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2003-374Exhibit II RESOLUTION NO. 2003-374 RESOLUTION A WARDING $ 7, 645, 000 GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2003, 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 $7,645,000 General Obligation Promissory Notes, Series 2003 in a resolution adopted on June 9, 2003 and entitled "Resolution Authorizing the Issuance of $10,885,000 General Obligation Promissory Notes, Series 2003, 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 notes on June 23, 2003, by 1:00 p.m., local time: Names of Bidders (Account Manager) Net Interest Rates A.G. Edwards & Sons, Inc., St. Louis, and Banc One Capital Markets, Inc., Chicago, Joint Managers ..................................................... 2.773636% Harris Trust & Savings Bank, Chicago, Manager and Associates ............. 2.826547% UBS PaineWebber, Inc., Chicago, Citi Group Global Markets, Inc., New York, and CIBC World Markets, New York, Joint Managers .......... 2.913358% Wachovia Bank, National Association, Charlotte ...................................... 2.944060% Robert W. Baird & Co., Inc., Milwaukee ...................................................... 2.9668% Hanifen, Imhoff, Inc., Denver .................................................................... 2.997435% ; and WHEREAS, it has been detem~incd that the highest and best bid for the notes was that o£ A.G. Edwards & Sons, Inc., St. Louis, Missouri, which bid is as follows: WHEREAS, it is now necessary to award the notes 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 Notes. The sale of $7,645,000 General Obligation Promissory Notes, Series 2003, to A.G. Edwards & Sons, Inc., St. Louis, Missouri, at a price of $7,648,996.15 and accrued interest to the date of delivery is hereby ratified and confirmed. Section 2. Interest Rates. The notes shall mature on February 1 of the following years, and bear interest at the following rates, payable on February 1, 2003 and each August 1 and February 1 thereafter: Maturities Amounts Interest Rates 2004 $ 625,000 2.25% 2005 1,000,000 2.25% 2006 1,020,000 2.25% 2007 1,015,000 2.25% 2008 1,005,000 2.50% 2009 760,000 2.75% 2010 445,000 3.00% 2011 580,000 3.00% 2012 595,000 3.10% 2013 600,000 3.25% Section 3. Redemption Provisions. The notes maturing on or after February 1,2011 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 August 1, 2010, 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 notes shall be executed by the City Manager and the City Clerk in the manner heretofore provided, and upon authentication by Bank One, National Association, Chicago, lllinois, as note registrar, shall thereupon be delivered by tho City Clerk to the purchaser upon payment of thc purchase price. Thc principal proceeds from the sale of the notes shall be paid into the City treasury and entered in a fired separate and distinct fi-om all other l'unds, which fired shall be designated "©choral Obli~3~tticm Promissot'y No, los, Series 2003, Borrowed Money Fund." Money in said fund shall bo used solely for the purposes for which the notes were issued, including repayment of any temporary loan or reimbursement of any temporary advance made in anticipation oF tho issuance of said notes. Section 5. Tax Levy. For the purpose of paying the principal amounts of thc notes as the same shall mature, and to pay thc interest thereon as the same shall come duc, thoro is hereby levied, for each year in which any of the notes 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 lbllows: 2 Year of Levy Amount of Principal and Interest 2003 $831,461.25 2004 $1,171,757.50 2005 $1,169,032.50 2006 $1,141,138.75 2007 $1,107,157.50 2008 $839,145.00 2009 $507,020.00 2010 $626,645.00 201l $623,722.50 2012 $609,750.00 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 "General Obligation Promissory Notes, Series 2003, 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 notes; (b) all 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 notes as the same shall become due. Section 8. 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 9. 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. ADOPTED: June 23, 2003 Steven E. Sheiffer, City ~ag'er-'- ATTEST: Je/~mnn Wulf, City clerl~-Tce'as~rer APPR~OVED AS TO FORM: City Attorney Proposed by: City Administration Prepared by: Finance Administration MOTION BY: Steeber SECOND BY: DeGarmo COUNCILMEMBER AYE NAY PASS ABSENT ADDLE X MURPHY X DEGARMO X STEEBER X WILLIAMS X BRIEN X WELLNITZ X 4