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HomeMy WebLinkAbout07. 19-231 APRIL 23, 2019 19-231 RESOLUTION (CARRIED 6-0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE RESOLUTION DIRECTING THE ADVERTISEMENT AND SALE OF UP TO $5,450,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, APPROXIMATELY $16,405,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PROMISSORY NOTES, APPROXIMATELY $8,835,000 STORM WATER UTILITY REVENUE BONDS, APPROXIMATELY $11,085,000 WATER SYSTEM REVENUE BONDS AND APPROXIMATELY $16,115,000 AGGREGATE PRINCIPAL AMOUNT OF SEWER SYSTEM REVENUE BONDS, OF THE CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN INITIATED BY: FINANCE DEPARTMENT 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 approximate aggregate principal amount of $5,450,000 for the purpose of acquiring, constructing and improving streets and street improvements; 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 in an approximate aggregate principal amount of$5,450,000(the 'Bonds")for the purpose of acquiring, constructing and improving streets and street improvements, for which an initial resolution has been adopted; and APRIL 23, 2019 19-231 RESOLUTION CONT'D 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 to refund certain outstanding obligations of the City; and WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of$16,405,000 for the purpose of acquiring, constructing and improving sidewalks, traffic signals and other traffic improvements, parks and public grounds, public buildings, property in the City, public equipment, and refunding certain outstanding obligations, including the interest thereon, of the City; 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 in an approximate aggregate principal amount of $16,405,000 (the "Notes") for the purpose of acquiring, constructing and improving sidewalks, traffic signals and other traffic improvements, parks and public grounds, public buildings, property in the City, public equipment and refunding certain outstanding obligations, including the interest thereon, of the City; 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 $8,835,000 for the purpose of acquiring, constructing and improving the storm water sewer system in said City; and APRIL 23, 2019 19-231 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 Storm Water Utility Revenue Bonds in an approximate aggregate principal amount of$8,835,000 (the "Storm Water Revenue Bonds") for the purpose of acquiring, constructing and improving the storm water sewer system in said City; and WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of$11,085,000 for the purpose of acquiring, constructing and improving the water system in said City and refunding certain outstanding obligations, including the interest thereon, of the City; and WHEREAS,it is considered necessary and desirable by the City Council of the City that the City borrow money and issue its Water System Revenue Bonds in an approximate aggregate principal amount of $11,085,000 (the "Water Revenue Bonds") for the purpose of acquiring, constructing and improving the water system in said City and refunding certain outstanding obligations, including the interest thereon, of the City; and WHEREAS, it is necessary that funds be raised by the City in an approximate aggregate principal amount of$16,115,000 for the purpose of acquiring, constructing and improving the sanitary sewer system in said City and refunding certain outstanding obligations, including the interest thereon, of the City; and WHEREAS,it is considered necessary and desirable by the City Council of the City that the City borrow money and issue its Sewer System Revenue Bonds in an approximate aggregate principal amount of $16,115,000 ("Sewer Revenue Bonds") for the purpose of acquiring, constructing and improving the sanitary sewer system in said City and refunding certain outstanding obligations, including the interest thereon, of the City; APRIL 23, 2019 19-231 RESOLUTION CONT'D 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, the Storm Water Revenue Bonds, the Water Revenue Bonds and the Sewer 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, the Storm Water Revenue Bonds, the Water Revenue Bonds and the Sewer Revenue Bonds. The Director of Finance/City Treasurer of the City may assign different series designations to each of the Bonds, the Notes, the Storm Water Revenue Bonds, the Water Revenue Bonds and/or the Sewer Revenue Bonds than the series designations provided herein, and each of the Bonds, the Notes, the Storm Water Revenue Bonds, the Water Revenue Bonds and Sewer Revenue Bonds may be issued in one or more series. Section 2. After bids shall have been received for the Bonds, the Notes,the Storm Water Revenue Bonds, the Water Revenue Bonds and the Sewer Revenue Bonds or any series of them, 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, Storm Water Revenue Bond, Water Revenue Bond and Sewer Revenue Bond and will levy taxes in the specific amount necessary to pay the principal of and interest on the Bonds and the Notes. APRIL 23, 2019 19-231 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, the Storm Water Revenue Bonds, the Water Revenue Bonds and the Sewer 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.