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Home My WebLink About27348 / 74-04r--..°' .._,� �-�, DEC � t974 # 4 RESOLOTION RESOLUTION AUTFIORIZING TIiE CITY OF OSHKOSH TO BORROW $125,000 FROM THE OSHKOSH NATIONAL BANR FOR THE PIIRPOSE OF ACQUISITION AND COA7STRUCTION OF A PARKING LOT ON NORTH MAIN STREET IN TfIE CITY OF OSHKOSH. SUB:AITTED 3Y APPH07FD iJ V1 4�!-a>�- , The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular session at its regular meeting place on December 5, 1974 at 7:00 o'clock P. M., with the following members present: �.:-.n::.;_ . n.. r... -,..�.,-.,, .. ' ' � '.�...'=en _.. , .�. '�cIl'c �� -o�._:T� . o:;�r� ,r,n ., � '!erb�rt °itz� Geor�e P7. Si�tock� P��rnice ^,-ichr.iller (6) and the following members absent: . .,. i - . . .. .....,-. • • + • (other business) The following resolution was thereupon introduced by Council Member -^�=�er and read in full: xESOLUTiON authorizing the issuance of $125,000 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 acquiring lands for public purposes and for permanent improvement of lands for public iYnprovement including acquisition and improvement of lands for municipal parking facilities, and WHEREAS, cities are authorized by the provisions of Section 67.12 (12) of Wisconsin Statutes to borrow money and issue promissory notes for acquisition and improvements of lands for public purposes, and WHEREAS, the officials of said city have negotiated with Oshkosh National Bank of Oshkosh, Wisconsin, for the borrowing o£ $125,000 and the issuance of the promissory note of said city to evidence such indebtedness, NOW, THEREFORE, BE IT RESOLVED by the City CounCil of the City of Oshkosh, Winnebago County, Wisconsin, as follows: Section 1. For the puxposes of acquiring lands and for permanent improvement of lands for public purposes as described in the preamble hereto, there shall be borrowed the principal sum of $125,000 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,$125,000 and shall be issued to Oshkosh tvational Bank in Oshkosh, Wisconsin, or order. Section 2. Said note shall be dated December 1, 1979, shall mature in annual installments on December 1 of each of the years 1975 to 1984, inclusive, and shall bear interest at the following average rate of 4.63 per cent per annum, payable December 1, 1975 and annually thereafter on December 1 of each year until said note is paid. The note shall mature in annual installments on December 1 of each year as follows: 1975 - $2,500 4.208 1980 - $20,000 9.908 1976 - $2,500 4.509 1981 - $20,000 5.008 1977 - SZ,500 4.608 1982 -$20,000 5.108 1976 - 52,500 4.708 1983 - 520,000 5.20R 1979 -515,000 9.BOB 1984 - $20,000 5.308 and shall be payable, both principal and interest, in lawful money of the United States of America at Oshkosh National Bank in oshkosh, Wisconsin. Section 3. Said note snaii noc ne suu�co� �� =r�r•��=•�� 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 Oshkosh. Section 5. The City Clerk ahall keep, maintain and preserve an adequate and correct register account of said note, all 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: - 2 ' (FOrm of Note) United States of America State of Wisconsin County of winnebago City of Oshkosh PROMISSORY NOTE $ 125�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 Oshkosh National Bank, Oshkosh, Wisconsin, the principal sum of One Hundred Twenty-Five Thousand and no/100 Dollars ($125,000.00) said principal sum being payable in ten (10) installments as follows: 1975 -$ 2,500 4.208 1980 -$20,000 4.909 1976 - S 2,500 4.50� 1981 -$20,000 S.00S 1977 -$ 2,500 9.608 1982 -$20,000 5.108 1978 -$ 2,500 4.708 1983 - 520,000 5.208 1979 - $15,000 4.808 1984 - $20,000 5.308 each payable on the first day of December in each of the years 1975 to 1984, inclusive, with interest on the unpaid principal amount at an average annual rate of 4.83 per cent per annum from the date hereof until the principal amount shall have been fully paid, such interest being payable December 1 and annually thereafter on December 1 of each year. Both principal hereof and interest hereon are payable in law£nl money of the United Sta�es of America at Oshkosh National Bank, oshkosh, Wisconsin. For the grompt 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 $125,000 issued for the purpose of acquiring lands for pnblic purposes and for permanent improvements o£ 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 December 5, 1974 and entitled: "Resolution authorizing the issuance of $125,000 promissory note, providing the details of said note and levying taxes in connection therewith. - 3 - It is hereby certified and recited that all conditions, things and acts xequired 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, doea 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 note to be signed by its City Manager, Gordon B. Jaeger, and its City Clerk, Converse C. Marks, and its corporate seal to be impressed hereon, all this £irst day of December, 1974. CONVERSE C. MHRKS City Clerk GORDON B. JAEGER City Manager • : • + . 