be sold and issued in �he principal amount of �2�1,5�0,000, shall be desigrated "Refunding Bonds, Series 1977," shall be dated April l, 1977, shall be in the denomination of $5,000 each, shall be numbered 1 to 4go8, inclusive, and shall mature serially on April 1 in each of tY?e years 1978 to 199�, inclusive, as follows: Year 1978 1979 1980 19 81 1g82 1983 1984 1985 1986 Amount $2,075,000 2,200,000 2,025,000 2,200,000 2,025,000 2,215,G00 2,100,000 2,200,000 1,950,000 -5- Year 1987 1g88 1g89 1990 1991 1992 �993 1994 Amount $1,800,000 l,000,000 775,000 825,oao 400,OOU 225,OQ0 250,0�0 275,000 `:� ,,; � . S�ction 2. The sal.e of $ 24,505,000 (of $24,540,000) Re�'undin� Bonds, Series 1977, dated April 1, 1977 and numbered � �0 4901 , inclusive, of the City of Oshkosh to The Northern Trust Company , Chicago , Illinois , and associates, at a price of par and accrued interest to the date oi delivery thereof and a premium (reduced as hereinabove in the preamble of this resolution referred io ) o f $2,540.28 he?"�by confirmed, same being the best bid submitted. of �he bonds in the principal amount of $ 35,000 , is The remainder and numbered 4902 to 4908, inclusive, shall be withheld from delivery a.nd �ar_celled. Section 3. Said $24,505,000 Refunding Bonds, Series �9f7, shall bear interest payable October 1, 1977 and semi-annually ��ril 1�nd October 1 thereafter, and shall be numbered, as follows: Year 1978 1979 lg8o 1981 1982 ? °�3 1984 1985 1986 1987 logg 1939 lago 1991 �992 1993 1°9� Amount $2,075,000 2,200,000 2,025,000 2,200,000 2,025,000 2,2i5,000 2,100,000 2,200,000 1,950,000 1,800,000 1,000,000 775,000 825,000 400,000 225,000 250,000 240 , 000 Bond Numbers 1-415 416-855 856-1260 1261-170Q 1701-2105 2106-2548 2549-2968 2969-3408 3409-3798 3799-4158 4159-4358 4359-4513 4514-4678 4679-4758 4759-4803 4804-4853 4854-4901 Interest Rate 4.00% 6.00% 5.75% 4. 00°6 4.00% 4.10% 4.20% 4.30% 4.40q 4.50q 4.60% 4.70% 4.75� 4.75% 4.75% 4.J5% 4.75% Sec�ion 4. Said bonds shall be payable in lawful money c' ��e Uri��d Sta�es of America at 7rust Compan , Chicago The Northern I 1 1 i n o i s , and sha].l be s_��ed b;� the City P�anager with his facsimile signature and by the �-`�' Cle�k wi�n his manual signature, and sealed with the corporate ��? oi the Ci�y of Oshkosh. Interest on the bonds shall be evidenced _t�_ �"',`,s�`E ... .. . . . k+ � i; • .. . . � by coupons thereto attached, such coupons to be signed by said City ��??nager and City Clerk with their respective facsimile signatures, and said officers shall, by the execution of said bonds, adopt as and for their own official signatures their respective facsimile sionatures appearing upon said coupons. Section 5. Bonds maturing on and after April l, 1987 shall be subject to redemption prior to maturity at the option of the City of Oshkosh as a whole, or in part in inverse order of maturity, and i•r�thin each maturity by lot in such manner as the City G3erk shall determine, on April l, 1986 and on any interest payment date there- aiter, at the principal amount thereof and accrued int��est to the date of redemption. Notice of intended redemption shall be given by publication of an appropriate notice at least ance in a newspaper published in Oshkcsh, Wisconsin, and in a financial newspaper or journal published in filew York, New York or Chicago, Illinois, and by registered or certified mail to the paying agent. All such redemption notices snall be given not less than 30 nor more than 1B0 days prior to the da�e fixed for redemption. Section 6. The bonds shall be regis�rable as to principal in tne manner and with the effect provided in the form af bond h�reinafter set out. Section 7. The bonds and coupons shall be in substantially �h? iollowing form, the omissions to be appropriately completed when the bonds are printed: -7- s � a .