HomeMy WebLinkAbout28038 - 28043 / 76-20-16I.
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The City Council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular open, public session at its
regular meeting place on February 19, 1976 at 7:00 o'clock,
P.M., with the following members present:
Council ARembers: Chane , Wayne C., Kutchera, Don H., McIlree,
Kathryn E., Schiefelbein, Ken R., Teichmiller,
Bernice, Sin�stoc+, George N. (6)
and the following members absent:
Council Member: Jorgenson, Donald D. (1)
* * * * * * * *
(other business)
The following resolution, read on February 5, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
$580,000 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 $580,000 for the purpose
of constructing and improving storm 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 direct annual irrepealable tax sufficient for that
purpose.
RECORDED: February 1g , 1976.
City Clerk
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It was thereupon moved by T�cllree and
seconded by Schiefelbein _ that said resolution be
adopted. Upon roll being called, the following voted:
Aye: Chaney, Kutchera, McIlree, Schiefelbein,
Teichmiller, Singstock (6)
Nay: None
The following resolution, read on February 5, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
$300,000 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
$300,000 for the purpose of constructing and improving water mains.
For the purpose nf 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: February 19 , 1976.
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City Cler
It was thereupon moved by Schiefelbe�_n and
seconded by McIlree that said resolution be
adopted. Upon roll being called, the following voted:
Aye: Chaney, Ku-�c��era, McIlree, Schiefelbein,
Teichmiller, Singstock (6)
Nay: None
The following resolution, read on February 5, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
$70,000 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 $70,000 for the purpose
of acquiring a fire engine. 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: February lg , 1976.
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City Cler
It was thereupon moved by Teichmiller and
seconded by Mcllree that said resolution be
adopted. Upon roll being called, the following voted:
Aye• Chaney, Kutchera, McIlree, Schiefelbein,
� �eichmiller, Singstock (6)
Nay: Pdone
The following resolution, read on February 5, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
$550,000 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 $550,000
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; February �-9 r 1976.
4 --
City Clerk
It was thereupon moved by schiefelbein and
seconded by Mcllree that said resolution be
adopted. Upon roll being called, the following voted:
Aye:
Nay:
Chaney, Kutchera, McIlree, Schiefelbein,
Teichmiller, Singstock (6)
None
The following resolution, read on February 5, 1976, was
thereupon introduced and read in full:
INITIAL RESOLUTION authorizing
$250,000 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 $250,000 for the purpose
of providing improvements to 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: February
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19 , 1976.
City Clerk
It was thereupon moved by Kutchera and
seconed by Schiefelbein that said resolution be
adopted. Upon roll being called, the following voted:
Aye: Chaney, Kutchera, McIlree, Schiefelbein,
Teichmiller, Singstock (6)
Nay: None
The following resolution was thereupon introduced and
read in full:
RESOLUTION providing details of
$1,750,000 Corporate Purpose Bonds
of the City of Oshkosh and directing
the sale thereof.
WHEREAS by initial resolutions duly adopted on February 19,
1976, there have been authorized to be issued bonds of the City of
Oshkosh in the amounts and for the purposes as follows:
$580,000 for the purpose of constructing and
improving storm sewers;
$300,000 for the purpose of constructing and
improving water mains;
$70,000 for the purpose of acquiring a fire
engine;
$550,000 for the purpose of providing street
improvements; and
$250,000 for the purpose of providing
improvements to public parks;
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and,
WHEREAS it is now necessary that bonds be sold and issued
for the purposes aforesaid in the total principal amount of
$1,750,000; 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 l. The bonds authorized by the initial resolutions
adopted by this City Council on February 19, 1976, and referred to in
the preamble hereto, shall be sold and issued as a single issue in
the principal amount of $1,750,000 to be designated °'Corporate Purpose
Bonds, Series 1976", shall be dated April 1, 1976, shall be of
$5,000 denomination each, shall be number 1 to 350, inclusive, and
shall mature serially in numerical order without option of prior
redemption on April 1 of each of the years 1977 to 1991, inclusive,
as follows:
Year Amount
1977 - 1986 $100,000
1987 - 1991 $150,000
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 1, 1976, 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 said City Manager and City Clerk with their respective
facsimile signatures, and said officers shall by the execution of
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___
---- ____ _ ---._. _ _L
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 of 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 substanially
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, SERTES 1976
Statement of �he value of all the taxable
property in said City of 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
year 19� . . . . . . . . . . . . . . . . . . .
. . $
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 S�ate of Wisconsin Department
of Revenue, being for the year 19,. ...,...
. $
Aggregate amount of existing bonded indebted-
ness of said city, including this issue, .....,$
No.