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 Oshkosh National Bank, 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 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 - 4 - hereby levied upon all of said property in said city the following annual tax, to-wit: Year of Levy Principal Interest Total 1g7q $ 2,500 $ 5,250.00 $ 7.750.00 1975 2,500 5,512.50 8,012.50 1976 2,500 5,520.00 8,020.00 1g77 � 2,500 5,522.50 8,022.50 1976 15,000 5,520.00 20,520.00 1979 20,000 4,900.00 24,900.00 1980 20,000 4,000.00 24,000.00 1961 20,000 3,060.00 23,060.00 1962 20,000 2.060.00 22.080.00 1963 20,000 1,060.00 21,060.00 Section 9. Said tax shall be extended upon the tax rolls of said City of Oshkosh and shall be collected py 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 of 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 ta�c levy for the payment of such interest or.principal shall 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 coliected. Adopted � ° -`�� 1974. Recorded ��^' �'� �-' `� , 1974. � Motion was made by �,-ci�'-� ��Pn that said resolution be adopted and said motion was seconded by 7o�.,nri1 After due consideration the President put the - 5 - � question and apon roll being called the following voted: Aye: ,_.._.. _ ..__....-... _,.Zlree� T�oser� !�rken� �itz� 5ingstook� '.eich�iller (�� Nay: .,..-�..�cil `temb�r: -0r.. _ "IG �I� * * * fi • * * * (Other Business) Upon motion of �� "=�1 '-...`.-:-�r ��.?l^e� , the City Council adjourned. Approved '��-'".�.' , 1974. DONALD D. JORGENSON, PTesident c-r-' � . .'-.00k� .i . .. en� � 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 December 5, 1974, 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 $125,000 promissory note of said city. I further certify that a true and correct statement of every step or proceeding had or taken to date in the course of authorizing said 5125,000 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 _ - , 1974. ( S E A L ) `( � C�-- C NVERSE C. MAA3'. , City Clerk - 7 - The City Council of the City of Oshkosh, Winnebago County, Wisconsin, met in regular session at its regular meeting place on December 5, 1974 at 7:00 o'clock P. M., with the following members present: and the following members absent: * * * k (other business) The following resolution was thereupon introduced by Council Member and read in full: xESOLUTION authori2ing the issuanCe of $125,000 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 acquiring lands for public puxposes and for permanent improvement of lands for public itnprovement including acquisition and improvement of lands for municipal parking facilities, and WHEREAS, cities are authorized by the provisions of Section 67.12 (12.) of Wisconsin Statutes to borrow money and issue promissory notes for acqnisition and improvements of lands for public puxposes, and WHEREAS, the officials of said city have negotiated with Oshkosh National Bank of Oshkosh, Wisconsin, for the borrowing of $125,000 and the issuance of the promissory note of said city to evidence such indebtedness, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Oshkosh, Winnebago�County, Wisconsin, as follows: Section 1. For the puzposea of acquiring lands and for permanent improvement of lands for public purposes as described in the preamble hereto, there shall be borrowed the principal sum of $125,000 and the promissory note of said city shall be issued to evidence such indebtedness. Such iasue shall consist of one note in the principal amount of.