HomeMy WebLinkAbout06. 16-494OCTOBER 25, 2016 16-494 RESOLUTION
(CARRIED 7-0 LOST________LAID OVER________WITHDRAWN________)
PURPOSE: RESOLUTION AUTHORIZING THE REDEMPTION OF
CERTAIN OUTSTANDING BONDS OF THE CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN; AND RELATED
MATTERS (SERIES 2006-C ISSUED FOR THE PURPOSE OF
FINANCING TID #20 IMPROVEMENTS)
INITIATED BY: CITY ADMINISTRATION
“City”
W, the City of Oshkosh, Winnebago County, Wisconsin (the ) is
HEREAS
authorized by the provisions of Chapter 67, Wisconsin Statutes, as supplemented and
amended, to issue bonds for any public purpose and to refund any municipal
obligations, including interest on them; and
W,the City has previously issued $1,995,000 aggregate principal amount
HEREAS
“Bonds”
of Taxable General Obligation Corporate Purpose Bonds, Series 2006-C (the ),
currently outstanding in the aggregate principal amount of $1,180,000; and
W, it is now desirable and in the best interests of the City and its
HEREAS
taxpayers for the City to provide for the payment of the principal of and the interest on
the Bonds maturing on December 1, 2025 upon redemption prior to maturity on
December 1, 2016 with available funds of the City;
N, T, BIR, :
OWHEREFOREE T ESOLVEDAS FOLLOWS
Section 1
. Based upon its review and findings that it is in the best interests of
the City and its taxpayers, the City hereby approves the application of available funds of
the City to provide for the redemption on December 1, 2016 of $1,180,000 aggregate
principal amount of the Bonds maturing on December 1, 2025, as set forth in the
preambles to this Resolution.
Section 2
. The City hereby authorizes the redemption of the Bonds as set forth
Exhibit A
in the Notice of Redemption attached as to this Resolution.
Section 3
. The City Manager, the City Clerk, the Director of Finance/City
Treasurer and all other officers of the City be, and each of them hereby is, authorized to
execute and deliver such documents, certificates, and undertakings of the City and to
take such other actions as may be required in connection with the redemption of the
Bonds authorized by this Resolution.
Section 4
. All acts of the officers, employees and agents of the City which are in
conformity with the purposes and intent of this Resolution be, and the same hereby are,
in all respects, ratified, approved and confirmed.
Section 5
. If any section, paragraph or provision of this Resolution shall be held
to be invalid or unenforceable for any reason, the invalidity or unenforceability or such
section, paragraph or provision shall not affect any of the remaining sections,
paragraphs and provisions of this Resolution.
Section 6. Conflicting Proceedings Superseded
. All ordinances, resolutions or
orders, or parts thereof, heretofore enacted, adopted or entered, in conflict with the
provisions of this Resolution, shall be and in the same are hereby superseded to the
extent of such conflict, and this Resolution shall be in effect from and after its passage.
Adopted October 25, 2016.
Approved October 25, 2016.
Recorded October 25, 2016.
/s/ Steve Cummings
Mayor
/s/ Pamela R. Ubrig
City Clerk
Exhibit A
NR
OTICE OF EDEMPTION
NIHG that the City of Oshkosh, Winnebago County,
OTICE S EREBY IVEN
“City”
Wisconsin, (the ), is calling its outstanding Taxable General Obligation Corporate
“Bonds”
Purpose Bonds, Series 2006-C (the ), maturing on December 1, 2025, for
redemption and payment prior to their maturity, pursuant to the terms and provisions
of the Bond Resolution adopted by the the City Council of said City on February 14,
“Bond Resolution”
2006 (the ). The undersigned, as paying agent and registrar (the
“Registrar”
) in accordance with the terms and provisions of the Bond Resolution, has
selected, and the City will redeem, the Bonds on December 1, 2016, at the redemption
price of 100% of the principal amount thereof being redeemed plus accrued interest to
(but not including) December 1, 2016. The Bonds so called for redemption, the principal
amount of said Bonds maturing on December 1 of the year, and the CUSIP number of
said Bonds, are as follows:
Y P I CUSIP
EARRINCIPALNTEREST
*
A A R N
MOUNTMOUNTATEUMBER
2025 $ 1,180,000 5.50% 68825EF46
The Bonds so called for redemption prior to maturity will be redeemed upon
surrender of such Bonds for payment. The owner of each Bond so called for prior
redemption should present such Bond to the Registrar at the principal corporate trust
office of the Registrar at U.S. Bank, National Association, [1555 North River Center
Drive, Suite 203, Milwaukee, Wisconsin 53212], on said date fixed for redemption for
payment of the redemption price. On said date fixed for redemption, the redemption
price will become due and payable on each Bond so called for prior redemption, and
interest on each such Bond shall cease to accrue from and after said date, whether or not
such Bond is presented to the Registrar on said date fixed for redemption.
The redemption of the Bonds so called for redemption shall be conditional upon
the receipt of such moneys by the Registrar on or prior to the date fixed for redemption.
If such moneys are not received, this notice shall be of no force and effect, the City shall
not redeem such Bonds, and the Registrar shall give notice, in the same manner in which
this notice of redemption was given, that such moneys were not so received and that
such Bonds will not be redeemed.
*
The CUSIP numbers are being provided solely for the convenience of Bondholders and no representation
is made as to their accuracy.
Each owner of any Bond so called for redemption prior to maturity must also
submit a completed IRS Form W-9, certifying his or her tax identification number, to the
Registrar with such Bond. An IRS Form W-9 is available, and may be obtained from any
local bank or broker. Failure to submit such an IRS Form W-9 with any Bond so called
for prior redemption and presented for payment will result in a withholding of 28% of
the interest due to such owner pursuant to Section 3406 of the Internal Revenue Code of
1986, as amended.
CO,WC,
ITY OF SHKOSH INNEBAGO OUNTY
W
ISCONSIN
By: U.S.BNA,
ANK ATIONAL SSOCIATION
as Paying Agent and Bond Registrar