HomeMy WebLinkAbout28092 / 76-06�
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The City Council of the City of Oshk�sh, Wisconsin,
ne� in regular, open, public session at its regular meeting place
on I��arch 18, 1976, at '/: �Cy o' clock P. M. , with the following
r��er�bers present :
Council I�`e�.bers: Wayne C. Chaney, Do�iald .Do Jorgenson,
Don :`,. Kui,c�ers, Kathryn :Eo McIlre�, Ken R.
Schieielbein, Bernice Teichmiller, George i;.
Singstock (7)
and �he folloc•ring members absent :
I�one
� � �
(Other business)
The Ci�y Clerk then reported that pursuant to advertised
notice of sale, sealed bids were received until 11:00 o'clock A.M.,
C.S.�., on Prarch 18, 1976, at the Council Chambers �n the City Hall
in said city for the purchase of $1,750,000 Corporate Purpose
3ar_ds= Series 1976, of said ci.ty, that the bids had been publ:icly
opened and announced at said time and place, and had been tabulated
as follows:
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OFFIClAL BID FORM
Cit� Council
Ci�� Halt
p;�.;o;h, «i�consin 54901
Gen:lemen: � �
Subject to all terms set forth in the Offici ��°,eeHu draed' Twen � nei�neya d 50/ 0 thshis proposal,
�se of�ez to pay 51,750,000 plus a premium of -
�� 329 . 50 ) and accraed interest to date of delivery, for �1,750,000 Corporate Purpose
Bonds, Series 1976, of the City of Oshkosh, `Va�sconsin, dated A�ril l: J.976, maturing serially April 1 of each
Sear zad bearing interest as follos�s:
Amount
5100,000
100,000
100,000
100,000 -�-
I.00,000
100,000
100,000
100,000
Iiear of Interest
l�iaturit Rate
1977
1978
1979
1980
1981
1982
1983
1984
5.00 �/o
._�. 5. �� %
S _�_%
5 _ L2R---`10
..���,`7'0
5 00 %
s-nn `�°
5_oQ_90
Amount
$100,000
100,000
150,000
150,04Q
150,OQ0
150,000
15�,000
Xear of
Maturitv
X985
1986
1987
198�
1989
1990
1991
�;e prefer that the bonds be payable at_
to be agreed u on
Interest
Rate ,
5.00 %
40 —%
S 4Q %
5 . �+0 %
s 5 50 %
e � �T%
5 RQ.'—%
aad ai - �
Said bonds are to be e�ecuted and delivered to us in accordance with the texms of this bid accom-
panicd by the approving legal opinion of Chapman and Cutler, Attorneys, Chicago, Illi.nois. �.'ou are ta
pa� for said legal opinion and printing of �ionds.
a; e�-idence of good faith, we encl.ose here�v"tih a cl�eck to t'r�e �rder of the `�reasurer of the City
of Osh�osh, «'isconsin, in the sum of $3�,000 pursuant to the terms provided in your Official Notice
oi 5a?e. ?iitached hereto is a list of the members af our account on whase behalf this bid is made.
� D�;c�i� �ion of Cneck:
� �raou�t: 5��,000
;\�e oi Bank Continental Illinois
�:;��_oZ�1, ga�k & Trust Go. of Chicag
':Cit� �ica�o State Illinois
;TS P� r„ ��,; �,-� __.. Check tiToB =12fz�h�i' —
;DZ�+,.� �tarch 10, 1976
(For City Use Oaly}
The �bove Ch2ck «as R.eturned and Received
ior tne �bove �'ame Account I�lanagere
B5
R.espectoritl�'xinub � t ilin ona3-Ban�'�
� an s o � C _ n�'.. `
Name
By , � ' r. ��"i.' E�..: � "�
Address e�3�eSout LaSal�e Street __
City Chicago
(SEE ATTACHED LTST
For Information of City Only.
Interest Cost from Above is:
Total Interest ......� ...............
LessPremium .....................
Net Interest Cost � ...............
Net Interest Rate ................
State T�-lznois
OF MEMBERS)
Our Calculaiion af
� 822,750.00
$ 329.50 ,
� 822,420.50
5.392921 qo
The fore;oing bid «as accepted and bonds sold by resolution oi the City Gouncil of the Ci�y of
p;��;o;h, �� isconsin on � ,1976, and receipt is hereby acknowledged of the
good faith check �r-hich is being held in accordance �vith the terms of the Official Notice oi Sale.
CITY OF OSHKOSH
By Directoz of Administratian
, � .
�
Name of Bidder
(See Attached)
Net Interest Cost
that the highest and best bid submitted was that of Continental
Illinois National Bank � Trust Co. of Chicago, Tllinoi� and associates, at a
price of par plus a premium of $ 329.50 and accrued interest
to the date of delivery, and that the acceptance oi said bid is
recommended, which bid is as follows:
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The fo?lo;�rinQ resolution was thereupon introduced by
a Counc� 1�?e?nber and read in full:
RESOLUTION confirming sale, deter-
mining rates of interest, and.
levying taxes in connection with
$1,750,000 Cor�orate Purpose Bonds,
Series 1976.
j�JHEREAS by proceedings duly '�aken in the zn�nner s time and
�or:� reauired by law $1,750,000 Corporate Purpose �onds, Series 1976,
o� �ne Ci�y of Oshkosh, Wisconsin, have been heretofore authorized;
z�d
k''riL?�AS pursuant to advertised nUtice of sale, bzds were
rece�v?d for said bonds on P+�arch 18, 197f�; and
ti��:FR�AS the bid of Continental Illinois National Bank � Trust
Co. , and associates, at a�rice,of par plus a
�^z^_u�. o� � 329.50 and accrued xnterest to the date of .
da?iver� has the highest and best bid submitted;
I;�j�., TH�P.��FQRE, Be It Resclved by �ha City Council of the
C_�� o: Osn'_.os�, ���isconsin, as follows:
S�ction l. Said �1,750,000 Gorpora�e �urpose �onds, Series
1�75, d��ed n�ril 1, 1976, shall bear interest as follows:
Iraturities Interest Rates
1977-1985 S.00o
1986-1988 5.40%
1989 5.50%
1990 5.700
1991 5.80a
_!�_
,y�
Section 2. The sale of said bands to Continental Illinois
Bank F� Trust Co., Chicago, Illinois
, and associates, at
the price recited in the preamble hereof is hereby confirmed, same
being the best bid submitted.
