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Home My WebLink About28778 / 77-01March 12, 1977 # 1 RESOLUTION PURPOSE: �r0 CONFIRM SALE, DETERMINE RATFS C>�` INTFRES'r �ND LEVY TAXES IN CONNECTION WITH COR�URAmE PUR��JSE BONDS, SERIES 1977. RESCLUTTON confirming sale, deterrninir�g rat�s af interest, and levying taxes in connection with $2,345,000. Corp�rate Purpose Bonds, Series 1977. �, -� ,-... � :.J � ) 1 :...'. ':. . _i �... t .R Ts"'.` J". .a..:" _'�t,'�..._. -1- BID iABULATI0P7 �26,885,000 CI1Y OF OSHKOSH WINNEH.4G0 CO"U��TY, WISCDNSIN �2�+, S�To, 000 REFUNDI�'1dG BOiTDS, SERIES 1977 $2, 3�+5,000 CORPORATE PURPOS� BOYDS,_�ERIES 1977 S_�I,�,: ^luesday, April 12, 1977 @ 11.:00 A.P�I. CST t'? IARD: "°' `-' G� BIDD�R _ � _•_, T'r�r ir'ORTH= P,N TRUST COMPANY � � NET INTEREST P�i��•T COUPONS COST �2,787.00 1978 4.00% $8,323,173.00 1979 6.00% 1980 5.75% 1981 4.00% 1982. 4.00q 1983 4.10% 1984 4.20% 1985 4.30� 1986 4.40% 1987 4.50% 1988 4.60% 1989 4.70� 1990-1994 4.75% � NET INTEREST RE1TE 4.50668% ?�Bcr�TVJ. BAIRD?s CO. INCORPORA7EQ.777 EAST V`lISCONSIN AVENUE. POST OFFICE BOX 672. NILINAUKEE.Wf 53201 MEbt3ER P.EW YpRK, MID:YEST. A!AEAICAN STOCK EXCHAYGc3 J Ci�J o° OshYosh, �•1irLnebago County, Zdiscons�n - �20,885,G�0 P,eflzndir_g �,nd Corporate Furpos� �ond.s BIDS PAGE 2 . T`^,.=, OF BID�� . i.._, FIPS i '�lISCONSIP� PIATIQNAL BANK OF P�IILWAUKEE Ti�E FI�ST P�ATIONAL BANK OF CHICAGO = CITIBA'!K, �1.A. PRE=•�tTt�F COUPONS �]31.50 1978 3.75% 1979 5.75q 1980 4.80% 1981 3.80% 1982 4.00q 1983 4.10% 1984 4.25% 1985-1986 4.40� 1987 4.50% 1988 � 4.60% 1989 4.75% 1990 4.8Q� 1991-�994 5.00% $68Q.00 1978 3.SU� 1979 5.75% 1980 5.25% 1981 3.80% 1982 4.00� 1983 4.70% 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.OQ% 1980 4.90% 1981-1982 4.00% 1983 4.10% 1984 4.30% 1985 4.40% 1986 4.50q 1987 4.60% 1988 4.70% 1989 4.80� 1990 4.901 1991-1992 5.00% 1993-1994 4.00% NL"T INTEREST COST �8,335,316.00 _ $II,410,492.48 �8,430,000.00 PiET INTEREST RATE 4.513261% 4.553�66% 4.5556� �� 0 �hat thz highes� and �est bid submit�ed was that of Trust Company, Chicaga, Illinois price of par plus a prem_Lum ef � 243.09 The Northern , an:? assaciates, at a and aecr.�ued ir_�erest �o the date of delivery, and tha� the a^c��ance of s�i� b.Ld is recom:nended, which bid is as folloi•,s : -2- /' // lhe City Council of the City oF Osh?,�sh, 1^Jisccr�sin, Recesseci r--e ;�n�^eoular, open, public session at -y�s �-�eg�alar r�lee;,ing p�_ace on �pr�l � 2, 1977, at 7e00 os c1ac�; P.P-1. , ti:_ �h f;tle fo1� awi*�o me;�bers present : Cour!cil Menbers: Chaney, Wayne; Y.utchera, Don H. ; Prop�, Kathleen M, 5 �!'eichmiller, Bernice; Schiefelbein, Ken. R. ar.d the follo��iro membex�s absent : Council P-Zembers: Moser, Robert ii.; Singstocx, veoi•ge P1. 3F � ,. (O�her busir.ess; �The �it5� Cier�c �hen reporte�' �rs� pursua;7� ta ac;verLised �o�� ce e� sale, seaied bids ti•rere received unt�.1 1.1 :00 0' c7_ocl: ��..T-I. , C.S.^., on �_p»:.l �2, 1.977, a� tna CourAcil Cham�er,� in tne Ciiy H�.�i -n szid �� ;;�� Tor tne purchase ef ��345,OOU Cor��c�ra�e Ptzrpose �cn�s, S��ies �977, oi said c��y? that the bid_5 had been pu??_Lic;_1_y c_ =n; d=rd a�r.c�an�ed at sa�_d time and pl?ce, and had b:��,� i;ubul.as;Ed ?S ��i�e'nj. _ .._.__.__ , ..�._.:. .�..