2024-22281
4893-9514-9247.1
RESOLUTION No. 2024-2228
RESOLUTION AUTHORIZING THE ISSUANCE OF
$29,660,000 IN PROMISSORY NOTES
FOR FINANCING VARIOUS PUBLIC PURPOSES
WHEREAS, Section 67.12(12) Wis. Stats., authorizes any Wisconsin municipality to issue promissory notes as evidence of indebtedness for any public purpose as defined in Section 67.04(1)(b), Wis. Stats., and for general and current municipal expenses, including interest thereon; and
WHEREAS, pursuant to Section 67.04(4), Wis. Stats., the legislature finds that contracting of debt under Chapter 67, Wis. Stats., for any project constitutes a public purpose; and
WHEREAS, the following public projects and purposes fall under the scope of Section 67.04(1)(b) AND 67.12(12), Wis. Stats.:
$3,487,000 to construct and improve streets;
$230,000 to acquire, improve and maintain parks and public grounds;
$11,445,514 to acquire, improve and maintain public buildings and grounds;
$3,428,486 to acquire capital equipment;
$3,826,000 to provide financial assistance for community development;
$4,291,000 to construct and close landfills;
$1,357,000 to extend and improve the waterworks system; and
$1,595,000 to extend and improve the sanitary sewer system;
WHEREAS, such above proposed public projects and purposes and the issuance of such
promissory notes will be beneficial to the City of Janesville (the “City”) and in the best interest of the community;
NOW, THEREFORE, Be It Resolved by the City Council for the City that:
1. The City may, pursuant to Section 67.12(12) Wis. Stats., issue up to twenty-nine million six hundred sixty thousand dollars ($29,660,000) in municipal promissory notes to finance various public projects and purposes as follows:
$3,487,000 to construct and improve streets;
$230,000 to acquire, improve and maintain parks and public grounds;
$11,445,514 to acquire, improve and maintain public buildings and grounds;
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4893-9514-9247.1
$3,428,486 to acquire capital equipment;
$3,826,000 to provide financial assistance for community development;
$4,291,000 to construct and close landfills;
$1,357,000 to extend and improve the waterworks system; and
$1,595,000 to extend and improve the sanitary sewer system.
2. Each promissory note so issued, plus interest, shall be repaid within twenty (20) years after the original date of the note pursuant to Section 67.12(12), Wis. Stats.
3. Each such promissory note issued shall constitute an indebtedness of the City.
4. The purpose of this section of this resolution is to satisfy the “Official Intent Requirement” of Treasury Regulations Section 1.150-2. (a) The City has determined to undertake the following categories of capital improvements and to expend funds for each such category of capital improvement in the estimated amount set forth opposite each capital improvement in the following table: Category of Capital Improvement Estimated Expenditure Construct and improve streets
Acquire, improve and maintain parks and public grounds Acquire capital equipment
Construct and close landfills
Extend and improve the waterworks system
$128,000
$29,000 $491,000
$3,051,000
$319,000 (b) The City reasonably expects to be reimbursed for such expenditures with proceeds of its debt. The maximum principal amount of debt expected to be issued for the reimbursement of such expenditures is $4,018,000. (c) This declaration of official intent is consistent with the budgetary and financial circumstances of the City. (d) A copy of this resolution shall be filed immediately in the office of the City Clerk and shall be made available for public inspection in the manner required by law.
(e) This resolution shall be operative and effective upon its passage.
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4893-9514-9247.1
ADOPTED: May 28, 2024
APPROVED:
Kevin M. Lahner, City Manager
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Manager
Prepared by: Justin Reppe, Bond Counsel
Motion by: Jackson
Second by: Burdick
Councilmember Aye Nay Pass Absent
Jackson X
Burdick X
Neeno X
Marshick X
Miller X
Squire X
Williams X
8b - 2024_Note_Issue__Initial__-_Resolution_20
24-2228
Final Audit Report 2024-05-29
Created:2024-05-29
By:Carri Salus (salusc@ci.janesville.wi.us)
Status:Signed
Transaction ID:CBJCHBCAABAANkT8J63CJYjMUvn5nhcKy8D36Vaye6ZK
"8b - 2024_Note_Issue__Initial__-_Resolution_2024-2228" Histor
y
Document created by Carri Salus (salusc@ci.janesville.wi.us)
2024-05-29 - 4:00:33 PM GMT
Document emailed to lahnerk@janesvillewi.gov for signature
2024-05-29 - 4:00:53 PM GMT
Email viewed by lahnerk@janesvillewi.gov
2024-05-29 - 4:21:30 PM GMT
Signer lahnerk@janesvillewi.gov entered name at signing as Kevin M Lahner
2024-05-29 - 4:21:45 PM GMT
Document e-signed by Kevin M Lahner (lahnerk@janesvillewi.gov)
Signature Date: 2024-05-29 - 4:21:47 PM GMT - Time Source: server
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2024-05-29 - 4:21:48 PM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2024-05-29 - 5:11:23 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2024-05-29 - 5:11:37 PM GMT - Time Source: server
Agreement completed.
2024-05-29 - 5:11:37 PM GMT