HomeMy WebLinkAbout21. 16-134MARCH 22, 2016 16-134 RESOLUTION
(CARRIED__7-0______ LOST _________ LAID OVER _________ WITHDRAWN _________)
PURPOSE: INITIAL RESOLUTION AUTHORIZING NOT EXCEEDING $18,365,000
GENERAL OBLIGATION BONDS OF THE CITY OF OSHKOSH
INITIATED BY: FINANCE DEPARTMENT
B I R by the City Council of the City of Oshkosh, Winnebago County, Wisconsin,
ETESOLVED
that there shall be issued general obligation bonds of said City in an aggregate principal amount
not exceeding $2,605,000 for the public purpose of laying out, opening and widening streets and
providing street improvements. For the purpose of paying the various installments of principal of
and interest on said bonds as they severally mature, prior to the issuance and delivery of said
bonds there shall be levied on all taxable property in said City a direct annual irrepealable tax
sufficient for that purpose.
B I FR by the City Council of the City of Oshkosh, Winnebago County,
ETURTHER ESOLVED
Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal
amount not exceeding $915,000 for the public purpose of providing fire engines and other fire
protection equipment. For the purpose of paying the various installments of principal of and
interest on said bonds as they severally mature, prior to the issuance and delivery of said bonds
there shall be levied on all taxable property in said City a direct annual irrepealable tax sufficient
for that purpose.
B IF R by the City Council of the City of Oshkosh, Winnebago County,
ET URTHERESOLVED
Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal
amount not exceeding $1,120,000 for the public purpose of providing parking lots and other
parking facilities. For the purpose of paying the various installments of principal of and interest on
said bonds as they severally mature, prior to the issuance and delivery of said bonds there shall
be levied on all taxable property in said City a direct annual irrepealable tax sufficient for that
purpose.
B IFR by the City Council of the City of Oshkosh, Winnebago County,
ET URTHER ESOLVED
Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate principal
amount not exceeding $13,725,000 for the public purpose of refunding certain outstanding
obligations of said City, including the interest thereon. For the purpose of paying the various
installments of principal of and interest on said bonds as they severally mature, prior to the
issuance and delivery of said bonds there shall be levied on all taxable property in said City a
direct annual irrepealable tax sufficient for that purpose.
BFRby the City Council of the City of Oshkosh, Winnebago County,
E IT URTHER ESOLVED
Wisconsin, that the City Manager, the City Clerk, the Director of Finance/City Treasurer and all
other officers of the City are hereby authorized to execute all documents and certificates and to
take all such actions as may be necessary in connection with the authorization, issuance, sale and
delivery of said bonds and the performance of the obligations of the City hereunder and to carry
out and comply with the terms of this resolution, and documents shall be in substantially the same
form as indicated in this Resolution, any changes in the final execution copies of such documents
to be deemed approved by the respective signatures of the City officers named above.
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FROM:
DATE:
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1 130
Oshkosh, WI 54903-1130
(920) 236-5006 (920) 236-5039 FAX
MEMORANDUM
Honorable Mayor and Members of the Common Council
Trena Larson, Finance Director
March 11, 2015
RE: Approve Initial Resolutions Authorizing General Obligation and Utility Revenue Bond
Funding to Finance Projects Included in the City's 2016 Capital Improvement Plan and to
Refinance Prior Obligations of the City for Debt Service Savings
Approve Resolution directing the advertisement and sale of approximately
$8,400,000 aggregate principal amount of General Obligation Corporate Purpose Bonds,
Series 2016A, approximately $4,805,000 aggregate of principal amount of General
Obligation Promissory Notes, Series 2016B, approximately $9,965,000 aggregate of
Taxable General Obligation Refunding Bonds, Series 2016C, approximately $7,665,000
aggregate principal of Storm Water Utility Revenue Bonds, Series 2016, approximately
$14,315,000 aggregate principal amount of Sewer System Revenue Bonds, Series 2016,
approximately $7,110,000 aggregate principal amount of Water System Revenue Bonds,
Series 2016, of the City of Oshkosh, Winnebago County, Wisconsin
BACKGROUND
In order to borrow money through the bonding process, the City is required to issue initial resolutions
stating its intent, along with another resolution that authorized staff to proceed with the preparation and
documentation needed to sell the bonds and received the proceeds. The sale of the bonds and notes will
occur at least 30 days after the initial resolution is authorized.
ANALYSIS
The currently proposed general obligation borrowing of $ 18,365,000, included the following:
• Up to $2,605,000 for the public purpose of laying out, opening and widening streets and
providing street improvements.
• Up to $915,000 for the public purpose of providing fire engines and other fire protection
equipment.
• Up to $1,120,000 for the public purpose of providing parking lots and other parking
facilities.
• Up to $13,725,000 for the public purpose of refunding certain outstanding obligations of
said City, including the interest thereon.
In addition, staff is proposing additional borrowing of $29,090,000 through issuance of utility revenue
bonds as noted below:
• Up to $7,665,000 of Storm Water Revenue Bonds for the storm water projects that call for twenty
year borrowing included in the 2016 Capital Improvement Plan as approved by the Council on
November 24, 2015.
• Up to $14,315,000 of Sewer Revenue Bonds for the purpose of acquiring, constructing and
improving the sanitary sewer system projects that call for twenty year borrowing included in the
2016 Capital Improvement Plan as approved by the Council on November 24, 2015.
• Up to $7,110,000 of Water Revenue Bonds for the purpose of acquiring, constructing and
improving the water system projects that call for twenty year borrowing included in the 2016
Capital Improvement Plan as approved by the Council on November 24, 2015.
FISCAL IMPACT
The above amounts, if borrowed, will be added to the City's outstanding debt obligations, and funded
through the applicable budgets (Debt Service Fund, Water Utility Funds, Sewer Utility Fund, and Storm
Water Utility Fund).
RECOMMENDATION
Staff recommends adoption both of the above noted resolutions.
� ct�u tte���� Approved:
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Trena Larson Mark Rohloff
Finance Director City Manager