CCR1970000PROSPECTUS
MUNICIPAL
BONDS
FURTHER INFORMATION MAY BE OBTAINED FROM
EHLERS AND ASSOCIATES, INC.
FINANCIAL CONSULTANTS
FIRST NATIONAL-SO0 LINE CONCOURSE - 507 MARQUETTE AVENUE
MINNEAPOLIS, MINNESOTA 55402 - 339-8291 (AREA CODE 612)
RESOLUTION #43-70
RESOLUTION AUTHORIZING THE SEEKING OF INVITATIONS TO SUBMIT
PROPOSALS FOR VARIOUS BANKING SERVICES
e WHEREAS the Common Council of the City of Muskego has had a financial
plan prepared for the financing of various municipal projects; and
WHEREAS it is necessary and convenient that the City of Muskego use
extensive banking services for the completion of all or part of these projects;
and
Muskego; and
WHEREAS there are three banks within the boundaries of the City of
WHEREAS it is convenient that only one bank be selected to provide all
the banking for the City
NOW, THEREFORE BE IT RESOLVED that the City Clerk is hereby directed
to cause an Invitation to Submit Proposals to be delivered to all banks located
within the corporate boundaries of the City of Muskego. Said Invitation to
Submit Proposals shall be in substantially the following form:
INVITATION TO SUBMIT PROPOSAL FOR VARIOUS BANKING SERVICES FOR THE CITY OF MUSKEGO
March 24, 1970
You are herewith invited to subillit a sealed offer to the City Clerk prior to
to the City of Muskego as follows:
3:OO o'clock P.M., Tuesday, March 24, 1970 to provide various banking services
1. Serve as an official City depository from May 1, 1970 through April 30, 1971.
2. Provide one checking account for the City's general fund and one checking
account for the City's sewer funds.
3. Issue Certificates of Deposit to the City from time to time at the direction
of the City Clerk Controller.
4. From time to time between May 1, 1970 and April 1, 1971 lend to the City funds
MILLION SIX HUNDRED FIFTY-FIVE THOUSAND DOLLARS provided the City duly issues
for any legal municipal purpose, said loans in aggregate will not exceed ONE
Wisconsin Statutes, said Notes, will mature in 1974, to be in substantially
Promissory Notes for said loans under authority of Section 67.12(12),
the following form:
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEGO
PROMISSORY NOTE
FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wisconsin,
promises to pay to the order ot , the sum of
together with interest on the unpaid bal-
ance thereof at the rate of
terest to be payable semiannually on the first days of March and September in each
year, commencing March 1, 1971.
p?r annum, said in-
Both principal hereof and interest hereof are hereby made payable
in lawful money of the United States of America at the
interest thereon as aforesaid, and the levying and collection of taxes suffi-
cient for that purpose, the full faith, credit and resources of the City of
Muskego are hereby irrevocably pledged.
!disconsin, and for the prompt payment of this note, with
e
e
This note is subject to prepayment in whole, or from time to time
in part, at any interest payment date at the option of the City at the price
of the par value of the prepayment then being made.
Wisconsin Statutes, for the purpose of
and is authorized by a resolution of the Common Council of the Citv. dulv adooteb
This note is issued pursuant to the provisions of Section 67.12(12),
by at least a two-thirds vote of the members-elect of said Comlnon icduncii at its
meeting duly convened on , which resolution is recorded in the
official book of its minutes for said date and is entitled, Resolution Authori-
zing the Issuance of Promissory Note of the City of Muskego,
Waukesha County, Wisconsin, Providing Details Thereof and Levying Taxes Therefor.
It is hereby certified and recited that all conditions, things and
acts required by law to exist or to be done prior to and in connection with
the Issuance of this note have been done, have existed and /have been performed
in due form and time; that the aggregate indebtedness of the City does not ex-
ceed any limitation imposed by law or the Constitution of the State of Wisconsin;
and that the City has levied a direct, annual, irrepealable tax sufficient to
pay this note, together with interest thereon when and as payable. e
right hereunder shall impair such right or be considered as a waiver thereof or
as a waiver of or acquienscence in day default hereunder.
No delay or ommission on the part of the holder hereof to exercise any
IN WITNESS WHEREOF, the Common Council of the City of Muskego, Waukesha
County, Wisconsin, has caused this note to be signed on the behalf of said City
affixed, as of the - day of
CITY OF MUSKEG0
By : By :
City Clerk Mayor
5. From time to time between May 1, 1970 and April 1, 1971 lend to the City funds
THREE HUNDRED EIGHT THOUSAND DOLLARS provided the City duly issues Promissory
for any legal municipal purpose, said loans in aggregate will not exceed
Notes for said loans under authority of Section 67.12(12), Wisconsin Statutes,
said notes shall be in substantially the form as above but shall be payable in
annual installments not to exceed 9, or may be issued in $5,000 denominations
coupon bearing serial form at the request and expense of the bank The bank
may require a legal opinion of counsel of its choice to be printed on the back
of said notes at the expense of the bank. Maturity schedules for said notes
each year after the second year to pay both principal and interest will be as
shall be determined at the time of issue in a manner that the requirement
nearly equal a~s practicable. Said notes shall not be subject to call or
prepayment.
6. From time to time between July 1, 1970 and April 1, 1971, purchase from the
City of Muskego its Assessment B bonds issued in various denominations or
at the option of the City in $5,000 denominations in coupon bearing form
as authorized in Section 66.54 Wisconsin Statutes as amended by Chapter 189,
Laws of 1969, said bonds to be issued subject to the approving opinion of
Quarles, Herriott, Clemons, Teschner, and Noelke, said bonds in aggregate shall
not exceed ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS. Said bonds will
mature in equal annual installments with the latest maturity in 1982.
