Resolution 07030

RESOLUTION AUTHORIZING THE BORROWING

OF NOT TO EXCEED $2,950,000; AND

PROVIDING FOR THE ISSUANCE AND SALE OF

GENERAL OBLIGATION PROMISSORY NOTES THEREFOR

WHEREAS, it is necessary that funds be raised by the Village of Suamico, Brown County, Wisconsin (the "Village") for the purpose of paying the costs of 2007 and 2008 Capital Improvement Projects including street reconstruction, acquisition of fire equipment, public works equipment land acquisition and a public works/public safety building facility study and design (the "Project"), and there are insufficient funds on hand to pay said costs;

WHEREAS, the Village hereby finds and determines that the Project is within the Village’s power to undertake and serves a "public purpose" as that term is defined in Section 67.04(1)(b) of the Wisconsin Statutes; and,

WHEREAS, Villages are authorized by the provisions of Section 67.12(12) of the Wisconsin Statutes to borrow money and to issue general obligation promissory notes for such public purposes.

NOW, THEREFORE, BE IT RESOLVED by the Village Board of the Village that:

Section 1. Authorization of the Notes. For the purpose of paying the cost of the Project, there shall be borrowed pursuant to Section 67.12(12) of the Wisconsin Statutes, the principal sum of not to exceed TWO MILLION NINE HUNDRED FIFTY THOUSAND DOLLARS ($2,950,000) from a purchaser to be determined by subsequent resolution of this Village Board (the "Purchaser").

Section 2. Sale of the Notes. To evidence such indebtedness, the Village President and Village Clerk are hereby authorized, empowered and directed to make, execute, issue and sell to the Purchaser for, on behalf of and in the name of the Village, general obligation promissory notes aggregating the principal amount of TWO MILLION NINE HUNDRED FIFTY THOUSAND DOLLARS ($2,950,000) (the "Notes").

Section 3. Notice of Sale. The Village Administrator (in consultation with the Village’s financial advisor, Ehlers & Associates, Inc.) shall prepare or cause to be prepared an Official Notice of Sale and an Official Statement and take other actions necessary for the sale of the Notes on November 5, 2007.

Section 4. Award of the Notes. Following receipt of bids for the Notes, the Village Board shall consider taking further action to provide the details of the Notes including the interest rate or rates to be borne by the Notes; and to levy a direct annual irrepealable tax to pay the principal of and interest on the Notes as required by law.

Section 5. Prior Resolutions; Severability; Effective Date. All prior resolutions, rules or other actions of the Village or any parts thereof in conflict with the provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the event that any one or more provisions hereof shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take effect immediately upon adoption and approval in the manner provided by law.

Adopted this 1^st day of October, 2007.

Beth Sheedy

Village President

ATTEST:

Bonnie Swan

Village Clerk

(SEAL)

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