HomeMy WebLinkAbout31262 / 81-08April 16, 1981
# B RESGL' iJPION
RESOLUi'ION determing to borrv.r S495,000.00 and to iss� to the lender
Promissoiy Notes, Series 1981, of tr�e City of Oshk�h, Wisconsin, in such
acmimt, provi.ding details, prescribing the form of note and �upon, awarding
the notes to the hi�est bidder, and levying taxes.
';"u�"ti'4T�D BY
%?:i:l i , � /`�G' l,(.i
- � _
The City council of the City of Oshkosh, Winnebago
County, Wisconsin, met in regular, open, public session at its
regular meeting place on April 16, 1981, at o'clock _.M.,
with the following members present:
and the following members absent:
� � �
(Other business)
The Clerk stated that one purpose of the meeting was
the consideration of bids received for the purchase of $495,000
Promissory Notes, Series 1981 of the City of Oshkosh pursuant to
notice of sale duly published in The Bond Buyer, a Pinancial
newspaper published in the City of New York, New York, and in the
Oshkosh Dai1y Northwestern.
The following sealed bids for said notes were received
in the Council Chambers in the City Hall until 10:30 A.M., C.S.T.,
on April 16, 1981:
LEX
Name of Bidder
Net Interest Cost
�
After due deliberation, it was determined that the bid
oP First Wisconsin National Bank
of Milwaukee , wisconsin , and associates, at a price of
par and accrued interest plus a premium of $ Z•21 was the
highest and best bid submitted for the purchase of said notes,
which bid is as follows:
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OFPICIAL BID FORM
Lity Council
City Hall
Oshkosh, Wisconsin 54902
Gen[lemen:
April 16, 19$1
Subject to all terms set forth in the Official Notice of Sale, which is hereby
made a part of this proposal, we offer to pay $3,050,000 for Corporate Purpose Bonds
and $495,000 for Promissory Notes plus a premium of /�..Y� ( _
($ /,y ��: ) and accrued interest to date of delivery, for
$3,050,000 Corporate Purpose Bonds, Series 1981 and $495,000 Promissory Notes,5eries
1981 of the City of Oshkosh, Wisconsin, dated May l; 1981, maturing serially May 1
of each year and bearing interest as foltows:
Amount
$ 75,000
75,000
75,000
75,000
1z5>oao
125,000
�SO,000
Year of
Maturity
1982
1983
t984
1985
1986
1987
19$$
CORPORATE PURPOSE BONDS
Interest
Rate
/L`.0 0 %
i� O6 �
���
� c �r %
/c c �' �
/a CC` �
r�. L �—�7 l• T °�
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PROMISSORY NOTES
Year of Interest
Amount Maturity Rate
Amount
5250,000
250,000
150,000
150,000
150,000
700,000
700,000
Amount
$ 25,000 1982 /�`.c^C` % S 25,000
25,000 1983 , o.�� r% 20,000
z5>0oo 1984 ic` c'� o t00,0o0
25,000 1985 /c c^ � � l00,000
25,000 1986 jr t'c� � 125,000
We prefer that the Bonds and Notes be payable at �•=
and at �
Year of
Maturity
1989
1990
1991
1992
1993
1994
1995
Year of
Maturity
1987
1988
�989
1990
1991
Interest
Rate
�). C c'� $
C/�in %
�..sc� �
�j,.3o %
��---• l�c'! �
�i ��n �
i. s c %
Interest
Rate
i 0 0 �' �
`% f �'' �
`i. c 0 �
, c, �, �
�i.3t� �
Said Bonds and Notes are to be executed and delivered to us in accordance with the
terms of this bid accompanied by the approving legal opinion of Chapman and Cutler,
Attorneys, Chicago, Illinois. You are to pay for said legal opinion and printing of
bonds and notes.
As evidence of good faith, we enclose herewith a check to the order of the Treasurer
of the City of Oshkosh, Wisconsin, in the sum of $70,900 pursuant to the terms provided
in your Official Notice of Sale. Attached hereto is a list of the members of our account
on whose behalf this bid is made.
19
....� ..».�.,...,......�..�..,�..........__...._..,_.-_.��---- -- ,-
Description of Check:
Amount: S70,900
Name of Bank Fir:3t Wisconsin National
Bank of Milwaukee
City Milwaukee State WI
Type Cashier's Check No. z10988
Dated April lu, 1'�Sl
(For City Use Only)
The Above Check was Returned and Received
for the Above Named Account Manager
By
Respectfully submitted,
Name FIRST WISCONSIN NATIONAI BANK
BY �e�� �.,ti. (?� , �..o '�. I c�.�
o n .�ger,—F'irs�P�ce P'resi e�C nt
Address 777 East Wisconsin Avenue
City Milwaukee State Wisconsin
For information of City Only. Our
Calculation of Interest Cost fran Above
is:
Total Interest.......$ � ?�'/, :�yo_ �+c+
Less Premium......_..$ % S. $C�
Net Interest co5c....5 3.3n� 3;a�_-� n
—�. ,
Net Interest Rate.... %, y/�..;7C $
The foregoing bid was accepted and bonds and notes sold by resolution of the City
Council of the City of Oshkosh, Wisconsin on April 16, 1981, and receipt is hereby
acknowledged of the good faith check whicti is being held in accordance with the terms
of the Official Notice of Sale.
