ORD1984128e
J, r .
AN ORDINANCE PROVIDING FOR THE lSSUANCE
AND SALE OF $ 3 2 11, 0 0 0 SEWERAGE SYSTEM
MORTGAGE REVENUE BONDS OF THE CITY OF
MUSKEGO, WAUKESHA COUNTY, WISCONSIN.
AND PROVIDING FOR THE PAYMENT OF SAID BONDS
AND OTHER DETAILS WITH RESPECT THERETO
WHEREAS, thg City of Muekego, Waukeeha County, Wieconsin
(hereinafter referred to a8 the "City"), now is authorized to own and
operate ite sewerage eyetem, whlch shall be operated aB a public utility
(hereinafter referred to ae the "Syetem"); and
WHEREAS, under the Imovieione of Chaptbr 88 of the Wieconein
Statutee any city in the State of Wisconsin may, by action of itE. governing
body, provide for the conetruction of MY public utility from the proceede
of bonde, which bonde are to be payable only from the income and revenues
derived from the operation of much Syetem, and are to be eecured by a
etatutory mortgage lien upon auch Syetem; and
WHEREAS, it ie now advieable and neceesary that the Gyetem be
conetruoted .tQ .include three interrelated sewage stabilization 'ponds for
treatment and disposal of sewerage; laterals, mains and interceptor sewers,
and facilities and appurtenances necessary or convenient in conjunction therewith;
and
WHEREAS, for the pur~poee of paying the cost of euch conetruc-
tion it is deeired to authorize end sell mortgage revenue bonds of the City,
payable eolely from revenue8 to be derived from the operation of the
Syetem, which bonde are to be authorized and ieeued pur,euant to the provi-
sione of Section 68,088, Wieconsin Statutee; and
WHEREAS, no obligation payable from the income and revenues
derived from the operation of the Syetem ie outetanding and none of, the
..
c
-a
property constituting any property of the System has been mortgaged or
otherwise subjected to a sec:urity interest;
NOW, THEREFORE, the Common Council of the City of
Muskego, Waukesha County, Wisconsin, do ordain that:
Section 1. Authorization of Bonds. For the purpose of provid-
ing for the payment of the costs of constructing the System, together with
the acquisition of property, equipment and appurtenances thereto used or
useful for the public convenience in connection therewith, as more fully
described in the preamble hcreof, there shall be borrowed on the credit
of the income and revenues 83f the System the sum of Three Hundred
Twenty Thousand - - - - - - - - - - - - Dollars ($320, OOO), and negotiable
coupon bonds of the City shall be issued in evidence thereof (said bonds are
hereinafter referred to as the "Bonds"). The Bonds shall be designated
I! Sewerage System Mortgage Revenue Bonds, " shall be dated November 1,
1968, shall be in the denomination of $5, 000 each, numbered 1 to 64,
inclusive, and shall mature serially in numerical order on Novem b1 er
of each of the years as follows:
Amounts Years
$ 5,000 1971 - 77
15,000 1984 - 88
-
10,000 1978 - 83
20,000 1989 - 93
25,000 1994 and 1995
It is hereby found and declared that the above schedule of
maturities of the Bonds is such that the requirements each year to pay
hoth principal and interest 011 obligations payable from the income and
revenues of the System are E.S nearly equal as practicable.
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Bonds maturing in the year 1984 and thereafter shall be subject' ,
to call and redemption prior to maturity in whole or in part, and from
time to time in inverse numerical order at the option of the City on -, November A,
1983, or any interest payment date thereafter, at par, accrued interest,
plus a premium of four per cent (4%) of the principal amount of any Bond
so called. Not less than thirty (30) days' notice of the call of the Bonds
shall be given, which notice shall state the number of the Bonds called for
payment and the payment date cn which said Bonds are called, and that
said Bonds shall cease to bear interest after such date. Said notice shall
be published at least once in a newspaper published in the City of Madison,
Wisconsin, which customarily publishes such notices, and shall be
mailed by registered mail to the orlginal purchaeers of the Bonds, to the
bank at which the Bonds are payable and to the registered holder of any
Bond called for redemption.
