CCR1970025RESOLUTION #25-70
RESOLUTION AUTHORIZING THE ISSUANCE OF A $52,500.
PROMISSORY NOTE OF THE CITY OF MUSKEGO, WAUKESHA
COUNTY, WISCONSIN, PROVIDING DETAILS THEREOF
AND LEVYING TAXES THEREFOR.
WHEREAS, the City of Muskego, Waukesha County, Wisconsin,
(sometimes hereinafter called the “City“), is presently in need of
the sum of Ffty-two Thousand Five Hundred Dollars ($52,500.) for the
purpose of paying part of the cost of acquiring sites for industrial
purposes pursuant to Section 66.52 Wis. Stats.; and
WHEREAS, the Common Council of the City deems it necessary
and in the best interest of the City that said sum be borrowed pursuant
to the provisions of Section 67.12(12), Wis. Stats., upon the terms
and conditions hereinafter provided;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of Muskego, Waukesha County, Wisconsin, that:
Section I. The City of Muskego, Waukesha County, Wisconsin, e-’ borrow the amount of Fifty-two Thousand Five Hundred Dollars ($52,500.)
for the purpose of paying part of the cost of acquiring sites for in-
dustrial purposes pursuant to Wis. Stats. Section 66..52, from the
First National Bank of Waukesha, Waukesha, Wisconsin.
Section 2. To evidence such indebtedness, the Mayor and
City Clerk shall make, execute and deliver to said lender for and on
behalf of the City, the City’s general obligation promissory note,
payable to the order of said lender, numbered I, dated March I, 1970,
to bear interest at the rate of six and one-half per cent (6+Y0) per
annum (said interest to be payable semiannually on March I and Septem-
ber I of each year, commencing March I, 1971, and payable in install-
ments of Twenty-four Thousand Dollars ($24,000.), payable on March
I, 1975, and Twenty-eight Thousand Five Hundred Dollars ($28,500.)
on March I, 1978.
Principal and interest on this note shall be payable in
lawful money of the United States of America at the First National . Bank of Waukesha, Waukesha, Wisconsin. The note shall be subject to e call and prior payment in whole or from time to time in part, at the
option of the City on any interest payment date at the price of par.
Section 3. The note shall be delivered to the lender upon
receipt of the par value thereof, plus accrued interest to the date of
delivery, and shall be in substantially the following form:
Section 4. For the purpose of paying the principal and
interest on the note as the same respectively falls due, there be and
there hereby is levied on all of the taxable property of the City of
Muskego, Waukesha County, Wisconsin, a direct, annual irrepealable
tax for the following years and in the following amounts: .a
'fear of Levy
I970
1971
I972
I973
I974
I975
I976
I977
Amount
$ 5,l 18.75
3,412.50
3,412.50
3,412.50
26,632.50
1,852.50
1,852.50
29,426.25
In each of said years from 1970 to 1977, inclusive, the
direct, annual, irrepealable tax hereinabove levied shall be carried
into the tax roll each year and shall be collected in the same manner
and at the same time as other taxes of the City for such years are
collected; provided that, (I) if the loan is paid in full prior to
maturity, the still uncollected portions of the tax levied to provide
repayment need not be carried into the tax roll; and (2) if the holder
of the Note agrees in writing to an extens ion of time, or the note is
refunded as permitted herein, and the appropriate refunding note has
been authorized and executed by the City, and the original note returned
and canceled, then the still uncollected portions of the tax levied
to provide the repayment of the original loan need not be carried into
the tax roll but shall be replaced by the amounts levied to provide
for the repayment of any such refunding note. So long as any part of
the principal of or interest on the note remains unpaid the proceeds
of said tax shall be segregated in the special fund established by Sec-
tion 5 of this Resolution and used solely for the payment of principal
of and interest on the note.
If at any time there shall be on hand insufficient funds
from the aforesaid tax levy sufficient to meet principal and/or inter-
est payments on the note when due, the requisite amounts shall be paid
from other funds of the City then available, which sums shall be re-
placed upon the collection of the taxes herein levied.
Section 5. There is hereby established in the City Treasury
Sinking Fund for Promissory Note dated March I, 1970, which fund shall
be used solely for the purpose of paying principal of and interest on
the note. There shall be deposited in said fund all accrued interest
paid on the note at the time it is delivered to the lender, all money
raised by taxation pursuant to Section 4 hereof, and such other sums
as may be necessary to pay interest on the note when the same shall
become due and to retire said note on its installment dates.
a fund separate and distinct from al I other funds of the City, designated
Section 6. The City Clerk, the City haviqno Comptroller,
shall keep, maintain and preserve an adequate and correct register
account of the note and all payments and other transactions relating
thereto and the City Clerk shall provide and keep a separate record
book and shal.1 record a full and correct statement of every step or
proceeding had or taken in the course of authorizing and issuing the
note.
Section 7. The note shall be executed as soon after
adoption of this Resolution as possible except not prior to March
I, 1970, and shall be delivered to the lenders thereof upon receipt
of the borrowed funds and accrued interest to date of del i very.
Adopted this IO day of February, 1970.
A
Mayor
ATTEST:
Recorded this day of February, 1970.
a March I, 1970
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEGO
PROMISSORY NOTE
$52,500
- FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to the order of The First National Bank of
Waukesha, Waukesha, Wisconsin, the sum of Fifty-two Thousand Five
Hundred Dollars ($52,5001, in installments of Twenty-four Thousand
Dollars ($24,000) on the first day of March, 1975, and Twenty-eight
Thousand Five Hundred Dollars ($28,500) on March I, 1978, together
with interest on the unpaid balance thereof at the rate of six and one-
half per cent (6+y0) per annum, said interest to be payable semiannually
on the first days of March and September in each year, commencing
March I, I97 I.
Both principal hereof and interest hereof are hereby made
payable in lawful money of the United States of America at the First
National Bank of Waukesha, Waukesha, Wisconsin, and for the prompt
payment of this note, with interest thereon as aforesaid, and the
levying and collection of taxes sufficient for that purpose, the full
faith, credit and resources of the City of Muskego are hereby irrevocably
p I edged.
e
This note is subject to prepayment in whole, or from time
to time in part, at any time at the option of the City at the price
of the par value of the prepayment then being made.
This note is issued pursuant to the provisions of Section
67.12(12), Wisconsin Statutes, for the purpose of paying part of the
cost of acquiring sites for industrial purposes pursuant to Wis.
Stat. Section 66.52, and is authorized by a resolution of the Common
Council of the City, duly adopted by at least a two-thirds vote of
the members-elect of said Common Council at its meeting duly con-
vened on February IO, 1970, which resolution is recorded in the
official book of its minutes for said date and is entitled, Resolution
Authorizing the Issuance of a $52,000 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 exceed any limitation imposed by law
or the Constitution of the State of Wisconsin; and that the City has
levied a direct, annual, irrepea!able tax sufficient to pay this
note, together with interest thereon when and as payable.
No delay or omission on the part of the holder hereof to 0 exercise any right hereunder shal I impa i r such right or be considered
as a waiver thereof or as a waiver of or acquiescence in day default
hereunder.
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 by its duly elected Mayor and City Clerk, and its
corporate seal to be hereto affixed, as of the first day of March,
1970.
CITY OF MUSKEGO
BY: BY:
City Clerk