�
�.,...,,.--.,-r-------- —
CITY OF OSHKOSH
By
Director of Administration
Thereupon the following resolution was introduced by
and was read in fu11, and pursuant to motion
made by and seconded by
was adopted by the following vote:
Aye:
Nay:
RESOLUTION determining to borrow
95,000 and to issue to the lender
Promissory Notes, Series 1981, of
the City of Oshkosh, Wisconsin, in
such amount, providing details,
prescribing the form of note and
coupon, awarding the notes to the
highest bidder, and levying taxes.
WHEREAS, it is necessary that funds be raised in the
total amount of $495,000 for the purpose of providing for
acquisition of equipment, permanent improvement of lands and
public work and improvements consisting of acquisition of equip-
ment, construction of sidewalks, bridge lighting, and public
building improvements; and
WHEREAS, cities are authorized by the provisions of
Section 67.12(12) of the Wisconsin Statutes to borrow money and
issue promissory notes for acquisiticn of equipment, permanent
improvement of lands and public work and improvements; and
-4-
�dHEREAS, it is considered necessary and desirable by
the City Council of the City of Oshkosh, Wisconsin (the "City"),
that the City borrow $495,000 for the purpose of providing funds
for the purposes aforesaid, and that the City issue to the lender
its promissory notes to evidence the indebtedness thereby incurred;
and
WHEREAS, it has been determined to borrow said money
from First Wisconsin National Bank
op Milwaukee � wisconsin � and associates, said lenders
having submitted the best bid for said notes at the public sale
thereof; and
WHEREAS, it has been determined that the issuance of
said notes in form payable to the bearer wi11 make such notes
more readily marketable and wi11 thereby be to the advantage of
the City;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Oshkosh, Winnebago County, Wisconsin, as follows:
Section 1. For the purpose of paying the cost of
providing for acquisition of equipment and public work and
improvements as described in the preamble hereto, there shall be
boCrowed from First Wisconsin National Bank
,
of Milwaukee � Wisconsin �
and associates, the sum of $495,000, and to evidence such
indebtedness the City shall issue to such lenders its Promissory
Notes, Series 1981 (the "Notes"), in the aggregate principal
amount of $495,000.
Section 2. Said notes shall be designated "Promissory
Notes, Series 1981", shall be payable to bearer, shall be dated
P4ay 1, 1981, shall be of $5,000 denomination each, shall be num-
bered 1 to 99, inclusive, shall mature serially in numerical order
without option of prior redemption on tlay 1 of each of the years
-5-
-�...�.,,,.�s�..-�,. ...._-------�..._.� _ _..,_.._-�---�--- _---
1982 to 1991, inclusive, and shall bear interest payable semi-
annually on the first day of May and November of each year,
beginning November 1, 1981, as follows:
Year
1982
1983
1984
1985
1986
Amount
$25,000
25,000
25,000
25,000
25,000
Tnteresti Rate
io.00�
io.00�
io.00�
io.00%
io.00�
Year
1987
1988
1989
1990
1991
Amount
$25,000
20,000
100,000
100,000
125,000
Interest Rate
lo.00 %
9.60 �d
9.0o x
9.00 K
e.�o �
The Notes shall be signed by Ehe City Manager of the
City with his facsimile signature, and by the City Clerk, and
sealed with the corporate seal of the City. Interest upon the Notes
shall be evidenced by coupons thereto attached, such coupons to
be signed by said City Manager and City Clerk with their respective
facsimile signatures, and said officers shall, by the execution
of the Notes, adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons. Both
principal of and interest on the Notes shall be payable in lawful
meney of the linited States of America at First wisconsin
Trust Co. � Dlilwaukee � Wisconsin , or at
, ,
, at the option of the holder.
Section 3. The Notes and coupons sha11 be in substantially
the following form, the omissions to be appropriately completed
when the notes are printed:
�
(For� of Note)
UNITED STATES OF AI4ERICA
STATE OF WISCONSIN
COUNTY OF WINNEEAGO
CITY OF OSHKOSH
PROMISSORY NOTE, SERIES 1981
No. $5,000
KNOW ALL P4EN BY THESE PRESENTS: That the City of Oshkosh,
in the County of Winnebago, State of Wisconsin (the "City"),
hereby acknowledges itself to owe and for value received promises
to pay to bearer, or to the registered holders hereof if this Note
shall then be registered as to principal, the principal sum of
Five Thousand Dollars ($5,000) on the first day of May, 19_,
with interest at the rate of
per cent ( �)
oer annum from the date hereof until the principal amount shall
have been fu11y paid, such interest being payable semiannually
on the first days of May and November of each year, beginning
November 1, 1981, interest to maturity being payable only upon
presentation and surrender of the interest coupons attached
hereto as they severally mature. Both principal hereof and
interest hereon are hereby made payable in lawful money of the
United States of AmeCiC2. at First tiPisconsin Trust Co. �
Milwaukee , Wisconsin , oC at ' ,
, , at the option of the holder.
