Resolution 07031

RESOLUTION AUTHORIZING THE BORROWING

OF NOT TO EXCEED $1,500,000; AND

PROVIDING FOR THE ISSUANCE AND SALE OF

WATER SYSTEM REVENUE BONDS THEREFOR

WHEREAS, the Village of Suamico, Brown County, Wisconsin (the "Municipality") owns and operates a water system (hereinafter referred to as the "System") which is operated for a public purpose as a public utility by the Municipality;

WHEREAS, certain improvements to the System are necessary to adequately meet the needs of the Municipality and the residents thereof, consisting of construction of new water mains and other improvements to the System (the "Project");

WHEREAS, the Municipality has certain outstanding general obligation promissory notes issued in 1999 which financed or refinanced improvements to the System (the "Prior Issues");

WHEREAS, the Municipality hereby finds that it would be advantageous to refund the Prior Issues (the "Refunding") with proceeds of its water revenue bonds;

WHEREAS, under the provisions of Section 66.0621 of the Wisconsin Statutes any municipality may, by action of its governing body, refund outstanding municipal obligations and provide for purchasing, acquiring, constructing, extending, adding to, improving, conducting, controlling, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees;

WHEREAS, for the purpose of paying the cost of the Project, the Municipality deems it to be necessary, desirable and in its best interests to proceed with the authorization and sale of water system revenue bonds of the Municipality payable solely from the revenues of the System, which bonds are to be authorized and issued pursuant to the provisions of Section 66.0621, Wisconsin Statutes;

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

Section 1. Authorization of the Bonds. For the purpose of paying the cost of the Refunding and the Project, there shall be borrowed pursuant to Section 66.0621 of the Wisconsin Statutes, the principal sum of not to exceed ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) from a purchaser to be determined by subsequent resolution of this Village Board (the "Purchaser").

Section 2. Sale of the Bonds. To evidence such borrowing, 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, water system revenue bonds aggregating the principal amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) (the "Bonds").

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 Bonds on November 5, 2007.

Section 4. Award of the Bonds. Following receipt of bids for the Bonds, the Village Board shall consider taking further action to provide the details of the Bonds including the interest rate or rates to be borne by the Bonds.

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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