HomeMy WebLinkAbout31399 / 81-08June 18, 1981 � 8 RESOLLTPION
There will be a resolution authorizing consent of the City to the
Furencl�rent of a Lease pursuant to an Indenture of Trust dated Novenber 1,
1974 by and between the City of Oshkosh and the First Wisconsin National
Banic of Oshkosh as Txvstee.
SUBPSIT'I'�'D BY
APPRO ��'D
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, ., d�o051181
City Council
of the
City of Oshkosh
Resolution ��luthorizing Conse�t oi the
City to an Anendment of a Leas� Pursuant
tv an Inder.ture of Trust dated as of NovenUer
1, 1974 by and betwee:� the City of
Oshkosh and First SJisconsin National
Bank of Oshkosh, as Ttustee.
WHEREAS, the City of Oshkosh, Wisconsin (the "City")
on January 17, 1975, issued its Industrial Development Revenu�
Bonds dated November 1, 1974 and entitled:
$1,000,000
City of Oshkosh, i�lisconsin
Industrial Development Revenue Bonds, Series A
(Osh!<osh Truck Corporati.on Project)
(the "Bonds") secuted by that certain Indenture of Trust dated as
of ;dovember 1, 1974 by and between the City and First i�Jisconsi :
\Tational Bank of Oshkosh, as trustee (the "Trustee") (the "In-
denture ), and by a Ffortgage, dated as of November 1 1974 (tne
"Mortga;;e") from John P. Mosling as t4ortgagor (the "Lessor') and
the City, as hlortgagee; and
GJHEREAS, the City loaned the proceeds of the Bonds to
the Lessor for the purpose of constructing and equippin� a
capital project within the City (the "Project"), cahich loan
is evidenced by a Loan Agreement, dated as of November 1, 1974
by and between the City and the Lessor (the "Loan Agree;nent");
and
WHER�AS, the Lessor leased the Project to Oshkosh Tru�k
Corporation (the "Lessee") for use in its business under the
terms ot a Lease dated as of Novembec i, 1974 by and between the
Lessor, as lessor, and the Lessee, a� 7ess�e (the "Lease"); and
WHEREAS, the Mortgage, the Loan Agreement, the Lease
and the rents payable thereunder have been assigned to the
Trustee under the Indenture; and
�dHEREAS, the Lease does not permit the sale of the
Leased Premises, as de£ined in the Lease {the "Leased Premises");
and
WHEREAS, the Less�e and the Lessor desire to amend the
Lease for the purpose of facilitating the sale of the I.eased
Premises to children of the Lessor or a partnership consis�ing of
children of the I.essor (the "Purchaser"); and
WHEREAS, under the terma uf the proposed sale of the
Leased Premises the Purchaser shall assume all of the duties,
obligations and responsibilities of the Lessee; and
WHEI2EAS, subsequent to the proposed sale of the Leased
Premises the Lessee will retain, to the same extent as before the
proposed sale, a1I of the duties, obligations and responsibilities
imposed upon him hy the Mortgage, the Loan Agreement and the
Lease and shall perform such obligations in the event the Purchaser
fails to perform them; and
WHEREAS, the Leased Prec�ises will remain subject to the
Mortgage subsequent to the sale thereof to the Purchaser; and
WHEREAS, the
the sale of the Geased
upon the Bonds; and
City is not and shall not, by reason of
Premises to the Purchaset, beco�e liable
WHEREAS, Article X of the Indenture requires the
consent of the Lessee, the Trustee and the City r_o any amende�ent
of the Lease; and
WHEREAS, the consent of the Lessee and the Trustee to
the transaction set forth herein and to an amendment of the Lease
for the purpose of facilitating the sale of the Leased Premises
by the Lessor to the Purchaser has been obtained;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY, THAT:
1, The City hereby consents to the amendment of the
Lease in the form presented hereo-�ith and the sale of the Leased
Premises as set forth in this resolution.
