HomeMy WebLinkAboutTaxable Tax Increment Project/ MRO P 1 0 2`01'
UNITED STATES OF AMERICA
STATE OF WISCONSIN ` "ctllt N '1
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
TAXABLE TAX INCREMENT PROJECT MUNICIPAL REVENUE OBLIGATION("MRO")
Number Date of Original Issuance Amount
1 February �5 , 2017 $140,000.00
FOR VALUE RECEIVED, including the release of all interest in property located at 1118
and 1212 South Main Street in the City of Oshkosh and including but not limited to the release of
certain mortgages and security interests dated September 5,2007 and recorded in the office of the
Register of Deeds for Winnebago County, Wisconsin, on September 14, 2007 as Documents Nos.
14482779 1448278, 1448280, 1448281, 1448282, 1448283, 14482884 and UCC Financing
Statement Amendment recorded on July 20,2012 as Document no. 1609402,the City of Oshkosh,
Winnebago County, Wisconsin (the "City"), promises to pay to The U.S. Small Business
Administration (the "SBA"), in the manner, at the times, from the source of revenue and to the
extent hereinafter provided, the principal amount not to exceed $140,000.00 with interest as
provided in the attached Schedule 1.
Interest shall begin to accrue on the date on which this MRO is issued. This MRO shall be
payable in installments on or before November 1 (the "Payment Dates") in each of the years set
forth in Schedule 1 attached hereto in the amount of thirteen thousand two hundred fifty-three and
66/100 dollars ($13,253.66). Payments shall be applied first to accrued interest and second to
unpaid principal. Payments on this MR.O shall be made only to the extent that the City has received
Tax Increments.
This MRO has been issued for the purpose of acquiring property within the City's Tax
Incremental District No. 31 ("District") and is payable only from the income and revenues herein
described, which income and revenues have been set aside as a special fund for that purpose and
identified as the"Special Redemption Fund"provided for under the Resolution adopting TIF No.
31 on February 28, 2017 by the Common Council of the City (the "Resolution"). This MRO is
issued pursuant to the Resolution and pursuant to the terms and conditions of the Tax Incremental
District No. 31. This MRO does not constitute an indebtedness of the City within the meaning of
any constitutional or statutory limitation or provision. This MRO shall be payable solely from Tax
Increments generated by the Project located within the District and appropriated by the Common
Council to the payment of this MRO (the "Revenues"). Reference is hereby made to the
Resolution for a more complete statement of the revenues from which and conditions and
limitations under which this MRO is payable and the general covenants and provisions pursuant
to which this MRO has been issued. The Resolution is incorporated herein by this reference.
The City's payment obligations hereunder are subject to appropriation, by the Common
Council, of Available Tax Increments to make payments due on this MRO. When the amount of
Revenue has been appropriated and applied to payment of this MRO, the MRO shall be deemed
to be paid in full and discharged, and the City shall have no further obligation with respect hereto.
This MRO is a special, limited revenue obligation and not a general obligation of the City
and is payable by the City only from the sources and subject to the qualifications stated,
incorporated or referenced herein. This MRO is not a general obligation of the City, and neither
the full faith and credit nor the taxing powers of the City are pledged to the payment of the principal
of this MRO. Further, no property or other asset of the City, except the above-referenced
Revenues, is or shall be a source of payment of the City's obligations hereunder.
This MRO is issued by the City pursuant to, and in full conformity with,the Constitution
and laws of the State of Wisconsin.
This MRO may be transferred or assigned, in whole or in part, only with the consent of the
City. Interests in this MRO may not be split,divided or apportioned. In order to transfer or assign
the MRO, the transferee or assignee shall surrender the same to the City either in exchange for a
new, fully-registered municipal revenue obligation or for transfer of this MRO on the registration
records for the MRO maintained by the City. Each permitted transferee or assignee shall take this
MRO subject to the foregoing conditions and subject to all provisions stated or referenced herein.
It is hereby certified and recited that all conditions,things and acts required by law to exist
or to be done prior to and in connection with the issuance of this MRO have been done, have
existed and have been performed in due form and time.
IN WITNESS WHEREOF,the City Council of the City of Oshkosh has caused this MRO
to be signed on behalf of the City by its duly qualified and acting City Manager and City Clerk,
and its corporate seal to be impressed hereon, all,as of the date of original issue specified above.
CITY OF OSHKOSH
By: /D—• / a
Name: Mark A.Rohloff
Title: City Manager
µ ✓
Name: Pamela R. Ubrig
Title: City Clerk f
IVA
Name: Trena Larson
Title: Finance D' ector
By
Nam . Lynn ie
onson
Title: City Attorney
City A Oshkosh -------
$140,000 SBA Loan Repayment Schedule for Tax Incremental District No. 31
Dated November 1,2018
Debt Service Schedule Accrual Basis
Calendar
Year Principal Coupon Interest Total P+l
2018 -
2019 7,653.66 4.000% 5,600.00 13,253.66
2020 7,959.80 4.000% 5,293.85 13,253.65
2021 8,278.19 4,000% 4,975.46 13,253.65
2022 8,609.32 4.000% 4,644.3*3 13,253.65
..................-
2023 8,953.70 4.000% 4,299.96 13,253.66
2024 9,311.34 4.000% 3,941.81 13,253.65
2025 9,684.32- 4.000% 3,569.34 13,253.66
2026 10,071.69 4.000% 3,181.97 13,253,66
20271 74.56 4,000% . 13,253.66.
2028 10,893.54 4,000% 2,360.12 13,253.66
2029 11,329.28 4.000% 1,924.38 13,253.66
2030 11,782.45 4,000% 1,471,20
13,253.65
2031 12,253.75 4.000% 999.91 13,253.66
2032 12,743.90 4.000% 509.76 13,.2.53.66..
............
$140,000-00 S45,551.19 S185,551,19
Yield Statistics
Bond Year Dollars $1,138.78
Average Life ....8434 Years
4.0000002%
Average Coulon---------
Net Interest Cost(NIC) 4.0000002%
...........
3.9607804%
True Interest 90--st
3.9607804%
Bond Yield for Arbitrage 3.960780a%
- .- .1
A i-f*f,i�i�,s-i-v-e Cost—(AIC)- ----
..............
IRS Form 8038 4,0000002%
Net Interest Cost
We7iffi(Td Average Maturity 8,134 Years
Sample Issue I SINGLE PURPOSE 1 2/117/2017 13:68 PM