2024-22301
4873-0859-5665.2
RESOLUTION NO. 2024-2230
RESOLUTION AWARDING $21,950,000 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2024A, AND $7,685,000 TAXABLE GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2024B, OF THE CITY
OF JANESVILLE, WISCONSIN, ESTABLISHING INTEREST RATES
THEREON AND LEVYING TAXES THEREFOR
WHEREAS, this City Council has heretofore authorized the issuance and sale of $21,950,000
General Obligation Promissory Notes, Series 2024A (the “Notes”) and $7,710,000 Taxable General
Obligation Promissory Notes, Series 2024B (the “Taxable Notes”), in a resolution adopted on July 8,
2024 and entitled “Resolution Authorizing the Issuance of $21,950,000 General Obligation
Promissory Notes, Series 2024A and $7,710,000 Taxable General Obligation Promissory Notes,
Series 2024B, of the City of Janesville, Wisconsin, and Providing the Details Thereof”; and
WHEREAS, pursuant to advertised public sale the following sealed bids were received for
the Notes on July 22, 2024, by 10:00 a.m., local time:
Names of Bidders
(Account Manager) True Interest Rates
BNYMellon Capital Markets, Pittsburg, PA 3.131623%
J.P. Morgan Securities LLC. New York, NY 3.142884
Fifth Third Securities, Inc., Cincinnati, OH 3.145842
UBS Financial Services Inc., New York, NY 3.148131
BOK Financial Securities Inc., Milwaukee, WI 3.149462
Piper Sandler & Co, Minneapolis, MN 3.150707
UMB Bank, N.A., Dallas, TX 3.152965
Jeffries LLC, New York, NY 3.153961
FHN Financial Capital Markets, New York, NY 3.156106
Truist Securities, Inc., Charlotte, NC 3.156352
PNC Capital Markets, Philadelphia, PA 3.157000
KeyBanc Capital Markets, Cleveland, OH 3.158159
Huntington Securities, Inc., Chicago, IL 3.159968
StoneX Financial Inc., Winter Park, FL 3.161102
Robert W. Baird & Co., Inc., Milwaukee, WI 3.173300
TD Securities, New York, NY 3.312266
Mesirow Financial, Inc., Chicago, IL 3.332716
;and
WHEREAS, pursuant to advertised public sale the following sealed bids were received for
the Notes on July 22, 2024, by 11:30 a.m., local time:
Names of Bidders
(Account Manager) True Interest Rates
Robert W. Baird & Co., Inc., Milwaukee, WI 4.880038%
BOK Financial Securities, Inc., Milwaukee, WI 4.896017
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Raymond James & Associates, Inc., St.
Petersburg, FL 5.016137
;and
WHEREAS, it has been determined that the highest and best bid for the Notes was that of
BNYMellon Capital Markets, Pittsburg, PA, and, the highest and best bid for the Taxable Notes was
that of Robert W. Baird & Co., Inc., Milwaukee, WI, which bids are as follows which bid is as follows:
[Remainder of page intentionally left blank – bid forms to follow on next page]
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Deputy
Ryan McCue (Jul 23, 2024 11:22 CDT)
Ryan McCue
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WHEREAS, it is now necessary to award the Notes and the Taxable Notes (collectively, the
Securities”) to the respective successful bidder and to establish the interest rates thereon,
respectively;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Janesville,
Wisconsin, as follows:
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Deputy
Ryan McCue (Jul 23, 2024 11:22 CDT)
Ryan McCue
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4873-0859-5665.2
Section 1. Sale of the Securities. The sale of $21,950,000 General Obligation Promissory
Notes, Series 2024A, to BNYMellon Capital Markets, Pittsburg, PA, at a price of $22,728,477.09 and
accrued interest to the date of delivery is hereby ratified and confirmed.
The sale of $7,685,000 Taxable General Obligation Promissory Notes, Series 2024B, to
Robert W. Baird & Co., Inc., Milwaukee, WI, at a price of $7,651,663.57 and accrued interest to the
date of delivery is hereby ratified and confirmed.
Section 2. Interest Rates. The Notes shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2025 and each August 1 and
February 1 thereafter
Maturities Amounts ($) Interest Rates (%)
2025 3,130,000 4.000
2026 2,370,000 4.000
2027 2,365,000 4.000
2028 2,355,000 4.000
2029 2,275,000 4.000
2030 2,160,000 4.000
2031 2,095,000 4.000
2032 2,000,000 4.000
2033 2,000,000 4.000
2034 1,200,000 4.000
The Taxable Notes shall mature on February 1 of the following years, and bear interest at
the following rates, payable on February 1, 2025 and each August 1 and February 1 thereafter
Maturities Amounts ($) Interest Rates (%)
2025 350,000 6.000
2026 365,000 6.000
2027 385,000 6.000
2028 410,000 6.000
2029 435,000 6.000
2030 460,000 5.000
2031 485,000 5.000
2032 510,000 5.000
2033 530,000 4.500
2034 555,000 4.500
2035 580,000 4.550
2036 610,000 4.600
2037 640,000 4.650
2038 670,000 4.700
2039 700,000 4.750
Section 3. Redemption Provisions. The Securities maturing on or after February 1, 2033
shall be subject to redemption prior to maturity as a whole or in part at the option of the City upon
notice as therein provide, in any order of maturity and by lot within a single maturity, on February 1,
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2032, and on any date thereafter, at a redemption price equal to 100% of the principal amount thereof
to be redeemed plus accrued interest to the redemption date and without premium.
