CCR1970063RESOLUTION #63-70
(As AMENDED
CITY OF MUSKEGO. WISCONSIN
A RESOL[ITIOfl AUTHORIZING AND PROVIDING FOR THE
BORROWING OF $305,000 BY THE CITY OF MUSKECO, WISCONSIN, FROM MARINE NATIONAL EXCHANGE BANK
THEREIN AND FOR THE ISSUANCE OF PROKISSORY NOTES @ OF MILWAUKEE, FOR VARIOUS PURPOSES SPECIFIED * TO EVIDENCE SAID BORROWING.
WHEREAS, THE CITY OF MUSKEGO, MAUKESHA COUNTY, WISCONSIN.,
(SOlfETIKES HEREINAFTER CALLED THE CITY”), IS PRESENTLY IN NEED OF I1
THE SUH OF THREE HUNDRED FIVE THOUSAND DOLLARS ($305,000) FOR THE P PURPOSE OF PAYIhrG PART OF THE COSTS OF THE FOLLOWING:
t ?f/ $188,000 TO CONSTRUCT STREET IKPROVEHENTS;
$ 50,000 TO PURCHASE EQUIPMENT OR MACHINERY; AND ‘lr,q
$ 67,000 TO PURCHASE LAND TO BE USED FOR PARKS, AND A
Y
SEWERAOE TREATMENT PLANT SITE; AND
WHEREAS, THE COMMON COUNCIL OF THE CITY DEEMS IT NECESSA.RY
AND IN THE BEST INTEREST OF THE CITY THAT THE SUM OF $305,000 BE
BORROWED PURSUANT TO THE PROVISIONS OF SECTION 67.12(12) VIS. STATS. ,
UPON THE TERMS AND CONDITIONS HEREINAFTER PROVIDED.
NOW, THEREFORE, BE IT RESOLVED Br THE COMMON COUNCIL OF
THE CITY OF MUSKEGO, WAUKESHA COUNTY, WISCONSIN, THAT
SECTION 1. THE CITY OF MUSKEGO, WAUKESHA COUNTY, VISCONSIN,
BORROW THE AMOUNT OF THREE HUNDRED FIVE THOUSAND DOLLARS ($305,000)
()FROM THE MARINE NATIONAL EXCHANGE BANK OF MILWAUKEE FOR THE PURPOSE
OF PAYING PART OF THE COSTS OF THE ACQUISITION OF LANDS FOR PUBLIC
PURPOSES, TO-WIT: ACQUISITION OF LANDS FOR PARKS, AND A SEWER
TREATMENT PLANT SITE; FOR EQUIPHENT OR MACHINERY; AND FOR PUBLIC
WORK OR IMPROVEMENT AND THE ENLARGEMENT OR EXTENSION THEREOF, TO-
WT : CONSTRUCTION OF STREET IMPROVEMENTS.
-.TO EVIDENCE SUCH INDEBTEDNESS, THE MAYOR AND LyITY
CLERK SHALL MAKE, EXECUTE AND DELIVER TO SAID LENDER, FOR AND ON
BEHALF OF THE CITY, SIXTY-ONE (61 ) GENERAL OBLIGATION PROMISSORY
NOTES OF THE CITY IN THE DENOMINATION OF FIVE THOUSAND DOLLARS
a$5,000) EACH, NUMBERED FROM 1 TO 61, INCLUSIVE, AND DATED MAY 1,1970.
SECTION 2. ( CONT’D) SAID NOTES SHALL BEAR INTEREST AT THE RATE
OF SIX AND ONE QUARTER PER CENT (6-&%) PER ANNUW, PAYABLE MAY 12,1971,
AND SEKIANNUALLY THEREAFTER ON NOVEMBER 1 AND MAY .1 OF EACH YEAR, .aN ACCORDANCE WITH, AND UPON PRESENTATION AND SURRENDER OF, THE INTER-
*EST COUPONS TO BE ATTACHED THERETO. SAID NOTES SHALL MATURE SERXALLY
ON MAP 1 OF EACH OF THE YEARS 1972 THROUGH 1980, AS FOLLOWS.’
$30,000 IN THE YEAR 1972:
$25,000 IN THE YEARS 1973 THROUGH 1977;
$50,000 IN THE YEARS 1978 THROUGH 1980.
PRINCIPAL AND INTEREST ON THESE NOTES SHALL BE PAYABLE
IN LAWFUL MONEY OF THE UNITED STATES OF AKERICA AT THE MARINE
NATIONAL EXCHANGE BANK OF MILWAUKEE, WISCONSIN.
