Preliminary Official Statement Dated November ___, 2001
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PRELIMINARY OFFICIAL STATEMENT DATED JUNE 11, 2013 NEW ISSUES Moody’s Rating Requested NON-BANK QUALIFIED See “RATING” herein In the opinion of Foley & Lardner LLP, Bond Counsel, under existing law and assuming continued compliance with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the 2013B Bonds and 2013C Notes is excluded from gross income for federal income tax purposes and is not a specific item of tax preference for purposes of the federal alternative minimum tax imposed on all taxpayers; however, interest on the 2013B Bonds and 2013C Notes will be taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on certain corporations. Interest on the 2013D Notes is includable in gross income for federal income tax purposes. The City will NOT designate the 2013B Bonds and 2013C Notes as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. See “TAX STATUS” atement. herein for a more detailed discussion of some of the federal income tax consequences of owning the Securities. Interest on the Securities is not exempt from current State of Wisconsin income or franchise taxes. CITY OF GREEN BAY, WISCONSIN $11,145,000* General Obligation Corporate Purpose Bonds, Series 2013B $1,350,000 General Obligation Promissory Notes, Series 2013C $925,000 Taxable General Obligation Promissory Notes, Series 2013D Dated: July 9, 2013 Due: April 1, as shown herein The $11,145,000* General Obligation Corporate Purpose Bonds, Series 2013B (the “2013B Bonds”), the $1,350,000 General Obligation Promissory Notes, Series 2013C (the “2013C Notes”) and the $925,000 Taxable General Obligation Promissory Notes, Series 2013D (the “2013D Notes”) (collectively, the “Securities”) will be issued by the City of Green Bay, Wisconsin (the “City” or “Issuer”), dated July 9, 2013, and will be in the denomination of $5,000 each or any multiple thereof. The 2013B Bonds will mature serially on April 1 of the years 2014 through 2028. The 2013C Notes will mature serially on April 1 of the years 2014 through 2023. The 2013D Notes will mature serially on April 1 of the years 2014 through 2023. Interest on the Securities shall be payable commencing on April 1, 2014 and semiannually thereafter on October 1 and April 1 of each year. Associated Trust Company, National Association, located in Green Bay, Wisconsin, will serve as paying agent for the Securities. rities may not be sold, nor may offers to buy be accepted, prior to the time the Official Statement is The Securities are being issued pursuant to Chapter 67 of the Wisconsin Statutes. The Securities will be general obligations of the City for which its full faith and credit and unlimited taxing powers are pledged. The proceeds from the sale of 2013B Bonds will be used for street improvements and street improvement funding ($1,585,000), sewerage improvements, including, but not limited to, sanitary sewer improvements ($1,100,000), parking lots or other parking facilities ($650,000), fire engines and other machinery of the fire department ($900,000), additions and improvements to parks and public grounds ($900,000), river improvements, including, but not limited to, improvements to a public boardwalk with piers ($1,500,000), acquiring and developing sites for industry and commerce as will expand the municipal tax base, including but not limited to, infrastructure improvements within the City’s Tax Incremental Districts Numbers 7 and 13 ($700,000), and buildings for the housing of machinery and equipment, including, but not limited to, improvements to public works garages ($230,000), and refunding certain outstanding obligations of the City ($3,580,000). (See “THE FINANCING PLAN” herein) The proceeds from the sale of 2013C Notes will be used to finance replacements of municipal equipment and improvements to City Hall. (See “THE FINANCING PLAN” herein) The proceeds from the sale of 2013D Notes will be used to provide for the payment of legal obligations relating to the Younkers litigation and the payment of planning costs relating to the conversion of multi-family homes to single family homes. (See “THE FINANCING PLAN” herein) The 2013B Bonds maturing on April 1, 2024 and thereafter are subject to redemption prior to maturity on April 1, 2023 and on any date thereafter, in whole or in part, from maturities selected by the City and by lot within each maturity at par plus accrued interest to the date of redemption. The 2013C Notes and 2013D Notes are not subject to optional redemption prior to maturity. All or a portion of the Securities may be issued as one or more term bonds, upon election by the successful bidder. (See “REDEMPTION PROVISIONS” herein.) The Financial Advisor to the City is: BAIRD The Securities will be issued only as fully registered Securities and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). DTC will act as the securities depository of the Securities. 