2014-1116 4
RESOLUTION NUMBER 2014 -1116
RESOLUTION AUTHORIZING THE ISSUANCE OF
$20,065,000 IN PROMISSORY NOTES
FOR FINANCING VARIOUS PUBLIC PURPOSES
WHEREAS, Section 67.12(12) Wis. Stats., authorizing 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 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.:
$2,766,000 to construct and improve streets;
$213,000 to construct and improve storm sewers;
$65,000 to acquire, improve and maintain parks and public grounds;
$3,000,000 to acquire, improve and maintain public buildings and grounds;
$2,534,000 to acquire capital equipment;
$2,031,000 to extend and improve the waterworks system;
$3,953,000 to extend and improve the sanitary sewer system;
$2,478,000 to provide financial assistance for community development; and
$3,025,000 to refund prior notes of the City; 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 City Council for the City of Janesville
that:
1. The City of Janesville may, pursuant to Section 67.12(12) Wis. Stats.,
have up to twenty million, sixty -five thousand dollars ($20,065,000) in municipal
promissory notes to finance various public projects and purposes as follows:
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$2,766,000 to construct and improve streets;
$213,000 to construct and improve storm sewers;
$65,000 to acquire, improve and maintain parks and public grounds;
$3,000,000 to acquire, improve and maintain public buildings and grounds;
$2,534,000 to acquire capital equipment;
$2,031,000 to extend and improve the waterworks system;
$3,953,000 to extend and improve the sanitary sewer system;
$2,478,000 to provide financial assistance for community development; and
$3,025,000 to refund prior notes of the City.
2. 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.
3. Each such promissory note issued shall constitute an indebtedness of the
City of Janesville.
ADOPTED: June 23, 2014 Motion by: Liebert
Second by: M_arklein
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien X
Farrell X
Mark A Freitag, City Manager Fitzgerald X
Kealy X
ATTEST: Liebert X
/� � Marklein X
G %i Severson X
J n Ann Wulf, City Clerk- Treasur
APPROVED AS TO FORM:
City Attorney
Proposed by: Administrative Services
Prepared by: Kevin Barney, Bond Counsel
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