2002-232RESOLUTION NUMBER 2002-232
RESOLUTION .4 UTHORIZING AND DIRECTING THE CITY MANAGER TO MAKE
APPLICATION FOR .4 LOAN NOT TO EXCEED $1,800,000 FROM THE TRUST FUNDS
OF THE STATE OF WISCONSIN
WHEREAS, by the provisions of Sec. 67.12(12) of the Wis. Stats., all municipalities may
borrow money and issue promissory notes as evidence of indebtedness for such public purposes
in the manner prescribed; and,
WHEREAS, the public purpose and projects to which the City of Janesville shall use
such money borrowed is consistent with Sec. 67.05(1)(b), Wis. Stats., and shall be a general and
current municipal expense, and in the best interest of and benefit to the City and its residents;
and,
WHEREAS, by the provisions of Chapter 24 of the Wis. Stats., The Board of
Commissioners of Public Lands is authorized to make loans from the State Trust Funds to
municipalities for such purposes. (Municipality as defined by Sec. 24.60(2), Wis. Stats., means a
town, village, city, county, public inland lake protection and rehabilitation district, town sanitary
district created under S. 66.22 or 66.882, joint sewerage system created under Section 144.07(4),
or school district or technical college district.)
NOW, THEREFORE, BE IT RESOLVED, that the City of Janesville in the County of
Rock, Wisconsin, borrow from the Trust Funds of the State of Wisconsin, the sum of One
Million, Eight Hundred Thousand, and NO/Dollars ($1,800,000.00) for the purpose of
reimbursement of development costs for an industrial site with the City, by means other than
condemnation, for an industrial site in TIF District No. 22 and for no other purposes.
The loan is to be payable within ten (10) years from the 15th day of March preceding the date the
loan is made. The loan will be repaid in annual principal installments with interest at the rate of
4.5% per annum from the date of making the loan to the 15th day of March next and thereatter
annually as provided by law.
BE IT RESOLVED FURTHER, that there shall be raised and there is hereby levied upon
all taxable property within the City of Janesville, County of Rock, Wisconsin, a direct annual tax
sufficient for the purpose of paying interest and principal on the loan as they become due.
BE IT RESOLVED FURTHER, that no money obtained by the City of Janesville by such
loan from the State of Wisconsin be applied or paid out for any purpose except the
reimbursement of development costs by the City for an industrial site in TIF District No. 22
without the consent of the Board of Commissioners of Public Lands.
BE IT RESOLVED FURTHER, that in case the Board of Commissioners of Public
Lands agrees to make the loan, that the City Manager and City Clerk of the City of Janesville in
the County of Rock, Wisconsin, are hereby authorized and empowered, in the name and on
behalf of the City of Janesville, to execute and deliver to the Commission certificates of
indebtedness, in such form as required by the Commission, for any sum of money that may be
loaned to the City pursuant to this resolution. The City Manager and City Clerk of the City of
Janesville will perform all necessary actions to fully carry out the provisions of Chapter 24 and
Sec. 67.12(12), Wis. Stats., and these resolutions.
BE IT RESOLVED FURTHER, that this preamble and this resolution and the aye and no
vote by which they were adopted, be recorded and that the City Clerk of this forward this
certified record, along with the application for the loan, to the Board of Commissioners of Public
Lands.
ADOPTED: March 11, 2002
~ev'~n E. Sheiffer, City Manage¢
ATTEST:
Je~tl'~An~l Wulf, City Clerk-~'reasurer ~f
.PP.OVED ^s To
t
City ^ttomey
Proposed by: Finance Administration
Prepared by: Finance Administration
MOTION BY: Williams
SECOND BY: DeGarmo
COUNCILMEMBER AYE NAY PASS ABSENT
DAMRON X
WILLIAMS X
O'LEARY X
DEGARMO X
BRIEN X
MURPHY X
STEEBER X
2