HomeMy WebLinkAbout34894 / 88-90 � RESOLO'PIUN NO _ ..40
INITIAL RFSOI�UTION RE,ARDING
REVENUB BOND FINANCING FOR '
EAA AVIATION FOUNDATION, INC .
WHFREA.S, EP.A Aviation Foundation, Inc . (hereinafter called
"BOreower" ) desires to acquire, constcuct and impcove sn
aicplane hanger and museum in the City oE Oshkr,sh (hereinaEter
callzd the "City" ) which wovld thcreby conrribute to rhe
well-being of the City; and
WNEREAS, in connect;en �aith the proposed acquisition,
construction and impeoveTent of its Eacility, 3orrower has
repeesented to the City thac it would be an encoucagenent and
inducement for Borrower if the project cou!d be Einanced with
industrial development xe�.e�ue 'oor�ds; and
WHEREAS, rhe projech is described as folluws : The
construction oT improvem.ents and the acquisition o[ e�uicn�.ent
Eor a 99 , 800 square foor aicpinne hanger sn� museum locared at
Wirtman AirEield in the City oE Oshkosh; and
WHEREAS, the Project wi11 be owned by Borrower and the cost
of the Project is presently estimated to be not less than
$3 , 000, 000 ; and
WHEREAS, it is in the best interests of the City to
promote, attract , stimulate, iehabilitate, and revitalize
commerce, industiy, and manufacturing, to promote the
betterment oE the environment of the City, and to stimulate the
Elow oE private investment funds into the City; and
WHEREAS, it is the finding and determination oE this
Council that it is desi�able Eoc the City to encourage the
Borrower to conduct operations in the City so that the City may
derive substantial municipal 6enefits, including retention oE
steady employment for its citizens, stimulation oE existing and
new businesses, stimulation of private investment Eunds from
financial institutions , eete��tion of existing indust�y in, and
attraction oE new industry to, the City, and protection cf the
health, welfare and safety oE the citizens oE the City; and
WHEREAS, the City, a5 a muniCipality organiZed and exi5ting
under and pursuant to the laws of the State of wisconsin, is
authorized by Section 66 . 521 (hereinafter ceEerred to as "the
Act" ) of the Wisconsin Statutes to:
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Res. #90
(a) Constcuct , equip, re-equip, acquire by giEt ,
lease , or a!iechase, install , reconstruct , rebuild,
rehabilitate , improve, supple:r,ent , replace, mairtain ,
� eeoair , enlarge, ez�_cnd or re���cdc1 peojecCs as defined in
Section 66 . 521 ;
(b) Borrow apney and issue deveLopnent revenue bonds
to fina�ce directlp the costs oE the above;
(C) Enter inrp tieoenue agretmenr5 �.viYh eligi6le
participan�_; ::iLh raspect to the project, whereby the
eligible participant agrees rp cause said p�ojer_t W be
constructed an:� pay the Ciry 3n 5nount oE �unds
suEEicient ro provide for rhe prompr oay�nent when due o[
the principal .;��d inCeres' on said revenue bonds ; and
NOW, THEREFORE, 3E IT RESOLVF_D by the Cem:�en Council of the
City of Oshkosh, wiscoasin,- as Eollows :
1 . It is rhe �inding and determinaCion of tnis Ccuncil
that the Project is a qualiEied "peoject" within the :reaning oE
the Act , and 9orrower is an "eligible participa�t " �.�irhin rhe
:neaninq of the Ac� . The City sha11 :
(a) Finance the Ptoject in an amount nor exceeding
$3 , 000, 000 ; and
(b) Zssue development revenue bonds ( the "BOnds" ) in
an amount not to exceed $3 , 000 , �00 in� order to finance
costs of the Project .
2 . The aforesaid plan of financing contemplates and is
conditioned upon the following :
(a) The Bonds shall never constitute an indebtedness
of the City within the meaning oE any state constitutional
provision or statutory limitation;
(b) The Bonds shall not constitute noe give rise to a
pecuniary liability of the City or a chacge against its
general ccedit or taxing powers ;
(c) The Project shall be subject to property taxation
in the same amount and to the same extent as though the
Project were not Einanced with development revenue bonds ;
(d) The eorrower shall find a purohaser Eor a11 oi
the eonds; and
(e) The out-ef-pocket costs , including Trustee fees
and City Eees , in connection with rhe issuance and sale of
the Bonds shall be pai3 either from the proceeds of said
Bonds or 6y the Borrower .