12(b) (1), except for the omission of certain information described in the rule, but is subject to revision, amendment, and completion in a Final Official St - Individual purchases will be made in book-entry form only in denominations of $5,000 principal amount or any multiple thereof. Purchasers of the Securities will not receive certificates representing their interest in the Securities purchased. (See “BOOK- ENTRY-ONLY SYSTEM” herein.) Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any The Securities are offered when, as and if issued, subject to approval of legality by Foley & Lardner LLP, Bond Counsel. The anticipated settlement date for the Securities is on or about July 9, 2013. SALE DATE: JUNE 18, 2013 SALE TIME: 10:00 A.M. CT *Preliminary, subject to change. This Preliminary Official Statement and the information contained herein are subject to completion and amendment. These secu delivered in final form. jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This Preliminary Official Statement is in a form deemed final as of its date for purposes of SEC Rule 15c2 MATURITY SCHEDULES* $11,145,000* General Obligation Corporate Purpose Bonds, Series 2013B Dated: July 9, 2013 Due: April 1, 2014-2028 CUSIP (1) CUSIP (1) Base Base (April 1) Amount* Rate Yield 392641 (April 1) Amount* Rate Yield 392641 2014 $1,065,000 2022 $665,000 2015 930,000 2023 680,000 2016 950,000 2024 705,000 2017 965,000 2025 720,000 2018 690,000 2026 550,000 2019 705,000 2027 570,000 2020 715,000 2028 590,000 2021 645,000 $1,350,000 General Obligation Promissory Notes, Series 2013C Dated: July 9, 2013 Due: April 1, 2014-2023 CUSIP (1) Base (April 1) Amount Rate Yield 392641 2014 $120,000 2015 125,000 2016 130,000 2017 130,000 2018 135,000 2019 135,000 2020 140,000 2021 140,000 2022 145,000 2023 150,000 $925,000 Taxable General Obligation Promissory Notes, Series 2013D Dated: July 9, 2013 Due: April 1, 2014-2023 CUSIP (1) Base (April 1) Amount Rate Yield 392641 2014 $80,000 2015 85,000 2016 90,000 2017 90,000 2018 90,000 2019 95,000 2020 95,000 2021 100,000 2022 100,000 2023 100,000 *Preliminary, subject to change. (1) CUSIP data herein provided by Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. Copyright 2013. American Bankers Association. 2 CITY OF GREEN BAY Brown County, Wisconsin COMMON COUNCIL Thomas DeWane, President Jesse Brunette, Vice President David Boyce, Alderperson Andy Nicholson, Alderperson Brian Danzinger, Alderperson Tom Sladek, Alderperson Timothy DeWane, Alderperson Mark Steuer, Alderperson Amy Kocha, Alderperson Jim Warner, Alderperson Joseph Moore, Alderperson Jerry Wiezbiskie, Alderperson ADMINISTRATION James J. Schmitt, Mayor Lynn Boland, Human Resources Director Dawn M. Foeller, Finance Director/Comptroller Kris Teske, Clerk Diana Ellenbecker, Treasurer Mike Hronek, Information Technology Tony Wachewicz, City Attorney Jerry Hanson, Municipal Court Judge Dawne Cramer, Director, Parks, Recreation & Forestry Nancy Quirk, General Manager, Water Utility Mike Nieft, Acting Fire Chief P. Robert Strong, Planning Director Thomas Molitor, Police Chief Steven Grenier, Director of Public Works Greg Flisram, Director of Economic Development Thomas Wittig, Director of Transit PROFESSIONAL SERVICES Financial Advisor: Robert W. Baird & Co., Milwaukee, Wisconsin Bond Counsel: Foley & Lardner LLP Paying Agent: Associated Trust Company, National Association 3 REGARDING USE OF THIS OFFICIAL STATEMENT This Official Statement is being distributed in connection with the sale of the Securities referred to in this Official Statement and may not be used, in whole or in part, for any other purpose. No dealer, broker, salesman or other person is authorized to make any representations concerning the Securities other than those contained in this Official Statement, and if given or made, such other information or representations may not be relied upon as statements of the City of Green Bay, Wisconsin (the "City"). This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Securities by any person in any jurisdiction in which it is unlawful to make such an offer, solicitation or sale. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or amended by the City, from time to time (collectively, the “Official Statement”), may be treated as a final Official Statement with respect to the Securities described herein that is deemed final by the City as of the date hereof (or of any such supplement or amendment).