*
2
7. Purchase from the City, Mortgage Revenue Bonds issued under Section 66.066
Wisconsin Statutes in Jn amount not to exceed EIGHT HUNDRED THOUSAND DOLLARS,
subject to the approving opinion of Quarles, Herriott,Clemons, Tescher and
Noel ke and conditions set forth in Ordinance #128, an Ordinance 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
Payment of Said Bonds and uther Details with respect thereto, as adopted
October 25, 1968.
.
e
8. Purchase United States Tresury Bills as directed by the City Clerk Controller
for the investment of City debt sinking funds as outlined in Section 67.11
Wisconsin Statutes.
The best proposal shall be determined and the contract for banking services shall be awarded by the City Council after considering the following factors, to the
bank which offers:
A. The bank which agrees to purchase the greatest number of Assessment B bonds
as outlined in 6 above and not to exceed ONE MILLION EIGHT HUNDRED THOUSAND
DOLLARS par value.
B. The bank which agrees to lend to the City the greatest amount of money as e
outlined in 4 above not to exceed ONE MILLION SIX HUNDRED FIFTY FIVE THOU-
SAND DOLLARS.
a C. The bank which agrees to lend to the City the greatest amount of money under
5 above not to exceed THREE HUNDRED EIGHT THOUSAND DOLLARS.
D. The bank which agrees to purchase from the City the greatest number of Mort-
gage Revenue Bonds as outlined in 7 above not to exceed EIGHT HUNDRED THOU-
an amount of $300,000 or more.
SAND DOLLARS, but any offer to purchase Mortgage Revenue Bonds must be for
E. The bank which offers the lowest interest rate for Assessment 3 bonds as
outlined in 6 above.
F. The bank which offers the lowest interest rate for Promissory Notes under
4 above.
G. The bank which offers the lowest interest rate for Promissory Notes under
5 above.
H. The bank which offers the lowest interest rate for Mortgage Revenue Bonds e as outlined in 7 above.
I. The bank which offers to pay the highest rate of interest on Certificates of e Deposit of less than $lOD,DOO and less than 1 year maturity.
J. The bank*which offers to pay the highest rate of interest on Certificates of
K. The bank which offers to pay the highest rateof interest on Certificates of
Deposit bh3l),000 or more for 30 to 59 day maturity. . - , ..
Deposit of $100,000 or more for 60 to 89 days.
L. The bank which offers to pay the highest rate of interest on Certificates of ~ep0si.t of $~O~,OOO or more for 90 to 179 days.
M. The bank which offers to pay the highest rate of interest on Certificates of
Deposit of $100,000 or Inore for 180 to 359 days.
N. The bank which offers the lowest charges for checking accounts.
The City reserves the right to reject all offers, but agrees to the following should an offer be accepted: (hereinafter, bank means the bank whose Offer is
accepted) e
A. All funds of the City that are not invested will be transferred to the
Bank on or before May 1, 1970.
E. All invested fu,nds of the City available for reinvestment Will be invested
at the Bank as these investments mature after April 1, 1970.
3
C. All City funds available for short term investment, including borrowed capi-
tal, will be invested in Certificates of Deposit at the Bank, except funds
Statutes.
required to be placed in sinking funds outlined in Section 67.11 Wisconsin
Under Assessment B bonds outlined in 6 above the City a rees to maintain
Statutes. The governing body of the City covenents to direct, the Treasurer
of the City, to bid in and become exclusive purchaser of the Certificate
underlying such delinquent special Assessment "B" bonds, as authorized in
Section 66.54(11)(b) 6. The City covenents to create a sinking Fund for
Special Assessment "E" Bonds as authorized in Section 66.54(15). The City
will bear the expense of bond printing and the legal opinion.
a special sinking fund authorized In sectlon 66.54(11)(bq 4, Wisconsin
a
E. Kortgage Revenue Bonds will be issued only under terms substantially similar
to those provided in Ordinance #128 of the City, a copy of which is made part
of this invitation, and only if all the tests and conditions of Section 9
of this Ordinance entitled Additional Bonds are met. The City will bear the
cost of bond printing and the legal opinion.
Attached hereto and made a part of this invitation is an official statement of
estimates based upon the best available information and the time table is based
the City based upon the latest available information. Projections of needs are
upon factors believed to be reliable; however, these factors should be treated
as estimates and amroximations and are sub.iect to chanae for any unforeseeable 0 circumstance. ~, ,
Adopted this 24 day of February. 1970
Mayor
ATTEST :
City Clerk
Recorded this - day of February, 1970
City Clerk
4
OFFICIAL STATEMENT
City of Muskego
Waukesha County
Wi sconsi n
February 24, 1970
The following are cost estimates and status of all projects proposed for the
City of Muskego.
Industrial Park:
The City holds options to purchase approximately 110 acres of property for in-
dustrial park purposes. The City has contracted with James T. Barry Co.. of
Milwaukee to assist in the resale of this property. Financing of the land pur-
' chase has been arranged through the issuance of promissory notes to the sellers
and a 67.12( 12) promissory note to be consummated on or about March 2, 1970.
The only portion of this project left to be financed is $500,000 for utility
service and street construction. Of this amount only $250,000 is anticipated e
to be needed between April 1, 1970 and April 1, 1971, and that the earliest any
of these funds would be borrowed would be July 1, 1970. It is anticipated these
funds will be needed in blocks of $50,000 on July 1, 1970, September 1, 1970,
November 1, 1970, January 1, 1971 and March 1, 1971.
