2001-135 RESOLUTION NUMBER 2001-135
RESOLUTION AUTHORIZING THE ISSUANCE OF $14,950,000 IN
PROMISSORY NOTES FOR FINANCING VARIOUS PUBLIC PURPOSES
WHEREAS, Section 67.12(12) Wis. Stats., authorizing 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.:
$2,650,000 to construct and improve streets;
$935,000 to construct and improve storm sewers;
$240,000 to acquire, improve and maintain parks and public grounds;
$2,805,000 to acquire, improve and maintain public buildings and grounds;
$795,000 to acquire capital equipment;
$1,775,000 to extend and improve the waterworks system;
$1,955,000 to extend and improve the sanitary sewer system;
$785,000 to provide financial assistance for community redevelopment under Section
66.46, Wis. Stats.; and
$3,010,000 to refund certain of the City's outstanding general obligation promissory
notes;
WHEREAS, such above proposed public projects and purposes and the issuance of such
promissory notes will be beneficial to the City and in the best interest of the community;
NOW, THEREFORE, Be It Resolved by the City Council for the City of Janesville that:
1. The City of Janesville may, pursuant to Section 67.12(12) Wis. Stats., have up to
fourteen million, eight hundred seventy-five thousand dollars ($14,950,000) in municipal
promissory notes to finance various public projects and purposes as follows:
$2,650,000 to construct and improve streets;
$935,000 to construct and improve storm sewers;
$240,000 to acquire, improve and maintain parks and public grounds;
$2,805,000 to acquire, improve and maintain public buildings and grounds;
$795,000 to acquire capital equipment;
$1,775,000 to extend and improve the waterworks system;
$1,955,000 to extend and improve the sanitary sewer system;
$785,000 to provide financial assistance for community redevelopment under Section
66.46, Wis. Stats.; and
$3,010,000 to refund certain of the City's outstanding general obligation promissory
notes;
2. Each promissory note so issued, plus interest, shall be repaid within ten (10) 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 of
Janesville.
ADOPTED: March 26, 2001
c'~teven E. Sheiffer, City Manager
ATTEST:
Je~l,l/Ann Wulf, City Clerk-Treasurer
APPROVED AS TO FORM:
City ~.ttomey
Proposed by: City Administration
Prepared by: Finance Administration
MOTION BY: 0' Learv
SECOND BY: Williams
COUNCILMEMBER AYE NAY PASS ABSENT
SCHNEIDER X
WILLIAMS X
NOLL X
BRIEN X
MURPHY X
O'LEARY X
DEGARMO X