HomeMy WebLinkAbout32698 / 83-23December 15> 1983
(CARRIED
PURPOSE:
IL`I�iL'\1J�7 ]E
LOST
LAID OVER
# 23 RESOLUTION
WAIVER OF SECTION 66.5z1(11)(b)1
INDUSTRIAL DEVELOPMENT REVENUE BONDS
HOFFMASTER COMPANY, INC.
WITHDRAWN )
BE IT RESOLVED by the Common Council of the City of Oshkosh that
the following attached resolution relating to waiver of Section 66.521(11)
(b)1 in connection with Industrial Development Revenue Bonds on behalf of
Hoffmaster Company, Inc. or a partnership in which Thomas J. Hoffmaster
and Thomas J. Prosser will be among the General Partners, is hereby approved.
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SUBfatITTED BY
APPROV^D
�
,
" Resolution #23
COMMON COUNCIL
OF THE
CITY OF OSHKOSH, WISCONSIN
Resolution No.
RESOLUTION RELATING TO WAIVER OF SECTION 66.521(11)(b)1.
IN CONNECTION WITH AN INDUSTRIAL DEVELOPMENT REVENUE
BOND FINANCING ON BEHALF OF
HOFFMASTER COMPANY, INC. OR A PARTNERSHIP IN WHICH
THOMAS J. HOFFMASTER AND THOMAS J. PROSSER WILL BE
AMONG THE GENERAL PARTNERS
WHEREAS, this body has adopted a resolution entitled
"Initial Resolution Relating to Industrial Development Revenue
Bond Financing On Behalf Of Hoffmaster Company, Inc. or a part-
nership in which Thomas J. Hoffmaster and Thomas J. Prosser will
be among the general partners" (the "Initial Resolution"); and
WHEREAS, the Initial Resolution provides that upon
certain conditions the City of Oshkosh, Wisconsin (the "Munici-
pality") shall issue industrial development revenue bonds pur-
suant to Section 66.521, Wisconsin Statutes, as amended (the
"Act") to finance a project in the Municipality to be undertaken
by Hoffmaster Company, Inc., a Wisconsin corporation or a part-
nership in which Thomas J. Hoffmaster and Thomas J. Prosser will
be among the general partners (the "Eligible Participant"); and
WHEREAS, the Eligible Participant has represented that
the intended use of the project is for the purpose of the paper
manufacturing and converting business located at 2920 North Main
Street and that the project would consist of a building expansion
and installation and acquisition of equipment (the "Project");
and
WHEREAS, Section (11)(b)1. of the Act contains pro-
visions requiring competitive bidding for certain construction
contracts and prohibiting discrimination with regard to the
construction and operation of projects financed under the Act;
and
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m
Resolution #23
WHEREAS, Section (11)(b)2. of the Act empowers the
governing body of a municipality to waive the requirements of
Section (11)(b)1. with respect to a particular project;
NOW, THEREFORE, BE IT RESOLVED:
1. It is the finding and determination of this body
that the Municipality will not control the design, costs, con-
struction or operation of the Project; that no public moneys will
be expended for the Project; that the Municipality will have no
beneficial ownership in the Project; that the primary reason for
requiring competitive bidding for construction of municipal
projects is to protect the taxpayers against excessive expen-
ditures of public funds and that such reason, although sound as
applied to public works, is not applicable to the Project
in which no general funds or tax revenues of the Municipality
will be used or put at risk; that it would be more efficient and
expedient for the accomplishment of the public purposes of the
revenue bond issue if the Eligible Participant were to have
complete control over the letting of contracts for construction
for the Project; and that while an anti-discrimination policy
such as that expressed in Section (11)(b)1. of the Act is sup-
ported by this body, public policies of that sort applied in the
context of a bond financing are more appropriately effectuated by
contract with the Eligible Participant. Therefore, the Munici-
pality does hereby waive the provisions of Section (11)(b)1. of
the Act with regard to the Project; provided, however, that the
revenue agreement to be entered into between the Eligible Par-
ticipant and the Municipality shall contain anti-discrimination
clauses satisfactory to the Municipality.
2. The Clerk shall cause the foregoing resolution to
be published together with the public notice required by the
Initial Resolution.
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