Sewer Costs:
The City of Muskego is under state order to extend its sewer system through most
of its residential area. Ruekert and Mielke Inc. consulting engineers have made
preliminary cost estimates on the majority of work now contemplated. There is
increasing pressure from land owners and residents to expand the sewer service
beyond the planned area. Total preliminary cost of sewers for the planned area
is $5,729,223 which far exceeds the City's general obligation borrowing power
reduce this figure approximately $1.350,000. Federal participation is being (currently $2,284,000). The City qualifies for ORAP participation which will
sought for the temporary treatment plant which could reduce the figure by about
$100,000. But even with these funds, financing a major portion of the sewer costs
with assessment 8 bonds and mortgage revenue bonds is essential to the City.
contemplated areas. A resolution acceptin engineer plans and calling a public
Preliminary resolutions have been adopted by the Council to sewer the planned and
hearing for an area to cost approximately ! 500,000 was adopted February 24. 1970.
A similar resolution for a second area to cost approximately $650,000 is expected
will be held in late summer and a fourth area of about $600,000 will be presented
to follow in about 6 weeks. Hearings on a third area of approximately $650,000
0 about 6 weeks later. This pattern will be continued until all sewering is com-
pleted.
Temporary borrowing under part 4 of the Invitation to Submit Proposals for Banking
the cost that is assessable will be spread as quickly as practical and a 30 day
Services will be used to finance construction. Assessments for that portion of
Assessment B bonds will be sold to cover assessments to be paid in installments.
period will be allowed for property owners to pay their assessments in fur
Of the first $1,964,223 of sewer work, $1,032,951 is assessable. It is estimated
20% of this might be paid in full leaving $825,760 to be financed with Assessment
B bonds in three issues. the first to be in August, the second in September and
the third in December. A fourth and fifth issue is anticipated in February and
March 1371 for work in the second financing area with 81,630,000 of assessable
cost.
The first need fortemporary funds for sewers is anticipated for June when $50,000
will be required. $125.000 per month will be needed in July and from October 0
through February.
e
1
5
Of the $5,729,223 of sewer costs, $2,066,272 is non-assessable. These costs will
be financed with mortgage revenue bonds of $8DO,OOO. ORAP and federal funds.
Should state and federal funds not be sufficient as planned, general obligation
bonds will be sold for this portion. An initial resolution authorizing $1,500,000
general obligation bonds for sewers has had its first reading before the Councll
and will be voted upon March 10, 1970.
The following is an annual debt service and revenue projection based on the
where sewer is now established, as reported by the engineer. This exhibit
outstanding mortgage revenue bonds, sewer charge ordinance and available hookups
demonstrates a revenue of the existing system which is more than sufficient to
meet all requirements for mortgage revenue bonds outstanding.
Each column on this chart represents .the following:
1.
2.
3.
4.
5.
6.
7.
a.
9.
10.
11.
12.
Year = Sewer debt service fiscal year - November 1 to October 31.
Special Redemption Fund = Dollars needed to meet the principal
will be paid from the reserve account.
and interest due that year. Amounts due in 94/95 and part of 93/94
Reserve Account Fund = Dollars needed to meet the reserve
account provision of the bond ordinance - $350 per month
until $28,670 is reached.
Total Annual Requirement = The sum of columns 2 and 3.
Sin le Family Revenue = Projected revenue from homes based
on ! 72 per year sewer charge and 418 hookups by 1971. A
projected 25 new homes would be added per year until 1979.
Last year, 66 single family dwelling building permits were
issued by the Ci.ty.
Commercial Revenue = The rate that applies to commercial
and industrial property varies from $72 to $200. For this
projection, a mean rate of $125 per connection per year was
used assuming 46 units would be connected by 1971.
School Revenue = This is based on 458 students in, an elemen-
tary school, 220 students in a parochial school, 1,680 students
in the high school and 600 students in the middle school at
a rate of $4.48 per student per year.
Vacant Lot Revenue = $18 per lot assuming 260 lots the
first year and a conversion of 25 lots per year to residential
use until 1971.
Total Revenue = The sum of columns 5. 6. 7 and 8.
80% of Revenue = The bonds ordinance indicated 80% of gross
revenues should be used for debt service.
Surplus = The amount by which column 10 exceeds column 4.
130% Test = The bond ordinance requires that net sewer charges be
at least 130% of the annual principal and interest requirement.
This column represents the dollar amount of projected revenues that
will exceed 130% of revenues after allowing 20% for operation,
maintenance and depreciation.
6
a
a
e
W
NNNNNNNNNNNNNNNNNNNNNNNN- * mvI
-I ao vlPvlmUa3&vlmUUWWCvlvlm---NNNWCD cmm
ala -. nm
0 2
."""""."".""""". mo~wvlmvl~~o~rwvlom-~uw~vlwoo
CD~NUNUW~NPUNUNUNUPN~UPN~~
33n N
oooooowvlovlooooooovlovlovlo~vl -. -
0
NNNNNNNNNNNNNNNNNNNNNNNNN vlCvlmUW&~mUuWW&vlvl~--vlmmuUN c3-l
~ONWvl~vlNNOWCWWIO~-CUCCUONN
".3 0 c
WONUNUWWNPUNUNUNUPNmUbNWW
7CR mmm
oooooowvlovlooooooovloulovlovlvl m 3"
3
* n~
~""""""""""""
0
u,
wwwwwwwwwwwwwwwwwwwwwwwww """"""""""""- mn z)v)
vlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvlvl
NNNNNNNNNNNNNNNNNNNNNNNNN
e5
30 c-
3m
m- _.""".. "...""""."" 00 5.
