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HomeMy WebLinkAbout28741 - 28745 / BONDS� � . , The City Council of the City of Ushkosh, Winnebago County, Wisconsin, met in regular, open, public session at its regular meeting place on March 17, 1977, at 7:00 o'clockP ,M., with the following members present: CHANEY, Wayne C.; KUTCHERA, Don H.; MOSER, Robert H.; PROPP, Kathleen M.; TEICHMILLER, Bernice; SCHIEFELBEIN, Ken R. (6) and the following members absent: SINGSTOCK, Wayne C. (1) � � �E (Other business) The following resolution, read on March 3, 1977, was thereupon �introduced and read in iull: INITIAL RESOLUTION authorizing 175,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the negotiable general obligation bonds of said city in the principal amount of $175,000 for the purpose of providing street improvements. For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said city a direct annual irrepealable tax sufficient for that purpose. RECORDED March �7 , 1977. � % �E''-(l.C. i /L� City C ` w r � . It was `thereupon moved by Moser and seconded �� Propp that said resolution be adopted. Upon roll being called, the following voted: Aye: Chaney, Moser, Propp, Teichmiller, Schiefelbein (5) Nay: Kutchera (1) The following resolution, read on March 3, 1977, was thereupon introduced and read in full: INITIAL RESOLUTION authorizing 0,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the negotiable general obligation bonds of said city in the principal amaun� not exceeding $880,000 for the purpose of improving and extending storm sewers. For the purpose oi paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said city a direct annual irrepealable tax sufficient for that purpose. RECORDED March 17 � 1977• —2— � It ;aas thereupon moved by Moser and seconded by Chane,y that said resolution be adopted. Upon roll being called, the following voted: A��e: Chaney, Moser, Propp, Teichmiller, Schiefelbein (5) �:�y: Kutchera (1) The following resolution, read on P�;arch 3, 1977, was thereupon introduced and read in full: INITIAL RESOLUTION authorizing 1 5,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the negotiable general obli- gation bonds of said city in the principal amount not exceeding $185,000 for the purpose of improving and extending water mains. For the purpose of paying the various installments or prinripal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said city a direct annual irrepealable tax sufficient for that purpose. RECORDED Ma.rc�h � 7 � �977 • -3- �.�.,,.�, _ . a_ - - . �_ �: � �. �. ; � It was thereupon moved by Moser and seconded Chaney by ____ that said resolution be adopted. Upon roll being called, the following voted: Qye; Chaney, Moser, Propp, Teichmiller, Schiefelbein (5) Nay: Kutchera The following resolution, read on March 3, 1977, was thereupon introduced and read in full: INITIAL RESOLUTION authorizing 1,0 5,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the negotiable general obli- gation bonds of said city in the principal amount not exceeding $1,045,000 for the purpose of creating a revolving fund out of which to advance the cost of work for which special assessments may be levied. For the purpose of paying the various installments of prin- cipal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said city a direct annual irrepealable tax sufficient for that purpose. RECORDED March 17 , 1977• � � City C1 -4- It was thereupon moved by ProPP and seconded by Moser that said resolution be adopted. Upon roll being called, the following voted: Aye' Chaney, Moser, Propp, Teichmiller, Schiefelbein (5) Nay: Kutchera The following resolution, read on March 3, 1977, was thereupon introduced and read in full: INITIAL RESOLUTION authorizing 0,000 bonds of the City of Oshkosh. BE IT RESOLVED by the City Council of the City of Oshkosh, Wisconsin, that there shall be issued the negotiable general nbli- gation bonds of said city in the principal amount of $60,000 for the purpose of acquiring land and improving same for the purpose of pro- viding public parks. For the purpose of paying the various installments of principal and interest on said bonds as they severally mature, there is hereby levied on all taxable property in said city a direct annual irrepealable tax sufficient for that purpose. RECORDED March 17 � 1977, - 5- It was thereupon moved by Chaney and seconded by Pr°PP that said resolution be adopted. Upon roll being called, the following voted: in full: Aye• Chaney, Kutchera, Moser, Propp, Teichmiller, Schiefelbein (6) Nay: None The following resolution was thereupon introduced and read RESOLUTION providing details of 2�5,000 Corporate Purpose Bonds of the �City of Oshkosh and directing the sale thereof. WHEREAS, by initial resolutions duly adopted on March 