HomeMy WebLinkAbout28404-28407 / 76-16-19, ,
•E , • )
It was thereupon moved by Councilman Kutchera and seconded
by Councilman Chaney that said resolution be adopted. Upon
roll being called, the following voted:
Aye: Chaney, Kutchera, Moser, Propp, Schiefelbein,
Teichmiller, Singstock. (7)
Nay: None
The iollowing resolution, read on August lg, 1g76, was
thereupon introduced and read in iull:
INITIAL RESOLUTION authorizing
50,000 bonds oi 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 $50,000 for
the purpose of constructing and improving sanitary sewers. 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 direc� annual irrepealable tax
sufficient for that purpose.
RECORDED September 3, 1976.
-2-
,
, .
'>• ` ,
The City Council of the City oi Oshkosh, Winnebago
County, Wisconsin, met in regular open, public session at its regular
meeting place on September 2, 1976, at 7 o'clock p.M., with
the following members present: Council Members Chaney, Kutchera,
Moser, Propp, Schiefelbein, Teichmiller, Singstock. (7)
and the following members absent: None
� � �
(Other business)
The following resolution, read on August 19, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
750,000 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 o? $750,000 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 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 ior that purpose.
RECORDED September �, 1976.
.� ' ,
It was thereupon moved by Councilman Kutchera and
seconded by _Councilman Ghaney that sazd resolution be adopted.
Upon roll being called, the following voted:
Aye: Council Members Chaney, Kutchera, Moser, Propp,
Schiefelbein, Teichmiller, Singstock. (7)
Nay: None
The following resolution, read on August 19, 1976, was
thereupon introduced and read in fulZ:
INITIAL RESOLUTION authorizing
30,000 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 $30,000 ior
the purpose of equipping the iire department. For the purpose of
paying the various installments of principal and interest on said
bonds as they severally mature, there is hereby levi.ed on a11 taxable
property in said city a direet annual irrepealable tax sufficient
for that purpose.
RECORDED September 3, 1976.
ty
-3-
It was thereupon moved by Councilman Moser and
seconded by Councilman Schiefelbeinthat said resolution be adopted.
Upon roll being called, the following voted:
Aye: flouncil Members Chaney, Moser, Propp, Schiefelbein,
Singstock. (5)
Nay: Council Members Kutchera, Teichmiller. (2)
The following resolution was thereupon introduced and read
in full:
RESOLUTION providing details of
' 30,000 Corporate Purpose Bonds
of the City oi Oshkosh and directing
the sale thereof.
WHEREAS by initial resolutions duly adopted on September 2,
1976, there have been authorized to be issued bonds of the City of
Oshkosh in the amounts and for the purposes as follows:
and
$50,000 for the purpose oi constructing and
improving sanitary sewers;
$30,000 for the purpose of purchasing fire
department equipment; and
$750,000 for the purpose of creating a
revolving fund for the advancement
of the cost of projects for which
special assessments may be levied;
-4-
WHEREAS it is now necessary that bonds be sold and issued
for the purposes aforesaid in the total principal amount of $830,000;
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, Glinnebago County, Wisconsin, as follows:
Section 1. The bonds authorized by the initial resolutions
adopted by this City Council on September 2, 1976, and referred to in
the preamble hereto, shall be sold and issued as a single issue in
the principal amount of $830,000 to be designated "Corporate Purpose
Bonds, Series 1976-A," shall be dated October l, 1976, shall be of
$5,000 denomination each, shall be numbered 1 to 166, inclusive, and
shall ma�ure serially in numerical order withou� option of prior
redemption on April 1 of each of the years 1977 to 1986, inclusive,
as follows:
Year
1977 - 1980
1981
1982 - 1986
Amount
$ 75,000
80,000
g0,000
Said bonds shall �ear interest at a ra�e or rates to be
hereafter determined, but no� exceeding 7 per cent per annum, pay-
able on April 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. Interesi upon said bonds
shall be evidenced by coupons thereto attached, such coupons to be
signed by said City Manager and City Clerk with their respective
-5-
! •y
�`
kf ('
facsimile signatures, and said officers shall by the execution of
said bonds adopt 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, to be designated by the purchaser oi the bonds.
