2000-48Exhibit I
RESOLUTION NUMBER 2000-48
RESOLUTION AUTHORIZING THE ISSUANCE OF $7,620,000 IN
PROMISSORY NOTES FOR FINANCING VARIOUS PUBLIC PURPOSES
WI-~KEAS, 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 project constitutes a public purpose;
and
WI-~REAS, the following public projects and purposes fall under the scope of
Section 67.04(1)(b) AND 67.12(12), Wis. Stats.:
$1,960,000 to construct and improve streets;
$615,000 to construct and improve storm sewers;
$935,000 to acquire, improve and maintain parks and public grounds;
$1,760,000 to acquire, improve and maintain public buildings and grounds;
$680,000 to acquire capital equipment;
$760,000 to extend and improve the waterworks system;
$155,000 to extend and improve the sanitary sewer system; and
$755,000 to provide financial assistance for community redevelopment under
Section 66.46, Wis. Stats.;
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., issue
up to Seven Million Six Hundred Twenty Thousand Dollars ($7,620,000) in municipal promissory
notes to finance various public projects and purposes as follows:
$1,960,000 to construct and improve streets;
$615,000 to construct and improve storm sewers;
$935,000 to acquire, improve and maintain parks and public grounds;
$1,760,000 to acquire, improve and maintain public buildings and grounds;
$680,000 to acquire capital equipment;
$760,000 to extend and improve the waterworks system;
$155,000 to extend and improve the sanitary sewer system; and
$755,000 to provide financial assistance for community redevelopment under
Section 66.46, Wis. Stats.
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.
City of Janesville.
Each such promissory note issued shall constitute an indebtedness of the
ADOPTED: I~la¥ 8, 2000
APPROVED:
-Steven E. Sheiffer, City I~rar[ager
ATTEST:
J¢~9/~t~ Wulf, City ClcrkJFr~¢asur~e~f/
APPROVED AS TO FO~: ~ ~ ~0 0
ity A~om~y
MOTION BY: Noll
SECOND BY: Schneider
COUNCILMEMBER AYE NAY PASS ABSENT
SCHNEIDER X
WILLIAMS X
NOLL X
BRIEN X
IvlURPHY X
O'LEARY X
DEGARMO X
Proposed by:
Prepared by:
City Administration
Finance Department