2013-1010 RESOLUTION NO. 2013-1010
RESOLUTION AWARDING $4,215,000 TAXABLE GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2013, 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 $4,235,000
Taxable General Obligation Refunding Bonds, Series 2013 (the "Bonds "), in a resolution adopted
on April 22, 2013 and entitled "Resolution Authorizing the Issuance of $4,235,000 Taxable General
Obligation Refunding Bonds, Series 2013, 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 Bonds on May 13, 2013, by 10:30 a.m., local time:
Names of Bidders
(Account Manager) Net Interest Rates
Bankers Bank, Madison, WI 2.036%
BOSC, Inc., Milwaukee, WI 2.053%
Raymond James & Associates, Inc., Memphis, TN 2.135%
UMB Bank, N.A., Kansas City, MO 2.156%
BMO Capital Markets, Chicago, IL 2.177%
Robert W. Baird & Co., Milwaukee, WI 2.379%
; and
WHEREAS, it has been determined that the highest and best bid for the Bonds was that of
Bankers Bank, Madison, WI, which bid is as follows:
4822- 9591 - 7587.1
WHEREAS, it is now necessary to award the Bonds 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 Bonds. The sale of $4,215,000 Taxable General Obligation Refunding
Bonds, Series 2013, to Bankers Bank, Madison, WI, at a price of $4,198,140 and accrued interest
to the date of delivery is hereby ratified and confirmed.
Section 2. Interest Rates. The Bonds shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2014 and each August 1 and
February 1 thereafter:
Maturities Amounts ($) Interest Rates ( %)
2014 525,000 0.40
2015 865,000 0.50
2016 285,000 0.70
2017 300,000 0.90
2018 300,000 1.15
2019 300,000 1.45
2020 275,000 1.70
2021 275,000 2.00
2022 275,000 2.25
2023 275,000 2.50
2024 275,000 2.70
2025 265,000 2.85
Section 3. Redemption Provisions. The Bonds maturing on or after February 1, 2023 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, 2022,
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 4. Execution and Delivery; Borrowed Money Fund. The Bonds 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 Bond 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 Bonds shall be paid into the City treasury and entered in a fund
separate and distinct from all other funds, which fund shall be designated "Taxable General
Obligation Refunding Bonds, Series 2013, Borrowed Money Fund." Money in said funds shall be
used solely for the purposes for which the Bonds were issued, including repayment of any
temporary loan or reimbursement of any temporary advance made in anticipation of the issuance of
said Bonds.
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4822- 9591- 7587.1
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Bonds 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 Bonds 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 ($)
2013 590,290.08
2014 917,872.50
2015 334,712.50
2016 347,365.00
2017 344,290.00
2018 340,390.00
2019 310,877.50
2020 305,790.00
2021 299,946.25
2022 293,415.00
2023 286,265.00
2024 268,776.25
Section 6. 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 7. Debt Service Fund. There is hereby created a fund to be known as "Taxable
General Obligation Refunding Bonds, Series 2013, 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 Bonds; (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 Bonds as the same shall become due.
Section 8. Dated Date. The Bonds shall be initially dated the date of their delivery.
Section 9. 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 10. 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.
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4822 -9591 - 7587.1
Adopted: May 13, 2013
Approved:
A mg City Manage —
ATTEST:
ity Clerk
Proposed by: City Administrator
Prepared by: Finance Department
4
4822 -9591- 7587.1
ADOPTED: May 13, 2013 Motion by: Kealy
Second by: Severson
APPROVED: Councilmember Aye Nay Pass Absent
Farrell X
Fitzgerald X
Jac J. Winzenz, Actin Imager Kealy X
Liebert X
ATTEST: Marklein X
/� Severson X
L Voskuil X
J - - n Ann Wulf, City Clerk -Tr — rer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Administration
Prepared by: City Administration -
Resolution Award Bond refinancing Block 13- 14.docx