2012-937 RESOLUTION NUMBER 2012 -937
RESOLUTION AUTHORIZING THE ISSUANCE OF
$16,970,000 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.:
$2,305,000 to construct and improve streets;
$480,000 to construct and improve storm sewers;
$895,000 to acquire, improve and maintain parks and public grounds;
$1,545,000 to acquire, improve and maintain public buildings and grounds;
$100,000 to acquire, improve and maintain parking Tots and other parking facilities;
$4,445,000 to acquire capital equipment;
$1,600,000 to construct and close landfills;
$1,120,000 to extend and improve the waterworks system;
$1,530,000 to extend and improve the sanitary sewer system;
$400,000 to provide financial assistance for community development; and
$2,550,000 to refund prior notes of the City; 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, pursuant to Section 67.12(12) Wis. Stats., may borrow,
issue, and have up to sixteen million nine hundred seventy thousand dollars ($16,970,000.00) in
municipal promissory notes to finance various public projects and purposes as follows:
$2,305,000 to construct and improve streets;
$480,000 to construct and improve storm sewers;
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$895,000 to acquire, improve and maintain parks and public grounds;
$1,545,000 to acquire, improve and maintain public buildings and grounds;
$100,000 to acquire, improve and maintain parking lots and other parking facilities;
$4,445,000 to acquire capital equipment;
$1,600,000 to construct and close landfills;
$1,120,000 to extend and improve the waterworks system;
$1,530,000 to extend and improve the sanitary sewer system;
$400,000 to provide financial assistance for community development; and
$2,550,000 to refund prior notes of the City.
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: September 24, 2012 Motion by: Liebert
Second by: Voskuil
APPROVE • Councilmember Aye Nay Pass Absent
/ Dongarra -Adams X
Farrell X
Eric . evitt, ; �/�'d ' Manager Kealy X
Liebert X
ATTEST: Severson X
Steeber X
Voskuil X
Jean nn Wulf, Ci Clerk- Treasurer
APPROVED AS TO FORM:
el.01:0(W
Wald Klimczyk, City Attorney
Proposed by Administrative Services
Prepared by Administrative Services -
2
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