$125,000 and shall be issued to Oshkosh National Bank in Oshkosh, Wisconsin, or order. Section 2. Said note shall be dated December 1, 1974, shall mature in annual installments on December 1 of each of the years 1975 to 1964, inclusive, and shall bear interest at the following average rate o£ 4.83 per cent per annum, payable December 1, 1975 and annually.thereafter on December 1 of each year until said note is paid. The note shall matare in annual installments on December 1 of each year as follows: 1975 - 52,500 4.208 1976 - $2,500 4.506 1977 - 52,500 4.608 1978 - $2,500 4.708 1979 -$15,000 4.80& 1960 - $20,000 4.908 1981 - $20,000 5.00$ 1982 - $20,000 5.108 1983 - $20,000 5.208 1984 - $20,000 5.305 . and shall be payable, both principal and interest, in lawf�l money of the United States of America at Oshkosh National Bank in 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 Oshkosh. Section 5. The City Clerk shall keep, maintain and preserve an adequate and correct register account of said note, all 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: _ Z _ (FOrm of Note) United States of America State of Wisconsin County of Winnebago City of Oshkosh PROMISSORY NOTE $ 125�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 Oshkosh National Bank, Oshkosh, Wisconsin, the principal sum of One Hundred Twenty-Five Thousand and no/100 Dollars ($125,000.00) said principal sum being payable in ten (10) installments as follows: 1975 -$ 2,500 4.208 1980 -$20,000 9.908 1976 -$ 2,500 4.508 1981 -$20,000 5.008 1977 - S 2,500 4.608 1982 - 520,000 5.108 1978 -$ 2,500 4.704 1983 -$20,000 5.20fi 1979 - $15,000 4.808 1984 - $20,000 5.308 each payable on the first day of December in e�ach of the years 1975 to 1984, inclusive, with interest on the unpaid principal amount at an average annual rate of 4.63 per cent per annum from the date hereof until the principal amount shall have been fully paid, such interest being payable December 1 and annually thereafter on December 1 of each year. Both principal hereof and interest hereon are payable in lawful money of the United States of America at Oshkosh National Hank, Oshkosh, Wisconsin. For the grompt payment of this note with interest hereon as aforesaid and for the levy of taxes sufficient for that purpose the full £aith, credit and resources of said city are hereby irrevocably pledged. mhis note is in the principal amount of $125,000 issued for the purpose of acquiring lands for public purposes and 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 December 5, 1974 and entitled: "Resolution authorizing the issuance of $125,000 promissoxy note, providing the details of said note and levying taxes in connection therewith. - 3 - It is hereby certi£ied 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, by its City Council, has caused this note to be signed by its City Manager, Gordon B. Jaeger, and its City Clerk, Converse C. Marks, and its corporate seal to be impressed hereon, all this first day of December, 1974. CONVERSE C. MARKS City Clerk GORDON B. JAEGER City Manager x w ♦ x e Section 7. Said note shall be prepared in typed or mimeographed £orm and shall be executed in the manner provided by this resolution. This note shall thereupon be delivered to the Oshkosh National Bank, Oshkosh, Wisconsin, upon payment to the City Treasurer of the principal amount thereof plus accrued interest to the date of delivery. Section B. 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 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 - 9 - hereby levied upon all of said property in said city the following annual tax, to-wit: Year of Levy PrinCipal Interest TOtal 1974 $ 2�500 $ 5�250.00 $ 7r750.00 1975 2,500 5,512.50 8,012.50 1976 2,500 5�520.00 8�020.00 1977 � 2,500 5,522.50 8,022.50 1978 15,000 5,520.00 20,520.00 1979 20,000 4,900.00 24,900.00 1980 20,000 4,000.00 29,000.00 1981 20,000 3,060.00 23,060.00 1982 20,000 2,080.00 22.080.00 1983 20,000 1,060.00 21,060.00 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 of 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 shall 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 , 1979. Recorded , 1974. Motion was made by that said resolution be adopted and said motion was seconded by . AEter due consideration the President put the - 5 - question and upon roll being called the following voted: Aye: Nay: • x • • � • ♦ x (Other Susiness) Upon motion o£ Council adjourned. Approved , 1974. the City DONALD D. JORGENSON, President =�i .� STATE OF WISCONSIN ) ) ss. COUNTY OF WINNEBAGO) I, CONVERSE C. MARKS, hereby certi£y 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 December 5, 1974, 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 5125,000 promissory note of said city. I further certify that a true and correct statement of every step or proceeding had or taken to date in the course oE authorizing said $125,000 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 , 1974. CONVERSE C. MARKS , . City Clerk ( S E A L ) - � ' � � � •M q�l `� 0 N .0 V � �a q [/] �„� Y O U C rl N � O � � N O 'Z . W G i W t� Y � �GO W O � il O 'd 7ok 6 N +f. • in N V O Gt� P] O E O rl rl �i +R ri Y N M � 3 G G C ri o o •.i O N Fa !� fv J� � tG AZ GL � ? N � .i :� � W W Ca Y 4 U \ � ri CJ