2017-1431 RESOLUTION NO. 2017-1431
RESOLUTION AWARDING $18,775,000 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2017,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
$18,775,000 General Obligation Promissory Notes, Series 2017 (the "Notes"), in a resolution
adopted on May 22, 2017 and entitled "Resolution Authorizing the Issuance of $18,775,000
General Obligation Promissory Notes, Series 2017, 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 Notes on June 26, 2017,by 10:00 a.m., local time:
Names of Bidders
(Account Manager) True Interest Rates
Robert W. Baird& Co., Inc., Red Bank,NJ 1.8389%*
* Subsequent to receipt of bids,the 2018 and 2027 maturities were
adjusted resulting in a purchase price of$19,391,342.59, a net
interest cost of$1,596,367.55 and a true interest rate of 1.8070%.
Northland Securities, Inc., Minneapolis,MN 1.8947%
Hutchinson, Shockey, Erley& Co., Chicago, IL 1.9056%
Jefferies LLC,New York,NY 1.9336%
Citigroup Global Markets, Inc., Denver CO 1.9894%
; and
WHEREAS, it has been determined that the highest and best bid for the Notes was that of
Robert W. Baird& Co.,which bid is as follows:
WHEREAS, it is now necessary to award the Notes 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:
Section 1. Sale of Notes. The sale of$18,775,000 General Obligation Promissory Notes,
Series 2017,to Robert W. Baird & Co., at a price of$19,391,342.59 and accrued interest to the date
of delivery is hereby ratified and confirmed.
4833-1982-3388.1
Section 2. Interest Rates. The Notes shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2018 and each August 1 and
February 1 thereafter:
Maturities Amounts ($) Interest Rates (%)
2018 2,550,000 2.00%
2019 2,100,000 2.00%
2020 2,100,000 2.00%
2021 1,970,000 2.00%
2022 1,885,000 2.00%
2023 1,885,000 2.00%
2024 1,725,000 3.00%
2025 1,720,000 3.00%
2026 1,720,000 3.00%
2027 1,120,000 3.00%
Section 3. Redemption Provisions. The Notes maturing on or after February 1, 2026 shall
be subject to redemption prior to maturity as a whole or in part at the option of the City upon notice
as therein provide, in any order of maturity and by lot within a single maturity, on February 1, 2025,
and on any date thereafter, at a redemption price equal to 100% of the principal amount thereof to
be redeemed plus accrued interest to the redemption date and without premium.
Section 4. Execution and Delivery; Borrowed Money Fund. The Notes 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., Minneapolis, MN, 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 Notes shall be paid into the City treasury and entered in a fund
separate and distinct from all other funds, which fund shall be designated "General Obligation
Promissory Notes, Series 2017, Borrowed Money Fund." Money in said funds shall be used solely
for the purposes for which the Notes were issued, including repayment of any temporary loan or
reimbursement of any temporary advance made in anticipation of the issuance of said Notes.
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Notes 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 Notes 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
2017 2,985,985.14
2018 2,466,350.00
2019 2,424,350.00
2020 2,253,650.00
2021 2,130,100.00
2022 2,092,400.00
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4833-1982-3388.1
2023 1,887,675.00
2024 1,831,000.00
2025 1,779,400.00
2026 1,136,800.00
Section 6. 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 7. Debt Service Fund. There is hereby created a fund to be known as "General
Obligation Promissory Notes, Series 2017, 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 Notes; (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 Notes as the same shall become due.
Section 8. Dated Date. The Notes shall be initially dated the date of their delivery.
Section 9. 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 10. 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.
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4833-1982-3388.1
ADOPTED: June 26, 2017 Motion by: Gruber
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Conley X
Farrell X
Mark A. F stag, City Manager Gruber X
Jorgensen X
ATT : _aid / / Marklein X
Williams X
, Wolfe X
D-v • T. Godek, City Jerk-Treasurer
APPROVED AS TO FORM:
(1a.4,7/W
Wald Klimczyk, City Attorney
Proposed by: Finance Office
Prepared by: Finance Office
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4833-1982-3388.1