17, 1977, there have been authorized to be issued bonds of the City of Oshkosh in the amounts and for the purposes as follows: and � $175,000 for the purpose of constructing street improvements; :�880,000 for the purpose of improving and extending storm sewers; $185,000 for the purpose of improving and extending water mains; $1,045,000 for the purpose of creating a revolving fund out of which to advance the costs of special assessments; and $60,000 for the purpose of acquiring and improving park land. � WHEREAS, it is now necessary that bonds be sold and issued for the purposes aforesaid in the total principal amount of $2,345,000; and WHEREAS, said city is authorized by Section 67.05(13), Wisconsin Statutes, to combine bonds authorized under various initial resolutions into one issue; NOW, THEREFORE, Be It Resolved by the City Council of the City of Oshkosh, Winnebago County, Wisconsin, as follows: Section 1. The bonds authorized by the initial resolutions adopted by this City Council on March 17, 1977, and referred to in the preamble hereto, shall be sold and issued as a single issue in the principal amount of $2,345,000 to be designated "Corporate Purpose Bonds, Series 1977," shall be dated April 1, 1977, shall be of $5,000 denomination each, shall be numbered 1 to 469, inclusive, and shall mature serially in numerical order on April 1 of each of the years 1978 to 1992, inclusive,as follows: Year 1978 — 1981 1982 1983 1984 — 1985 Amount $ 75,000 100,000 120,000 125,000 Year 1986 — 1987 1988 — 1989 1g90 — 1991 1992 Amount $ 175,000 200,000 250,000 325,000 Bonds maturing on April 1, 1987 and thereafter are callable, at the option of the city as a whole, or in part in inverse order of maturity and within a maturity by lot, on April l, 1986 and on any interest payment date thereafter, at the principal amount thereof plus accrued interest to the date of redemption. Notice of any intended redemption shall be given by publica- tion 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 bank at which said bonds are payable. All such notices shall be given not more than 180 days nor less than 30 days prior to the date fixed for redemption. —7— � Said bonds shall bear interest at a rate or rates to be hereafter determined, but not exceeding 7 per cent per annum, payable on October l, 1977, and semiannually thereafter on April 1 and October 1 of each year, and shall be signed by the City Manager with his facsimile signature, and by the City Clerk, and sealed with the corporate seal of the City of Oshkosh. Interest upon said bonds shall be evidenced by coupons thereto attached, such coupons to be signed by ��,id Citv Manager and City Clerk with their respective facsimile signatures, and said officers sha11 by the execution of said bonds adop� as and for their own official signatures their respective facsimile signatures appearing upon said coupons. Said bonds shall be payable, both principal and interest, in lawful money of the United States of America at a bank or banks, not exceeding two, �o be designated by the purchaser of the bonds. Section 2. Said bonds shall be re�;istrable as to principal in the manner and with the effect provided ir. the form of bond hereinafter set out. Section 3. Said bonds and coupons shall be in substantially the following form, the omissions to be appropriately completed when the bonds are printed: : (Form of Bond) UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF WINNEBAGO CITY OF OSHKOSH CORPORATE PURPOSE BOND, SERIES 1977 Statement of the value of all the taxable property in said City of Oshkosh according to the last precedin� assessment thereof for state . and county taxes, as equalized by the State of Wisconsin Department of Revenue, being for the year1976 . . . . . . . . . . . . . . . . . . . . . . $ Statement of the value of all the taxable property in territory attached to said city for school purposes according to the last preceding assessment thereof for state and county taxes, as equalized by the State of Wisconsin Depar°tment of Revenue, being for the year 1976. . . . . . . . . . $ Ag�regate amount of existing bonded indebted- ness of said city, includin�� this issue .......