2016-1308 RESOLUTION NO. 2016-1308
RESOLUTION AWARDING $1,865,000 TAXABLE GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2016, 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 $1,865,000
Taxable General Obligation Refunding Bonds, Series 2016 (the "Bonds "), in a resolution adopted
on May 23, 2016 and entitled "Resolution Authorizing the Issuance of $1,865,000 Taxable General
Obligation Refunding Bonds, Series 2016, 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 Bonds on June 27, 2016, by 10:00 a.m., local time:
Names of Bidders
(Account Manager) Net Interest Rates
Protective Securities, a Division of ProEquities, Inc., Birmingham, AL 1.5009 %*
*Subsequent to receipt of bids, the principal amount of the Taxable Bonds
was adjusted to $1,865,000 resulting in a true interest rate of 1.4975%
Mesirow Financial, Inc., Chicago, IL 1.6194%
Piper Jaffray & Company, Chicago, IL 1.6237%
Bankers Bank, Madison, WI 1.6524%
BOSC, Inc., Milwaukee, WI 1.6572%
Robert W. Baird & Co., Milwaukee, WI 1.6619%
Northland Securities, Inc., Minneapolis, MN 1.7392%
Raymond James & Associates, Inc., Memphis, TN 1.8108%
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; and
WHEREAS, it has been determined that the highest and best bid for the Bonds was that of
Protective Securities, a Division of ProEquities, Inc., Birmingham, AL which bid is as follows:
WHEREAS, it is now necessary to award the Bonds 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:
4833 - 1982 - 3388.1
Section 1. Sale of Bonds. The sale of $1,865,000 Taxable General Obligation Refunding
Bonds, Series 2016, to Protective Securities, a Division of ProEquities, Inc., Birmingham, AL,
at a price of $1,861,237.42 and accrued interest to the date of delivery is hereby ratified and
confirmed.
Section 2. Interest Rates. The Bonds shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2017 and each August 1 and
February 1 thereafter:
Maturities Amounts ($) Interest Rates ( %)
2017 240,000 0.65
2018 265,000 0.85
2019 265,000 1.00
2020 270,000 1.20
2021 275,000 1.45
2022 280,000 1.60
2023 270,000 1.80
Section 3. Redemption Provisions. The Bonds are not subject to redemption prior to
maturity.
Section 4. Execution and Delivery; Borrowed Money Fund. The Bonds shall be
executed by the City Manager and the City Clerk in the manner heretofore provided, and upon
authentication by Wells Fargo Bank, N.A., Chicago, Illinois, as note registrar, shall thereupon be
delivered by the City Clerk to the purchaser upon payment of the purchase price. The principal
proceeds from the sale of the Bonds shall be paid into the City treasury and entered in a fund
separate and distinct from all other funds, which fund shall be designated " Taxable General
Obligation Refunding Bonds, Series 2016, Borrowed Money Fund." Money in said funds shall be
used solely for the purposes for which the Bonds were issued, including repayment of any
temporary loan or reimbursement of any temporary advance made in anticipation of the issuance of
said Bonds.
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Bonds as the
same shall mature, and to pay the interest thereon as the same shall come due, there is hereby
levied, for each year in which any of the Bonds 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 follows:
Amount of Principal
Year of Levy and Interest
2016 $263,401.50
2017 $285,343.75
2018 $282,892.50
2019 $284,947.50
2020 $286,333.75
2021 $287,100.00
2022 $272,430.00
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4833 - 1982 - 3388.1
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 6. Debt Service Fund. There is hereby created a fund to be known as "Taxable
General Obligation Refunding Bonds, Series 2016, 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 respective Bonds; (b) all allocable 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 respective Bonds as the same shall become due.
Section 7. Dated Date. The Bonds shall be initially dated the date of their delivery.
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 27, 2016 Motion by: Gruber
Second by: Williams
APPROVED: Councilmember Aye Nay Pass Absent
Deupree X
Gruber X
Mark A . reitag, City Manager Jorgensen X
Liebert X
ATTE ', Marklein X
7 , W Tidwell X
z� / Williams X
David T. Godek, City Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klim y City Attorney
Proposed by: City Manager
Prepared by: Finance Director
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4833 - 1982 - 3388.1
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