��__._�. _ ....Y. - ---- _ � �--. ., � (�ern insert or attached a copy of tne winning bic�) G�t� of Oshkosh, �'isconsin BID FOY-� T�IE� PUR,G�AS� O� CITY OF OSHKO�H, ��INNEBAGO COUNTY, WI��ON�II�t $24,540,Q00 Refunding Bonds, Series �977 and $2,345,OOQ Corpo�ate Purpose Bondss S�ries 1�77 In behaif of a group �vhich we have form�d, consisting of : - - � , _/1�� G�.:�%��--l�fi'� April 12,197? and pt�ruant to tne official sale notice hereinafter mentioned, �ve offer to ptirchase all or none of ta� S2�,5—'_0,000 principal amount of the bonds designated as "Refunding Bonds, Series Z977" and S2,34�,000 principal amount of the bonds designated as "Corporate Purpose Bands, S�ries 19 i T' both as particularly described in said official sale notice, ��,7th interest at the rates for the resp?ctiv2 maturit5� dates as shown below, and to pay iherefor the aggregate sum of $26 8�5 000 p?us a premium of $ 1- ��' �� plus interest accrued on such bonds to �the date of deli��ery tnereof. � Year zs�s 1979 1980 1981 19s� 1983 1984 I98� 1986 Interest Rate '-1--.— % �'G� % S •'7S % `'� v� /O ��'G`� % �'l� % `��U % �-(. 3�' % �f , �f�' % 1 Yeaz 1987 1988 isss 1990 I991 1992 1993 1994 Interest Rate `�� o . y ` � c �o ,�/ ?o {y - /O c.�s:, 7s° J y. �s_ �� `��• �� _ % __�—?� 90 ��' 7s �o (�� . The following resolution was thereupon �ntr•oduced. by A Council P�Iember and read in full: RESOLUTIOi�1 confirming sale, deter•-- mining rates of interes�, and levying taxes in connection with �2,3�►5,�00 Corparate Purpose Bonds, Series 1977. WHEREAS by proceedings duly taken in the manner, tiMe and forn required by law $2,3�i5,000 Corporate Purpose Bonds, Series 1977, of the City of Oshkosh, Wisconsin, have:.been heretofore au�ho�ize�; and ~ WH��EAS pursuant to adver�iseci no�ice of sa1.e, bids were received for said bonds on April 12, �g77; and 'r;HEREAS the bid af The Norihern Trust Compan � Chicaqo� Illinois , and associates, at a pr�ce of pa-r plus a premium of � 243.09 and accrued interest �o Lhe d�;.te of d°Iiver� was the highest and best bid sub;�itted; i�0;�1, TH�REFOPE, Be It Resolv�d by the City Council o� the . City of Oshkosh, 4]isconsin, as follo��rs: SQction l. Said �2,345,000 Carporate Furpose Bonds, Series �977, dated rlpril l, 1977, shall bear in�eres� as f'o � 1ov�s : N:at�arities 1978 1979 1980 1981-1982 1983 1984 1985 1986 1987 1988 1989 1990-1992 -ji- Iri�e?'est R�,�eS 4.00°6 6.00� 5. 75°6 4. OOf 4.10°� 4.20% 4.30� 4.40°� 4.50% 4.60� 4.70q 4.75% �. �_:�" � . Section 2. The sale of said bonds to The Northern Trust Compan , and associates, at ��:a price reci�ed in the prearr.ble hereof is Y�ereby confirmed, satr.e �eino the best bid submitted. Section 3. Said bonds shall be payabie in laUrful money of t�e United States of America at The Northern Trust Company , Chicago � Illinois or at � s , at the option of the-holder. : Section �1. In order ta provide for Lhe co7.lection of a d� re�t ar.niaal tax sufficient to pay� the interest on said bon�s ar,d to p�y znd d�scharge the principal thereof at maturity, there is her�b;f l�vied upon all the taxable prop°rty in the City oi Oshkosh, a direc� a^_�ual tax in an amount su£fic? ert for vhat purl�ose and there is h°^?by Ievied upon all of said taxable property in said city th� `'01' o:rino di rect annual tax, to-�•lit : V��r pi' I,E'V �' ? 977 1978 19?9 19�0 19�1 i gg; � g2�. � 9�� Amoun� of Tax $ 235,080.00 177,470.00 173,063.75 166,407.50 190,907.50 206,447.50 206,362.50 201,050.00 Year of Levy �9�35 , � � 9 ., c� Ig87 1938 iggg lggo z��. Amount of Tax �244,512.50 236,725.00 253,187.50 243,887.50 283,250.00 271,375.Q0 332,71�3.75 �:� each of said years 1977 to 1993 , i.nclusive, the d� .r�c� �:��u�l t?x above levied shall bQ e�;tended upon the tax rolls of s_��d CiLy o" Oshkosh and collected b;� the of? icers of s�id city :in ttize s?