$ No. $5,000 KNOW ALL MEN BY THFSE PRESENTS: That the City of Oshkosh, in the County of Winnebago and State of Wisconsin, hereby acknow- ledges itself to owe, and for value received promises to pay to bearer, or to the registered holder if this bond shall then be registered as to principal, the principal sum of Five Thousand Dollars ($5,000) on the first day of April, 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 October l, 1g77, and semiannually thereafter on April 1 and October 1 of each year, 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 > > , or at � � , at the option of the holder. For the prompt payment of this bond with interest hereon as aforesaid and for the levy of taxes sufficient for that purpose, the full faith, credit and resources of said city are hereby irrevocably pledged. Bonds of the issue of which this bond is one maturing on and after April l, 1987 are subject to redemption prior to maturity at the option of the city as a whole, or in part in inverse order of maturity and within a maturity by lot, on April 1, 1986 and on any interest payment date thereafter at the principal amount thereof and accrued interest to the date fixed for redemption. Notice of any intended redemption shall be given by publi- cation 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 bank at which said bonds are payable. All such notices shall be given not more than 180 days nor less than 30 days prior to the date fixed for redemption. This bond is one of an issue of $2,345,000 issued for the purpose of providing funds in the amounts and for the purposes as follows: $175,000 for the purpose of constructing str��e� improvements; $880,000 for the purpose of improving and e���nding storm sewers; , $185,000 for the purpose of improving and e�tending water mains; $1,045,000 for the purpose of creating a. revolving fund out of which to advance the costs of special assessments; and $60,000 for the purpose of acquiring and improving park land. -10- pursuant to and in all respects in compliance with Chapter 67 of the Wisconsin Statutes and acts suppYemental thereto, and a resolu- tion duly adopted by the City Council of said city on March 17, 1977• This bond i; regist.rable as to pri.ncipal in accordance with the provisions endorsec� on th� reverse side hereof. It is hereby c�rtified and recited that all conditions, things and acts required by law to exist, to be or to be done, precedent to and in the issi�ance of this bond and the issue of which it is a part, have been, have existed, an� have been performed in due form and time as required �y law; that the indebtedness of said city, including thi.s bond, 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 falls due and also to pay and dischar�,e the princi.pal_ hereof at maturity. IN WITNESS WHEREOF the City of Oshkosh, by its City Counc_i..l, has caused this bond to he signeci �iy it.� City Nlanager with hi.s facsimile signature, and by its Cit,y Cle.rk, �n�i its corporate sea.l to be impressed hereon, and the coupons hereto a�tached to be si�ned by said City Manager and City C�erk with their resp�ctive facsimile signatures, and said officers, by the executiori of Lhis bond, do adopt as and for their own official signatures tYieir respective facsimile signatures appearing on said coupons, as of the first day of April, 1977. City Clerk ��� (facsimile si�nature) Cit,y Manager 0 I�C.� (Form of Coupon) $ On the first day of , lg , unless the bond to which this coupon is appurtenant is subject to prior redemption and provision for the 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 � at , or > > � at the option of the holder, upon presentation and surrender of thls coupon for interest due that day on its Corporate Purpose Bond, Series 1977, dated April l, 1977, No. (facsimile signature`) (facsimile signature) City Clerk City Manager (Provision for Registrat�ion) The within bond may be registered in the name of the holc�er as to principal only on books to be kept by the City Clerk of the City of Oshkosh, as bond registrar, such registration to be noted hereon in the registration blank below, after which no transfer shall be valid unless made on said books at the request of the r.e�;istered holder or his attorney thereunto duly author�zed and similarly not;ed in said registration blank below, but this bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery but may be again registered as before. Such registration shall not impair the negotiability by delivery of the coupons attached to this bond. -12- Date of Name of Address of Signature Registration Re�istered Holder Registered Holder of Registrar Section 4. Said bonds shall be sold at public sale in the manner provided by law on or about April 12, 1977. Notice of the sale of said bonds shall be published once each week for two consecu- tive weeks in the official city newspaper, and in The Bond Bu er, published in New York, New York. The last of each such publications shall be at least 10 days prior to the sale date. Such notice shall be in substantially the form provided in Exhibit "A" attached hereto. The Director of Administration shall prepare and distribute an Official Statement, including an Official Sale Notice which shall be in substantially the form provided in Exhibit "B" attached hereto. Section 5. When said bonds shall have been sold, this City Council will adopt