Section 2. Said bonds shall be registrable as to principal
in the manner and with the effect provided in 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 1976-A
Statement of the value of all the taxable
property in said City oi Oshkosh according to
the last preceding assessment thereof for state
and county taxes, as equalized by the State of
Wisconsin Department of Revenue, being for the
year19 . . . . . . . . . . . . . . . . . . . . . . $
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 Department
of Revenue, being for the year 19_ • • • • • • • • • �
Aggregate amount of existing bonded indebted-
ness 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 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 Thousamd
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 April l, 1977, and semiannually
thereafter on April 1 and October 1 of each year, interest to
maturity being payable only upon presentatio� and surrender of the
-7-
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.
This bond is one of an issue of $830,000 issued for the
purpose of providing funds in the amounts and for the purposes as
follows:
$50,000 for the purpose of constructing
and improving sanitary sewers;
$30,000 for the purpose of purchasing fire
department equipment; and
$750,000 for the purpose of creating a
revolving fund for the advancement
of the cost of projects for which
special assessments may be
levied;
pursuant to and in all respects in compliance with Chapter 67 of
the Wisconsin Statutes and acts supplemental thereto, and a resolu-
tion duly adopted by the City Council of said city on September 2,
1976.
This bond is registrable as to principal in
accordance with the provisions endorsed on the reverse side
hereof.
:
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 bond and the issue of
which it is a part, have been, have existed, and have been performed
in due form and time as required by law; that the indebtedness of
said city, including this 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 discharge the principal hereof at
maturity.
IN WITNESS WHEREOF the City of Oshkosh, by its City Council,
has caused this bond to be signed by its City Manager with his
facsimile signature, and by its City Clerk, and its corporate seal
to be impressed hereon, and the coupons hereto attached to be signed
by said City Manager and City C�erk with their respective facsimile
signatures, and said officers, by the execution of this bond, do
adopt as and for their own official signatures their respective
facsimile signatures appearing on said coupons, as of the first day
of October, 1976.
(facsimile signature)
y Clerk City Manager
�
No.
(Form of Coupon)
$
On the first day of , 19`, the City of Qshkosh,
Wisconsin, will pay to bearer the amount shown hereon in lawful
money of the United States of America at
� , , or at
> > >
at the option of �he holder, upon presentation and surrender of this
coupon for interest due that day on its Corporate Purpose Bond,
Series 1976-A, dated October I, 1976, No.
(facsimile signature) (facsimile signature)
City Clerk 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 Oshkosh, as bond registrar, such registration to be noted
hereon in the registration blank below, after which no transfer
shall be vaiid unless made on said books at the request of the registered
holder or his attorney thereunto du1.y authorized and similarly noted
in said registration blank below, but �his 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 registratzon shall not impair the negotiability by
delivery of the coupons attached to this bond.
-10-
0
Date of Name of Address of Signature
Registration Registered Holder Registered Holder of Registrar
-11-
.n�,��..�.
Section 4. Said bonds shall be sold at public sale in �:he
manner provided by law on or about � , 1g76. 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 Buyer,
published in New York, New York. The last of each such publications
shall be at least 10 aays prior to the sale date. Such notice shall
be in substan�ially �he form provided in Exhibit "A" attached hereto.
The Director oF Administratiorz 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 the sale of said
bonds shall be used only as follows:
$50,000 for the purpose of constructing
and improving sanitar;� sewers;
$30,000 for the purpose of purehasing fire
depar�ment equ�pmerit; and
�75�,000 for the purpose of creating a
revolving fund for the advancement
of the cast cf projects �or wnicr�
special assessments may be
levied;
Section 7. The principal proceeds of the sale of said
bonds shall be devoted to and used with due diligence for the comple-
�ion of �he projects for which said bonds are hereby authorized to
be issued. This City Counc�l represents and certifies that:
-1 2--
(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 including investment
proceeds will be expended on or before June �, 1979,
for the purpose of paying �he 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 otherwise disposed of in 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 incideMtal 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.
-13-
This City Council also certifies and further covenants with the
purchasers and holders of said bonds from time to time out-
standing that so long as any of said bonds remain outstanding, mQneys
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(d) 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(d) or regulations promulgated thereunder shall
be repealed or relaxed or shall be held void by final decision of
a court of competent jur�sdiction, 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 subject to federal income
taxation.
Adopted September 2, 1976.
Recorded September_3 , 1976.
City Cle
-1�1-
�
55
�r �
Motion was made by Councilman Schiefelbein that said
Council Member
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: Council Members Chaney, Moser, Propp, Schiefelbein,
Singstock. (5)
adopted.
