2001-132RESOLUTION 2001-13 2
RESOLUTION AUTHORIZING AND DIRECTING THE CITY MANAGER TO
MAKE APPLICATION FOR A LOAN NOT TO EXCEED $32,300 FROM THE
TRUST FUNDS OF THE STATE OF WISCONSIN
WHEREAS, by the provisions of Sec. 67.12(12) of the Wis. States., all municipalities may
borrow money and issue promissory notes as evidence of indebtedness for such public purposes
in the manner prescribed, and,
WHEREAS, by the provisions of Chapter 24 of the Wisconsin Stats., The Board of
Commissioners of Public Lands of Wisconsin is authorized to make loans from the State Trust
Funds to municipalities for such purposes. (Municipality as defined by Sec.24.60(2) Wis. Stats.,
means a town, village, city, county, public inland lake protection and rehabilitation district, town
sanitary district creased under s. 60.71 or 60.72, metropolitan sewerage district created under
s.66.22 or 66.882, joint sewerage system created under s. 144.07 (4), school district or
vocational, technical and adult education district.)
NOW, THEREFORE, BE IT RESOLVED, that the City of Janesville in the County of Rock,
Wisconsin, borrow from the Trust Funds of the State of Wisconsin, the sum of thirty two
thousand three hundred ($32,300) for the purpose of financing the acquisition by the City of a
new telephone system for the Hedberg Public Library.
The loan is to be payable within five (5) years from the 15th day of March preceding the date the
loan is made. The loan will be repaid in annual principal installments with interest at the rate of
five percent (5%) per annum from the date of making the loan to the 15th day of March next and
thereafter annually as provided by law.
BE IT RESOLVED FURTHER that there shall be raised and there is hereby levied upon all
taxable property within the City of Janesville, County of Rock, Wisconsin, a direct annual
irrepealable tax sufficient for the purpose of paying interest and principal on the loan as they
become due.
BE IT RESOLVED FURTHER, that no money obtained by the City of Janesville by such loan
from the state e applied or paid out for any purpose except the financing of the purchase by the
City of a new telephone system for the library without the consent of the Board of
Commissioners of Public Lands.
BE IT RESOLVED FURTHER, that in case the Board of Coinmissioners of Public Lands agrees
to make the loan, that the city manager and clerk of the City of Janesville in the County of Rock,
Wisconsin, are hereby authorized and empowered, in the name and on behalf of the City of
Janesville, to execute and deliver to the Commission certificates of indebtedness, in such form as
required by the Commission, for any sum of money that may be loaned to the city pursuant to
this resolution. The city manager and clerk of the city will perform all necessary actions to fully
carry out the provisions of Chapter 24 and Sec. 67.12(12), Wis. Stats., and these resolutions.
BE IT RESOLVED FURTHER, that this preamble and this resolution and the aye and no vote
by which they were adopted, be recorded and that the clerk of this forward this certified record,
along with the application for the loan, to the Board of Commissioners of Public Lands of
Wisconsin.
ADOPTED: February 12, 2001
APPROVED:
S~'(ven E. Sh~']~q', City Manager
ATTEST:
Jear~nn-Wulf, CitTy Clerk-Treasurer --~/
APPROVED AS TO FORM:
(~ty Attorney ~- ,~ r-
Proposed by: City Mm'~ager
Prepared by] - r~brary Director
MOTION BY: O' Leary
SECOND BY: Williams
COUNCILMEMBER AYE NAY PASS ABSENT
SCHNEIDER X
WILLIAMS X
NOLL X
BRIEN X
MURPHY X
O'LEARY X
DEGARMO X