The Bonds shall be payable as to both principal and interest at
Marine National Exchange Bank of Milwaukee, Milwaukee, Wisconsin,
and Bonds maturing in the follo.wing years shall bear lntereet payable semi-
annually on the first days of .May and November of each year, commencing
n'7. a y 1 , 1 9 6 9 , at the ratee eet forth below:
Yeare of Maturity
Rate (all inclusive)
5-1/2"/0 1971-86
5-31470 1987-91
5. 80% 1992-95
The Bonds shall be registrable as to princlpal only aB specified and with the
effect provided in the Bond form established by Section 2 of thie Ordlnance.
i
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I
The Bonds shall be executed on behalf of the City by its
Mayor and City Clerk, and the interest coupons attached to the Bonds
shall be signed by said officers by theirrespective facsimile signatures;
said officers shall, by the manual execution of the Bonds, adopt as and
a
' for their own proper signatures their respective facsimile signatures
appearing on said coupons.
The principal of and i.nterest on the Bonds shall be payable
only out of the Special Redempti.on Fund hereinafter defined, and shall
be a valid claim of the holder thereof only against the Special Redemption
0 Wnd and from the revenues pledged to such fund, and sufficient revenues
are hereby pledged to the Special Redemptiw Fund, and shall be used
for no other purpQse than, to pay the principal of and interest on the Bonds
as the same fall due.
Section 2. Form of Honds, Coupons and Registration Blank.
The Bonds, coupone and registration blank shall be in substantially the
-7
1 following form:
e
*
8
e
I (:Form of Bond)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CIT'f OF MUSKEGO
SEWERAGE SYSTEM. MORTGAGE REVENUE BOND
No. $5,000 -
KNOW ALL MEN BY THESE PRESENTS: That the City of
Muskego, Waukesha County, Wisconsin, hereby acknowledges itself to
owe and for value received promises to pay to bearer, or, if registered,
to the registered holder hereof, from the revenues hereinafter specified
the sum of FIVE THOUSAND D3LLARS ($5, 000) on the first day of bvmber
19 , with interest at the rate of per cent ( 70) per
annum, payable semiannually on the first days of May and November of
each year, commencing May 1, 1969, upon presentation and surrender of
the interest coupons attached hs-reto as they severally become due. Both
principal hereof and interest hereon are hereby made payable in lawful
0 money of the United States of America at Marine National Exchange Bank,
Milwaukee, Wisconsin.
Bonds of this issue maturing in the year 1984 and thereafter
are subject to call and redemption prior to maturity in whole or from
time to time in part in inverse numerical order at the option of the City
on -1, 1983 or any interest. payment date thereafter, at par, buem ber
accrued interest, plus a premium of four per cent (4770) of the principal
amount of any Bond so called. A notice of the call of said Bonds. t -. .I
stating the numbers of the Bonds called for payment, the date on which
I said Bonds are called, and that said Bonds shall cease to bear
I -5-
I
m interest after such date, shall be published at least once in a r~c~w:,.:apc~-
of the City of Madison, Wisconsin, which customarily pu\~l~i::I~:+s :;;::;i\
notices, not less than thirty (2.0) days prior to the date of call> ad ,;k.iI).
be given by registered mail to the original purchasers oi :,.xitl ihlii;.., %(.,
the bank at which said Bonds are payable and to the registc:?n;d hol.-k!
of any Bond called for redemption which is registered a:; to p:inc;ip:.tl,
This BQnd is one of an iesue of like date, aggrcg:iting Three hun-
dred Twenty Thousand Dollars ($320,000. ), issued fur the IJIW~OW of
providing for the payment of t!ne cost of constructing the Sewcl*hge S.y:+;.x~:
of said City pursuant to Article XI, Section 3, of the Wisccmsin Cc>il:.;~;:w-
tion, Section 66.066, Wisconsin Statutes, acts supplementary thereto,
and an ordinance adopted on October 29, 1968 by the Comulon Cmncil of
the City, entitled, "An Ordingncg Providing for the Issuance and Sale of
$ 320,000 Sewerage System Mortgage Revenue Bonds of the City of
Muskego. Waukesha County, Wisconsin, and Providing for the F'a,ymeilt
of Said Bonds and Other Details with Respect Thereto, " ant1 io payabli
only from a proportion of the income and revenues to he derived from the
I ,' operation of said System which have been set aside in a specia'l fund
created by said Ordinance .for that purpose, This Bond constitutes a f!.r::j.
