HomeMy WebLinkAbout18. 18-261 MAY 8, 2018 18-261 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: 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 2018-8, AND APPROXIMATELY
$10,510,000 AGGREGATE PRINCIPAL AMOUNT OF STORM
WATER UTILITY REVENUE BONDS, SERIES 2018-C, OF THE
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
INITIATED BY: CITY ADMINISTRATION
WHEREAS, cities are authorized by Chapter 67 of the Wisconsin Statutes, as
supplemented and amended, to borrow money and to issue bonds to finance any project
undertaken for a public purpose; and
WHEREAS, it is necessary that funds be raised by the City of Oshkosh, Winnebago
County, Wisconsin (the "City"), in an aggregate principal amount of up to $5,615,000 for
the purpose of acquiring, constructing and improving streets and street improvements,
parks and public grounds and community development projects for tax increment
districts; and
WHEREAS, it is considered necessary and desirable by the City Council of the City
that the City borrow money and issue its General Obligation Corporate Purpose Bonds,
Series 2018-A in an aggregate principal amount of up to $5,615,000 (the 'Bonds") for the
purpose of acquiring, constructing and improving streets and street improvements,parks
and public grounds, and community development projects for tax increment districts for
which initial resolutions have been adopted; and
WHEREAS, cities are authorized by the provisions of Section 67.12(12) of the
Wisconsin Statutes, as supplemented and amended, to borrow money and to issue
promissory notes to finance any project undertaken for a public purpose; and
WHEREAS, it is necessary that funds be raised by the City in an approximate
aggregate principal amount of $5,960,000 for the purpose of acquiring, constructing and
improving sidewalks, traffic signals and other traffic improvements, public buildings,
property in the City, and public equipment;
MAY 8, 2018 18-261 RESOLUTION
CONT'D
WHEREAS, it is considered necessary and desirable by the City Council of the City
that the City borrow money and issue its General Obligation Promissory Notes, Series
2018-B in an approximate aggregate principal amount of$5,960,000 (the "Notes") for the
purpose of acquiring, constructing and improving sidewalks, traffic signals and other
traffic improvements, public buildings and property in the City and public equipment;
and
WHEREAS, cities are authorized by Section 66.0621 of the Wisconsin Statutes, as
supplemented and amended, to borrow money and to issue revenue bonds to finance
any project undertaken for a public utility; and
WHEREAS, it is necessary that funds be raised by the City in an approximate
aggregate principal amount of$10,510,000 for the purpose of acquiring, constructing and
improving the storm water sewer system in said City; and
WHEREAS, it is considered necessary and desirable by the City Council of the City
that the City borrow money and issue its Storm Water Utility Revenue Bonds, Series 2018-
C in an approximate aggregate principal amount of$10,510,000 (the "Storm Water Revenue
Bonds") for the purpose of acquiring, constructing and improving the storm water sewer
system in said City; and
Now, THEREFORE, BE IT RESOLVED by the City Council of the City of Oshkosh,
Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of offering the Bonds, the Notes and the Storm Water
Revenue 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 City shall also cause to be prepared and distributed Official
Statements, including Official Terms of Offering, with respect to the Bonds, the Notes
and the Storm Water Revenue Bonds. The Director of Finance/City Treasurer of the City
may assign different series designations to each of the Bonds, the Notes and/or the Storm
Water Revenue Bonds than the series designations provided herein.
Section 2. After bids shall have been received for the Bonds, the Notes and the
Storm Water Revenue 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 Bond, Note and Storm Water Revenue Bond, and will levy taxes in the specific amount
necessary to pay the principal of and interest on the Bonds and the Notes.
MAY 8, 2018 18-261 RESOLUTION
CONT'D
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 Bonds, the Notes and the Storm Water
Revenue 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.
Adopted May 8, 2018.
Approved May 8, 2018.
Recorded May 8, 2018.
/s/ Steve Cummings
Mayor
Attest:
/s/ Pamela R. Ubrig
City Clerk