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Res. p90
3 . 'Lhe a2oresaid plan oE Einancing sha11 not be legally
binding upon the Ciry ncr te Einally impLeinenCed unless and
until :
(a) The derails snd rech.3nir_s of thc �an�e are
autho[ize�3 an� approved by a tur-rher ResoluYion oE this
Council ;
(b) The City Clerk shall cause ncrice oE adop�.ion of
this Resolutiun to 6e pu6l:shad once in a ne:vspaper oE
general cieculation in the City, 3nd the electors oE tlie
City sna11 have bee❑ given the opportunity to petition foc
a reEerendum on the .natter o� the aEoresaid bond issue, a11
as �equired by law;
(c) Either no such petition sha11 be timely filed or
such petition shall haoe been filed and said referendum
shall have appro�ed rhe bond issue; and
(d) The City Clerk sha11 have received an employment
i:npact estimate issue3 undec Secrinn 560 . 034 ( 1) oE the
Statutes .
4 . The authoxity given by this 3esolution sna11 expire
two years from the data of this Resolution unless the bonds
shall by then have been iss.ied or the authority qtanted rhis
Resolution shall have been extended either beEOre or afrer the
expiration oE said two-year period .
5 . Pursuant to the terms oE Section 66 . 521( 11) (b)2 of the
Wisconsin Statutes, all requirements that the Project be
subject to the contracting [equirements contained in Section
66 . 521( 11) (b) 1 are hereby waived, the City having found that
the Borrower is a61e to negotiate satisfactory airangements for
completing the Project, and that the City' s interests are not
thereby pcejudiced.
6 . The City Clerk is dicected, following adoption of this
resolution, to publish notice oE such adoption not less than
one time in the oEficial newspaper of the City, such Notice to
6e in substantially the following form, and to file a copy of
this Resolution together with a statement indicating when such
notice was published with the Secretary of Development of the
State of wisconsin within twenty days following publication of
such notice.
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Res. k90
90'CICF 'CO ELECTORS
OF THE
CITY OF OSHKOSH
TARE NOTCCE, Shst the Co:cnor'� Council of the City oE
Oshkosh, Wisconsin ( the "City" ) , at a regulac meeting held on
June 2 , 1983 , adopted an initiat resolution pursuant to Section
66 . 521 oE the Wisconsin Statutes , as amended, expressing the
intention Yo issue ncr to exceed $3 , 000, 000, agg[egare
principal amount of. industrial development revenue bonds ef the
City ( the "aonds" ) on behalE of EAA Aviation Foundation, Inc .
( the "eorro�aer" ) . The Bonds are Eoe the purpose oE financi�g
costs o� a projecr ( the "Project" ) in che Ciry described as
Eollows : 'Phe construction oE improvenents aad che acquisition
oF equipment eor 3 49 , 800 square EooY airplane hanger a�d
;cuseum located �t Wittnan A.irfield in the City oE Oshkosh .
Puesuanr to the terms of Section 66 . 521 ( 11) (6) 2 oE rhe
Wisconsin Starutes , a11 requirements that the 2�oject be
subject to the contracting cequire:nents contained in Section
66 . 521( 11) (b) 1 have been waived, the City having Eound that the
9ocroiaet is able =o negotiate satisfactory acrangements for
completing the Project, an� that the City' s interests are not
thexe6y p�ejudiced .
THE BONDS SHAL.L NEVER CONSTITUTE AN INDEBTEDNESS OF THE
CITY NOR SHALL THE 90NDS' GIVE RISE TO ANY PECUNIARY LIABILITY
OF THE CITY NOR SHALL THE BONDS BE A CHARGE AGAINST THE GENERAL
CREDIT OR TAXING POWERS OF THE CITY. RATHF.R, THE BONDS SHALL
BE PAYABLE SOLELY FROM 'THE REVENOES AND OTHER AMOUN"TS DERIVED
OR PURSUANT TO THE REVENUE AGREEMENT RELATING TO SAID PROJECT
TO BE ENTERED INTO BETWEEN THE CITY OF OSHKOSH AND EAA AVIATION
FOUNDATION, INC.
The initial resoLution may be inspected in the office oE
the City Clerk at 215 Church Avenue, Oshkosh, Wisconsin, during
business hours .
