HomeMy WebLinkAbout32604 / 83-20October 6, 1983
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RESOLUTION
WITHDRAWN )
There will be a resolution authorizing the issuance of Promissory Notes in the
amount of $270,000 for purposes of purchasing a computer system and a new tele-
phone system.
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SUB?RITTED BY
APPROVED
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The City Council of the City of Oshkosh, Winnebago County,
Wisconsin, met in regular, open, public session at its regular
meeting place on October 6, 1983, at ���0 o'clock P.M., with
the following members present:
Hulsebosch
Kutchera
Mather
Propp
Teichmiller
Pung
and the following members absent:
Chapin
* * *
(Other business)
The following resolution was introduced by Kutchera
and was read in full, and pursuant to motion made by Kutchera
and seconded by Mather was adopted by the following vote:
Aye: Hulsebosch
Kutchera
Mather
Propp
Teichmiller
Pung
Nay:
0
RESOLUTION determining to borrow
$270,000 and to issue to the
lender Promissory Notes, Series
1983-C, of the City of Oshkosh,
Wisconsin, in such amount, providing
details, prescr�bing the form of note
and levying taxes.
WHEREAS, the City of Oshkosh, Winnebago County, Wisconsin, is
in need of funds in the aggregate amount of 5270,000, for the
purpose of providing funds for the payment of the cost of acquiring
a new telephone system for city buildings in the amount of
$135,000 and the cost of acquiring computer equipment in the
amount of $135,000; and
WHEREAS, cities are authorized by the provisions of Section
67.12(12) of the Wisconsin Statutes to borrow money and issue promis-
sory notes for the acquisition of equipment; and
WHEREAS, it is con'sidered necessary and desirable by the City
Council of said city that said city borrow $270,000 for the
purpose of providing funds for the purpose aforesaid, and that
said city issue to the lender its promissory notes to evidence
the indebtedness thereby incurred; and
WHEREAS, officials of said city have negotiated with
the Valley Bank of Oshkosh for the borrowing of an aggregate sum
of 5270,000 and said lender has offered to purchase the promissory
notes of the city in such aggregate amount at the interest rate of
seven and one-half per cent (7 1/2�) per annum;
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Oshkosh, Wisconsin, as follows:
Section 1. For the purpose of providing funds for the payment
of the cost of acquisition of a telephone system for city buildings
and computer equipment, there shall be borrowed from Valley Bank
of Oshkosh, Oshkosh, Wisco�sin, the sum of $270.000. and to
evidence such indebtedr�es5 the City of Oshkosh, Y7innetago County,
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Wisconsin (the "City") shall issue to such lender its Promissory
Notes, Series 1983-C (the "Notes"), in the aggregate principal amount
of $270,000.
Section 2. The Notes shall be designated "Promissory Notes,
Series 1983-C", shall be payable to the order of the lender,
shall be dated the date of their issuance, shall be of the
denominations set out below, shall be numbered consecytively
from 1 to 5, inclusive shall bear interest at the rate of
seven and one-half percent (7 1/2$) per annum payable on May 1 and
November 1 of each year until mat�rity, commencing May 1, 1984,
and shall mature as to principal on November 1 of each of the
years 19II4 to 1988, inclusive, without option of prepayment,
as follows:
Year
1984
1985
1986
1987
1988
Amount and Denomination
$25,000
$50,000
550,000
$75,000
$70,000
The Notes shall be signed by the City Manager of the City of
Oshkosh and by the City Clerk, and sealed with the corporate seal of
the City. Both principal of and interest upon each Note shall be
paid directly to the lender by the Treasurer of the City, in lawful
money of the United State of America. Principal and interest
payable at maturity, shall be payable only upon presentation and
surrender of the Note.
Section 3. The Notes shall be in substantially the following
form, the omissions to be appropriately completed when the Note is
prepared:
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(Form of Note)
UNITED STATES OF AMERICA
State of 47isconsin
County of Winnebago
City of Oshkosh
PROMISSORY NOTE, SERIES 19A3-C
N0. • S
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in
the County of Winnebago, State of Wisconsin, hereby acknowledges
itself to owe and for value received promises to pay to Valley
Bank of Oshkosh, Oshkosh, Wisconsin or registered assigns, the
principal sum of (S ), payable
upon surrender of this Note, on the first day of November, 198 ,
with interest at the rate of seven and one-half per cent (7
1/28) per annum on the unpaid principal from the date hereof
until the principal amount shall have been fully paid, such
interest being payable clirectly to the lender by the Treasurer
of the City of Oshkosh by check or draft on May 1 and November 1
of each year commencing May 1, 1984, interest at maturity being
payable only upon presentation and surrender of this Note.
For the prompt payment of this note with interest hereon as
aforesaid and for the levy and collection of taxes sufficient for
that purpose, the full faith, credit and resources of the City of
Oshkosh are hereby irrevocably pledged.