proceedings so as to award said bonds, fix the interest rates thereon in accordance with the bid accepted, and levy taxes to meet principal and interest thereon at�maturity as required by law. Section 6. The principal proceeds from th� sale of said bonds shall be used only as follows: $175,000 for the purpose of constructing s*reet improvements; $880,000 for the purpose of improving and e�tending storm sewers; $185,000 for the purpose of improving and extending water mains; $1,045,000 for the purpose of creating a revolving fund out of which to advance the costs of special assessments; and $60,000 for the purpose of acquiring and improving park land. Section 7. �I'he principa7_ }�roceedc of s.he salE: of s�id bonds shall be devoted to ana used witl7 due dilifj;etice for Lhe compl�- tion of the projects for whic�� said bonds are he.reby authorized to be issued. This City Council represents and certifies that: -1�- (a) the city has heretofore incurred (or expects to incur within six months after delivery of said bonds) a substantial binding obligation with respect to said projects; said binding obligation comprising construction and acquisition contracts in the amount of not less than 2-1/2� of the estimated total cost of said projects; (b) this City Council expects that over 85% of the expendable proceeds of said bonds includin� investment proceeds will be expended on or before April l, 1980, for the purpose of paying the cost of said.projects, said date being within three years following the date of issue of said bonds; (c) work on said projects has proceeded and is expected to proceed with due diligence to completion; (d) said projects have not been and are not expected to be sold or other�rise disposed of 1n whole or in part prior to the last maturity of said bonds; (e) all of the principal proceeds of said bonds are needed for the purpose stated in the form of bond above set out, including expenses incidental to such purpose and to the issuance of said bonds; and (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 repre- sentations set out in this section. -15- �his City Council also certifies and further covenan�s w�th the purchasers and holders of said bonds from time to time out- standing that so long as any of said bonds remain outstanding, moneys on deposit in any fund or account in connection with said bonds, whether or not such moneys were derived from the proceeds of the sale of said bonds or from any other sources, will not be used in a manner which will cause such bonds 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(�) 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 bonds sub,i�ct to federal income taxation. Adopted March 17, 1977. Recorcied March 17 , 1977 - -16- � Cit,y Cle Motion was made by Teichmiller that said resolution be adopted, ar�d said motion was seconded by PROPP After due consideration, the President put the question, and upon roll being called, the following voted: Aye: Chaney, Moser, Propp, Teichmiller, Schiefelbein (5) adopted. Nay: Kutchera (1) The President thereupon declared said resolution duly � � � (Other business) Upon motion duly made, seconded and carried, the meeting was adjourned. i% . � � C�` � u . Attest: ) i -� Z `t%'�� ��' City Cle -17- �c � Presiden STATE OF WISCONSIN ) ) SS. COUNTY OF WINNEBAGO ) I, CONVERSE C. MARKS, hereby certify that I am the duly qualified and acting City 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 March 17, 1977; that I tlave 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 $2,3�5,000 Corporate Purpose Bonds, Series 1977 of said city, dated April l, 1977. WITNESS my official signature and the official seal of said city this 17 day of March , 1977. (SEAL) RHG/kp 3/16/77 NOTICE OF SALE CITY OF OSHKOSH, WISCONSIN $24,540,000 REFUNDING BONDS, SERIES 1977 �2,3�5,000 CORPORATE PURPOSE BONDS, SERIES 1977 SEALED BIDS on an all or none basis will be received until 11:00 A.M.,C,S.T., on APRIL 12, 1977 in the Council Chambers in the City Hall, Oshkosh, Wisconsin, at a rate or rates not exceeding 7% for the purchase of $2�,5�0,000 Refunding Bonds, Series 1q77, and $2,345,000 Corporate Purpose Bonds, Series 1977, of said city dated April l, 1977, maturing on April 1 of each of the years as follows: Refunding Bonds Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 lggo 1991 1992 1993 1994 Amount $2,075,000 2,200,000 2,025,000 2,200,000 2,025,000 2,215,000 2,100,000 2,200,OOd 1,950,000 1,800,000 1,000,000 775,000 825,000 400,000 225,000 250,000 275,000 Corporate Purpose Bonds Year 1978 1979 1980 1981 1982 1983 1984 19�5 1986 1987 1988 1989 1990 1991 1992 Amount $ 75,000 75,000 75,000 75,000 10�,000 120,000 125,000 125,000 175,000 175,000 200,000 200,000 250,000 250,000 325,000 The Refunding Bonds are general obligations of the city issued for the purpose of refunding certain outstanding gener�.l obligation bonds of said city, and the Corporate Purpose Bonds are general obligations of the city issued in the amounts and for the purposes as follows: $175,000 for the purpose of constructing street improvements; $880,000 for the purpose of improving and extending storm sewers; $185,000 for the purpose of improving and extending water mains; �.