HomeMy WebLinkAbout17. 18-260 MAY 8, 2018 18-260 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: INITIAL RESOLUTION AUTHORIZING NOT EXCEEDING
$5,615,000 GENERAL OBLIGATION BONDS OF THE CITY OF
OSHKOSH
INITIATED BY: CITY ADMINISTRATION
BE IT RESOLVED by the City Council of the City of Oshkosh, Winnebago County,
Wisconsin, that there shall be issued general obligation bonds of said City in an aggregate
principal amount not exceeding $4,080,000 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.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued general obligation bonds of said City in an
aggregate principal amount not exceeding $765,000 for the public purpose of providing
parks and public grounds. 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.
BE IT FURTHER RESOLVED by the City Council of the City of Oshkosh, Winnebago
County, Wisconsin, that there shall be issued general obligation bonds of said City in an
aggregate principal amount not exceeding $770,000 for the for the public purpose of
providing for community development projects for tax increment districts. 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.
Adopted May 8, 2018.
Approved May 8, 2018.
Recorded May 8, 2018.
/s/ Steve Cummings
Mayor
Attest:
/s/ Pamela R. Ubrig
City Clerk
MAY 8, 2018 18-260 RESOLUTION
CONT'D
The City Clerk was then directed to publish notice of adoption of the foregoing
Initial Resolution, one time in the official city newspaper, not later than May 23, 2018,
such notice to be in substantially the form as follows:
OFFICIAL NOTICE TO ELECTORS
OF ADOPTION OF
INITIAL RESOLUTIONS
Initial resolutions were adopted at the regular meeting of the City Council of the City of
Oshkosh, Winnebago County, Wisconsin, on May 8, 2018, and promptly recorded, providing for
the issuance of general obligation bonds of the City in the amounts and for the public purposes, as
follows:
AMOUNT PURPOSE
$4,080,000 streets and street improvements
765,000 parks and public grounds
770,000 community development projects for tax increment
districts
For the purpose of paying the various installments of principal of and interest on the
aforesaid bonds as they severally mature, prior to their issuance and delivery there shall be levied
on all taxable property in the City a direct annual irrepealable tax sufficient for that purpose.
The bonds authorized to be issued by the various initial resolutions set out above, shall be
issued by the City of Oshkosh unless, before 4:00 P.M., on June 7, 2018, a petition is filed in the
office of the City Clerk by electors numbering at least ten percent (10%) of the votes cast for
governor in the City at the last general election requesting that the initial resolution be submitted
to the electors.
Dated: May 8, 2018
/s/ Pamela R. Ubrig
City Clerk
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: May 3, 2018
RE: Approve Initial Resolutions Authorizing General Obligation and Utility Revenue
Bond Funding to Finance Projects Included in the City's 2018 Capital
Improvement Plan
RESOLUTION directing the advertisement and sale of up to $5,615,000 aggregate principal
amount of General Obligation Corporate Purpose Bonds, Series 2018-A, approximately
$5,960,000 aggregate principal amount of General Obligation Promissory Notes, Series 2018-B,
and approximately $10,505,000 aggregate principal amount of Storm Water Utility Revenue
Bonds, Series 2018-C, 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 authorize staff to proceed with
the preparation and documentation needed to sell the bonds and receive 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 $11,575,000, included the following:
• Up to $4,080,000 for the public purpose of laying out, opening and widening streets and
providing street improvements.
• Up to $1,130,000 for sidewalk replacement program.
• Up to $1,530,000 for the public purpose of major equipment replacement.
• Up to $4,835,000 for the public purpose of providing parking lots, park improvements,
traffic improvements, and other public property improvements.
In addition, staff is proposing additional borrowing of $10,505,000 through issuance of utility
revenue bonds as noted below:
Finance Director, Trena Larson
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130
http://www.ci.oshkosh.wi.us
• Up to $10,505,000 of Storm Water Revenue Bonds for the storm water projects that call
for twenty year borrowing included in the 2018 Capital Improvement Plan as approved
by the Council on November 28, 2017.
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 and Storm Water Utility Fund).
RECOMMENDATION
Staff recommends adoption both of the above noted resolutions.
Respectfully Submitted,
Trena Larson
Finance Director
Approved:
Mark Rohloff
City Manager