Nay: Council Members Kutchera, Teichmiller. (2)
The President thereupon declared said resolution duly
� � �
(Other business)
Upon motion duly made, seconded and carried, the meeting
was adjourned.
n � , �
Attest:
' �'l0�
City Cl
-15-
�, -�
resid n
EXHIBIT A
to
Resolution of September 2, 1976
�830,000
CITY OF OSHKOSH
WINNEBAGO COUNTY, WISCONSIN
CORPORATE PURPOSE BONDS, SERIES 1976—A
SEALED BIDS will be received until 11:00 A.M., C.D.T.,
� °� , � —, 1976
in the Council Chambers in the City Hall of said city, at a maximum
rate of 7%. The bonds are general obligations of the City of Oshkosh
issued for the purpose of providing funds in the amounts and for the
purposes as follows:
$50,000 for the purpose of constructing
and improving sanitary sewers;
$30,000 for the purpose of purchasing
fire department equipment; and
$750,000 for the purpose of creating a
revolving fund for the advancement
of the cost of projects for which
special assessments may be levied.
The bonds are dated October l, 1976 and will mature on April l, 1977 to
1986, inclusive, without option of prior redemption, as follows:
Year Amount
1977— 1980 � 75,000
1981 80,000
1982 — 1.g86 90, o00
The City will provide the unqualiiied approving legal opinion
of Chapman and Cutler and the printed bonds at its expense. Delivery in
Chicago, Milwaukee, or New York at the expense of the City. The Official
Statement, Official Notice of Sale, and Official Bid Form may be obtained
from the undersigned, at the City Hall, Oshkosh, Wisconsin 5�1901.
Telephone 414/424-0274.
/s/
/s/ RICHARD H. JANSEN
Director of Administration
ty Manager
. � , �
EXHIBIT B
to
Resolution of Sept�mber �, 1976
OFFICIAL NOTICE OF SALE
$830,000
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
CORPORATE PURPOSE BONDS
SERIES 1976—A
NOTICE IS HEREBY GIVEN that the City of Oshkosh, Wisconsin, will
receive sealed bids only for the purchase of it Corporate Purpose Bonds,
Series Z976—A, until 11:00 A.M., C.D.T., on ' ( , 1976, at
which time bids will be publicly opened and announced at the Council
Chambers in the City Hall, Oshkosh, Wisconsin. Said bonds will be
dated �ctober l, Z976, denomination $5,000, and will mature serially
without option of prior redemption ori April 1, of each of the years
1977 to 1986, inclusive, as follows:
Year Amount
1977 $75,000
1978 75,000
197g 75,000
1980 75,000
1981 80,000
Year Amount
1982 $go,000
Zg83 90,000
198�► g0, 000
1985 go,o00
1986 90,000
Said bonds and the coupons thereon will be payable at a
bank or banks, not exceeding two, to be designated by the purchaser,
not later than 5:00 P.M., C.D.T., on the date of the sale, and agreed
to by the City. The bonds will be registrable as to principal.
Interest on said bonds will be payable April 1, 1977, and semiannually
thereafter.
u
PURPOSE AND SECURITY OF BONDS
Said bonds will be the direct general obligation of the
City of Oshkosh, Wisconsin, payable from unlimited ad valorem taxes,
and are to be issued for the following purpose:
$50,000 for the purpose of constructing
and improving sanitary sewers;
�'30,000 for the purpose of purchasing fire
deparLment equypment; and
$750,000 for the purpose oi crea.ting a
revolving fund for the advancement
of the cost of p�ojects for which
special assessmEnts may be
levied;
RATE OF INTEREST AND BASIS FOR AWARD
Bidders are required to name the interest rate or rates the
bonds are to bear, not to exceed seven per cent (7%) per annum,
expressed in multiples of one-twentieth of one per cent (1/20 of
1%). Not more than five (5) interest rates may be specified and
a zero rate may not be named. Repetition of a rate will not constitute
an additional rate. Interest payable on any bond on any interest
paymen� date shall be represented by one coupon only and all bonds
of the same maturity shall bear the same rate of interest. No bid
will be considered for less than par ar�d accrued interest for all
of said bonds. Unless all bids are rejected, the bonds will be
awarded by the City Council on the sale date to the responsible
bidder whose bid results in the lowest net interest cost to the City
-2-
, �
•
' . •
which will be determ�ned by deducting the total amount of any premium
bid from the total amount of interest on all of the bonds from the
date of said bonds to the respective maturi�y dates.