TAKE FURTHER NOTICE, THAT THE ELECTORS OF THE CITY OF
OSHKOSH MAY PETITION FOR A REFERENDUM ON THE QUESTION OF THE
BOND ISSUE. Unless within thicty days Erom the date of the
publication of this Notice a petition signed by not less than
five percent ( Se) of the registered electors of the City is
filed with the City Clerk requesting a referendum upon the
question of the issuance o2 the Bonds, the City wi11 issue the
eonds �aithout submitting the proposition to the electors of the
city for approval . If such a petition is [iled as aEOresaid,
then the Bonds sha11 not be issued until approved by a majority
of the electors of the City voting theceon at a general or
special election .
Donna C. Sec�»�as , City Clerk
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Res. N90
CER'PSFICATION B7 CITY CLERK
I , Donna C. Secwas , being first d�� 1y sworn, hereby cerf: iEy
� that I am the duly yualiEied and =cting CLerk oE the City of
Ushkosh, in Yhe County oE >]innebago , State oE Wiscunsin, and as
such I have in my pos�ession , or have access ho, the complete
rocoorate recocds oE ;3id City and oi its Common Council ; that
[ have cace[u11y ccn�,pare� the transcripr hecer� attached iaith
the aforesaid recocds ; that said transcript hece*_o attached is
a true , correct, snd complete copy of all the records in
relation to the adoption of ResoLution No .
entitled :
IVITIAL RESOLUTION REGARDING
RcVENUE BQND FLNANCING FOR
EFA AVIATION FOUND�TIUN, INC .
I hexeby �urther certiEy as Eollews :
1 . Said ResoLution :aas censidered for adoption by rhe
Common Cour,cil at a meering neld at 7. 15 Chuech Avenue, Oshkesh ,
Wisconsir, c,t p. m. on Jur.e 2 , 1988 . Said meeting �as a
regular :neeting of the Comnon Cou�cil and was helU in open
session in cerroliance with S�bchaptee IV of Chapter 19 of the
Wisconsin StaCures .
2 . Said Resolution was on the a9enda for said meeting ,
and public notice thereof was given not less than twenty-four
hours prior to the commencement oE said meeting in compliance
with Section 19 . 84 of the Wisconsin Statutes , including ,
without limitation, by posting on the bulletin board in City
Ha11 , by notice to those news media who have filed a written
request for notice oE meetings , and by notice to the oEEicial
newspaper of the City.
3 . Said meeting was called to ocdez by
, who chaired the meeting . Upon roll , I
noted and recocded that the Eollowing Council members were
present :
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Res. #90
and that hhe Eollo��iing Council members weee absent :
I noted and rer_oeded ehat a quoeum aas presenr , Various
matters and business were taken up during the ceurse cf the
meeting +�ithout intervenrion oE any closed session . One oE the
matters caken up was s�id Resolution, which was introduced, and
its adoption was moved by and seconded
by Following discussion and aEter all
Council members who desired to do so had expressed their views
Eor or against said Resolution, the question was called and,
upon roll being called and the continued presence of a quorum
being noted, rhe recorded vote was as follows :
Aye :
N�:
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Res. #90
Abstain :
Whereupon the __ i9ecLared sai� Resolurion adopted ,
and I so recorded it .
LN WITNESS :vHEREOF, I have signed my name and aEEixed �ry
seal of the City hereto on this ___ day of ,iune, 1989 .
[MUNICIPAL S"EAL]
Donna C . Seewas , City Clerk
&f1PL'ITTF.il ➢Y
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APPI:G'i�•> ���
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NOTICE OF REGULAR MEETING
OF THE
OSHKOSH COMMON COUNCIL
THE COMMON COUNCIL OF THE CITY OF OSHKOSH will hold a REGULAR
MEETING on Thursday, June 2, 1988 at 7:00 p.m. in the Council
Chambers of City Hall , 215 Church Avenue for the purpose of
consideration of the following:
AGENDA AVAILABLE IN THE OFFICE OF THE CITY CLERK
WHICH ]NCLUDES AN INITIAL RESOLUTiON REGARDING
REVENUE BOND FINANCING FOR EAA AVIATION FOUNDATION, INC.
(information with respect to the job impact of the
project will be available at the time of consideration
of the initial resolution)
CITY OF OSHKOSH
DONNA C. SERWAS, CITY CLERK
DATE�: June 1 , 1988
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