$5000
KiVOW ALL MEN BY THESE PRESENTS : That the City of Oshkosh,
in the County of Winneb8go arrl State of Wisconsin, hereby acknow-
ledges itse.Lf 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 ($5000) on
on the first dsy of April, I9 , 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, 1976, and semiannually thereafter on April 1
and october 1 of each year, interest to maturity being payable only
upon presentation anci surrender of the interest coupons attached
hereto as they severally mature. Both principal hereoP and interest
hereon are herebZ* made rayable ir_ ??�'�?1 �oney c�f the Unit�a St�tes
�
`
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 tax 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 $1,750,000 issued for the
purpose of providing funds in the amounts and for the purposes as
follows:
$580,000 for the purpose of constructing and
improving storm sewers;
$300,000 for the purpose of constructing and
improving water mains;
$70,000 for the purpose of acquiring a fire
engine;
$550,000 for the purpose of providing street
improvements; and
$250,000 for the purpose of providing
improvements to public parks;
pursuant to and in all respects in compliance with Chapter 67 of
the Wisconsin Statutes and acts supplemental thereto, and a
resolution duly adopted by the City Council of said City on
February 19, 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
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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 �Zereon when it falls due and also
to pay and discharge the principal hereof at maturity.
IN WITNFSS WHF�EOF the City of Oshkosh, by its City
Council, has caused this bond to be si�ed 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 Clerk with their respectiv.e
facsimile signatures, and said officers, by the execution of this
bond, do adopt as and for their own official signatures their res-
, pective facsimile signatures appearing on said coupons, as of the
first day of
(facsimile signature)
City Clerk ^ City Manager
(Form of Coupon)
No. �
On the f irst day oi , 19_, the City of Oshkosh,
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 the holder, upon presentation and surrender of this
coupon for interest due that day on its Corporate Purpose Bond,
Series 1976, dated April 1, 1976r No.`�.
(facsimile si�nature) _ (facsimile si�nature)
� City Clerk City Manager
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�
(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 na
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 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.
0
Date of Name of Address of Signature
Re�istration•Re�istered Holder • Re�istered Holder :of Re�istrar_
.
� ; .
.
.
. , .
.
:
: , .
:
: , .
:
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Section 4. Said bonds shall be sold at publ�c sale in
the manner provided by law on or about March 18, 1976. Notice of
the sale of said bonds shall be published once each week for two
consecutive weeks in the official city newspaper, and in The Bond
Buyer, published in New York, New York. The last of each such
publication 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 the sale of said
bonds shall be used only as follows;
$580,000 for the purpose of constructing and
improving storm sewers;
$300,000 for the purpose of constructing and
improving water mains;
$70,000 for the purpose of acquiring a fire
engine;
$550,000 for the purpose of providing street
improvements; and
$250,000 for the purpose of providing
improvements to public parks.
Section 7. The principal proceeds of the sale of said
bonds shall be devoted to and used with due diligence for the
completion of the projects for which said bonds are hereby authorized
to be issued. This City Council represents and certifies that:
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(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
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� oP the
expendable proceeds af said bonds including investment
proceeds will be expended on or before March 1, 1979,
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 procee3ed and is
expected to proceed with due diligence to completion;
(d} sai3 projects have not been and are not expected
to be sold or otherwise disp�sed of in whole or in part
prior to the last maturity of said bond�;
(e� all of the principal proceeds of said bonds are
needed for the purpose stated in the form of bond above set
out, including expenscs 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 �.re r�o facts, estimates or circumstances
that would materially change the conclusions and represen-
tations set out in this s�ction.
This City Couneil also certifies and further covenants with�the
purchasers and holders of said bonds f'rom time to time outstanding
that so long as any of said bonds rer�ain outstanding, moneys on
deposit �n any fund o� accot.�nt in connection �rith �a.i d b�+??�s� whether
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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 bondst' within
the meaning of Section 103(d) of the Internal Revenue Code of 195�, �
as amended, and any lawful regulations promulgated or proposed
thereunder, including Sections 1.103-13 and 1.103-14 oP the Income
Tax Regulations (26 CFR Part 1), as the same presently exist, or
may from time to time hereafter be ainended, supplemented or revised.
The City Council reserves the right, however, to make any invest-
ment of such moneys permitted by state law if, when and to the
extent that said Section 103(d) or regulations promulgated there-
under shall be repealed or relaxed or shall be held void by final
decision of a court of competent jurisdiction, but only if ar�y
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 February 19, 1976.
Record°C� February 1� , 1976.
City Clerk
Mfltion was made by KL,t.�h.�r�. that said reso-
lution be adopted, and said motion was seconded by Chaney �
After due consideration, the President put the question, and upon
roll being called, the following voted: .
Ay@: Chaney, Kutchera, McIl�ee, Schiefelbein,
Teichmiller, Singstock (6)
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. Nay: None
adopted.
The President thereupon declared said resolution duly
� � �
(Other business)
Upon motion duly made, seconded and carried, the meeting
was adjourned.
ATTES T :
City Clerk
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President
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EXHIBIT A
to
Resolution of February 19, 1976
$1,750,000
CITY OF OSHKOSH
WINNEBAGO COUNTY, WISCONSIN
CORPORATE PURPOSE BONDS, SERIES 1976
SEALED BIDS will be received until 11:00 A.M., C.S.T.,
Thursday, March 18, 1976
in the Council Chambers in the City Hall of said city, at a maximum
rate of 70. 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:
$580,000 for the purpose of constructing and
improving storm sewers;
$300,000 for the purpose of constructing and
improving water mains;
$70,000 for the purpose of acquiring a fire
engine;
$550,000 for the purpose of providing street
improvements; and
$250,000 for the purpose of providing
improvements to public parks.