m 2
c
IA """""""""_"""
(0
a
"""""""""NNWWC&W
vl
m rm ,I
OOOOOOOOOOOOOOOOvl~CWW~NWO
lD
WWWWWWWWWWWWWWWWWCDWW~~~~CD~
mnm w 3
0000000000000000000000000
za
CR m
VI
con ." W<
"""""""""""
vlvlvlvlvlvlvl~vl~~~~~~vlN~m~--~w-~~-~=
uuuuuuuuuuuuuuuuumuuuuuuw NNNNNNNNNNNNNNNNNUNUNUNU
NNNNNNNNNNNNNNNNNNNN"" vlU~vlbNU~vl&wCDuuO~CCD~-wwu~vlCI, ""_"""""_""""" d
d
PROJECTION OF REVENUE FROM PROPOSED SEWER: . Financing a portion of the proposed sewer with mortgage revenue bonds
is based upon the revmle ootential in the proposed area coupled with the
projected surplus of the existing sewer system. e Each column of the chart represents the following:
1. Year = Sewer debt service year.
2. Single Family Revenue = Projected revenue from homes at $72
per year with 635 connecting in 1970 and 722 in 1971 and 25
new homes each year thereafter through 1979.
3. Comnercial Revenue = It is assumed 20 commercial establish-
ments will connect in 1971.
4. School Revenue = It is assumed one school housing 340 students
will connect in 1970 and another housing 750 students will
connect in 1971. The annual rate used was $4.48 per student.
5. Vacant Lot Revenue It is assumed 214 vacant lots will be
charged in 1970 and an additional 124 in 1971 with 25 lots
less being charged each year through 1979 at $18 each.
6. Gross Revenue = The sum of columns 2, 3, 4 and 5.
7. 80% of Revenue = 80% of column 6.
8. Net Plus Surplus = Column 7 plus column 11 of Table I. Sewer
Revenues from Existing System.
a.
YEAH SINGLE
FAMILY
REV
1 2
1970 45120
1911 97104
1972 99504
1973 101304
1Y74 103104
1975 104704
1976 10hIn4
1977 108504
197Y 112104
1980 112104
197n I IO~/I
9131 112
3133 112
932 1 12
994 1 I!?
7%5 112
786 112
9R7 1 I?
0 4
0 4
04
04
04
04
04 * 1
19x9 1 I? 104
1988 112104
1970 112104
1Y31 112IO4 ! 199% 112104
' 1993 112104
1994 112104
Table I1
Sewer Revenues from Proposed System
3 4 5 6 7 8
C(3MMe SCHE)E)L VACENT GrtOSS 80
LOT HEV PERCENT I Net Plus 1 HEV. rcv.
000000 15 23 * 2
2500 4883.2
2500 4883.2
2500 4883.2 ?so0 4883.2
2500 4883.2
2500 4883.2
2s on mw 3.2
2500 /lRri3.2
2500 4iIH2.2
2500 4RR3.2
25 00 4138 3. 2
2500 4883.2
2500 Wi33.2
2sno 4883.2
2500 4883.2
2500 4883.2.
2500 4883.2
2500 4883.:!
2500 4883.2
2500 4XH3.2
FSOO 4~r53.2
25on 48~2.2
2500 4883.2
2500 4883.2
REV
3R52 5
6084 1
5634 1
5184 1'
4134 1
4284 I
2454
2484
2484
2484
2/1n 4
2 118 LI
2484
2484
. .. .
REV. I Surplus
1
1
1
1
1
1
lllY21.
119211 *
1?06%l.
l%lY'Il.
121971.
l%l771.
121971 -
121911.
121911.
12.1971
121971
2197
2197
2197
!?I37
2197
2191
2197
2197
104,663
107,098
109,533
115,133
111,968
121,038
123,472
120,908
123,578
124,128
124,678
125,228
125,778
121.328
122,153
122,978
123.903
124.665
120,528
12 1,678
122,828
123.978
125,138
123,518
125.,000
8
The following maturity schedule for $800,000 mortgage revenue bonds produces
an annual debt service requirement which is at least 130% of projected net
revenues beyond the 1971 year. An interest rate of 7.8% and bidders discount
of 816,000 was anticipated. The projected net revenues is as reported in
table 11.
Table I11
$800,000 Mortgage Revenue Bond Amortization Schedule -. .
, YE AH 1 P
1971
1972
1973
1975
1974
1976
1977
1978
1979
I980
1981
1983
1982
1984
1985
1986
1987
1988
I9R9
1991
1990
1992
1993
1994
1995
1996
0
10000
10000
I5 000
15 000
15000
I5000
20000
20000
20000
20000
25 000
25000
30000
30000
35 000
35 000
40000
40000
45000
50000
5 0000
55000
60000
55 000
65000
P AND I
.. . ..
62400.00
72 400 - 00
71620.00
75840.00
74670.00
73500.00
72330.00
76160.00
74600.00
73040 -00
71480.00
74920.00
72970.00
73680.00
76WO -00
76340.00
73610.00
75880 .OO
72760.00
74640 a00
76 130 -00
72P30.00
73330.00
74040 -00
59290.00
74360 -00
Projected Net
Revenues
i07.098
109;533
111,968
115,133
121,038
123,472
120,908
123.578
124; 128
124,678
125.228
125.778
121;328
122,153
122,978
123.903
124 ;665
120,528
12 1.678
122i828
123;978
125,138
123,518
125,000
125,000
125,000
Civic Center:
A referendum on a $605,000 Civic Center and City Hall building will be placed
on the ballot April 7, 1970. Assuming its adoption, permanent financing for
this project will be accomplished with general obligation bonds sold sometime
in 1971 together with other general obligation financing needed for sewer pur-
part 4 of the Invitation to Submit Proposals.