TAX EXEMPTION
In the opinion of the bond counsel, interest on these
bonds is exempt as of the date of this notice from Federal Income
Taxes under presently existing laws, regulations, decisions and
interpretations.
OFFICIAL BID FORM AND GOOD FAITH CHECK
Each bid mus� be accompanied by a certified check, or a bank
cashier�s check, drawn on a solvent bank or trust company in the
amount of $16,6d0 payable �o the City Treasurer of the City of
Oshkosh as a guarantee of good faith. The check of the successful
bidder will be retained by the City as partial damages, should he
fail to take up and pay for the bonds when ready. The good iaith
cheek of the bidder whose proposal is accepted will be held uncashed
until delivery of the bonds or forfeiture, and �he good faith checks
of all unsuccessful bidders will be returned promptly upon the
determination of the highest bid. In the event of the failure of
the City to delivery said bonds to the purchaser in accordance with
the terms of this notice within 60 days after the date of sale,
said good faith check will, at the option of the purchaser, be
returned promptly to the purchaser. Each bid must be submitted on
The Official Bid Form available from the undersigned, must be for
all said $830,000 a�gregate principal amount of bonds, and must
be enclosed in a sealed envelope addressed to the Director of
-3-
., .
, r
Administration, City of Oshkosh, City Hall, Oshkosh, Wisconsin
54g01 and marked "Bid for $830,000 Corporate Purpose Bonds, Series
1976-A, of the City of Oshkosh,rr
DELIVERY OF BONDS
The City of Oshkosh will, at its own expense, provide the
unqualified approving opinion of Chapman and Cutler, Chicago, Illinois,
covering the legality of the bonds, the certified bond transcript,
including a no-litigation certificate dated as of the date of the
delivery of the bonds, and the printed bonds with the legal opinion
printed thereon.
If CUSIP numbers are desired by the purchaser, the purchaser
shall bear all expenses in connection therewith and the responsibil-
ities for verifying the numbers, and must agree to accept delivery
of the bonds irrespective of the accuracy of the CUSIP numbers
printed thereon.
The bonds are expected to be ready for delivery within
40 days after the sale. Delivery in Chicago, Illinois, Milwaukee,
Wisconsin, or New York, New York, will be at the expense of the
City of Oshkosh.
The right is reserved to reject any and all bids and to
waive informalities in the bid accepted.
City Manager
RICHARD H. JANSEN
Director of Administration
-4-
.. .
� �- .�� .
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, CONVERSE C. MARKS, hereby certify tha� I am the
duly qualified and acting City Clerk oi the City oi 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 2, 1976; 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 $830,000 Corporate
Purpose Bonds, Series 1g76-A, of said city, dated October l,
1976.
WITNESS my official signature and the official seal
of said city this �� day of September, 1976.
y Cle
( S E A L )
RHG/kp
8/26/76
�
� �
�• �
�+.� �
� ` �
�� �
�1 �''��-., �
�
(D � (D
�i � �i
�'
N
N
�
�
rn
�
0
cF
I�•
O
�
N
�
�
�
�
0
�
m
�
m
�
O
�i
�
lD
P�
�
F-�•
�
�
�•
�
�
�
'd
cr- �d �i
�' � O
�D K
Fi �d (�
fD O
O � R�
F-y N N
. �}
td p�
o r•
�S N
� �
m
0
� �
r�
� �-
�
sz w
N• o
�i �
(D O
C� O
c+ O
� �
�U O
I--� �i
m �
0
�
�
�
m
H
�
w
d {i� c F
fD W I-'•
h� o (v
¢� � N
�i O
c+ O '�1
� O CD
N U�
� td O
c+ o I�
� �
P-� ct-
m w
0
� �
0
� �
0
m
� �
c� �
j.,, r�
r� �
� O
I-'' �
� �
04
�
N•
,
�
H
'�
t�•
fij- c �
v-i i-�•
O p�
F-'
O
O '�
O fD
�
tz1 O
O f-'
� �
P-� �+
m N•
0
� �
0
� �
0
�
� �
� 'd
w �ct
cF Fi
P� O
� N
�
m
�
m
*�
. + r � y �
H
�
�•
Fi f� c+
rn � r•
� � �
O O N
N�
�', O �J
F'• O (D
� O U�
Oq O
td F--'
'=J O �
� '�� ch
� p, F-'•
s� � o
�
�
o �-
�t o
� �
� �
m �d
(D �i
� O
m �,'
� �
(D
�
�-
�
N
W
�'
O
-�'
I
N
�
-�-
0