��.y„ a . � � � . . . . (Form of Bond) UNITED S^1ATES OF AMERIGA STATE OF WISCONSIN CITY OF OSHKOSH COUNTY OF WINNEBAGU REFUNDING BOND, SERIES 1977 Statement of the value of all the taxable property in said City of Oshkosh according to the last preceding assessment thereof, as equalized by the State Department of Revenue, being for the year 1976 . . . . . . . . . . . . $ Statement of the value of all taxable property in territory attached to said city for school purposes according to the last preceding assessment thereof, as equalized by the State Department of Revenue, being for the year . . . . . . . . $ 1976 Aggregate amount of existing bonded indebtedness of said city, including this issue . . . . . . . . . . . . . $ No. � . $5,000 KNOW ALL MEN BY THESE PRESENTS, that the City of Oshkosh, in the County of Winnebago, State of UJisconsi;�, hereby acknowledges itself to ovae, and for value received promises to pay to bearer, or to the registered holder hereof if this bond sha11 then be regis- tered as to principal, the sum of Five Thousand Dollars ($5,000) in 1a��lful money of the United States of America, on April 1, 19�, v�ith interest at the rate of per cent (_ _�) per annum from the date hereef until the principal amoun� shall have been fully paid, such interest being payable semiannually on April 1 and October 1 of each year beginning Octoper� 1, 1977, interest to maturity or prior redemption being payable only upon presentation S �� °�;,. �nd surrender of the interest coupons attached hereto as they severally mature. Both principal hereof and interest hereon are hereby made payable at �'or the prompt payment of this bond wi�h interest hereon as afore- said and for the levy of taxes sufficient for that purpose, the full faith, credit and resources of said city are irrevocably pledged. Bonds of the issue of which this bond is one maturing on and after April l, 1g87 are subject to redemption prior to r-iaturity at the option of said city as a whole, or in part in inverse order of maturity, and within each maturity by lot in such manner as the City Clerk shall determine, on April l, 1g8G and on any interest payment date thereafter at the principal amount thereof and accrued interest to the date of redemption. i�otice of intended redemption shall be �iven by publication of 2n appropriate notice at least once in a newspaper published in Oshkosh, ti�lisconsin, and in a financial newspaper or journal pub- lished in NeVr York, New York or Chicago, Illinois and by regis�ered or certified mail to the paying agent bank. All such redemption ro�ices shall be given not less than 30 nor more than l80 days prior ' �o the date fixed for redemption. This bond is one of an issue of $24,540,000 issued for �h� purpose of refunding cer�ain general obligation bonds of said ci�y, pursuant to and in all respects in compliance with Chapter 67 oi the 6�lisconsin Statutes and a resolution duly adopted by the City Cauncil of said city on �lpril 12, 1977. This bond is registrable as to principal in accordance vri�h the provisions endorsed on the reverse side hereof. -9- . :i �rR,+.-., It is hereby certified and recited thai all conditions, �hings and acts required by law to exist, to be or to be done, ,_,recedent to and in the issuance of this }aond and the issue of :�'r.ich it is a part, have been, have existed and have been performed ?n due form and iime as required by laV;; that the indebtedness of said city, includin� this bond, does not exceed any Iimitation impased by law; and that said city has levied a direct annual �rrepealable tax sufficient to pay the interest hereon when it `_'a?ls due and also to pay and discharge �he principal hereof at r�aturity. IN WITNESS WHEREOF, the City of Oshkosh, by its City Council, has caused this bond to be signed by its City Manager ;�rith his £acsimile signature, and by �.ts City Clerk with his manual si�nature, and its corporate seal to be impressed hereon, and the cou�ons hereto attached to be signed by said City Manager and City Clerk i��ith their respective facsimile signatures, and said of- �icers, by the execution of tris bond, do adopt as anci for their o�:n official signatures, their respective facsimi�e signatures zppearing on said coupons, as of the first day of Apri1, 1977. (facsimile signature) City Clerk City Manager (Form of Coupon) ., r� o . $ On l, 19s, unless the bond to which this ccupon is appurtenant shall be subject to prior redemption and shall h�ve been properly called for redemp�ion and provision for the payment �rereof duly made, the City of Oshkosh, GTisconsin will pay to bearer �n° 8L101I21� shown herean in lawful money of the United States of A:T:erica, at ' > > fo» �nte»est due that day on its Refunding Bond, Series�1977, dated -10- �?y+��,,�_:,.