pledge of the income and revenues so apportioned and does not constiiutr
an indebtedness of said City within the meaning of any constitutiona,l or
statutory limitation or provi8:ion.
8- A statutory mortgage lien, which is hereby Isecognized '2s
valid and binding on said Syst.em, together with all additions and improve-
ments thereto, is created qnd. granted by statute to and in favor of the
holder or holders of this Bond and the issue of which it forms c: part. a.rd
in favor of the holdes or holders of the interest coupons a.t,tachiJ to said
*
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Bonds, and said System and all extensions and improvements thereto
shall remain subject to such statutory mortgage lien until the payment
in full of the principal and interest on this Bond and the issue of which it
forms a part.
This Bond may be registered as to principal only in accord-
ance with the provisions set forth OP the reverse eide hereof.
This Bond, unless it has been registered as to principal, and
the coupons attached hereto are .fully negptiable. and all rights hereunder
shall pass by delivery, and each and every successive holder of this Bond
during such time as it is payable to bearer of each of the coupons hereto
attached are conclusively presumed to.forego and Penounce his and their
equities in favor of subsequent holders for value in good faith without
notice, and to agree that this Bond, while so payable to bearer, and each
of the coupons hereto attached, may be negotiated by delivery by any
person having pqssession there0.f. howsoever such possession may have
been acquired, and that any hold8.r who shall have taken this Bond or any
of the coupons from any person in good faith for value and without notice
thereby acquires absolute title thereto, free from any defenses enforce-
able against any prior holder and free from all equities and claims of
ownership of any such prior ho1d.q. The City and its officials shall pot
be affected by any notice to the contrary.
It is hereby certified., recited and declared that all acts, con-
ditions and things required to exlet, happen and be performed precedent
to and in the issuance of this Bond have existed, have happened and have
been performed in due time, form and manner a8 required by law, and
that sufficient of the income and revenue to be feceived by said City from
the operatioh Qf said System has been pledged to and will be set aaide
into a special fund for the payment of principal and interest on this Bond.
IN WITNESS WHEREOF, the City of Muskego, Waukesha
County, Wisconsin, by its Common Council, has caused this Bond to be
signed by its Mayor and City C'lerk, its corporate seal to be affixed
hereto, and the coupons hereto attached to be signed by said officers by
their respective facsimile signatures, and said officers, by the manual
execution of this Bond, do adopt as and for their respective proper signa-
tures their respective facsimile signatures appearing on said coupons,
4 all as of the first day of Pbvemller, 1968.
CITY OF MUSKEG0
BY City CLkrk. Mayor
(l?onm of Coupon)
No, $
On the first day of , 19 , the City of Muskego, Wau-
kesha County, Wisconsin, pror.nises, as recited in and from the funds
specified in the Bond to which this coupon is attached, t.o pay to bearer the
amount shown hereon, in lawful money of the United Statcs of America,
at Marine Yationd Exchange Elank of Milwaukee, Milwaukee, Wisconsin,
for interest due that date on itEi "Sewerage System Mortgage Revenue Bond, "
dated November 1, 1968, No.
a
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSlN
(Facsimile .- BY
Mayor
-8-
(Form of additional clause to appear
on coupons numbered 32 and up. )
Unless the Bond to which this coupon is attached has been
called for prior redemption, , , .
(Form of blank for
registered ownership. )
Registration Provisions
This Bond may be registered as to principal only on books of
the City kept by its City Clerk, upon presentation hereof to said City
Clerk, such registration to be noted in the registration blank below and
upon said books, and this Bond rnay thereafter be transferred only upon
a written assignment duly executed by the registered holder or his
attorney, such transfer to be made on such books and endorsed hereon.