-�e ^:�rner ar.d ai the same t�r�e as iaxes for �E:neral ci�y puz�pases 'o_ s�ach years are extended and collec�ed, and tivhen so callected, th� �r�cecds Gi said taxes shall bn used solely for pay�ng �he principal. a° ar� in�erest on said Corpor2te Purpose Bonds, Series 1977, so lcn� �� an;,r o.' sayd bonds remain outstandzn�. _5_ Section 5. Interest on o� principal of the bonds herein authorized falling due at any time when there shall.be on hand insufficient funds from the proceeds of the abovc tar, levy for the paynent of such interest or principal shall �� paid promptly when due from other funds of said city, which funds shall be reimbt�rsed therefor out of the proceeds of the taxes above levied ��;hen such taxes shall have been collected. Section 6. There is hereby established i.n �h? city treasur,y a fund separate and distinct from all other fuz�ds of said cit;,y to be designated "Series 1977 Corporate Purpose Sonds Sii�king F'und," wh:i.ch fund shall be used solely for the purpose of paying principal of and interest on said bonds. There shall be deposited �n said fund all prer�iun and accrued interest pa�d on said bonds at the �ime sa:id l�onds are delivered to the purchaer; all money raise� by taxa�zon pursuant; to Section 4 hereof; the sum oi � 53,860.00 for the purpos� of paying interest on said bonds payable on Oc�ober 1, 1977; and such other sums as may be necessary to pay interest on said bonds wt�en the same shall become due and �o retire said bonds at their ' respective maturity dates. Section 7. Said bonds rrhen the same h�.ve been execu�ed in tne m.anner here�ofore provided shall be �elivered by thE City Tre?surer to �he purchaser tnereof upon payment of �he purchase price. Attest: Adopt�d �piil 12, 1977. ' 1 i/,'l.Q�. , C City Cle -�- res_Laen �2� � . � � � . � . � Motion was made by Council i�ember Chaney that said resolution be adopted, and said motion ��zs seconded by Council Member Propp After due consideiacion, the President put the question, and upon roll beir.g called the falloia�?zg voted: Aye: � (�) Chaney, Propp,- Teichmiller, Schiefelbein Nay: Kutchera (1) The President then declared said resolution duly adopted. � � � (O�her buszness) , Upon motion of Council 1�Ze�ber Propp , the City Co�riC11 recessec� un-til April 19, 1977 at 12:C}� o'clock.y�oon. Approved April 12 � �977, Attest: _ �� ! ,i i�`.C� �� ' L/i '� fC-'S� �� , ✓City �-lerk _7_ ) • �e�-�.e �o . 3'r .sident � � . �� ^E QF ��]ISCONSTN ) ) SS C��r;TY OF �`TINNEBAGO ) I, CONVER5E C. P�IARKS, hereby certify that I am th� du].y qualified and acttng City Cler� of t}ie Cit;y of Osh?,osh, Wiscons:i.n, and 2s such official I further certify tha� a�tached hereto is a. true, correct and compared copy of excerpts fror� the minutes of th� meeting of tihe City Council of said city held on �pril :12, 1977, insofar as sa�?e pertain to the sale of �2,345,00o Corpora'ce Yurpose Bonds, Series 1977, af said city. � I further certify �hat a truE and corre�t statement of e�rex�y� step or proceeding had or taker� to date in t�e course af av�hc�r�.zing said bonds has been recorded by n_e in a separa�e record book pur��ant to �ne provisions of Sect:Ion 67.05(12) c� the Wisconsin Sta�utes. I further certify that the initia� resolutions adopted on �:arch ? 7, 1977 autYiorizing the issuance of sai� bonds ti�rere recarded ir. r?y office on March 17, 1977, as required by la��y and that no p�tition has been filed witn me or in m.y office protes�ing thP issuance o' said bonds, requestir.g tnat sa�d bon�s r�et be issued, or requestin� a reierendtim on the quest�on of issuino said ban_�s. � I furth�r certify that, in order to co�:ply with Sectian 60'.77, ,�;isconsin Sta�u�°s, na�ice of the meet�ngU os" the City Covncil reld on i�iarch 3, 1977, �"�.?'ch 17, �.977, ar�a Apri1 l2, 1977 i��as �:i��en �o �he p�;blic in the folloc��irg manner : P�Ieeting noted by new items in Oshkosh Daily Northwestern, and through local radio �!edia tdITNESS my oificial signa�ure and the official seal. of said ci � jr �his _ 12 day of April, 1977 . 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