2002-252EXHIBIT I
RESOLUTION NO. 2002-252
RESOLUTION AUTHORIZING THE ISSUANCE OF $8,370,000
GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2002, AND
PROVIDING THE DETAILS THEREOF
Be it resolved by the City Council of the City of Janesville, Wisconsin, as follows:
Section 1. Authority and Purpose. This resolution is adopted pursuant to
Section 67.12(12) of the Wisconsin Statutes to authorize the issuance of notes for the following
improvements:
(a) $1,890,000 to construct and improve streets;
(b) $675,000 to construct and improve storm sewers;
(c) $318,000 to acquire, improve and maintain parks and public grounds;
(d) $290,000 to acquire, improve and maintain public buildings and grounds;
(e) $877,000 to acquire capital equipment;
(f) $995,000 to construct and close landfills;
(g) $670,000 to extend and improve the waterworks system;
(h) $1,715,000 to extend and improve the sanitary sewer system; and
(i)
$940,000 to provide financial assistance for community redevelopment
under Section 66.46, Wis. Stats.
The foregoing improvements or purposes are each hereby authorized to be made or
undertaken by the City of Janesville, Wisconsin. For the purpose of paying principal of and
interest on the notes, there is hereby levied on all the taxable property in the City a direct, annual,
irreparable tax sufficient for that purpose.
Section 2. Authorization and Terms of Notes. To meet part of the estimated cost of
the improvements or purposes described in Section 1 of this resolution, there is hereby
appropriated the stun of $8,370,000. For the purpose of financing said appropriation, general
obligation promissory notes of the City shall be issued and sold in an aggregate principal amount
of $8,370,000, shall be designated "General Obligation Promissory Notes, Series 2002" and shall
be issuable in the denominations of $5,000 or any integral multiple thereof. The notes shall be
numbered consecutively from 1 upwards in order of their issuance and may bear such other
identifying numbers or letters as may be useful to facilitate the registration, transfer and
exchange thereof. Each note shall be dated as of the interest payment date next preceding the
date of issuance thereof, except that (a) if such date of issuance shall be prior to the first interest
payment date, said note shall be dated as of a date to be established by the subsequent action of
the City Council, (b) if such date of issuance shall be an interest payment date, said note shall be
City, the provisions of this resolution, as amended, shall control. If any section, paragraph or
provision of this resolution shall be held to be invalid or unenforceable for any reason, the
invalidity or unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions of this resolution.
Section 14. Notice. The City Clerk is authorized to publish a notice of the issuance of
the notes as a class 1 notice pursuant to Section 893.77, Wisconsin Statutes.
Section 15. Effective Date. This resolution shall become effective immediately upon its
passage, the public welfare requiring it.
ADOPTED: June 24, 2002
~T~'den El Sheiff~, City Man~ager
ATTEST:
Jea/r/Ann '~vUlf, dity Clerk-Treas~/~/
APPROVED AS TO FO~:
Ci~ Attorney ~ ~
Proposed by: City Administration
Prepared by: Finance Administration
MOTION BY: 0 ' Leafy
SECOND BY: Williams
COLrNCILMEMBER AYE NAY PASS ABSENT
STEEBER X
MURPHY X
DPdVIRON X
WILLIAMS X
DEGARMO X
BRIEN X
O'LEARY X