2. The City Mana�er and the Clerk of ttte City be, and
they hereby are, authorized for and in the name of the City to
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execute and seal with the official seal of the City any and all
documents necessary for the amendment of the Lease and the sale
of the Leased Premises in accordance with the intent and tenor of
this resolution.
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CERTIFICATIO`5 BY CLERK
I, Converse C. htarks, being first duly scaorn, do hereby
depose and certify that I am the duly appointed, qualified and
acting Clerk of the City of Oshkosh, in the County of Tdinnebago,
State of [disconsin, and as such I have in my possession, or have
access to, the complete corporate records of said City and of its
City Council; that I have carefully compared the transcript
hereto attached caith the aforesaid corporate records; that said
transcript hereto attached is a true, correct and coaplete copy
of all the corporate records in relation to the adoption of
ResOlution No. 8 entitled:
Resolution Authorizing Consent of the
City to an A�endment of a Lease Pursuant
to an Indenture of Trust dated as of Nove�ber
i, 1974 by and betwee❑ the City of
Oshkosh and First Wisconsia National
Bank of Oshkosh, as Trustee.
I do hereby fur.ther depose 2nd certify as fo7lows:
1. Said resolutio❑ was considered for adoption by tne
City Council at a meeting held in the City Hall at 7:�� Y,M. on
��_.18_ _, 19$1. Said meeting was a reQ� ar meeting of the
City Council and was held in open session in co�:,plzance with
Subchapter iV of Chapter 19 of the �disconsin Statutes.
2. Said resolution saas on the a�enda for said.meeting
s:�d nublic notice thereof was �iven not less than 24 hours prior
to the commenc-:,ment of said meetin� in conpliance with Section
1�.34 oi the I�iscoi�sin Statutes, including, without i:lzitation,
by posting on the 5ulletin board in the City Hall, by notice to
those news media who have filed a caritten request for notice of
meetings and by notice to the official newspa�er of the City.
3. Said meeting was called to order by Donald };.
Kutchera, �iayor, wno chaired the meeting. Upon roll I nated
and recorded that the folloc�ing Council Me;nbers were ptesent:
�_ Chapin• Floyd R,;_Hulsebosch�_Charles J.;
_ Mather, James AL;^ProPP. Kathleen P?__
, �---
__�_Pung, _Robert E _;_ Teichmiller,TBernice�___
�__Kutchera, Don H,__�7��__`�_ _ ^
and that the follocainp Cou�:cil tieribers were ab�ent:
None
I noted and re.col-c?ed that a n�!�rum was pre�ent. Var.io��s matters
di�!1 1)U:ilIIt':>5 ::CC CdI:E:[7 U�J G�U1'1[7�� [f7e CQUI'�C U� L}lt' 'id'JL1[l�' "v71�f1-
OUC int.erv<>nt'IOTI pi 2^;7 C�.OS(.'!j .SC'S;ion. One Oi tt'IB i'.&[[2LS Lfl�:en
up wa5 said re�solution �ahich vas introduced and its a�option taas
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moved by Council Member �a hPr , and seconded by Council
Member �hanin___ Following discussion a�d after all
council menbers-e�ho desired to do so had expressed their views
fot or against said tesolution, the q�estion was called and upon
roll being called and the continued presence of a quorum being
noted, the recorded vote was as follows:
Aye: Chapin, Mather, Propp, Pur_g, Teichmiller
K.utc era, (��-
Nay: None
Abstain: Hu1 �bn;crh
Wheceupon the .•tayor declaced said tesolution adopted, and I so
recorded it.
IN LdITidESS I,19EREOF, I have signed r�y name and affixed
Che seal of the City heteto on this 19thday bf June ,
1981.
i'
(2:�Ricipal Seai] -�i/(_�ll��li��^ l��
' C).etkl�
, y'
, ' , ;
STATE OF t,i1SCONSIN )
) SS
COUNTY OF 41INNEBAGO )
Subsc:iUed and sworn to before me this day, the
date last aUove written.
notaty Puhlic---�l—^
My commissio❑ expires:
[Notarial Seal]
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