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HomeMy WebLinkAboutResolution 1989 (02) '.:413A (REV. 5/79) Prepared and hNnded for use by comrrracid ® Wisconsin Bankers Association 1979 banks in transactions governed by Wisconsin Law. EXHIBIT A RESOLUTION # , (89) RESOLUTION (Adopted at Open Meeting held March 14 , 19 89 - -__M ) Whereas, St. Croix County, Wisconsin (hereinafter called the "County "), is presently in need of funds aggregating $ 11, 313.00 , for the following purposes, to -wit: (Here set forth the statutory purpose or purposes for which funds are needed, (1) through (7), top of WBA -205, and then describe the purpose in detail). Purchase of van for Sheltered Workshop ; and Whereas, the County Board deems it necessary and in the best interests of the County that, pursuant to the provisions of Section 67.12(12), Wisconsin Statutes, the sum of $ 11, 313.00 be borrowed for such purposes upon the terms and conditions hereinafter set forth; Now, Therefore, Be It Resolved, that for the purposes hereinabove set forth the County, by its County Board Chairman and Clerk, pursuant to Section 67.12(12), Wisconsin Statutes, borrow from MidAmerica Bank Hudson 600 2nd Street, Hudson, • Wisconsin (hereinafter called the "Lender "), the aggregate sum of $ 11, 313.00 , and, to evidence such indebtedness, said County Board Chairman and County Clerk shall make, execute and deliver to the Lender for and on behalf of the County the promissory note of the County to be dated April 1, , 19 8 9 , in said principal amount, with interest at the rate of Eight _.... - per cent ( 8 - -� %) per annum and payable as follows: PRINCIPAL INTEREST TOTAL PRINCIPAL AND PAYMENT AMOUNT DUE DUE INTEREST DUE DATES 1,819.48 316.76 2,136.24 August' 5, 1989 1,748.07 388.17 2 ;136.24 February 5, 1990 1,824.71 311.53 2,136.24 August 5, 1990 1, 894.15 242.09 2,136.24 February 5, 1991 1,974.29 161.95 2,136.24 August 5, 1991 2,052.30 83.91 2,136.21 February 5, 1992 l ialC gitUggii ►Kk INMIMXNKft M .. • - , . • . - X K)OCXXXXXXXXXXXXX ment prepa O Y privileges, on any principal payment date on or after April 1, 1989 , a copy of which note shall be attached hereto. Q Insert "no" here and "none" in the next blank if there are to be no prepayment privileges. II.GMil rrr Conprry J 1 1 . . - - w Be It Further Resolved, that there be, and there hereby is, levied on all the taxable property of the County a direct annual irrepealable tax sufficient in amount to pay the principal and interest on said note as the same becomes due and payable, said tax to be in the following minimum amounts: 0 AMOUNT OF TAX TO MEET PAYMENTS DUE ON YEAR OF LEVY (principal and interest) (must be in year(s) prior to due date) $ .. »_ 2a� . z�. . 2 . 4 .._ »..__..__ .. .... .......8..89.__.......... ». ».. For the year 19 89 .. »_.._... , $ - -___ 4, 2 7 2.4 8 _ 2/5 & 8/5/90 For the year 19 _ 9 0 _. _ -_ $ 4 2/5 & 8/5/91 For the year 19 _ 91 $ 2.,136.21 ... 2/5/92 _ For the year 19 92 • $...»_ ........._..._..__...._ ».. » . . .. .... .....»........... »_......_ »..._ For the year 19 ...»..._..._ »_... . For the year 19 .._.........__.__. , F or the year 19 _-- ... ».._ ...... , $ _..__--- ....._. - - -_ ...._...._......» » For the year 19 ..._._ ...... . $ ....» .... ».._ »».... ._.». . »..».... »._..._......_ »...»..» For the year 19 $ .____...___ »_...._» _._.__. .....». »....._......_....._.... For the year 19 If at any time there shall be on hand insufficient funds from the aforesaid tax levy sufficient to meet principal and /or interest payments on said notes when due, the requisite amount shall be paid from other funds of the County then available, which sums shall be replaced upon the collection of the taxes herein levied. In the event that the County exercises its prepayment privilege, if any, then no such d sect annual tax shall be included on the tax rolls for the prepayments so mad() and the amount of direct annual tax hereinabove levied shall be re iuced accordingly for the year or years with respect to which said note was prepaid. • In each of said levy years, the direct annual tax so levied shall be carried into the tax rolls each year and shall be collected in the same manner and at the same time as other taxes of the County for such years are collected. So long as any part of the principal of or interest on said note remains unpaid the proceeds of said tax shall be segregated in a special fund used solely for the payment of the principal of and interest on said note. Be It Further Resolved, that there is hereby established in the County Treasury a fund separate and distinct from all other funds of the' County, designated "Sinking Fund for the Promissory Note dated .............._ , 19 89 » _ ", which fund shall used solely for the purpose of paying principal of and interest on said note. There shall be deposited in said fund any accrued interest paid on said note at the time it is delivered to the Lender, all money raised by taxation or appropriated pursuant hereto, and such other sums as may be necessary to pay principal and interest on said note when the same shall become due. Be It Further Resolved,that the "proceeds" of said note shall be used solely for the purposes for which they are issued, but may be temporarily invested until needed in legal investments provided that no such investment shall be in such a manner as would cause said note to be an "arbitrage bond" within the meaning of Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, or the Regulations of the Commissioner of Internal Revenue thereunder; and an officer of the School District, charged with the responsibility for issuing said note, shall certify that, on the basis of the facts, estimates and circumstances in existence on the date of closing, it is not expected that the "proceeds" will be used in a manner that would cause said note to be an "arbitrage bond." Be It Further Resolved, that the County officials are hereby authorized and directed, so long as said note is outstanding, to deliver to the Lender any audit statement or other financial information the Lender may reasonably request and ID discuss its affairs and finances with the Lender. Be It Further Resolved, that said note shall be delivered to the Lender on or after the date of said note, upon receipt of the total principal amount of the loan evidenced thereby, plus accrued interest, if any, to date of delivery, provided th(:t, if this is a refinancing, the "Refunding Note" shall be immediately exchanged for the original note. 0 First tax levy should be for the current year unless tax roll has already been delivered for collection, and amount of levy should be sufficient to meet all principal and interest payments becoming due prior to date for collection of next succeeding tax levy. 1 FINANCE, BUDGET, BUILDING AND BOND COMMITTEE Negative Affirmative 7 7:7 2 ,141") D.L. -2. / �� / it i l b/ z_ iIl.L! / !l , L — /l/ ■ e .