Park and Recreation:
The City is ready to pick-up an option to purchase property for park purposes in
an amount of $48,000. This will be financed with a note under Point 5 of the In-
vitation to Submit Proposals at the earliest convenient date after acceptance of
a proposal for banking services.
This City is also negotiating to purchase a dredge to be used to clean lake
will be needed in April.
be financed with a note under part 5 of the Invitation to Submit Proposals, and
Street Improvement:
The City has a program to up-grade existing City streets of which $105.000 will
be financed with notes under Dart 5 of the Invitation to Submit Proposals. This
@ poses. Temporary financing of construction is anticipated with notes under
bottoms in the preparation of bathing beaches at a cost of $80,000. This will
e note will be consummated in May.
9
Sewer Treatment Plant Site:
The City is planning to purchase a $75,000 site for a temporary sewer treatment
plant which will be financed in April with a note under part 5 of the Invitation
to Submit Proposals.
Summary of Financing Needs:
The.following chart sununariz es the need for borrowed funds for the period of
Apnl 1, 1970 to April 1, 1971.
!
,
10
*
N 0 w
0 0 0
"
64
0 cn
0 0 0
c
"
64 cn 0
0 0 0
" - c
-4 cn
0 0 0
"
e tft w 0 0
0 0 0
.
tft
cn 0
0 0 0
a -
64
N
N cn
0 0 0
.
64
N
U cn
0 0
0
"
e
64
0,
N cn
0 0 0
"
1
I
*
0
64 N
U cn
0 0 0
"
4Y-b
W 0
0 0
0
m
"
tff c * rum cno 00
00 00 00
" I
.L-?
P .. cnm
wo mo
00 00 00
""
*
0 N WPU owm
000
-
.""
0
000 O 0
0-ob
*tt) c+- 00 mvl
00 00 00
* "
64 64
0 cn
0 0 0
., 0 0 0
ifb
I-J
Urn VI0
00 0 5
00 0
00 0 Y
in c 7 " 0
""
d
64 w 0 0
0 0
m 7 ID W
h
"
0 5
0
tt) tt)
cno cn
+, s + c
0 0 00
0 0 00
0 0 00 0 0
00
- " "1
zi
0 -h
x c
VI
h m la
* N
tft cc
N ON cn om
0 00
0 0 00
" ""
00 0
tt)
N
2
2.
tt)
3
cu b-c
3
3 9
0 0 z m m
cc a
N ON VI
64
N
m om
P 0 0
tft
" I "I
0 0 0 0
00
00 0 0
00
* N cc
00 cn cn cn0 N u
tt)
0 00 0 0 00 0
0 00 0
tn 64
N cc
W 0
ON Lnm
" .I I
P
0 0 " I" ., 0 0
0 0
00
00 0
00
0
tfttt)
e
0 0
0
cncn 00
00
"" " 5
0 00
0 00
tn
c
ifb
c " .,
W 0 0
0 0 0
01 NOI m 0 cn Ln cno 0 om 0
0 00 0 0 00 0
0 00 0
" " "I
ORDINANCE #128
AN ORDINANCE PROVIDING FOR THE ISSUANCE
AND SALE OF $320,000 SEWERAGE SYSTEM
MORTGAGE REVENUE BONDS OF THE CITY OF
AND PROVIDING FOR THE PAYMENT OF SAID BONDS
MUSKEGO, WAUKESHA COUNTY, WISCONSIN
AND OTHER DETAILS WITH RESPECT THERETO
WHEREAS, the City of Muskego, Waukesha County, Wisconsin (hereinafter
referred to as the "City"), now is authorized to own and operate its sewerage
system, which shall be operated as a public utility (hereinafter referred to
as the "System"); and
WHEREAS, under the provisions of Chapter 66 of the Wisconsin Statutes
any city in the State of Wisconsin may, by action of its governing body, provide
for the construction of any public utility from the proceeds of bonds, which
bonds are to be payable only from the income and revenues derived from the opera-
tion of such System, and are to be secured by a statutory mortgage lien upon such
System, and
WHEREAS, it is now advisable and necessary that the System be con-
structed to include three interrelated sewage stabilization ponds for treat-
ment and disposal of sewerage; laterals, mains and interceptor sewers, and
facilities and appurtenances necessary or convenient in conjunction therewith;
and
WHEREAS, for the purpose of paying the cost of such construction it
is desired to authorize and sell mortgage revenue bonds of the City. payable
solely from revenues to be derived from the operation of the System, which
bonds are to be authorized and issued pursuant to the provisions of Section
66.066, Wisconsin Statutes; and
WHEREAS, no obligation payable from the income and revenues derived
from the operation of the System is outstanding and none of the property con-
stituting any property of the System has been mortgaged or otherwise subjected
to a security interest;
NOW, THEREFORE, The Common Council of the City of Muskego, Waukesha
County, Wisconsin. do ordain that:
12
Section 1. Authorization of Bonds. For the purpose of providing 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
hereof, there shall be borrowed on the credit of the income and revenues of the
System the sum of Three Hundred Twenty Thousand ------------------- Dollars
($320,000), 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 "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 November 1 of
each ,of the years as follows:
Amounts Years
20,000
25,000
1971 - 77
1984 - 88 1989 - 93
1978 - a3
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 both principal and
interest on obligations payable from the income and revenues of the System are
as nearly equal as practicable.
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 1, 1983.
or any interest payment date thereafter, at par, accrued interest, plus a pre-
luiulll of four per cent (42) of Llle principal amounl. 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 on 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 pub-
e
lishes such notices, and shall be mailed by registered mail to the original
purchasers of the Bonds, to the bank at which the Bonds are payable and to the
registered holder of any Bond called for redemption.