This Bond may be discharged fmm such registration by transfer to bearer
after which it shall be transferable by delivery, but shall be again subject
to successive registratigns as before. The registration of this Bond as
to principal shall not restrain th.e negotiability of the coupons by delivery
merely.
Date of Signature of
Registration In Whose Name Registered City Clerk
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Section 3. Income and Revenue Funds. The income and -
revenues to be derived from the operation of the System, including pay-
ments received from the City for services rendered it, shall be set
aside into separate and special funds hereby established and are to be
used and applied for the following purposes and in the following propor-
tions:
15 70 of the in.come and revenues therefrom is presently
necessary and shall be set aside in the "Sewerage System
Operation and Maintenance Fund'' for the reasonable and
proper openatio,n and maintenance of the System,
5 70 of the income and revenues therefrom is presently
necessary and shall be set aside in the "Sewerage System
Depreciation Fund" as a proper and adequate depreciation
account;
8 0 % of the in.come and revenues therefrom is presently
necessary and shall be set aside in the "Sewerage System
Bond and Interest Special Redemption Fund" (herein
referred to aa the "Special Redemption Fund"), and applied
to the payment of the principal of and interest on the Bonds.
The Operation and Maintenance Fund and the Depreciation
Fund shall be deposited as received in a bank or banks selected by the
Common Council in the manner required by Chapter 34 of the Wisconsin
Statutes and shall be adequately secured in the manner provided by law.
All moneys in said Funds in excess of that necessary for the necessary
costs of operation, maintemnce and depreciation and reasonable reserves
relating thereto and all other necessary disbursements shall be deposited
in the Special Redemption Fund but such deposits shall not reduce the
amounts otherwise required to be paid into the Special Redemption Fund.
It is the expresEl intent and determination of this Common
Council that the amount of said income and revenues to be set aside and
paid into the Special Redemption Fund shall, in any event, be sufficient to
pay the principal of the Bonds as the same matures, and'the interest
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thereon as the same accrues, potwithstanding the fixed proportion
thereof temporarily allocated to such purposes'in the manner above
.provided, and the City shall from year to year, and out of the income
and revenues received from the operation of the System, deposit at
least sufficient funds in the Special Redemption Fund to pay promptly
all principal and interest falling due on the Bonds. The minimum
amounts required to be deposited in the Special Redemption Fund are
set forth on the schedule attached to, and made a part of, this Ordinance.
The total income and revenues so set aside for payment of
the principal of and interest on the Bonds shall, from month to month,
as the same shall accrue and.be received, be set apart and shall on the
last day of each month,, be paid into the Special Redemption Fund, which
amount shall be not less than one-twelfth (1/12) of the minimum amount
so required to be deposited for oach year, The Special Redemption
Fund shall be kept apart from other moneys of the System and the same
shall be used fw no purpose other than the payment of principal of and
interest on the Bonds, promptly as the same become due and payable.
All money therein shall be depolgited in a special account in a bank or
banks and &all be adequately secured in the manner required for public
funds in the State of Wisconsin, and such monthly payments above
described shall be .made direct1,y to such bank,
To aoditionally secu.re the payment of principal of and interest
on the Bonds, there is hereby established a separate account in the
Special Redemption Fund to be lcnown as the "Reserve Account, I' and the
City hereby covenants and agrees that when any of the Bonds shall have
been delivered, there will be pa.id monthly into said Resew? Account
$3 5 0. 0 0 until a minimum of $2 8,670.00 will have accumulated therein,
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TTS:.::~::.~ :!:2? r,~, ::.I?*> p:!,~f7nt!~ts nped i:r m;lc',c inr.0 fhc? Dr.?!.: v,' .'<.r.,~:~nl
at s11c.h times as the money!l in Raid account are equal to the maximum
principal and interest requirements on the Bonds for any unexuire3
tweivc .manth.? yr!~I, or the rerrainjne; pri:lc:pal and i!-:te?est require-
ments on the Bonds then outstanding, whichever shall he thr lesser. If
lei- any reisw there shall be insufficient funds on hann jLrr 1.b~ Special
Redemption Fund to meet principal or interest becoming due on the Bonds,
all sums then held in the Reserve Account shall be used to pay the portion
of interest or principal on such Bonds becoming due as to which there
would otheryrise be default, and thereupon the payments required by this
paragraph shall again be made into the Reserve Account until the Reserve
Account meets the minimum. requirements provided herein.
