2004-117
Exhibit II
RESOLUTION NO. 2004-117
RESOLUTION AWARDING $6,325,000 GENERAL OBLIGATION BONDS,
SERIES 2004, OF THE CITY OF JANESVILLE, WISCONSIN, ESTABLISHING
INTEREST RA TES THEREON AND LEVYING TAXES THEREFOR
WHEREAS, this City Council has heretofore authorized the issuance and sale of $6,325,000
General Obligation Bonds, Series 2004 in a resolution adopted on November 22, 2004 and entitled
"Resolution Authorizing the Issuance of $6,325,000 General Obligation Bonds, Series 2004, of the
City of J anesville, Wisconsin, and Providing the Details Thereof';
WHEREAS, pursuant to advertised public sale the following sealed bids were received for
the bonds on December 13, 2004, by 1 :00 p.m., local time:
Names of Bidders
(Account Manager)
Net Interest Rates
Harris Trust & Savings Bank, Chicago, Manager and Associates..................................3.908872%
Wachovia Bank, National Association, Charlotte..... ...... .................. ..............................3.912149%
UBS Financial Services, Inc., New York, Citigroup Global Markets, Inc.,
New York, Morgan Stanley-Morgan Stanley DW, Inc., New York, CIBC
World Markets, New York, Citizens Bank, Royal Oak, Cronin & Co., Inc.,
Minneapolis, and Charles Schwab & Co., San Francisco, Joint Managers ....................3.918876%
William Blair & Company, Chicago................ .......................... .........................................3.9384%
Piper J affray & Co., Minneapolis.............................................·....·....·..·..·..·..·..·..·....·..·.. 4.0 12659%
Robert W. Baird & Co., Inc., Milwaukee ...........................................................................4.3041 %
; and
WHEREAS, it has been determined that the highest and best bid for the bonds was that of
Harris Trust & Savings Bank, Chicago, Illinois, 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:
Section 1. Sale of Bonds. The sale of $6,325,000 General Obligation Bonds, Series 2004,
to Harris Trust & Savings Bank, Chicago, Illinois, at a price of $6,287,125.65 and accrued interest
to the date of delivery is hereby ratified and confirmed.
Section 2. Intel'est Rates. The bonds shall mature on February 1 of the following years,
and bcar intercst at the following rates, payable on February I, 2005 and each August I and
February I thereafter:
Maturities Amounts I nterest Rates
2005 $ 940,000 2.70%
2006 520,000 3.40%
2007 460,000 3.40%
2008 475,000 3.45%
2009 -o- N/A
2010 -O- N/A
2011 -O- N/A
2012 -O- N/A
2013 600,000 3.55%
2014 625,000 3.70%
2015 800,000 3.80%
2016 825,000 3.95%
2017 850,000 4.00%
2018 230,000 4.05%
Section 3. Redemption Provisions. The bonds maturing on or after February 1,2011 shall
be subject to redemption prior to maturity as a whole or in part at the option of the City upon noticc
as therein provide, in any order of maturity and by lot within a single maturity, on February 1,2010,
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 bonds shall be
exccuted 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 bond 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 "General Obligation
Bonds, Series 2004, Borrowed Money Fund." Money in said fund shall be used solely for the
purposes for which the bonds were issued, including repayment of any temporary loan or
rcimburscmcnt 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, ('or 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:
2
Year of Levv
Amount of Principal
and Interest
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$1,On,853.33
$711,595.00
$634,935.00
$633,921.25
$150,727.50
$150,727.50
$150,727.50
$150,727.50
$740,On.50
$742,865.00
$891,102.50
$884,608.75
$876,315.00
$234,657.50
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 Bonds, Series 2004, 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 bonds; (b) all 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 bonds
as the same shall become due.
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.
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ADOPTED:
December 13, 2004
APPROVED:
~h-c ~·é
Steven E. Shciffer, City Mandger
ATTEST:
) /. /
\ -.-,t<:t'2 -?'7 c?; 1.')) 11. /¿~l/
Je~Ann Wulf, City Clerk-Treasurer-;:/
~
APPROVED AS TO FORM: .
:L/dl J0;--/1
City Attorney
Proposed by:
Prepared by:
City Administration
Finance Administration
Motion by: DeGarmo
Second by: Tom Wellnitz
Councilmember Aye Nay Pass Absent
Wellnitz, Tim X
Brien X
Williams X
Wellnitz, Tom X
Steeber X
DeGarmo X
Addie X
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