2016-1304 RESOLUTION No. 2016 -1304
RESOLUTION AUTHORIZING THE ISSUANCE OF
$27,090,000 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.:
$4,567,000 to construct and improve streets;
$973,000 to construct and improve storm sewers;
$1,540,000 to acquire, improve and maintain parks and public grounds;
$788,000 to acquire, improve and maintain public buildings and grounds;
$1,687,000 to acquire capital equipment;
$2,050,000 to construct and close landfills;
$4,222,000 to extend and improve the waterworks system;
$1,012,000 to extend and improve the sanitary sewer system;
$2,741,000 to provide financial assistance for community development; and
$7,510,000 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 seven million, twenty six thousand dollars ($27,090,000) in municipal promissory notes
to finance various public projects and purposes as follows:
$4,567,000 to construct and improve streets;
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$973,000 to construct and improve storm sewers;
$1,540,000 to acquire, improve and maintain parks and public grounds;
$788,000 to acquire, improve and maintain public buildings and grounds;
$1,687,000 to acquire capital equipment;
$2,050,000 to construct and close landfills;
$4,222,000 to extend and improve the waterworks system;
$1,012,000 to extend and improve the sanitary sewer system;
$2,741,000 to provide financial assistance for community development; and
$7,510,000 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.
4. The purpose of this section of this resolution is to satisfy the "Official Intent
Requirement" of Treasury Regulations Section 1.150 -2.
(a) The City has determined to undertake the following categories of capital
improvements and to expend funds for each such category of capital improvement in the
estimated amount set forth opposite each capital improvement in the following table:
Category of Capital Improvement Estimated Expenditure
Construct and improve streets $663,000
Construct and improve storm sewers $467,000
Acquire, improve and maintain parks and public grounds $46,000
Acquire, improve and maintain public buildings and grounds $734,000
Acquire capital equipment $1,210,000
Construct and close landfills $242,000
Extend and improve the waterworks system $1,305,000
Extend and improve the sanitary sewer system $687,000
Provide financial assistance for community development $409,000
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(b) The City reasonably expects to be reimbursed for such expenditures with
proceeds of its debt. The maximum principal amount of debt expected to be issued for the
reimbursement of such expenditures is $5,763,000.
(c) This declaration of official intent is consistent with the budgetary and financial
circumstances of the City.
(d) A copy of this resolution shall be filed immediately in the office of the City Clerk
and shall be made available for public inspection in the manner required by law.
(e) This resolution shall be operative and effective upon its passage.
ADOPTED: May 9, 2016 Motion by: Gruber
Second by: Tidwell
APPROVED: / Councilmember Aye Nay Pass Absent
u Gr er X
Gruber X
Mark A. ' reitag, City Manager Jorgensen X
Liebert X
Marklein X
Tidwell ell l X
/ allAMIVI=`" Williams X
i id T. Godek, Deputy City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klimcz , City Attorney
Proposed by: City Manager
Prepared by: Kevin Barney, Bond Counsel
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