HomeMy WebLinkAbout01-205.docMAY 8, 2001 01-205 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN
RESOLUTION AMENDING $2,000,000 CITY OF OSHKOSH,
WISCONSIN VARIABLE RATE DEMAND INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1994 (AUTOMATIC HANDLING, INC. PROJECT)
WHEREAS the City of Oshkosh, Wisconsin (the "Municipality"), a Municipal corporation
organized and existing under and pursuant to the laws of the State of Wisconsin has issued its
$2,000,000 City of Oshkosh, Wisconsin Variable Rate Demand Industrial Development Revenue
Bonds, Series 1994 (Automatic Handling, Inc. Project) (the "Bonds") in order to help fund a Project
(the "Project") as described in a Notice of Public Hearing published in the Oshkosh Northwestern on
May 5, 1994 in connection with the issuance of the Bonds; and
WHEREAS Automatic Handling, Inc. has sold the Project described therein to Enterprise
Steelfab, Inc., a Wisconsin corporation, and 101 Snell Road, LLC, a Wisconsin Limited Liability
Company; and
WHEREAS in connection with such sale, Enterprise Steelfab, Inc., and 101 Snell Road, LLC
desire to assume the obligations of Automatic Handling, Inc. in connection with the Bonds and
Automatic Handling, Inc. desires to be relieved of all liability in connection with said Bonds; and
WHEREAS Enterprise Steelfab, Inc. and 101 Snell Road, LLC desire to have Associated
Bank, National Association, Neenah, Wisconsin provide an Alternate Letter of Credit in connection
with the Bonds; and
WHEREAS the Municipality has held a public hearing in connection with the proposed
amendments to documents executed in connection with the issuance of the Bonds in order to
substitute Enterprise Steelfab, Inc. and 101 Snell Road, LLC as the underlying obligors on the Bonds
and have Associated Bank, National Association provide an Alternate Letter of Credit in order to
secure said Bonds;
NOW, THEREFORE, be it resolved by the Common Council of the City of Oshkosh, Wisconsin
that:
Enterprises Steelfab, Inc. and 101 Snell Road, LLC are hereby approved as substitute
underlying obligors, and successor Eligible Participants (as defined in Wis. Stat.
66.1103(2)(c)) in connection with the $2,000,000 City of Oshkosh, Wisconsin Variable
Rate Demand Industrial Development Revenue Bonds, Series 1994 (Automatic
Handling, Inc. Project).
Associated Bank, National Association, Neenah, Wisconsin, is hereby approved as the
provider of an Alternate Letter of Credit as provided in Section 5.09 of the Trust
Indenture executed by the City of Oshkosh, Wisconsin and Chase Manhattan Trust
Company, N. A. (as successor to PNC Bank, Ohio, National Association), as Trustee in
connection with the issuance of the Bonds.
Subject to such changes or revisions as Nelson & Schmeling, as Bond Counsel, or
Counsel for the Issuer may approve, the proposed Amended Note, First Amendment to
the Loan Agreement, First Amendment to the Bond Pledge Agreement and the First
Amendment to the Remarketing Agreement, in substantially their respective forms
presented to the Municipality, through the City Attorney, are hereby approved. The City
Manager and the Clerk, or any of their authorized deputies if necessary, are authorized
on behalf of the Municipality to endorse the Amended Note to the Trustee and to
execute and deliver the First Amendment to the Loan Agreement and any other
documents, with such revisions, changes or deletions as may be approved by the
signatories thereto, which approval shall be conclusively approved by their execution of
said documents.
This Resolution constitutes public approval by the Common Council of the City of
Oshkosh, which is the elected legislative body of the City as referred in Section 147(0 of
the Internal Revenue Code of 1996, as amended, after a public hearing held on May 8,
2001 following reasonable public notice.
No covenant, stipulation, obligation, or agreement contained herein or contained in any other
documents executed in connection with the issuance of the Bonds, including the Loan Agreement
and any amendments thereto, shall be deemed to be a covenant, stipulation, obligation, or agreement
of any officer, agent or employee of the Municipality or of this Common Council in his or her individual
capacity and neither the members of this Common Council nor any officer executing the Bonds or any
documents contemplated in connection with their issuance shall be liable personally on said Bonds or
be subject to any personal liability or accountability by reason of the issuance thereof.
Adopted: ,2001
By:
Pamela R. Ubrig, City Clerk
Approved:
,2001
By:
Jon C. Dell'Antonia, Mayor