2004-28RESOLUTION NUMBER 2004-028
RESOLUTION AUTHORIZING THE ISSUANCE OF $281,000 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.:
$281,000 to acquire capital equipment; 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 oftbe community;
NOW, THEREFORE, Be It Resolved by the City Council for the City of Janesville that:
I. The City of Janesville may, pursuant to Section 67.12(12) Wis. Stats., have up to two
hundred eighty-one thousand dollars ($281,000) in municipal promissory notes to finauce various public
projects and purposes as follows:
$281,000 to acquire capital equipment;
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: March 22, 200/4
APPROVED:
:; , .... ,.-IL../,
S~even E. Sl~eifferl City Man,S, er
ATTEST:
( ' '
Jean Ann Wulf, City Clerk-Treasur~
APPROVED AS TO FORM:
City Atto/ne~ y I /
MOTION BY: Steeber
SECOND BY: Add±e
COUNCILMEMBER AYE NAY PASS ABSENT
ADDIE X
MURPHY X
DEGARMO X
STEEBER X
WILLIAMS X
BRIEN X
WELLNITZ X
Proposed by: City Administration
Prepared by: Fiuance Administration