2013-1051 RESOLUTION NUMBER 2013 -1051
A RESOLUTION AUTHORIZING AND DIRECTING THE ACTING CITY MANAGER TO MAKE
APPLICATION FOR A LOAN FOR $2,085,000 FROM THE TRUST FUNDS OF THE STATE OF
WISCONSIN.
WHEREAS, by the provisions of Sec. 24.66 of the Wisconsin Statutes, all municipalities may borrow
money for such public purposes in the manner prescribed; and,
WHEREAS, by the provisions of Chapter 24 of the Wisconsin Statutes, The Board of Commissioners
of Public Lands of Wisconsin is authorized to make loans from the State Trust Funds to municipalities
for such purposes. (Municipality as defined by Sec. 24.60(2), Wisconsin Statutes, means a town,
village, city, county, public inland lake protection and rehabilitation district, town sanitary district
created under Sec. 60.71 or 60.72, metropolitan sewerage district created under Section 200.05 or
200.23, joint sewerage system created under Sec. 281.43(4), school district or technical college
district.)
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 Two Million Eighty Five Thousand,
and 00 /Dollars ($2,085,000.00) for the purpose of financing TIF District No. 35 land acquisition and
development incentive and for no other purpose.
The loan is to be payable within ten (10) years from the 15 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 3.75
percent per annum from the date of making the loan to the 15 day of March next and thereafter
annually as provided by law.
BE IT RESOLVED FURTHER, that there shall be raised and there is levied upon all taxable property
within the City of Janesville, County of Rock, Wisconsin, a direct annual tax 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 financing TIF District No. 35
land acquisition and development incentive 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 of
Wisconsin agrees to make the loan, that the Acting City Manager and clerk of the City of Janesville, in
the County of Rock, Wisconsin, are authorized and empowered, in the name of the City 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
Acting City Manager and clerk of the City will perform all necessary actions to fully carry out the
provisions of Chapter 24, Wisconsin Statutes, and these resolutions.
BE IT RESOLVED FURTHER, that this preamble and these resolutions and the aye and no vote by
which they were adopted, be recorded, and that the clerk of this City forward this certified record,
along with the application for the loan, to the Board of Commissioners of Public Lands of Wisconsin.
X a
ADOPTED: October 14, 2013 Motion by: Kealy
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Farrell X
11111/• • - _ Fitzgerald X
Jac•b J, Winzenz, Acting i y M- • - ser Kealy X
Liebert X
ATTEST: Marklein X
Severson X
-.� / ./��� A Voskuil X
J- - Ann Wulf, am i ty Clerk- Treasurer
if
APPROVED AS TO FORM:
City Attorn y Wald Klimczyk
Proposed by: Accounting Division
Prepared by: Accounting Division