13
I
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 following years shall bear interest payable semiannually on
the first days of May and November of each year, commencing May 1. 1969, at
the rates set forth below:
Years of Maturity
Rate - (all inclusive)
5-112%
5-314%
5.80%
1971-86
1987-91
1992-95
The Bonds shall be registrable as to principal only as specified and with the
effect provided in the Bond form established by Section 2 of this Ordinance.
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 their respective facsimile signatures; said officers shall,
by the manual execution of the Bonds, adopt as and for their own proper signa-
tures their respective facisimile signatures appearing on said coupons.
,/
The principal of and interest on the Bonds shall be payable only out
of the Special Redemption Fund hereinafter defined, and shall be a valid claim
of the holder thereof only against the Special Redemption Fund and from the
revenues pledged to such fund, and sufficient revenues are hereby pledged to
the Special Redemption Fund, and shall be used for no other purpose than, to
pay the principal of and interest on the Bonds as the same fall due.
Section 2. Form of Bonds, Coupons and Reqistration Blank. The Bonds,
coupons and registration blank shall be in substantially the following form:
I
14
""
(Form of Bond)
UNITED STATES OF AMERICA . ~~ .
STATE OF WISCONSIN
COUNTY OF WAUKESHA
~~ ~
CITY OF MUSKEG0
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 pro-
mises to pay to bearer, or, if registered, to the registered holder hereof, from
the revenues hereinafter specified the sum of FIVE THOUSAND DOLLARS ($5,000) on
0 the first day of November 19 -, with interest at the rate of Per
cent ( %) 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 hereto as they severally become due. Both principal
hereof and interest hereon are hereby made payable in lawful 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 sub-
ject to call and redemption prior to maturity in whole or from time to time in
part and in inverse numerical order at the option of the City on November 1, 1983
or any interest payment date thereafter, at par, accrued interest. plus a pre-
mium of four per cent (4%) of the principal amount of any Bond so called. A
notice of the call of said Bonds, stating the numbers of the Bonds called for
payment, the date on which said Bonds are called, and that said Bonds shall cease
to bear interest after such date, shall be published at least once in a newspaper
of the City of Madison, Wisconsin, which customarily publishes such notices
not less than thirty (30) days prior to the date of call, and shall be given
by registered mail to the original purchasers of said Bonds, to the bank at
which said Bonds are payable and to the registered holder of any Bond called
for redemption which is registered as to principal.
15
This Bond is one of an issue of like date, aggregating Three Hundred
Twenty Thousand Dollars ($320,000), issued for the purpose of providing for
the payment of the cost of constructing the Sewerage System of said City pursuant
to Article XI, Section 3, of the Wisconsin Constitution, Section 66.066, Wisconsin
e Statutes, act supplementary thereto, and an ordinance adopted on October 29, 1968
by the Common Council of the City, entitled, "An Ordinance 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 Payment of Said
Bonds and Other Details with Respect Thereto," and is payable only from a propor-
tion of the income and revenues to be derived from the operation of said System
which have been set aside in a special fund created by said Ordinance for that
purpose. This Bond constitutes a first pledge of the income and revenues so
apportioned and does not constitute an indebtedness of said City within the meaning
of any constitutional or statutory limitation or provision.
A statutory mortgage lien, which is hereby recognized as valid and
binding on said System, together with all additions and improvements thereto,
is created and granted by statute to and in favor of the holder or holders of
'I d j.
this Bond and the issue of which it forms a part and in favor of the holder or
holders of the interest coupons attached to said Bonds, and said System and all
extensions and improvements thereto shall remain subject to such statutory mort-
gage 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 accordance with
the provisions set forth on the reverse side hereof.
This Bond, unless it has been registered as to principal. and the
coupons attached hereto are fully negotiable, and all rights hereunder shall
pass by delivery, and each and every successive holder of the Bond during such
time as it is payable to bearer of each of the coupons hereto attached are
conclusively presumed to forego and renounce 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 possession thereof, howsoevar
16
such possession may have been acquired, and that any holder 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 enforceable
against any prior holder and free from all equities and claims of ownership of
any such prior holder. The City and its officials shall not be affected by any
notice to the contrary.
a.
It is hereby certified, recited and declared that all acts, conditions
and things required to exist, 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 as required by law, and that sufficient of the income
and revenue to be received by said City from the operation of said System has
been pledged to and will be set aside into a special fund for the payment of prin-
cipal and interest on this Bond. a 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 Clerk,
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
signatures their respecti.ve facsimile signatures appearing on said coupons,
all as of the first day of November, 1968.
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
BY BY City Clerk Mayor
a (Form of Coupon)
1 No. F
On the first day of , 19 , the City of Muskego, Waukesha
County, Wisconsin, promises, as recited in and from the funds specified in the
Bond to which this coupon is attached, to pay to bearer the amount shown hereon,
in lawful money of the United States of America, at Marine National Exchange Bank
of Milwaukee, Milwaukee, Wisconsin, for interest due that date on its "Sewerage
System Mortgage Revenue Bond," dated November 1, 1968, No.
e
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
(Facsimile) (Facsimile)
BY City Clerk BY Mayor
(Form of additional cluase to appear
on coupons numbered 31 and up.)
Unless the Bond to which this coupon is attached hasbeen called
for prior redemption, - - -
(Form of blank for
registered ownership. )
Reqistration 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 may thereafter be transferred only upon a written assignment duly
0 executed by the registered holder or his attorney, such transfer to be made on such
books and endorsed hereon. This Bond may be discharged from such registration
by transfer to bearer after which it shall be transferable by delivery, but
shall be again subject to successive registrations as before. The registra-
tion of this Bond as to principal shall not restrain the negotiability of the
coupons by delivery merely.