The bonds are dated April 1, 1976 and will mature on April 1, 1977
to 1991, inclusive, without option of prior redemption, as follows:
Year Amount
1977 - 1986 $100,000
1987 - 1991 $150,000
The City will provide the unqualified approving legal
opinion of Chapman and Cutler and the printed bonds at its expense.
Delivery at Chicago, Milwaukee, or New York at the expense of City.
The Official Statement, Official Notice of Sale, and Official Bid Form
may be obtained from the undersigned, at the City Hall, Oshkosh,
Wisconsin 54901. Telephone 414/424-0274.
/s/ RICHARD H. JANSEN�
Director of Administration
/s/ GORDON B. JAEGER,
City Manager
EXHIBIT B
to
� Resolution of February 19, 1976
OFFICIAL NOTICE OF BOND SALE
$1,750,000
CITY OF OSHROSH, WINNEBAGO COUNTY, WISCONSIN
CORPORATE PURPOSE BONDS, SERIES 1976
NOTICE IS HEREBY GIVEN that the City of Oshkosh,
Wisconsin, will receive sealed bids only for the purpose of its
Corporate Purpose Bonds, Series 1976, until 11:00 A.M., C.S.T.,
on March 18, 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 April l, 1976, denomination
$5000, and will mature serially without option of prior redemption
on April 1, of each of the years 1977 to 1991, inclusive as f�1_1_�ws�
Par Amount Due
� 100,000 1977 - 1986
$ 150,000 1987 - 1991
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.s.T., on the date of sale,
and agreed to by the City. The bonds will be registrable as to
principal. Interest on said bonds will be payable october l,
1976, and semiannually thereafter.
PURPOSE AND SECURITY OF BONDS
Said bonds will be the direct general obligations of the
City of Oshkosh, Wisconsin, payable from unlimited ad valorem
taxes, and are to be issued for the following purposes:
�
$580,000 for the purpose of constructing and
improving storm sewers;
$300,000 for the purpose of constructing and
improving water mains;
� $70,000 for the purpose of acauiring a fire
enQine;
$550,000 for the purpc�se of providing street
improvements; and
$250,000 for the purpose of providinq im?�rovements
to public parks;
,
RATE AND 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 payment date shall be represented by one coupon only
and all bonds of the same maturity shall bear the same rate o� inter-
est. No bid will be considered for less than par and 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
which will be determined 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 maturity dates.
TAX EXEMPTION
In the opinion of 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.
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OFFICIAL BTD FORM .AND GOOD FAITH CHECK
• Each bid must be accompanied by a certified check, or a
bank cashier's check, drawn on a solvent bank or trust company in
the amount oP $35,000 payable to the City Treasurer of the City of
Oshkosh as guarantee of good faith. The check of the successful
bidder will be retained by the City 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
oP all unsuccessful bidders will be returned promptly upon the deter-
mination of the highest bid. In the event of the failure of the City
to deliver 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 wi11, at the option of the purchaser, be returned promptly to
the purchaser. Each bid must be submitted on the Oificial Bid Form
available from the undersigned, must be for all of said 51,750,000
aggre�ate principal amount of bonds, and must be enclosed in a
sealed envelope addressed to the Director of Administration, City of
Oshkosh, City Hall, Oshkosh, Wisconsin 54901, and marked �'Bid for
$1,750,000 Corporate Purpose Bonds, Series 1976, of the Citv of
Oshkosh."
DELIVERY �F BOPJDS
The City of Oshkosh will, at its own expense, provide the
unqualified approving opinion oP Chapman and Cutler, Chicago, Illinois,
covering the legality of the bonds, the certified bond trans�ript,
including a no-litigation certificate dated as of the date of the
delivery of the bonds, and the prir,ted bonds with the legal opinion
printed thereon.
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0
0
• If CUSIP numbers are desired by the purchaser, the
purchaser shall bear all expenses in connection therewith and
the responsibilities for verifying the numbers, and must a�ree to
accept del3.very of the bonds irrespective of the correctness of the
CUSIP numbers printed thereon.
The bonds are expected to be ready for delivery within
�+0 days after the sale. Delivery in Chicago, Illinois, New York,
New York, or Milwaukee, Wisconsin, will be at the expense of the
City of Oshkosh.
The right is reserved to reject an�r and all bids and to
waive informalities in the bid accepted.
/s/ GORDON B. JAEGER
City Manager
/s/ RICHARD H. JANSEN
Director of Administration
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1 �
0
0
STATE OF WISCONSIN
SS.
COUNrl'Y OF WINNEBAGO
I� CONVERSE C. MARKS, hereby certif�r 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 February 19, 1976: that z have
compared said copy with the original minute record of said
meeting in rqy 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 $1,750,000 Corporate
Purpose Bonds, Series 1976, of said city, dated April 1, 1976.
WITNESS �y official signature and the official seal of
said city this 19 day of February , 1976.
( S E A L �
City Clerk
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