BCTION THE NOTES SHALL BE PAYABLE TO BEARER, SHALL
BE DELIVERED TO THE LENDER UPON RECEIPT OF THE BORROWED FUNDS, PLUS
ACCURED INTEREST TO DATE OF DELIVERY, AND SHALL BE IN SUBSTANTIALLY
THE FOLLOWING FORM:
STATE OF WISCONSIN , COUNTY OF UAUKESHA
CITY OF MUSKEG0
PROIfWORY NOT&
No. $5,000
FOR VALUE RECEIVED, THE CITY OF MUSKEGO, WAUKESHA COUNTY,
Y/ISCONSIN, PROHISES TO PAY TO BEARER THE suw OF FIVE THOUSAND DOLLARS
($5,000) ON THE 1ST DAY OF HAY, 19- TOGETHER WITH INTEREST THEREON
AT THE RATE OF SIX AND ONE-QUARTER PERCCENT (6-+$) PER ANNUM, SAID
INTEREST TO BE PAYABLE MAY 1, 1971 AND SEKIANNUALLY THEREAFTER ON
THE ST DAYS OF NOVEMBER AND MAY IN EACH YEAR IN ACCORDANCE WITH,
d .ND UPON PRESENTATION AND SURRENDER OF, THE INTEREST COUPONS ATTACHED
HERETO AS THEY SEVERALLY BECOME DUE.
BOTH PRINCIPAL HEREOF AND INTEREST HEREON ARE HEREBY HADE
PAYABLE IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA AT THE MARINE
.“J ATIONAL EXCHANGE BANK OF MILWAUKEE, MILWAUKEE, WISCONSIN: AND FOR
THE PROKPT PAYMENT OF THIS NOTE, WITH INTEREST THEREON AS AFORESAID,
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AND THE LEVYING AND COLLECTION OF TAXES SUFFICIENT FOR THAT PURPOSE,
THE FULL FAITH, CREDIT AND RESOURCES OF THE CITY OF MUSKEGO, WAUKESHA
COUNTY, WISCONSIN, ARE HEREBY IRREVOCdBLY PLEDGED.
e * THIS NOTE IS ISSUED PURSUANT TO THE PROVISIONS OF SECTION
67.12( 12), WISCONSIN STATUTES, FOR THE PURPOSE OF PAYING PART OF
THE COSTS OF THE ACQUISITION OF LANDS FOR PUBLIC PURPOSES, TO-WIT:
ACQUISITION OF LAND FOR PARKS, AND A SEWERAGE TREATMENT PLANT S.rTE;
FOR EQUIPKENT OR KACHINERY, TO-WIT: A DREDGE; AND FOR PUBLIC WORK
OR IMPROVEMENT AND THE ENLARGEMENT OR EXTENSION THEREOF, TO-WIT:
CONSTRUCTION OF STREET IMPROVEMENTS; AND IS AUTHORIZED BY A RE-
SOLUTION OF THE COKKON COUNCIL OF THE CITY OF MUSKEGO, DULLY
ADOPTED BY AT LEAST A TWO-THIRDS VOTE OF THE MEMBERS-ELECT OF SAID
COKKON COUNCIL AT ITS KEETING DULY CONVENED ON APRIL 14, 1970, WHICH
RESOLUTION IS RECORDED IN THE OFFICIAL BOOK OF ITS MINUTES FOR .BAID
DATE AND IS ENTITLED.' A RESOLUTION AUTHORIZING AND PROVIDING FOR I1
THE BORROWING OF $305,000 BY THE CITY OF MUSKEGO, WISCONSIN, FROM
MARINE NATIONAL EXCHANGE BANK OF MILWAUKEE, FOR VARIOUS PURPOSES
SPECIFIED THEREIN AND FOR THE ISSUANCE OF PROMISSORY NOTES TO EVID-
ENCE SAID BORROWING. II
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 EX-
OSTED, AND HAVE BEEN PERFORMED IN DUE FORM AND TINE; THAT THE AGC-
REGATE INDEBTEDNESS OF THE CITY INCLUDING THIS NOTE dND OTHERS
AUTHORIZED SIKULTANEOUSLY HEREWITH, DOES NOT EXCEED ANY LIKITATION
IMPOSED BY LAW OR THE CONSTITUTION OF THE STATE OF UISCONSIN; AND
THAT THE SAID CITY HAS LEVIED A DIRECT, ANNUAL IRREPEALABLE TAX
WUFFICIENT TO PAY THIS NOTE, TOGETHER WITH INTEREST THEREON WHEN
AND AS PAYABLE.
NO DELAY OR OMISSION ON THE PART OF THE HOLDER HEREOF TO
EXERCISE ANY RIGHT HEREUNDER SHALL IMPAIR SUCH RIGHT OR BE CON-
~IDERED AS A WAIVER THEREOF OR AS A WAIVER OF OR ACQUIESCENCE IN
I ANY DEFAULT HEREUNDER.
IN WITNESS WHEREOF, THE COWMON COUNCIL OF THE CITY OF
MUSKEGO, WAUKESHA COUNTY, klISCONSIN, HAS CAUSED THIS NOTE TO BE
SIGNED ON BEHALF OF SAID CITY BY ITS DULY ELECTED MAYOR AND CITY
0 CLERK, ITS CORPORATE SEAL TO BE HERETO AFFIXED, AND THE ATTACHED
COUPONS TO RE SIGNED BY THE FACSIMILE SIGNATURES OF ITS MAYOR AND
CITY CLERK, EACH OF WHOM, IN HIS RESPECTIVE CAPACITY BY THE EXECU-
TION OF THIS NOTE, DOES ADOPT HIS AFORESAID FACSIMILE SIGNATURE AS
AND FOR HIS OWN PROPER SIGNATURE, ALL AS OF THIS FIRST DAY OF
MAY, 1970.