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
are hereby irrevocably pledged.
This note is one of an issue of $u95,000, all of like date,
issued to evidence the indebtedness incurred by the borrowing of
-7-
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. _ .. . . . . . . .xy'q-"• ea : .
money in such amount for the purpose of paying the cost of providing
for acquisition of equipment, permanent improvement of lands and
public work and improvements, pursuant to and in a11 respects in
compliance with Section 67.12(12) of the Wisconsin Statutes and
a resolution adopted by the City Council of the City on April 16,
1981, and entitled, "RESOLUTION determining to borrow $495,000
and to issue to the lender Promissory Notes, Series 1981 of the
City of Oshkosh, Wisconsin, in such amount, providing details,
prescribing the form of note and coupons, awarding the notes to
the highest bidder, and levying taxes".
This note is registrable as to principal in accordance
with the provisions endorsed on the reverse side hereof.
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 the City, including this note, does not exeeed
any limitation imposed by law; and that the City has levied a
direct annual irrepealable tax suificient 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
with his facsimile signature, and by its City Clerk, and its
corporate seal to be impressed hereon, and the coupons hereto
attached to be signed by said City Manager and City Clerk with
their respective facsimile signatures; and said officers, by the
execution of this note, do adopt as and for their own official
signatures their respective facsimile signatures appearing on
said coupons, all as of the first day of t4ay, 1981.
(facsimile signature)
City Clerk City Manager
�:�
No.
(Form of Coupon)
On the first day of
�
$
19_, the City of Oshkosh,
Wisconsin, will pay to bearer the amount shown hereon in lawful
money of the United States of America at
or at
, ,
upon presentation and surrender of this coupon, for
interest due that day on its Promissory Note, Series 1981, dated
May 1, 1981, No.
(facsimile signature) (facsimile signature)
City Clerk City Manager
(Provision for Registration)
The within Note may be registered in the name of the
holder as to principal only on books to be kept by the City Clerk
of the City of Oshkosh, as Note Registrar, such registration to
be noted hereon in the registration blank below, after which no
transfer shall be valid unless made on said books at the request
of the registered holder or his attorney thereunto duly authorized
and similarly noted in said registration blank below, but this
Note may be discharged from registration by being transferred to
bearer, after which it shall be transferable by delivery but may
be again registered as before. Such registration shall not impair
the negotiability by delivery of the coupons attached to this Note.
Date of .
ReRistration :
Name of .
stered Holder :
-9-
Address of . Signature
istered Holder : of ReRistr
i
..._.__.n_..... ,,.. _ _ �_«.._,:
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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 a direct
annual tax in an amount sufficient for that purpose, to-wit:
Year of Amount for Principal Year of Amount for Principal
Levy and Interest Levy and Interest
1981 $ 93,567.50 1986 $ 57,795.00
19g2 a�,�9s.00 19A7 so,sss.00
1983 bs,29s.00 1988 i2s,i2s.00
198�+ bz,�9s.00 1989 ii6,izs.00
1985 6o,z9s.00 1990 iso,sl2.so
Section 5. Said tax shall be extended upon the tax
ro11s 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 used solely for
paying the principal.of and interest on the Notes so long as the
Notes remain outstanding. For the purpose of paying interest on
the Notes due on November 1, 1981, the sum of $Z3,272.50 sha11
be made available from other City funds on hand, said amount to
be repaid from the first collection of taxes levied pursuant to
Section 4 hereof.
Section 6. Interest on or principal of the Notes
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 sha11 be paid promp�ly 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.
-10-
Section 7. The City Clerk shall keep, maintain and
preserve an adequate and correct register account of all Notes
issued and all payments and other transactions relating thereto.
Section 8. When the Notes shall have been printed and
executed, the same shall be delivered by the City Treasurer to
the lender upon receipt of the borrowed money.
Section �. The principal proceeds from the sale of the
Notes shall be used only far the purpose of paying the cost of
providing for aequisition of equipment, permanent improvement
of lands and public work and improvements as set out hereinabove.
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 the
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 completion of the facilities
for which the Notes are herein authorized to be issued. The
Director of Administration, the C1erk and the Treasurer of the
City, or any of them, are hereby authorized to execute on behalf
of the City an Arbitrage 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
the Notes being "arbitrage bonds" under Section 103(c) of the
Internal Revenue Code of 1954, as amended, oc the regulations of
the United States Treasury Department currently in effect or
proposed. Such Arbitrage Certificate shall constitute a repre—
sentation and certification of the City and no investment of
—11—
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PJote proceeds or of moneys accumulated to pay the Notes herein
authorized sha11 be made in violation of the expectations prescribed
by said Arbitrage Certificate.
ATTEST:
Adopted April 16, 1981.
Recorded , 1981.
Approved , 1981.
President
City C erk
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