-w,� e_.� __ _ �. � $1,045,000 for the purpose of creating a revolving fund out of which to advance the costs of special assessments; and $60,000 for the purpose of acquiring and improving park land. All Bonds will be subject to redemption on April l, 1986 and thereafter at par plus accrued interest, in the manner stated in the Official Statement and Notice of Sale. The city will furnish at its expense the unqualified approving opinion of Chapman and Cutler. The Official Statement and Notice of Sale and any additional information may be obtained by addressing inquiries to the undersigned at the City Hall, in Oshkosh, Wisconsin 54901, or to Robert W. Baird & Co., Incorporated, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53201, Attention: Harry G. Kivell, telephone area 414-765-3730. /s/ RICHARD H. JANSEN Director of Administration -2- 1994 275,000 Said Bonds and the coupons thereon will be payable at such bank as may paid in advance. All Bonds will be registrable as to principal. Interest on all Bonds will be payable October l, 1977 and semiannually thereafter. All Bonds maturing on April 1, 1g87 and thereafter shall be subject to redemption at the option of said City as a whole, or in part in inverse order of maturity, and within each maturity by lot, on April 1, 1986 and on any interest payment date thereafter, at the principal amount thereof and accrued interest to the date of redemption. Bidders are requested to name the interest rate or rates the Bonds are to bear in multiples of 1/20th of one per cent, but not exceeding 7 per cent per annum. The difference between the highest and lowest rate bid shall not exceed two per cent. There will be no limit on the number of rates of interest which may be specified, but the same rate of interest shall apply to all Bonds of the same maturity regardless of the issue. Interest payable on any Bond on any interest payment date shall be represented by one coupon only. The City reserves the right to establish or further limit the rate or rates of interest the Bonds are to bear not less than 24 hours prior to the sale. If notice is not received before 11:00 A.M., Monday, April 11, 1977, bidders are requested to contact Robert W. Baird & Co., Incorporated, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53201, Attention: Harry G. Kivell, telephone area 414-765-3730. The City further reserves the right to withhold delivery of and to cancel Refunding Bonds of the 19g4 maturity in a principal amount of not exceeding $75,000, and all bids shall be so conditioned. No bid will be considered for less than par and accrued interest for all of the Bonds of both issues. Unless all bids are rejected, the Bonds will be awarded by the City Council at a special meeting to be held on the sale date to the bidder whose bid complies with this notice and results in the lowest net interest cost to the City, to be determined by computing the total interest on all of the Bonds -2- OFFICIAL SALE NOTICE CITY OF OSHKOSH. WINNEBAGO COUNTY. WISCONSIN $24,540,000 REFUNDING BONDS, SERIES 1977 $2,345,000 CORPORATE PURPOSE BONDS, SERIES 1977 NOTICE IS HEREBY GIVEN that the City of Oshkosh, Wisconsin, will receive sealed bids only on an all or none basis until 11:00 A.M., C.S.T., on APRIL 12, 1977 in the Council Chambers in the City Hall, Oshkosh, Wisconsin, for the purchase of its $24,540,000 Refunding Bonds, Series 1977 (the "Refunding Bonds"), and $2,345,000 Corporate Purpose Bonds, Series 1977 (the "Corporate Purpose Bonds"). The Bonds are dated April l, 1977, denomination $5,000, and due serially on April 1 of each year as follows: Refunding Bonds Year 1978 1979 19�0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Amount $2,075,000 2,200,000 2,025,000 2,200,000 2,025,000 2,215,000 2,100,000 2,200,000 1,950,000 1,800,000 1,000,000 775,000 825,000 400,000 225,000 25a,00o 275,000 Corporate Purpose Bonds Year 1978 1979 1980 1981 1982 1983 1984 1985 1g86 1987 1988 1989 1990 1991 1992 Amount $ 75,000 75,000 75,000 75,000 100,000 120,000 125,000 125,000 175,000 175,000 200,000 200,000 250,000 250,000 325,000 Said Bonds and the coupons thereon will be payable at such bank as may be designated by the purchaser within 24 hours followir�g the sale of the Bonds, but subject tothe approval of the Director of Administration of the City of Oshkosh, and in the event such