�_ . _ �q.= April l, 1977, numbered . (facsimile signature) (facsimile signature) City C1erk City Manager (Provision for Registration) The within bond may be registered in the name of the holder as to principal only on books to be kept by the City Clerk of the City of �shkosh as bond registrar, such registration �o be noted hereon in the re�istration blank belo�r, after which no transfer shall be valid unless made on said books at the request of the registered holder or his attorney thereunto duly authorized and similarly noted in said registration blank below, but this bond may be discharged from registration by being transferred to bearer, after ��rhich it shall be transferable b,y delivery but may. be again registered as before. Such registration shall not impair the negotiability by delivery of the coupons attached to the bond. (IJo Urriting in this blank except by the Registrar) Date of Name of . Signature of Registration Registered Holder Registrar -11- { k.�• S t ; .:..: .. . ..m-.�..,... . . . . . . . . . . . . . . .. . . .. . .. _ . . . . . . .. t r}:''�' . � . Section 8. In order to provide for the collection of a direct annual irrepealable tax suffici.ent to pay the interest on said bonds and to pay and discharge the principal thereof at maturity, there is hereby levied upon alI taxable property in the City of Oshkosh a direct annual irrepealable tax in an amount sufficient for that purpose, and there is hereby levied upon all of said tax- able property in said city the following direct annual irrepealable tax in each of the years and amounts as follows: Year of Levy 1977 1978 1979 1980 1981 1g82 1g83 1984 1985 1986 1987 1988 1989 7-990 1991 1992 1993 Amount for Interest and Principal $ 3,706,641.25 3,1665427.5� 2,�67,208.75 2,�3U,990.00 2,680,490.00 2,784,582.50 2,580,075.0� 2,588,675.00 2,248,475.00 2,015,075.00 1,151,575.00 885,362.50 897,556.25 443,462.50 253,618.75 267,337.50 245,700.00 In each of said years 1977 to 1993, inclusiv�, the direct annual irrepealable tax above levied shall be extended upon the tax rolls of said City of Oshkosh and collected by ihe officers of said city in the same manner and a� the same time as taxes f'or 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 bonds so lang as any bonds of said issue remain outstanding. Provided, however, that the taxes herein levied shall be apportioned bet;aeen said city and the municipalities having property attached to said city for school purposes in the manner provided in Section 120.53, ti�7isconsin Statutes. The full faith, credit and resources of the City of Oshkosh are pledged to the payment of the principal of and interest on said bonds as and when the same shall become due. -12- �. . +' .��K, K� .._. - Section 9. Interest on or principal of the bonds 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 promp-�ly 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 10. There is hereby established in the City Treasury a fund separate and distinct from all other funds of said city to be designated "Series 1977 Refunding Bonds Sinking Fund", vrhich fund shall be used solely for the purpose of paying principal of and interest on said bonds dated April l, 1977. There shall be deposited in said fund all accrued interest paid on said bonds at the time said bonds are delivered to the purchaser; such portion of such premium as may be paid ior the bonds as may be hereafter determined by this City Council; the sum of $_557,713.7� from funds on hand for the purpose of paying interest coming due on said bonds on October l, 1977; all money raised by taxation pursuant to Section 8 hereof; and such other sums as may be necessary to pay interest an said bonds when the same shall become due and