2015-1196 RESOLUTION No. 2015 -1196
RESOLUTION AUTHORIZING THE ISSUANCE OF
$15,510,000 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.:
$6,147,000 to construct and improve streets;
$427,000 to construct and improve storm sewers;
$366,000 to acquire, improve and maintain parks and public grounds;
$3,000,000 to acquire, improve and maintain public buildings and grounds;
$947,000 to acquire capital equipment;
$130,000 to construct and close landfills;
$1,707,000 to extend and improve the waterworks system;
$742,000 to extend and improve the sanitary sewer system;
$219,000 to provide financial assistance for community development; and
$1,825,000 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
fifteen million, five hundred and ten thousand dollars ($15,510,000) in municipal promissory
notes to finance various public projects and purposes as follows:
$6,147,000 to construct and improve streets;
$427,000 to construct and improve storm sewers;
$366,000 to acquire, improve and maintain parks and public grounds;
$3,000,000 to acquire, improve and maintain public buildings and grounds;
$947,000 to acquire capital equipment;
$130,000 to construct and close landfills;
$1,707,000 to extend and improve the waterworks system;
$742,000 to extend and improve the sanitary sewer system;
$219,000 to provide financial assistance for community development; and
$1,825,000 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: May 11, 2015 Motion by: Tidwell
Second by: Gruber
APPROVED: Councilmember Aye Nay Pass Absent
! Bobzien X
• �_ Deupree X
Mark • . reitag, City Manager Farrell X
Gruber X
ATT Liebert X
Marklein X
Tidwell
David T. Godek, Deputy City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Manager
Prepared by: Kevin Barney, Bond Counsel
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