Funds in the Special Redemption Fund in excess of the mini-
mum amounts required to be paid therein plus reserve requirements may
be invested in any manner permitted by statute or may be used, at the
opt.ion of the Common Counr:il, to redeem call.able Bonds of this issue
prior to maturity or to purchase Bonds of this issue on the open market.
Section 4. Mor1:gage Lien. For the hrther protection of
the holders of the Bonds and the interest coupons attached thereto, a
statutory mortgage lien upon the System is granted and created by Section
66. 066, Wis. Stats., which lien is hereby recognized as valid and binding
upon the Cit,y as a valid and binding lien upon the System and any additions
and improvements thereto; tmd the System shall remain subject to such
st2cutory mortgsgc :ien until payment in full of the principal and interest
0.; ti1.i. SOPdY,
Sectim 5. Serv3.w to City, The reasonable cost and value of ~.
any scrv!cc rendcrerl to the City and its inhabitants by the System, including
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reasonable charges for public heqth benefits, shall be paid for monthly
as such service accrues out o,F the current revenues of the City collected
or in process of collection, exclusive of the Fevenues derived from the
System, to-wit: out of the tw: levy of the City made by it to.raise money
to meet its necessary cwnent expenses. Such amount shdl not exceed the
lesser of Twenty-eight Thousand Six Hundred Sevcnt:f DollWS ((8 28,670 )
or such part thereof as msy be necessary from year to year to pay the
balance of an amount which, together with other revenues of the System,
wlll produce earnings equivalent to not less than one and three-tenths (1.3)
times annual principal and interest requirements on the Bonds after deduc-
tion of all operating and maintenance expeneea of the System.
Sectign 8, Operalion gf System; City Covenants. It is cove-
nanted and agreed by the City with the holder or holders of the Bonds, and
each of them, while any of the! Bond8 are outstanding, that:
The City will faithfully and punctually perform all duties with
reference to the Syatem requjred by the Conetitution and Statute6 of the
State of Wisconsin, including the making and collecting of reasonable and
sufficient rqtes lawfully established for services rendered by the System
and will segregate the income and revenues of the System into respeotive
funds contained in Section 3 hsereof and apply said funds in accordance with
the provisions therein contained;
The City will not ,sell, lease, or in any manner dispose of the
System, including any part thereof or any additions or extensions that may
be made thereto, except that the City shall have the right to sell, lease or
otherwise dispose of any property of the System found by the Common
Council to be neither necessary nor useful in the opera#on of the System,
provided the prqceeds receivcd from such sale, 1ease.or disposal shall be
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I) paid i.nto me Reserve Account bvt such payment shall npt reduce the
amovnts otherwise required to be paid into the said Account or the Special
Redemption Fund;
The City vi11 cause the System to be constructed as expedi-
tiously 3s reasonably possible; and
The City will maintain in good cOndition and operate the System,
charge and collect such lawful est.ablished rates and charges for the sqr-
viqes render by the System so tha.t the p$.gportion of the revenues of thq
System herein agreed to be set aside for debt service will at all times be
sufficient to provide for the payment of principal of and interest on the Bonds
ae the same becqme due and payable.