to retire said bonds at their respective maturity dates. Section 11. First ti�7isconsin National Bank of Oshkosh, Oshkosh, Wisconsin ("Trustee"), is hereby appointed Trustee for the purpose oi ensuring the payment of the principal of and interest on the Outstanding Bonds. From the proceeds of the bonds there shall be deposited in �rust with the Trustee for the retirement ef the Outstanding Bonds and the payment of any interest accrued and to accrue thereon an amount which, together with other avail- able funds of the city, will be sufficient for such purpose. The amount so deposited and not required for current retirement of princ?pal and interest shall be invested in obligations authorized -1.3- � t x ,.„ � h"", .. . � I • � , • . by Section 66.04(2), Wisconsin Statutes, in such manner that the amount so deposited will be sufficient, without the need for any further inuestment or reinvestment, to retire all of the Outstanding Bonds on or prior to maturity or on the respective firsi call dates thereof, whichever may be earlier, and to pay interest thereon as it comes due. The bond proceeds so deposited with the Trustee shall be deemed to be deposited in the borrowed money fund within the meaning of Section 67.10(3) of Wisconsin Statutes . The City Treasurer is hereby authorized to transfer to the Trustee the respective sinking funds created for the payment of the Outstanding Bonds and the money on deposit therein. So long as any of the bonds remain outstanding, moneys on deposit in any fund or account in connection ivith the bonds or the Outstanding Bonds, whether or not such moneys were derived from the proceeds of the sale of the bonds or from any other source, will not be used in a manner which will cause the bonds �o be "arbitrage bonds" within the mean�g 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 1.103-1U of the Income Tax Regulations (26 CFR Part 1), as the sar:e exist on this date, or may from time to time hereafter be amended, supplemented or revised. Adopted April 12, 1977. -14- Attest: .--- J �-r' , f1,� a City Clerk �-°' � 2 . pT ' a�+ . .... . .. . _ . . . . . . . .. . . . . . . . _. . . .. . . . . . . . . . .. . . . .... . .. �-..e...A...�.�..a dr� Notion w35 made by Council Member Kutchera that said resolu�ion be adopted, and said motion was seconded by Council Member Chaney UpOn roll being called, the following voted: Aye' Chaney , Kutchera, Propp , Schiefelbein ( 4) Nay: � Teichmiller � (1) � � * (Other Business) Upon motlon Of Council Member Pro Council adjourned. Approved April 12 , 1977• rittest: �._. �, i -!� , � City Clerk the City � ' i� � , � " � ,��: Presi ent �� l -15- r STATE OF WISCONSIN ) ) COUNTY OF WINNEBAGO )� I, Converse C. Marks, hereby certify that I am the duly qualified and ac�ing City Clerk of the City of Oshkosh, Wisconsin, and as such official T 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 12, 1977, and of a resolution adopted at said meeting; 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 $24,540,000 Refunding Bonds, Se�ies 1977, of said city dated April l, 1977. I further certify that the initial resolution authorizing said bonds was duly recorded in my office on March 17 1977 , 1977, as required by law, and that within 30 days from the recording thereof and as of the date of this certificate no petition protesting the issuance of such bonds or requesting a referendum in connection therewith has been filed with me or in my office._ , 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 ti�Jisconsin Statutes . WITNESS my official signature and the seal of said city this 12 day of April, 1g77. �, �r , `" ' � C--�i .'.CL rZL (` �, � ( SEAL ) City Clerk ._�' , RHG:ed 4/1/77 -16- N � � � +� � �a�� u� zs +� � �� +� � � CL3 UI 4-I ,4-� � N N N F-i � .� Zj N +� � a� �� i`` ��+� o N � � r, , Ty � � O,O+� L` '� �� rn O -I� � U] -I-� cd O N � Y-i v-1 • � +� � .� O N U N V] •rl �,' N V1 O 1� T-1 � � � � � ^.� ri f-� O u] tI] O N U � O � � � � N � O 4-i tY. � �rl fYl O �-. �-. �� a� a� �� `f'-' � O N � � O qi H U � O v-I � O � 0 N ti � � NJ 1� � ri � � � �\ � �``x � N N � � U � � � v-I U