Date of Signature of Registration In Whose Name Reqistered City Clerk
Section 3. Income and Revenue Funds. The income and revenues
to be derived from the operation of the System, including payments received
0 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 e purposes and in the following proportions:
15% of the income and revenues therefrom is presently
Operation and Maintenance Fund" for the reasonable and
necessary and shall be set aside in the "Sewerage System
proper operation and maintenance of the System;
5% 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;
80% of the income and revenues therefrom is presently
necessary and shall be set aside in the "Sewerage System
referred to as the "Special Redemption Fund"), and applied
Bond and Interest Special Redemption Fund" (herein
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, maintenance and depreciation
and reasonable reserves relating thereto and a1 1 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 express 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 tnereon as the same accrues, not-
withstanding 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
0
and interest falling due on the Bonds. The minimum amounts required to bedeposit-
ed in the Special Redemption Fund are set forth on the schedule attached to,
and made a part of, this Ordinance.
19
"
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 each year. The
Special Redemption Fund shall be kept apart from other moneys of the System and
the same shall be used for 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 deposited in a special account in a bank or banks and shall be
adequately secured in the manner required for public funds in the State of Wis-
consin, and such monthly payments above described shall be made directly to such
bank.
0 To additionally secure the payment of principal of and interest on the
Bonds, there is hereby established a separate account in the Special Redemption
Fund to be known as the "Reserve Account," and the City hereby covenants and
agrees that when any of the Bonds shall have been delivered, there will be paid
monthly into said Reserve Account $350.00 until a minimum of $28,670.00 will have
accumulated therein, provided that no such payments need be made into the Reserve
Account at such times as the moneys in said account are equal to the maximum
principal and interest requirements on the Bonds for any unexpired twelve months
period, or the remaining principal and interest requirements on the Bonds then
outstanding, whichever shall be the lesser. If for any reason there shall be in-
sufficient funds on hand in the Special Redemption Fund to meet principal or inte-
rest 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 otherwise 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 minimum amounts
required to be paid therein plus reserve requirements may be invested in any
manner permitted by statute or may be used, at the option of the Common Council,
to redeem callable Bonds of this issue prior to maturity or to purchase Bonds
of this i ssue on the open market.
23
Section 4. Mortgage Lien. For the further protection of the holders
of the Bonds and the interest coupons attached thereto, a statutory mortgage lien
upqn the System is granted and created by Section 66.066, Wis. Stats., which lien
is hereby recognized as valid and binding upon the City as a Val id and binding
e lien upon the System and any additions and improvements thereto; and the System
shall remain subject to such statutory rortgage lien until payment in full of
the principal and interest of the Bonds.
Section 5. Service to City. The reasonable cost and value of any
service rendered to the City and its inhabitants by the System, including reason-
able charges for public health benefits, shall be paid for monthly as such ser-
vice accrues out of the current revenues of the City collected or in process
of collection, exclusive of the revenues derived from the System, to-wit: out
of the tax levy of the City made by it to raise money to meet its necessary
0 current expenses. Such amount shall not exceed the lessor of Twenty-Eight
Thousand Six Hundred Seventy Dollars ($28,670) or such part thereof as may be
necessary from year to year to pay the balance of an amount which, together with
other revenues of the System, will produce earnings equivalent to not less than
one and three-tenths (1.3) times annual principal and interest requirements on
the Bonds after deduction of all operating and maintenance expenses of the
System.
Section 6. Operation of System; City Covenants. It is covenanted
and agreed by the City with the holder or holders of the Bonds, and each of them,
while any of the Bonds are outstanding, that:
The City will faithfully and punctually perform all duties with reference
0 to the System required by the Constitution and Statutes of the State of Wiscon-
sin, including the making and collecting of reasonable and sufficient rates
lawfully established for services rendered by the System and wi 11 segregate the
incollle and revenues of the Systelll into respective funds contained in Section 3
hereof and apply said funds in accordance with thc provisions therein Contained;
The City will not sell, lease, or in any manner dispose of the System, 0. . 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 operation of the System, provided the proceeds re-
@ ceived from such sale, lease or disposal shall be paid into the Reserve Account
21
"""
0
e
e
.(
e
but such payment shall not reduce the amounts otherwise required to be paid into
the said Account or the Special Redemption Fund;
The City will cause the System to be constructed as expeditiously as
reasonably possible; and
The City will maintain in good condition and operate the System, charge
and collect such lawful established rates and charges for the services rendered by
the System so that the proportion of the revenues of the 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 as the same become due and
payable.
Section 7. Books and Accounts; Inspection. The City covenants and
agrees that it will keep proper books and accounts relative to the System separate
from all other records of the City and will cause such books and accounts to be
audited annually by a recognized independent firm of certified public accountants;
each such audit, in addition to whatever matters may be thought proper by the
accountants to be included therein, shall include the following: (a) a statement
in detail of the income and expenditures of the System for the fiscal year;
(b) a balance sheet as of the end of such fiscal year; (c) the accountants' com-
ment regarding the manner in which the City has carried out the requirements of
this Ordinance and the accountants' recommendation for any changes or improve-
ments in the operation of the System; (d) a list of the insurance policies in
force at the end of the fiscal year setting out as to each policy the amount
of the policy, the risks covered, the name of the insurer, and the expiration
of the policy; and (e) the number of customers at the end of such year. Copies
of such audit shall promptly, and in any event within 90 days after the end of
each fiscal year, be mailed to the original purchaser of the Bonds and shall be
made generally available to the holders of any of the Bonds upon application there-
for.
