2022-2006 RESOLUTION NO. 2022-2006
RESOLUTION AWARDING $12,195,000 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2022, 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$12,195,000
General Obligation Promissory Notes, Series 2022 (the "Notes"), in a resolution adopted on May 23,
2022 and entitled "Resolution Authorizing the Issuance of $12,195,000 General Obligation
Promissory Notes, Series 2022, 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 July 11, 2022, by 10:30 a.m., local time:
Names of Bidders True Interest Rates
(Account Manager)
Morgan Stanley & Co., LLC, New York, NY 2.649455%*
Robert W. Baird & Co., Inc., Milwaukee, WI 2.662506%
The Baker Group, Oklahoma City, OK 2.672879%
Piper Sandler & Co., Minneapolis, MN 2.727449%
BOK Financial Securities, Inc., Milwaukee, WI 2.816702%
Huntington Securities, Inc., Chicago, IL 2.824940%
HilltopSecurities, Dallas, TX 2.833018%
J.P. Morgan Securities LLC, New York, NY 2.877764%
*Subsequent to receipt of bids, the 2023, 2024, 2028 and 2032 maturities were adjusted
resulting in a purchase price of $12,533,280.67, gross interest cost of $1,682,845.56, net
interest cost of $1,344,564.89, premium of $388,280.67, and a true interest rate of
2.6194420%;
and
WHEREAS, it has been determined that the highest and best bid for the Notes was that of
Morgan Stanley & Co., LLC, New York, NY, which bid is as follows:
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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 $12,195,000 General Obligation Promissory Notes,
Series 2022, to Morgan Stanley&Co., LLC, New York, NY, at a price of$12,533,280.67 and accrued
interest to the date of delivery is hereby ratified and confirmed.
Section 2. Interest Rates. The Notes shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2023 and each August 1 and
February 1 thereafter
Maturities Amounts ($) Interest Rates (%)
2023 1,855,000 3.00
2024 1,625,000 4.00
2025 1,595,000 4.00
2026 1,580,000 4.00
2027 1,100,000 4.00
2028 1,010,000 3.00
2029 965,000 3.00
2030 925,000 3.00
2031 925,000 3.00
2032 615,000 3.00
Section 3. Redemption Provisions. The Notes maturing on or after February 1, 2031 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, 2030,
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 Associated Trust Company, National Association, City of Green Bay, Wisconsin, 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 2022, 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:
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Amount ($) of
Year of Levy Principal and
Interest
2022 2,256,745.56
2023 1,961,700.00
2024 1,867,300.00
2025 1,788,800.00
2026 1,255,200.00
2027 1,128,050.00
2028 1,053,425.00
2029 985,075.00
2030 957,325.00
2031 624,225.00
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 2022, 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.
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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.
ADOPTED: July 11, 2022 Motion by: Marklein
Second by: Williams
APPROVED: Councilmember Aye Nay Pass Absent
Gi. _ Benson X
���"'"���� Burdick X
Mark A. reitag, City Manager
Jackson X
ATTEST: Marklein x
Marshick X
_,PAZ.
Miller X
Lorena ae Stottler, City Clerk-Treasurer Williams X
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Manager
Prepared by: Kevin Barney, Bond Counsel
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