2010-729 RESOLUTION NO. 2010 -729
RESOLUTION AWARDING $6,765,000 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2010 -A, AND $1,055,000 TAXABLE GENERAL
OBLIGATION PROMISSORY NOTES, SERIES 2010 -B, 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
$6,765,000 General Obligation Promissory Notes, Series 2010 -A (the "Series 2010 -A Notes "),
and $1,055,000 Taxable General Obligation Promissory Notes, Series 2010 -B (the "Series
2010 -B Notes" and, collectively with the Series 2010 -A Notes, the " Notes) in a resolution
adopted on October 11, 2010 and entitled "Resolution Authorizing the Issuance of $6,765,000
General Obligation Promissory Notes, Series 2010 -A, and $1,055,000 Taxable General
Obligation Promissory Notes, Series 2010 -B, 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 Series 2010 -A Notes on October 25, 2010, by 10:30 a.m., local time:
Names of Bidders
(Account Manager) Net Interest Rates
Robert W. Baird & Co., Milwaukee, WI 2.3245
M &I Marshall and Ilsley Bank, Milwaukee, WI 2.3442
Morgan Keegan, Memphis, TN 2.4384
; and
WHEREAS, it has been determined that the highest and best bid for the Series 2010 -A
Notes was that of Robert W. Baird & Co., Milwaukee, WI, which bid is as follows:
WHEREAS, pursuant to advertised public sale the following sealed bids were received
for the Series 2010 -B Notes on October 25, 2010, by 11:00 a.m., local time:
Names of Bidders
(Account Manager) Net Interest Rates
UMB, N.A., Kansas City, MO 2.7694
Robert W. Baird & Co., Milwaukee, WI 2.9049
; and
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WHEREAS, it has been determined that the highest and best bid for the Series 2010 -B
Notes was that of UMB, N.A., Kansas City, MO, which bid is as follows:
WHEREAS, it is now necessary to award the Notes to the successful bidder and to
establish the interest rates thereon;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Janesville,
Wisconsin, as follows:
Section 1. Sale of Notes. The sale of $6,765,000 General Obligation Promissory
Notes, Series 2010 -A, to Robert W. Baird & Co., Milwaukee, WI, at a price of $6,778,394.30 and
accrued interest to the date of delivery is hereby ratified and confirmed.
The sale of $1,055,000 Taxable General Obligation Promissory Notes, Series 2010 -B, to
UMB, N.A., Kansas City, MO, at a price of $1,047,456.75 and accrued interest to the date of
delivery is hereby ratified and confirmed.
Section 2. Interest Rates. The Series 2010 -A Notes shall mature on February 1 of the
following years, and bear interest at the following rates, payable on February 1, 2011 and each
August 1 and February 1 thereafter:
Maturities Amounts Interest Rates
2011 $645,000 2.000%
2012 705,000 2.000%
2013 710,000 2.000%
2014 730,000 2.000%
2015 720,000 2.000%
2016 715,000 2.000%
2017 635,000 2.250%
2018 635,000 2.500%
2019 635,000 2.625%
2020 635,000 2.850%
The Series 2010 -B Notes shall mature on February 1 of the following years, and bear
interest at the following rates, payable on February 1, 2011 and each August 1 and February 1
thereafter:
Maturities Amounts Interest Rates
2012 $65,000 1.05%
2013 100,000 1.20%
2014 115,000 1.45%
2015 125,000 1.80%
2016 150,000 2.15%
2017 150,000 2.60%
2018 150,000 2.90%
2019 100,000 3.35%
2020 100,000 3.60%
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Section 3. Redemption Provisions. The Notes maturing on or after February 1, 2019
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, 2018, 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 Notes shall be
executed by the City Manager and the City Clerk in the manner heretofore provided, and upon
authentication by Wells Fargo Bank, N.A., Chicago, Illinois, as note registrar, shall thereupon be
delivered by the City Clerk to the purchaser upon payment of the purchase price. The principal
proceeds from the sale of the Series 2010 -A Notes shall be paid into the City treasury and
entered in a fund separate and distinct from all other funds, which fund shall be designated
"General Obligation Promissory Notes, Series 2008, Borrowed Money Fund." The principal
proceeds from the sale of the Series 2010 -B Notes shall be paid into the City treasury and
entered in a fund separate and distinct from all other funds, which fund shall be designated
"Taxable General Obligation Promissory Notes, Series 2010 -B, Borrowed Money Fund." Money
in said funds shall be used solely for the purposes for which the Notes were issued, including
repayment of any temporary loan or reimbursement of any temporary advance made in
anticipation of the issuance of said Notes.
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Notes 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 Notes 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:
Amount of Principal
Year of Levy and Interest
2010 $767,343.20
2011 923,362.50
2012 948,271.25
2013 967,437.50
2014 950,978.75
2015 953,891.25
2016 856,035.00
2017 836,828.75
2018 766,706.88
2019 745,848.75
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 Fund created pursuant to Section 67.11, Wisconsin Statutes.
Section 7. Debt Service Fund. There is hereby created a fund to be known as
"General Obligation Promissory Notes, Series 2010 -A, Debt Service Fund" to be established
and maintained in accordance with generally accepted accounting principles. There is further
hereby created a fund to be known as "Taxable General Obligation Promissory Notes, Series
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2010 -B, Debt Service Fund" to be established and maintained in accordance with generally
accepted accounting principles.
Into the Debt Service Funds there shall be deposited the following: (a) all premium and
accrued interest from the sale of the respective Notes; (b) all allocable money raised by taxation
pursuant to Section 4 hereof; (c) any surplus in the related Borrowed Money Fund created in
Section 3 hereof; and (d) such additional amounts as may at any time be necessary to pay the
principal of and interest on the respective Notes as the same shall become due.
Section 8. Dated Date. The Notes 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.
Motion by: Perrotto
ADOPTED: October 25, 2010 Second by: Rashkin
Councilmember Aye Nay Pass Absent
APPROVED: / y Brunner X
'�/ McDonald X
J -'-it X
Eri . Levit Sty Ma nager Rashkin X
Steeber X
ATTEST: , / Truman X
. .��i�'1 L e%'yYVI L'(/ Voskuil X
Je Ann Wulf, City Clerk- Treasurer
APPROVED Ai �
STO FORM: -
City Attorney _ ; .
Proposed by Administrative Services --
Prepared by: Administrative Services
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