2013-1007 RESOLUTION NO 2013 - 1007
A resolution authorizing the City Administration to expend funds to purchase a Fire Department Quint.
WHEREAS, Section 67.12(12) Wis. Stats., authorizes 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 public 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.: One Million Two - Hundred Fifty -Four Thousand Nine Hundred One Dollars and 00 /100 ($1,254,901.00)
to acquire a Fire Department Quint and associated equipment; 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 Common Council of the City of Janesville that:
1. Each of the above recitals is hereby reiterated herein by reference as if fully set forth verbatim.
2. The Common Council hereby authorize The City of Janesville to issue up to One Million Two -
Hundred Fifty -Four Thousand Nine Hundred One Dollars and 00 /100 ($1,254,901.00) in municipal
promissory notes for the proposed purposes. No funds from sources other than the Notes or the
Available Funds identified above are, or are expected to be, reserved, allocated on a long -term basis, or
otherwise set aside by the City for the project, except as permitted by the Internal Revenue Code of
1986, as amended. This declaration of official intent is consistent with the budgetary and financial
circumstances of the City. The purpose of this Resolution is to satisfy the "official intent requirement"
of Treasury Regulation Section 1.150 -2.
3. 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.
4. Each such promissory note issued shall constitute an indebtedness of the City of Janesville.
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the City of Janesville, is /are
hereby jointly and severally authorized and empowered to take whatever actions that the City Manager may
determine in his sole discretion, from time to time and at any time, necessary and/or desirable in the public interest
to effectuate the intent of this Resolution.
Motion by: Liebert
ADOPTED: A.ril 22 1 013 Second by: Voskuil
APPROVED• , . Vir COUNCILMEMBER AYE NAY PASS ABSENT _
Farrell X
Jr-, � Fitzgerald X -
Eric . evitt, C' , l anager Kealy X
ATTEST: Liebert X
Marklein X
.--e?-2-) ,1--7-1,--7-1 Severson X
an Ann Wulf, City Clerk- Treasu Voskuil X
APPROVED AS TO FORM:
/7 i_j Q__Slfit: , _ _ - -,
Assistant City Attorney -
Proposed by: Fire Administration -,
Prepared by: Assistant City Attorney l-
- `'"`_