e
Section I. BOoks and Accounts; Inspection. The City covenants
and 4grees that it will keep proper books and acaounts relative to the System
separate from all other records of the City and will cause euch books and
accounts to be audited annually by 61 recognized independent firm of certified
public accountants; eacp suah audit, in addition to whatever matters may be
thought proper by the acaountanta to tqe included therein, shall include the
following: (a) a statement in det,ail of the income and expenditures of the 6 System for the fiscal year; (b) a balance sheet as of the end of such fiscal
year; (c) the accoimtants' comme,nt regarding the manner in which the City
has carried out the requirements of this Ordinance and the accountants'
recommendation for any changes or improvements ip the operatiqn of the
System; (d) a list of the ineurancc? policies io force at the end of the fiscal
year setting out a$ to each pqlicy the avount pf the policy, the risks covered,
the name of the insurer, and.the expiration of the policy; and (e) the number
of oustomers at the end of such year, Copies of such audit shall promptly,
and i.n any event within 90 days after the end of each fiscal year, be mailed
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e to the original purchaser.of the I3onds and shall be made generally
available to the holders of any of the Bonds upon application therefor.
The holdens of any of the Bonds shall have at 911 reasonable m times the right to inspect the.Gy13tem and the records, accounts and data of
the City relating thelreto,
Section 8. Insvance. So loQg as any Bond is outstanding, the
City will carry for the benefit of the holders of the Bopds: adequate fire,
lightning, vandalism, rtot, etrib:e, explosion, civil compotion, malicious
dwage, tornado aqd windstorm insurance on all buildings and property of C the System which are subject to loss thvough any of such causes: adequate
ineurance against lose of use and occupancy resulting from any of such
causes; adequate public liability insurance; and ipsurance of the kinds and
in the amounts normally carried by private companies engaged in the opera-
tion of similar facilities in the State of Wisconsin. All money received for
losses unden any of such casualty insurance policie8 shall be used in repair-
ing the damage or .in replacing the property destroyed unless the Common
Council shall find that it is inadvisable to repair such damage or replace
such property and that the operation of the System has not been impaired
0 thereby, ip which event the proceeds shall be deposited in the Reserve
Account of the Speaial Redemption Fund but shqll not reduce the amounts
otherwise required to be paid into said Account or said Fund. All money
received in payment for .the loss of use and occupancy shall be considered
income of the System, apportionable in accordance with Section 3 of this
Ordinance. - Section 9. Additional Bonds. As .long as any of the Bonds are a outstanding, no additional bonds or obligations pledginq or payable out of
,-
any portion of the revenues of the System may be issued in such manner
as to enjoy priority over the Bon.ds. Additional bonds on a parity with the
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Bonds may be issued under either of the following subsections'
(a) Additional bonds on a parity with the Bonds may be
issued to aid the construction of the sewerage system
in the Northeast Assessment District and Northwest
Assessment Disirict (in accordance with preliminary
plans on file with the City Clerk), provided that the
aggregate principal amount of parity bonds issued
pursuant to this subsection shall not exceed one-half
of the total cost of construction of the System in said
Districts and reasonable cost of services to the City
established pursuant to Section 5 hereof shall have
been increased to an amount not to exceed that sum
which bears the direct proportion to the total bonds
then to be outstanding as the present cost bears to the
Bonds now outstanding:
(b) Additional bonds on a parity with the Bonds may be
issued if all of the following conditions are met:
(i) The net revenues of the System for the twelve
months immediately preceding the issuance of such
additional parity bonds must have been equal to at
least 130% of the average annual principal and
interest requirements on both (1) all bonds outstand-
ing payable from the revenues of the System and (2)
the bonds then to be issued. Net revenues shall
consist of the gross revenues of the System less the
costs of operation, maintenance, and repair, and
gross revenues" as used in this Ordinance shall
include total income derived from the operation of
the System from any source whatsoever, including
such sums as the City shall pay as the reasonable
cost and value of service rendered to it. Should
an increase ir, rates and charges, including those
made to the City, be properly ordered and made
effective prior to the issuance of such additional
bonds, gross revenues for the purposes of such
computation shall include such additional revenues
as an independent certified accountant may certify
would have accrued during the preceding fiscal
years had the new rates been in effect during that
period;
I!