The holders of any of the Bonds shall have at all reasonable times
the right to inspect the System and the records, accounts and dataof the City
relating thereto.
22
Section 8. Insurance. So long as any Bond is outstanding, the City
will carry for the benefit of the holders of the Bonds: adequate fire, lightning,
vandalism, riot, strike, explosion, civil commotion, malicious damage, tornado
and windstorm insurance on all buildings and property of the System which are
8 subject to loss through any of such causes; adequate insurance against loss of
use and occupancy resulting from any of such causes; adequate public liability
insurance, and insurance of the kinds and in the amounts normally carried by
private companies engaged in the operation of similar facilities in the State
of Wisconsin. All money received for losses under any of such casualty insurance
policies shall be used in repairing the damage or in replacing the property des-
troyed 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 thereby, in which event the proceeds shall be deposited in the Reserve
0 Account of the Special Redemption Fund but shall not reduce the amounts otherwise
required to be paid into said Account or said Fund. All money received in pay-
ment 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 out-
standing, no additional bonds or obligations pledging or payable out of any por-
tion of the revenues of the System may be issued in such manner as to enjoy prior-
ity over the Bonds. Additional bonds on a parity with the Bonds may be issued
under either of the following subsections:
(a) Additional bonds on a parity with t.he Bonds may be
issued to aid the construction of the sewerage system
in the Northeast Assessment District and the Northwest Assessment District (in accordance with preliminary pl~ns on rile wi I:h Lhe Ci Ly Clcrk), provitlcd LhaL thc
agyrcqaLc principal alllourlc of parity bonds issued
of the total cost of construction of the System in said pursuant to this subsection shall not exceed one-half
District 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 sur
which bears the direct proportion to the total bonds
then to be outstanding as the present cost bears to the
Bonds now outstanding;
23
(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-
the bonds then to be issued. Net revenues shall
ing payable from the revenues of the System and (2)
consist of the gross revenues of the System less the
costs of operation, maintenance, and repair, and
include total income derived from the operation of
"gross revenues" as used in this Ordinance shall
such sums as the City shall pay as the reasonable
the System from any source whatsoever, including
cost and value of service rendered to it. Should
an increase in rates and charges, including tnose
made to the City, be properly ordered and made
effective prior to the issuance of such additional
computation shall include such additional revenues
bonds, gross revenues for the purposes of such
would have accrued during the preceding fiscal
as an independent certified accountant may certify
years had the new rates been in effect during that
period ;
(ii) All payments currently required to be made into
thefunds referred to in Section 3 must have been
made in full.
(iii) Additional parity bonds must have principal falling
due on November 1 of each Year and interest on Mav 1 and
(iv
Section
- November 1 of each year;
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.
10. - Sale of Bonds. The sale of the Bonds to The Milwaukee
Company, Milwaukee, Wisconsin, is hereby ratified and confirmed in accordance
with a contract of sale heretofore entered into by the Common Council at a price
which rcsults in ;In intcrest cost not in cxcess of six pcr ccnt (62) pcr dnnuIn.
colllputed to the IllacuriLy of xtic Con& accordiny to standard tables of bond values;
and the officers of the City are hereby authorized and directed to do any and all
acts necessary to conclude delivery of the Bonds to said purchaser, upon receipt
of the purchase price, as soon after adoption of this Ordinance as is convenient.
Section 11. Application of Bond Proceeds. All accrued interest re-
ceived from the sale of Bonds shall be deposited in the Sepcial 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
24
fund, out of the proceeds 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 construc-
tion period. If the construction of the System, or any part thereof for which
Bonds have been issued, is not completed within a twelve (12) month period, the
City, if necessary, shall advance 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 for such advances from earnings of the System when next available.
The balance of the proceeds shall be deposited in a special fund by the Treasurer,
designated as "Sewerage 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 Construction 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. Conflicting Ordinances. All ordinances, resolutions, 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: , 1968
Recorded; , 1968
Published: , 1968
Mayor
Attest:
a City Clerk
25
Schedule of Minimum Deposits
in Special Redemption Fund
Created by Ordinance No. 128
CITY OF MUSKEG0
Total Endinq November 1
For the Year
1969
1970
Interest Principal
$18,095.00
18,095.00
518.095.00 .~~,
18,095.00
23,095.00
22,820.00 fl 5,000
5,000
5,000
5,000
5 .ooo
la ,095.00
17.820.00
171545.00
17,270.00
16,995.00
22 1545.00
22,270.00
21,995.00
21,720.00
21,445.00
26.170.00
1973
1974
1975
1976
1977
51000
5,000
10,000
16,720.00
16 ~445.00
L
i6 1170.00
15,620.00 1978
1979 25;620.00
25,070.00
24.520.00
10,000
10 .ooo 1980
1981
1982
15,070.00
14,520.00
13,970.00
13,420.00
12,870.00
12.045.00
i0;ooo
10,000
10 .ooo 23l970.00
23;420.00
27,870.00
27,045.00
1983
1984
1985
1986
15 1000
15 io00
15,000 llj220.00
10,395.00
9,532.50
26 :220.00
251395.00
24,532.50
28.670.00
1987
1988
1989
15,000
15,000
20,000
20,000
20,000
20,000
20,000
25,000
25,000
8 1670.00
7:520.00
6,370.00
5,220.00
4,060.00
2,900.00
1,450.00
27;520.00
26,370.00
25,220.00
24,060.00
27,900.00
26,450.00
1990
1991
1992
1993
1994
1995
26