2004-48EXHIBIT I
RESOLUTION NUMBER 2004-048
RESOLUTION ~IUTHORIZING THE ISSU~INCE OF $15,974,000 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.:
$2,355,000 to construct and improve streets;
$1,615,000 to construct and improve storm sewers;
$435,000 to acquire, improve and maintain parks and public grounds;
$4,660,000 to acquire, improve and maintain public buildings and grounds;
$155,000 to acquire, improve and maintain parking lots and other parking facilities;
$514,000 to acquire capital equipment;
$520,000 to construct and close landfills;
$1,730,000 to extend and improve the waterworks system;
$1,750,000 to extend and improve the sanitary sewer system;
$85,000 to provide grants to 501(c)(3) organizations; and
$2,155,000 to provide financial assistance for community redevelopment under Section
66.46, Wis. Stats.; 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
ten million, nine hundred fifty thousand dollars ($10,950,000) in municipal promissory notes to
finance various public projects and purposes as follows:
$2,355,000 to construct and improve streets;
$1,615,000 to construct and improve storm sewers;
$435,000 to acquire, improve and maintain parks and public grounds;
$4,660,000 to acquire, improve and maintain public buildings and grounds;
$155,000 to acquire, improve and maintain parking lots and other parking facilities;
$514,000 to acquire capital equipment;
$520,000 to construct and close landfills;
$1,730,000 to extend and improve the waterworks system;
$1,750,000 to extend and improve the sanitary sewer system;
$85,000 to provide grants to 501(c)(3) organizations; and
$2,155,000 to provide financial assistance for community redevelopment under Section
66.46, Wis. Stats.
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.
Janesville.
ADOPTED: May 10, 2004
APPROVED:
S~eve-n E. Sheiffer, C~ty Man~'ge~-~r'
ATTEST:
J~ Ann W~l~', City Cie~'k-Treas~zf'
APPROVED AS TO FORM:
City Attorney ~' / '
Proposed by: City Administration
Prepared by: Finance Administration
Each such promissory note issued shall constitute an indebtedness of the City of
Motion by: DeGarmo
Second by: Williams
Councilmember Aye Nay Pass Absent
Wellnitz, Tim X
Brien X
Williams X
Wellnitz, Tom X
Steeber X
DeGarmo X
Addle X