Section 4. Execution and Delivery; Borrowed Money Fund. The Securities shall be
executed by the City Manager and the City Clerk in the manner heretofore provided, and upon
authentication by Associated Trust Company, National Association, City of Green Bay, Wisconsin,
as note registrar, shall thereupon be delivered by the City Clerk to the respective purchaser upon
payment of the purchase price. The principal proceeds from the sale of the Securities shall be paid
into the City treasury and entered in a fund separate and distinct from all other funds, which funds
shall be designated “General Obligation Promissory Notes, Series 2024A, Borrowed Money Fund”
and “Taxable General Obligation Promissory Notes, Series 2024B, Borrowed Money Fund,”
respectively. Money in said funds shall be used solely for the purposes for which the Securities were
issued, including repayment of any temporary loan or reimbursement of any temporary advance
made in anticipation of the issuance of said Securities.
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Securities as
the same shall mature, and to pay the interest thereon as the same shall come due, there is hereby
levied, for each year in which any of the Securities shall be outstanding, direct, annual, irrepealable
taxes in amounts fully sufficient to pay such principal and interest, and the specific amounts levied
for each year are as follows:
Year of Levy
Notes
Amount ($) of
Principal and
Interest
Taxable Notes
Amount ($) of
Principal and
Interest
Total Securities
Amount ($) of
Principal and
Interest
2024 3,930,766.66 720,271.25 4,651,037.91
2025 3,075,400.00 720,275.00 3,795,675.00
2026 2,975,700.00 717,775.00 3,693,475.00
2027 2,871,300.00 718,925.00 3,590,225.00
2028 2,698,700.00 718,575.00 3,417,275.00
2029 2,495,000.00 719,025.00 3,214,025.00
2030 2,344,900.00 720,400.00 3,065,300.00
2031 2,168,000.00 720,525.00 2,888,525.00
2032 2,088,000.00 715,850.00 2,803,850.00
2033 1,224,000.00 716,437.50 1,940,437.50
2034 - 715,755.00 715,755.00
2035 - 718,530.00 718,530.00
2036 - 719,620.00 719,620.00
2037 - 718,995.00 718,995.00
2038 - 716,625.00 716,625.00
Section 6. Extension of Taxes. The amounts of taxes levied pursuant to Section 4 hereof
shall be carried onto the tax roll by the City from year to year and collected as other taxes are
collected, and such amounts may be reduced in any year only by any amount of surplus money in
the Debt Service Funds created pursuant to Section 67.11, Wisconsin Statutes.
Section 7. Debt Service Funds. There is hereby created a fund to be known as “General
Obligation Promissory Notes, Series 2024A, Debt Service Fund” and a fund to be known as “Taxable
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General Obligation Promissory Notes, Series 2024B, Debt Service Fund,” to be established and
maintained in accordance with generally accepted accounting principles.
Into the Debt Service Funds, respectively, there shall be deposited the following: (a) all
premium and accrued interest from the sale of the respective Notes or Taxable Notes; (b) all
allocable money raised by taxation pursuant to Section 5 hereof; (c) any surplus in the respective
Borrowed Money Fund created in Section 4 hereof; and (d) such additional amounts as may at any
time be necessary to pay the principal of and interest on the respective Notes or Taxable Notes, as
the same shall become due.
Section 8. Dated Date. The Securities shall be initially dated the date of their delivery.
Section 9. Continued Validity. If any section, paragraph, clause or provision of this
resolution shall be invalid or ineffective for any reason, the remainder of this resolution shall remain
in full force and effect, it being expressly hereby found and declared that the remainder of this
resolution would have been adopted by the City Council despite the invalidity of such section,
paragraph, clause or provision.
Section 10. Effective Date. All orders or resolutions in conflict herewith are hereby
repealed insofar as such conflict exists, and this resolution shall take effect immediately upon its
passage, the public welfare requiring it.
ADOPTED: July 22, 2024
APPROVED:
Ryan McCue, Deputy 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: Squire
Second by: Williams
Councilmember Aye Nay Pass Absent
Burdick X
Jackson X
Marshick X
Miller X
Neeno X
Squire X
Williams X
Ryan McCue (Jul 23, 2024 11:22 CDT)
Ryan McCue
2024-2230 Note Award
Final Audit Report 2024-07-23
Created:2024-07-23
By:Carri Salus (salusc@ci.janesville.wi.us)
Status:Signed
Transaction ID:CBJCHBCAABAAFXLRGujJp5-u7PjMVrJbOz7S9d5HMyo7
"2024-2230 Note Award" History
Document created by Carri Salus (salusc@ci.janesville.wi.us)
2024-07-23 - 4:03:37 PM GMT
Document emailed to mccuer@ci.janesville.wi.us for signature
2024-07-23 - 4:04:50 PM GMT
Email viewed by mccuer@ci.janesville.wi.us
2024-07-23 - 4:21:23 PM GMT
Signer mccuer@ci.janesville.wi.us entered name at signing as Ryan McCue
2024-07-23 - 4:22:07 PM GMT
Document e-signed by Ryan McCue (mccuer@ci.janesville.wi.us)
Signature Date: 2024-07-23 - 4:22:09 PM GMT - Time Source: server
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2024-07-23 - 4:22:10 PM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2024-07-23 - 5:28:12 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2024-07-23 - 5:28:20 PM GMT - Time Source: server
Agreement completed.
2024-07-23 - 5:28:20 PM GMT