This note is one of an issue of 5270,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
money in such amount for the purpose of providing funds for the
payment of the cost of acquirinq equipment for the City of Oshkosh,
pursuant to and in all respects in compliance with Section 67.12(12)
of the Wisconsin Statutes and a resolution aclopted by the members
of the City Council of said city on October 6, 1983, and entitled,
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"RESOLUTION determining to borrow $270,000 and to issue to the
lender Promissory Notes, Series 1983-C, of the City of Oshkosh,
Wisconsin, in such amount, providing details, prescribing the
form of note and levying taxes."
It is hereby certified and recited that all conditions,
things and acts required by law to exist, to be or to be done
precedent to and in the issuance of this note have been, have
existed and have been performed in due form and time; that the
indebtedness of said city, including this note, does not exceed
any limitation imposed by law; and that said city has levied a
direct annual irrepealable tax sufficient to pay the interest
hereon when it becomes due and also to pay the principal hereof
at maturity.
IN TESTIMONY WHEREOF, the City of Oshkosh, by its City
Council, has caused this note to be signed by its City Manager
and by its City Clerk, and its corporate seal to be impressed
hereon, all as of the lst day of November, 1983.
(SEAL)
City er City Manager
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Section 4. In order to provide for the collection of a direct
annual tax sufficient to pay the interest on the Notes and to pay
and discharge the principal thereof at maturity, there is hereby
levied upon all the taxable property in the City for the year
1983 to and including 1987, a direct annual tax in an amount sufficient
for that purpose, to-wit:
Ye ar
1983
1984
1985
1986
1987
Tax Levy
545,250
568,375
564,625
585,875
575.250
Section 5. Said tax shall be extended upon the tax rolls of
the City and shall be collected by the officers of the City in
the same manner and at the same time as taxes for general city
purposes for such years are extended and collected, and when so
collected, the proceeds of said taxes shall be kept in a separate
and distinct fund to be used solely for paying the principal of
and interest on the Notes, so long as the Notes remain o�tstanding.
Section 6. Interest on or principal of the Notes herein
authorized falling due at any time when there shall be on hand
insufficient funds from the proceeds of the above tax levy for the
payment of such interest or principal shall be paid promptly when
due from other funds of the City, which funds shall be reimbursed
therefor out of the proceeds of the taxes above levied when such
taxes shall have been collected.
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Section 7. The City Clerk, as Note Registrar, shall keep,
maintain and preserve an adequate and correct register account of
the idotes issued and all payments, transfers and other transactions
relating thereto.
Section 8. When the Notes shall have been prepared and
executed, the same shall be delivered by the City Treasurer to the
lender upon receipt of the borrowed money. .
Section 9. The principal proceeds from the sale of the Notes
shall be used only for the payment of the cost of acquiring equipment
for the City in the amount and of the type aforesaid. The City
recognizes that the purchasers and holders of the Notes will have
accepted them on, and paid therefor a price which reflects, the
understanding that interest thereon is exempt from Federal income
taxation under laws in force at the time said notes shall have
been delivered. In this connection the City agrees that it shall
take no action which may render the interest on any of the Notes
subject to Federal income taxation and that the principal proceeds
of the sale of the Notes shall be devoted to and used with due
diligence for the payment of the expenses for which the Notes are
herein authorized to be issued. The City Manaqer, the Clerk and
the Treasurer of the City, or any of them, are hereby authorized
to execute on behalf of the City an Arbitraqe Certificate to assure
the purchasers and holders of the Notes that the proceeds of the
Notes are not expected to be used in a manner which would or might
result in said notes being "arbitraqe bonds" under Section 103(c)
of the Internal Revenue Code of 1954, as amended, or the reg�lations
of the United States Treasury Department currently in effect or
proposed. Such Arbitrage Certificate shall constitute a represent-
ation and certification of the City and no investment of Note
proceeds or of moneys accumulated to pay the Notes herein authorized
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shall be made in violation of the expectations prescribed by said
Arbitrage Certificate.
Adopted October 6, 19Q3.
Recorded Oct. 6 , 1983.
A est•
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City C erc
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Upon motion of
* *
(Other business)
�.
Mayor
Teichmiller , seconded by
Propp , and unanimously adopted, the City Council
adjourned.
Attest:
i �i/,rtl%a/
Ci ty Cle
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Mayor �
STATE OF WISCONSIN )
) SS.
COUNTY OF WINNEBAGO )
I, DONNA C. LUEBKE, hereby certify that I am the duly
qualified and acting City Clerk of the City of Oshkosh, Wisconsin,
and as such official I further certify that attached hereto is a
true, correct and compared copy of excerpts from the minutes of
the meeting of the City Council of said city held on October 6, 1983,
insofar as same pertain to the sale of $270,000 Promissory Notes,
Series 1983-C of said city.
I further certify that a true and correct statement of
every s�ep or proceeding had or taken to date in the course of
authorizing said notes has been recorded by me in a separate
record book pursuant to the provisions of the Wisconsin Statutes.
WITNESS my official signature and the official seal of
said city this 6th day of October, 1983.
(AFFIX)
(SEAL )
(HERE )
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