2025-23621
4893-9514-9247.1
RESOLUTION No. 2025-2362
RESOLUTION AUTHORIZING THE ISSUANCE OF
$7,240,000 IN TAXABLE 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.:
$7,240,000 to construct and equip a sports and convention center;
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 seven million
two hundred forty thousand dollars ($7,240,000) in municipal promissory notes to finance various
public projects and purposes as follows:
$7,240,000 to construct and equip a sports and convention center.
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
Constructing and equipping a sports and convention center $7,240,000
2
4893-9514-9247.1
(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 $7,240,000.
(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.
ADOPTED:
APPROVED:
Kevin Lahner, City Manager
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Manager, Kevin M. Lahner
Prepared by: Justin Reppe, Bond Counsel
Motion by:
Second by:
Councilmember Aye Nay Pass Absent
Cass
Burdick
Neeno
Erdman
Miller
Squire
Williams
July 28, 2025 Williams
Squire
X
X
X
X
X
X
X
Resolution 2025-2362
Final Audit Report 2025-07-29
Created:2025-07-29
By:Elizabeth Lopez (lopeze@janesvillewi.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAa9xEubYEx-C6LzvFpnZyS8VssrD5EQhi
"Resolution 2025-2362" History
Document created by Elizabeth Lopez (lopeze@janesvillewi.gov)
2025-07-29 - 2:22:05 PM GMT
Document emailed to Kevin Lahner (lahnerk@janesvillewi.gov) for signature
2025-07-29 - 2:22:09 PM GMT
Email viewed by Kevin Lahner (lahnerk@janesvillewi.gov)
2025-07-29 - 2:48:20 PM GMT
Document e-signed by Kevin Lahner (lahnerk@janesvillewi.gov)
Signature Date: 2025-07-29 - 2:48:29 PM GMT - Time Source: server
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2025-07-29 - 2:48:30 PM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2025-07-29 - 3:19:36 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2025-07-29 - 3:19:49 PM GMT - Time Source: server
Agreement completed.
2025-07-29 - 3:19:49 PM GMT