CITY OF MUSKEGO WAUKESHA COUJTY. WISCONSIN
BY l&&J ,* 1
0 CITY CL~RK'
(FORM OF COUPON)
No. $
ON THE FIRST DAY OF , 19- THE CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN, PROMISES TO PAY TO BEARER THE AMOUNT
SHOWN HEREIN IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA AT
THE MARINE NATIONAL EXCHANGE BANK OF MILWAUKEE. MILWAUKEE, WISCONSIN,
FOR INTEREST DUE THAT DAY ON ITS PFLOHISSORY NOTE DATED MAY 1, 1970,
No. .
0 CITY OF MUSKEGO
WAUKESHA COUNTY, WISCONSIN
SECTION 4. FOR THE PURPOSE OF PAYING THE PRINCIPAL AND INTEREST
ON EACH OF SAID NOTES AS THE SAME RESPECTIVELY FALLS DUE, THERE BE
AND THERE HEREBY IS LETIED ON ALL OF THE TAXABLE PROPERTY OF THE CITY ,e MUSKEGO, VAUKESHA COUNTY, WISCONSIN, A DIRECT, ANNUAL, IRREPEAL-
ABLE TAX FOR THE FOLLOWING YEARS AND IN THE FOLLOWING AMOUNTS:
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FOR THE YEAR 1970
FOR THE YEAR 1 972
FOR THE YEAR 1973 FOR THE YEAR 1974 FOR THE YEAR 1975 FOR THE YEAR 1 9 76
FOR THE YEAR 1977 FOR THE YEAR 1978
FOR THE YEAR 1979
FOR THE YEAR 1 97 1
IN EACH OF SAID YEARS FROM 1970 TO 1979, 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 COLLECT-
ED. SO LONG AS ANY PART OF THE PRINCIPAL OF OR INTEREST ON SAID
NOTES REMAINS UNPAID, THE PROCEEDS OF SAID TAX SHALL BE SEGREGATED
6N AND
THE SPECIAL FUND ESTABLISHED BY SECTION .5 OF THIS RESOLUTION
USED SOLELY FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON SAID
NOTES.
IF AT ANY TIME THERE SHALL BE ON HAND INSUFFICIENT FUNDS
FROM THE AFORESAID TAX LEVY SUFFICIENT TO MEET PRINCIPAL AND/OR
INTEREST PAYMENTS ON SAID NOTES WHEN DUE, THE REQUISITE AMOUNTS 8
SHALL BE PAID FROM OTHER FUNDS OF THE CITY THEN AVAILABLE, WHICH
SUMS SHALL BE REPLACED UPON THE COLLECTION OF THE TAXES HEREIN LEV-
IED.
SECTION 5. THERE IS HEREBY ESTABLISHED IN THE CITY TREASURY
A FUND SEPARATE AND DISTINCT FROM ALL OTIIER FUNDS OF THE CITY, DESIG-
ALL ACCRUED INTEREST PAID ON SAID NOTES AT THE TIME SAID NOTES ARE
DELIVERED TO THE LENDERS, ALL MONEY RAISED BY TAXATION OR APPROPRIATED
PURSUANT TO SECTION 4 HEREOF, AND SUCH OTHER SUMS AS MAY BE NECESSARY # PAY INTEREST ON SAID NOTES WHEN THE SAME SHALL BECOME DUE AND TO
RETIRE SAID NOTES ON THEIR RESPECTIVE MATURITY DATES.
SECTION 6. THE CITY COMPTROLLER SHALL KEEP, KAINTAIN, AND
PRESERVE AN ADEQUATE AND CORRECT REGISTER ACCOUNT OF ALL NOTES ISSSUED
ALL PAYMENTS AND OTHER TRANSACTIONS RELATING THERETO; AND THE
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CITY CLERK SHALL PROVIDE AND KEEP A SEPARATE RECORD B'OOK AND SHALL
RECORD A FULL AND CORRECT STATEKENT OF EVERY STEP OR PROCEEDING HAD
OR TAKEN IN THE COURSE OF AUTHORIZING AND ISSUING THESE NOTES.
a SECTION 7. SAID NOTES SHALL BE EXECUTED AS SOON AFTER
R ADOPTION OF THIS RESOLUTION AS POSSIBLE AND SHALL BE DELIVERED YO
l'HE LENDER UPON RECEIPT OF THE BORROWED FUNDS AND ACCRUED INTEREST
TO DATE OF DELIVERY.
ADOPTED THIS 28Tx DAY OF APRIL, 1970.
ATTEST:
9 CITY CLERK OF~THE'CITY OF MUSKEGO
RECORDED THIS 28TH DAY OF APRIL, 1970
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