(ii) All payments Zurrently required to be made into
the funds refe.rred to in Section 3 must have been
made in full,
(iii) Additional parity bonds must have principal falling
due on %I& f of each year and interest on May 1 and
November 1 of each year;
NO e bs
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(iv) The proceeds of the additional bonds must be used
only for additions and/or improvements to the System
or to refund all remaining outstanding Bonds of this
issue.
Section 10. Sale of Bonds, The sale of the Bonds to The
Milwaukee Company, Milwaukee, Wisconsin, is hereby ratified and con-
firmed in accordance with a contract of sale heretofore entered into by
the Common Council at a price which results in an interest cost not in
excess of six per cent (6%) per annum, computed to the maturity of the
Bonds according to standard tables of bond values, and the officers of
the City are hereby authorized and directed to do any and all acts neces-
sary to conclude delivery of the Bonds to said purchaser, upon receipt
of the purchase price, as soon after adoption of this Ordinance as is
I
convenient.
Section 11. Application of Bond Proceeds. All accrued
interest received from the sale of Bonds shall be deposited,in the
Special Redemption Fund and applied toward the payment of interest
coupons next becoming due and payable after delivery of the Bonds.
There shall be deposited in the Special Redemption Fund, out of the pro-
ceeds from the sale of the Bonds, for the purpose of paying the interest
thereon during the period of construction of the System, a sum in an
amount equal to at least one year's interest requirements on the Bonds,
computed from the date of delivery thereof to the purchaser, which
sum shall be used solely for the purpose of paying interest due on the
Bonds during the construction period. If the construction of the System,
or any part thereof for which Bonds ha.ve been issued, is not completed
within a twelve (12) month period, the City, if necessary, shall advance
a
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such additional sums as may be needed to pay interest on these Bonds
until the System is in operation, and the City shall be reimbursed ~v for such advances from earnilngs of the System when next available.
The balance of the proceeds :shall be deposited in a special fund by the
Treasurer, designated as "St?werage System Construction Fund. " Said
special fund shall be adequately secured and shall be used solely for
the purpose of meeting costs of constructing the System, as more fully
described in the preamble hereof. Any balance remaining in said Con-
0 struction Fund after paying said costs shall be transferred to the Special
Redemption Fund for use in payment of principal of or interest on the
Bonds.
Section 12, Confliding Ordinances. All ordinances, resolu-
tions, or orders, or parts thereof, heretofore enacted, adopted or
entered, in conflict with the provisions of this Ordinance, are hereby
repealed and this Ordinance shall be in effect from and after its passage
and publication
Passed: /d .-% 7 - , 1968
Recorded: , 1968
Published: //- 2 I - df , 1968
c ity C1e:rk
Aayor
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Schedule of Mini-mum Deposits
in Special Redemption Fund
Created by Ordinance No. f
CITY OF MUSKEGO
For the Ye r
EnGgvt&
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
"
Printlipal
$
5,000
5,000
5,000
5, 000
5,000
5,000
5,000
10,000
10,000
10,000
10,000
10,000
10,000
15,000
15,000
15,000
15,000
15,000
20,000
20.000
20,000
20,000
20,000
25,000
25,000
Interest
/ku 9); -
$-
18,095.00
18,095, 00
17,820. 00
17, 545.00
17,270.00
16,995.00
16,720.00
16,445.00
16, 170.00
15,620.00
15,070.00
14,520.00
13, 970.00
13,420.00
12,870.00
12,045.00
11,220.00
10,395.00
9, 532, 50
8, 670. 00
7, 520. 00
6, 370. 00
5,220. 00
4,060. 00
2, 900.00
I, 450.00
Total
/Lo 9J2 -
$-
18,095, 00
23.095. 00
22,820.00
22,545. 00
22,270.00
21.995,oo
21, 720.00
21,445.00
26,170. 00
25,620.00
25,070.00
24,520.00
23. 970, 00
23,420.00
27,870.00
27,045.00
26,220.00
25,395. 00
24,532 50
28,670.00
27,520.00
26,370.00
25,220.00
24,060.00
27,900. 00
26,450.00