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HomeMy WebLinkAbout10. 16-409 AUGUST 10, 2016 16-409 RESOLUTION (CARRIED 6-0LOST _______ LAID OVER _______ WITHDRAWN _______) PURPOSE: RESOLUTION DIRECTING THE ADVERTISEMENT AND SALE OF APPROXIMATELY $12,485,000 WATER SYSTEM REVENUE REFUNDING BONDS, SERIES 2016G, APPROXIMATELY $7,320,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016H, AND APPROXIMATELY $16,220,000 AGGREGATE PRINICIPAL AMOUNT OF STORM WATER UTLITY REVENUE REFUNDING BONDS, SERIES 2016I OF THE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN INITIATED BY: CITY ADMINISTRATION Wisconsin Statutes W,cities are authorized by Section 66.0621 of the , as HEREAS supplemented and amended, to borrow money and to issue revenue bonds to finance any project undertaken for a public utility and to refund revenue bonds, including interest thereon; and W, it is necessary that funds be raised by the City in an approximate aggregate HEREAS principal amount of $12,485,000 for the purpose of refunding certain outstanding water system revenue bonds of the City, including interest thereon; and W, it is considered necessary and desirable by the City Council of the City that HEREAS the City borrow money and issue its Water System Revenue Refunding Bonds, Series 2016G in “Water Revenue Refunding an approximate aggregate principal amount of $12,485,000 (the Bonds” ) for the purpose of refunding certain outstanding water system revenue bonds of the City, including interest thereon; and Wisconsin Statutes W,cities are authorized by Chapter 67 of the , as supplemented HEREAS and amended, to borrow money and to issue bonds to finance any project undertaken for a public purpose and to refund municipal obligations, including interest thereon; and AUGUST 10, 2016 16-409 RESOLUTION CONT’D W, it is necessary that funds be raised by the City of Oshkosh, Winnebago HEREAS “City” County, Wisconsin (the ), in an approximate aggregate principal amount of $7,320,000 for the purpose of refunding certain outstanding general obligations of the City, including interest thereon; and W, it is considered necessary and desirable by the City Council of the City that HEREAS the City borrow money and issue its General Obligation Refunding Bonds, Series 2016H in an “General Obligation Refunding approximate aggregate principal amount of $7,320,000 (the Bonds” ) for the purpose of refunding certain outstanding general obligations of the City, including the interest thereon, for which an initial resolution has been adopted; and W, it is necessary that funds be raised by the City in an approximate aggregate HEREAS principal amount of $16,220,000 for the purpose of refunding certain outstanding storm water utility revenue bonds of the City, including interest thereon; and W, it is considered necessary and desirable by the City Council of the City that HEREAS the City borrow money and issue its Storm Water Utility Revenue Refunding Bonds, “Storm Water Series 2016I in an approximate aggregate principal amount of $16,220,000 (the Revenue Refunding Bonds” ) for the purpose of refunding certain outstanding storm water utility revenue bonds of the City, including the interest thereon; N, T, BIR by the City Council of the City of Oshkosh, Winnebago OWHEREFOREE T ESOLVED County, Wisconsin, as follows: Section 1 . For the purpose of offering the Water Revenue Refunding Bonds, the General Obligation Refunding Bonds and the Storm Water Revenue Refunding Bonds for sale, the Director of Finance/City Treasurer of the City is hereby authorized to cause appropriate notices of the sale thereof to be published in a newspaper to be selected by the Director of Finance/City Treasurer of the City. The Director of Finance/City Treasurer of the AUGUST 10, 2016 16-409 RESOLUTION CONT’D City shall also cause to be prepared and distributed Official Statements, including Official Terms of Offering, with respect to the Water Revenue Refunding Bonds, the General Obligation Refunding Bonds and the Storm Water Revenue Refunding Bonds. Section 2. After bids shall have been received for the Water Revenue Refunding Bonds, the General Obligation Refunding Bonds and the Storm Water Revenue Refunding Bonds, this City Council will adopt additional proceedings to award the same to the best bidder or bidders, prescribe the terms thereof and the forms of the Water Revenue Refunding Bonds, the General Obligation Refunding Bonds and the Storm Water Revenue Refunding Bonds, and will levy taxes in the specific amount necessary to pay the principal of and interest on the General Obligation Refunding Bonds. Section 3 . 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 the Water Revenue Refunding Bonds, the General Obligation Refunding Bonds and the Storm Water Revenue Refunding Bonds and the performance of the obligations of the City hereunder and to carry out and comply with the terms of this Resolution. 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.