Section 3. Said bonds shall be �ayable in lawful money of
the United States of America at Continental Tllinois Natzonal Bank
� Trust Co. � Chicago � Illinois , o r at
�
, at the option of the holder.
Section 4. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on said bonds and to
pay and discharge the principal thereof at znaturitya ther� is hereby
levied upon all the taxable property in the City of Oshkosh, a direct
annual tax in an amount sufficient for that purpose and there is
hereby levied upon all of said taxable property in said city the
following direct annual tax, to-wit:
Year of Lev
Zg76
1977
1978
1979
1g80
1981
1982
1g83
Amount of Tax
$ 235 , 650
184,600
179,600
174,600
169,600
164,600
159,600
154,600
Year of Lev
1984
1g85
1986
1987
1988
198g
lg90
Amount of Tax
$149,600
144,400
187,650
179,550
171,375
162,975
154,350
In each of said years 1976 to 1990, inclusive, the direct
annual tax above levied shall be extended upon the tax rolls of said
City of Oshkosh and collected by the officers of said city in the
same manner and at the same time as taxes for general city purposes
for such years are extencled and collected, and when so collected, the
proceeds of said taxes shall be used solely for paying the principal
of and interest on said Corporate Purpose Bonds, Series 1976, so long
as any of said bonds remain outstanding.
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. �
_ _ _ _ _ . _ _ . __.
Section 5. Interest on or principal of the bonds herein
authorized falling due at any �ime when there shall be on hand
insufficient funds from the proceeds of the above tax levy for the
payment of such interest or principal sha11 be paid promptly when
due from other funds of said city, which funds shali be reimbursed
therefor out of` the proceeds of the taxes �.bove levied when such
taxes sha11 have been collected.
Section 6. There is hereb� established in the city treasury
a fund separate and distinct from a11 other funds of saici city to be
designated "Series 1976 Cor�orate Purpose Boz�ds Sinking Fund," which
fund shall be used solely ior �he purpas� of paying principal o� and
interest on said bonds. There shall be depasited in said fuz�d all
premium and accrued interest paid oz� said bonds at the time said bonds
are del3vered to the purchaer; a11 znoney x�aised by �axation pursuant
to Section �I hereof a the sum of $ 46,050.00 ior the purpose
of paying interest on said bonds payabl� on October l, 1976� anc�
such other sums as may be necessary to pa� �nterest on said bonds when
the same shall become due and ta retire said bands at their
respective maturity dates.
Section 7. Said bonds when the same have been executed in
the manner heretofore provided shall be delivered by the City
Treasurer to the purchaser thereof upon payment oi the purchase
price.
Attest:
Adopted March 18, 1976e
:�
City Clerk
9
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President
. ' � .
Motion Wa.S made by Council P�Iember Kutchera that
said resolution be adopted, and said motion �ras seconded by
Council Member Schiefelbeir� After due consideration� the President
put the question, and upon roll being called the following voted:
�ye• Chaney, Jorgenson, Kutchera, McIlree,
� Schiefelbein, Teichmiller, Singstock (7)
�ay° None
0
The President then declared said resolution duly adapted.
� � �
(Other business) 0
Upon motion of Council M� mber Kutchera ,�he City
Council adjourned.
Approved March 18 ' 1�76.
,~, � ,
-�-"� 0' � iL �j, ��J--� � _ '� �dC�L� �-�'
President ` '�
�—
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Attest:
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City e
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STATE OF WISCONSIN )
) SSQ
COUNTY OF WINNEBAGO )
I, CONVERSE Co MARKS, k�ereby certify that I am the duly
qualified and acting City Clerk of tk�e City of Osh�osh, 4Jisconsin,
and as such official I further certziy that attached hereto is a true,
correct and compared copy af excerpts �'rom the zninutes af the zne��ing
of the City Council of saicl city k�eld on March �.�, �976, insofar as
same pertain to the sale oi $1,750,00(� Cor�orate Purpose Bonds, Series
1976, of said city.
I further certify '�hat a true anci carrect s�atement of every
step or proceeding had or taken to date z� th� eourse af authorizing
said bonds has been recorded by me in a separate mecc�rd bonk pursuant
to the provisions of` Section 67m0�(12) of` the Wisconsin �Statutest
I fur�her certify that the intitial resolutic�ns adapted on
rebruary 19, 1976 authorizing the issuance of said bands were recorded
in my office on Feburary _, 1976, as required by law� and that no
petition has been filecl with me ox� �� zny c�ffice �rotesting t�e issuance
of said bonds,requesting that said borads �ot be issued, or requesting
a referendum on the question of issuing said bonds.
I further ceritfy that, �.n order to comply with Seetion
66.77, Wisconsin Statutes, notice of the meetings af �he City Council
held on February 5, 1976, February 19, 1.976� and rfarch 18, 1976 was
given to the public in the following manner:
WITNESS my official signature and the official seal of said
city this � o day of ^>'����,��;t��, , 1976 ,
( S E A L )
ty Cler
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