designation is not acceptable, the Director of Administration will designate a paying agent. The City will pay a reasonable fixed charge to such paying agent and, with respect to the Refunding Bonds, such charge will be (including any Bonds that may subsequently be withheld from delivery and cancelled pursuant to the provisions of this notice) from April 1, 1977 to their respective maturities, and deducting therefrom the premium bid, if any. Initially, any premium will be allocated to the Refunding Bonds and the Corporate Purpose Bonds in direct proportion to each such issue. In the event that any of the Refunding Bonds are withheld and cancelled, the premium to be allocated to the Refunding Bonds shall be reduced in the same proportion as the amount withheld and cancelled bears to $24,540,000. Each bid must be accompanied by a certified check or bank cashier's or treasurer's check in the amount of $537,700 payable to the City Treasurer as a guarantee of good faith, to be forfeited to said City by the successful bidder as liquidated damages should he fail to take up and pay for the Bonds when ready. The good faith check of the bidder whose proposal is accepted will be held uncashed until delivery of the Bonds or forfeiture, and the good faith checks of the unsuccessful bidders will be returned upon the determination of the winning bid. In the event of the inability of the City to deliver the Bonds to the purchaser in accordance with the terms of this notice within 60 days after the date of the sale, said good faith check will, at the option of the purchaser, be promptly returned to the purchaser. All Bonds will be the direct general obligations of the City payable from unlimited ad valorem taxes. The Refunding Bonds are issued for the purpose of refunding certain outstanding general obligation bonds of the City. The Corporate Purpose Bonds are issued in the amounts and for the purposes as follows: $175,000 for the purpose of constructing street improvements; $880,000 for the purpose of improving and extending storm sewers; $185,000 for the purpose of improving and extending water mains; -3- $1,045,000 for the purpose of creating a revolving Pund out of which to advance the costs of special assessments; and $60,000 for the purpose of acquiring and improving park land. The printed Bonds and the unqualified approving opinion of Chapman and Cutler as to each issue (which will be printed on the Bonds) together with the Bond transcript with respect to each issue, including a no litigation certificate dated as of the date of the delivery of the Bonds, will be furnished to the purchaser at the expense of the City. The approving opinion of Chapman and Cutler with respect to the Refunding Bonds will include a recital that in the opinion of such counsel, and in reliance upon the opinion oi Kutak Rock Cohen Carrr�bell Garfinkle & Woodward, Omaha, Nebraska, that the refunding Bonds are not "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 195�, as amended, interest on the Refunding Bonds is exempt from present federal income taxes. The Bonds are expected to be ready for delivery on or about April 27, 1977. Delivery anywhere in the United States will be made at the expense of the city, against payment in federal funds or other immediately available funds. CUSIP numbers will be printed on the Bonds at the request of purchaser and the purchaser must bear all expenses in connection therewith. The City will assume no obligation for the assignment or printing of such numbers on the Bonds or for the accuracy of such numbers, and neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute a cause for a failure or refusal by the purchaser thereof to accept delivery of and make payment for said Bonds. Bids should be addressed to the undersigned, Richard H. Jansen, Director of Administration, City of Oshkosh, Wisconsin 54901, and should be submitted in a sealed envelope marked "Bid for $24,540,000 Refunding Bonds, Series 1977, and $2,345,000 Corporate Purpose Bonds, Series 1977." -4- _ � �. � . Copies of the Official Statement and any additional information may be obtained by addressing inquiries to Richard H. Jansen, Director of Administration, City Hall, Oshkosh, Wisconsin, or to Robert W. Baird & Co., Incorporated, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53201, Attention: Harry G. Kivell, telephone area 414-765-3730• The right is reserved to reject any and all bids and to waive a11 informalities in the bid accepted. /s/ WILLIAM D. FRUEH City Manager /s/ RICHARD H. JANSEN Director of Administration -5- ��� •e3 C� � h'• 4v c't' � � � � C� F--� F-' cD -� � � H � � � � r'�°:{� �., : � �m � `V � � � O � N � O cf' M W O ci' � � � CD ch O � - F� P� ch '� ' �C '.d � • �s • o c m � . , N � -] � N I N � -�1 � �.Jl "�..