2010-727 RESOLUTION NUMBER 2010 -727
RESOLUTION AUTHORIZING THE ISSUANCE OF
$7,820,000 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.:
$1,740,000 to construct and improve streets;
$1,220,000 to construct and improve storm sewers;
$110,000 to acquire, improve and maintain parks and public grounds;
$1,505,000 to acquire, improve and maintain public buildings and grounds;
$805,000 to acquire capital equipment;
$240,000 to construct and close landfills;
$795,000 to extend and improve the waterworks system;
$350,000 to extend and improve the sanitary sewer system; and
$1,055,000 to provide financial assistance for community development; and
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
seven million, seven hundred five thousand dollars ($7,705,000) in municipal promissory notes
to finance various public projects and purposes as follows:
$1,740,000 to construct and improve streets;
$1,220,000 to construct and improve storm sewers;
$110,000 to acquire, improve and maintain parks and public grounds;
$1,305,000 to acquire, improve and maintain public buildings and grounds;
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$790,000 to acquire capital equipment;
$240,000 to construct and close landfills;
$805,000 to extend and improve the waterworks system;
$350,000 to extend and improve the sanitary sewer system; and
$1,055,000 to provide financial assistance for community development.
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.
4. The following transfers of purposes for unexpended proceeds of prior note issue
of the City are hereby authorized:
(a) From the Series 2008 notes, $180,000 to be moved from the category "to
acquire, improve, and maintain public buildings and grounds" to the category "to extend and
improve the sanitary sewer system."
(b) From the Series 2005 notes, $30,000 to be moved from the category "to
acquire, improve, and maintain public buildings and grounds" to the category "to extend and
improve the waterworks system."
(c) From the Series 2007 notes, $50,000 to be moved from the category "to
acquire capital equipment" to the category "to extend and improve the waterworks system."
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ADOPTED: September 27, 2010 Motion by: Councilmember Steeber
Second by: Councilmember Brunner
APPROV e: 4 " < Councilmember Aye Nay Pass Absent
Brunner X
I�1 I. /�� McDonald X
Eri J. Levi f y Manager Perrotto X
Rashkin X
ATTEST: Steeber X
Truman X
�� e)-2. 1� Voskuil X
J an Ann Wulf, City Clerk - Treasu -
/
APPROVED AS TO FORM:
elm;
y L%?
City Attorney
Proposed by Administrative Services
Prepared by: Administrative Services -
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