HomeMy WebLinkAbout27806 / 75-17a
S�p �� 1975
� l� RESOLUTION
P�SOLUTIaN ALTTu�RTZING THE ISSUANCE.OF $100,OQ0
PROMISS012Y NO�`E OF ?'HE CITY OF OSHKOSH FOR THE
PURPOSE OF PROVIDING EASEBALL LIGHTING
�UB�dI TTED �3Y ��
V � � v'�., � — -� � .� �
APPRO ED
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The City Council of the City of Oshkosh, Winnebago County,
Wisconsin, met in regular session at its regular meeting place on
September 4, 1975 at 7:00 o'clock P. M., with the following members
present:
and the following members absent:
* * * * *
(other business)
The following resolution was thereupon introduced by
Council Member
and read in full:
RESOLUTION authorizing the issuance of $100,000
Promissory Note, providing the details of said
note and levying taxes in connection therewith.
WHEREAS, it is necessary that funds be raised for the
purpose of providing permanent improvement of lands including
improvement of lands for municipal and school lighted baseball
facilities, and
WHEREAS, cities are authorized by the provisions of
Section 67.12 (12) of the Wisconsin Statutes to borrow money and
issue promissory notes for improvements of lands for public
purposes, and
WHEREAS, the officials of said city have negotiated with
Va11ey Bank of Oshkosh, Oshkosh, Wisconsin, for the borrowing of
$100,000 and the issuance of the promissory note of said city to
evidence such indebtedness,
NOW, THEREFORE, BE IT RESOLVED by the Common Council
of the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section l. For the purpose of providing for permanent
improvement of lands for public purposes as described in the
preamble hereto, there shall be borrowed the principal sum of
$100,000 and the promissory note of said city shall be issued to
evidence such indebtedness. Such issue shall consist of one note
in the principal amount of $100,000 and shall be issued to Valley
Bank of Oshkosh, Oshkosh, Wisconsin, or order.
Section 2. Said note shall be dated September l, 1975,
,shall mature in annual installments on September 1 of each of the years
1976 to 1978, inclusive, and shall bear interest at the following
rate of 4.625 per cent per annum, payable March l, Z976 and semi-
annually thereafter on September 1 and March 1 of each year until
said note is paid. Thz note shall mature in annual installments on
September 1 of each year as follows:
1976
1977
1978
$ 40,000
$ 30,000
$ 30,000
4.6250
4.6250
4.6250
and shall be payabZe, both principal and interest, in lawful money
of the United States of America at Valley Bank of Oshkosh, Oshkosh,
Wisconsin.
Section 3. Said note shall not be subject to prepayment
prior to maturity.
Section 4. Said note shall be signed by the City Manager
and City Clerk and sealed with the corporate seal of the City of
O shko sh .
Section 5. The City Clerk shall keep, maintain and
preserve an adequate and correct register account of said note,
alI principal installments and interest payments made thereon by
the city, and other transactions relating thereto.
Section 6. Said note shall be in substantially the
following form:
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(Form of Note)
United States of America
State of Wisconsin
County of Winnebago
City of Oshkosh
PROMISSORY NOTE
$ 100,000.00
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh,
in the County of Winnebago and State of Wisconsin, hereby acknowledges
itself to owe and for value received promises to pay to the order of
Valley Bank of Oshkosh, Oshkosh, Wisconsin, the principal sum of
One Hundred Thousand and no/100 Dollars ($100,000.00), said principal
sum being payable in three (3) installments as follows:
1976
1977
. ;
$ 40,000
$ 30,000
$ 30,000
4.625%
4.6250
4.6250
each payable on the first day of September in each of the years 1976
to 1978, inclusive, with interest on the unpaid principal amount at
an average rate of 4.625 per cent per annum from the date hereof
until the principal amount shall have been fully paid, such interest
being payable March 1 ar�d semi-annually thereafter on September 1 and
March 1 of each year. Both principal hereof and interest hereon are
payable in lawful money of the United States of America at Valley
Bank of Oshkosh, Oshkosh, Wisconsin. For the prompt payment of this
note 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 note is in the principal amount of $100,000 issued
for the purpose of providing for permanent improvements of lands
for public purposes pursuant to and in all respects in compliance
with Section 67.12 (12) of the Wisconsin Statutes and a resolution
adopted by the City Council of said city on September 4, 1975 and
entitled: "Resolution authorizing the issuance of $100,000
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promissory note, providing the details of said note and levying
taxes in connection therewith.
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 note 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 note,
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, its City Council,
has caused this note to be signed by its City Manager, Gordon B.
Jaeger, and its City Clerk, Canverse C. Marks, and its corporate
seal to be impressed hereon, all this first day of September, 1975.
CONVERSE C. MARKS
City Clerk
* * * * * *
GORDON B. JAEGER
City Manager �
( S E A L )
Section 7. Said note shall be prepared in typed or
mimeographed form and shall be executed in the manner provided by
this resolution. This note shall thereupon be delivered to the
Valley Bank of Oshkosh, Oshkosh, Wisconsin, upon payment to the City
Treasurer of the principal amount thereof plus accrued interest to
the date of delivery.
Section 8. In order to provide for the collection of a
direct annual tax sufficient to pay the interest on said note and to
pay and discharge the principal thereof at maturity, there is hereby
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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 property in said city the
following annual tax, to-wit:
Year of Levy
1975
1976
1977
Principal
$ 40,000
$ 30,000
$ 30,000
Interest
$ 4625.00
$ 2775.00
$ 1388. 00
Total
$ 44,625.00
$ 32,775.00
$ 31,388.00
Section 9. Said tax shall be extended upon the tax rolls
of said City of Oshkosh and shall be 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 extended and collected and
when so collected the proceeds of said taxes shall be used solely
for paying the principal o.f and interest on said promissory note of
the City of Oshkosh so long as said note remains outstanding.
Section 10. Interest on or principal of the note herein
authorized falling due at any time 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 shall be reimbursed
therefor out of the proceeds of the taxes above levied when such
taxes shall have been collected.
Adopted
Recorded
Motion was made by
, 1975.
, 1975.
that
said resolution be adopted and said motion was seconded by
After due consideration the President
put the question and upon roll being called the following voted:
Aye :
Nay:
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* * * * * * * *
(Other Business) .
Upon motion of
.
the City Council adjourned.
Approved , 1975.
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GEORGE N. SINGSTOCK, President
Oshkosh City Council
STATE OF WISCONSIN )
) ss.
COUNTY OF WINNEBAGO)
I, CONVERSE C. MARKS, hereby certify that I am the
qualified and acting City Clerk of the City of Oshkosh, Winnebago
County, 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 4, 1975,
and of a resolution adopted at said meeting; 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 the $100,000 promissory note of said city.
I further certify that a true and correct statement of
every step or proceeding had or taken ta date in the course of
authorizing said $100,000 promissory note has been recorded by me
in a separate record book pursuant to the provisions of Section
67.05 (12) of the Wisconsin Statutes.
WITNESS my official signature and the seal of said city
this day of , 1975.
( S E A L )
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CONVERSE C. MARKS
City Clerk
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