2012-939 RESOLUTION NO. 2012 -939
RESOLUTION AWARDING $15,250,000 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2012, 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
$15,250,000 General Obligation Promissory Notes, Series 2012 (the "Notes "), in a
resolution adopted on October 8, 2012 and entitled "Resolution Authorizing the Issuance of
$15,250,000 General Obligation Promissory Notes, Series 2012, 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 Notes on October 18, 2012, by 10:30 a.m., local time:
Names of Bidders
(Account Manager) Net Interest Rates
Robert W. Baird & Co., Milwaukee, WI 1.770060
Hutchinson, Shockey, Erley & Co., Chicago, IL 1.775486
Citigroup Global Markets Inc., Chicago, IL 1.826859
PNC Capital Markets, Philadelphia, PA 1.831087
; and
WHEREAS, it has been determined that the highest and best bid for the Notes was
that of Robert W. Baird & Co., Milwaukee, Wisconsin, 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 $15,250,000 General Obligation Promissory
Notes, Series 2012, to Robert W. Baird & Co., at a price of $15,373,525 and accrued
interest to the date of delivery is hereby ratified and confirmed.
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Interest Rates. The Notes shall mature on February 1 of the following years, and
bear interest at the following rates, payable on February 1, 2013 and each August 1 and
February 1 thereafter:
Maturities Amounts ($) Interest Rates ( %)
2013 1,340,000 2.00
2014 1,540,000 1.00
2015 1,295,000 1.00
2016 1,345,000 2.00
2017 1,435,000 2.00
2018 1,820,000 2.00
2019 1,885,000 2.00
2020 1,510,000 2.00
2021 1,540,000 2.00
2022 1,540,000 2.00
Section 2. Redemption Provisions. The Notes maturing on or after February 1,
2021 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, 2020, 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 3. 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 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 2012, 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 4. 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
2012 $1,523,328.89
2013 1,782,150.00
2014 1,522,975.00
2015 1,553,050.00
2016 1,615,250.00
2017 1,967,700.00
2018 1,995,650.00
2019 1,586,700.00
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2020 1,586,200.00
2021 1,555,400.00
Section 5. 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 6. Debt Service Fund. There is hereby created a fund to be known as
"General Obligation Promissory Notes, Series 2012, Debt Service Fund" to be established
and maintained in accordance with generally accepted accounting principles.
Into the Debt Service Fund 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 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 7. Dated Date. The Notes shall be initially dated the date of their delivery.
Section 8. 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 9. 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.
ADOPTED: October 18, 2012 Motion by: Steeber
Second by: Liebert
APPROVED: /, Councilmember Aye Nay Pass Absent
Dongarra -Adams X
44,1 U �� Farrell X
Eric J. Levi t, City . - . er Kealy X
/ Liebert X
ATTEST: Severson X
Steeber X
Voskuil X
Jean nn Wulf, CI y Clerk- reasur-
APPROVED AS TO FORM: OP
Wald Klimczyk, City Attorney
Proposed by: Administrative Services
Prepared by Administrative Services
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