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CCR1970268RESOLUTION #268-70 ADVERTISING FOR SALE 9% ACRES OF CITY-OWNED LAND WHEREAS, the City of Muskego is interested in selling approximately 9% acres of city-owned land on the east side of Pioneer Drive, and WHEREAS, the Common Council rejected the bid previously received, and WHEREAS, the Finance CommfLttee wishes authorization to rebid the land for sale, THEREFORE, BE IT RESOLVED that the Common Council of the City of Muskego does hereby authorize the Finance Committee to rebid for sale 9% acres of city-owned land on the east side of Pioneer Drive. BE IT FURTHER RESOLVED that the Finance Committee is directed to review the bids and report back to the Council with their recommendation. DATED THIS 22 DAY OF /, 1970. FINANCE COMMITTEE Lois Sapp Frank Narlock W4-WL- Walter Wollman ATTEST: e BOND DEPARTMENT December 22, 1970 Honorable Comon Council City of Muskego, Wisconsin Gentlemen: executed 7 4 $. Special Assessment B Bonds of the City of Muskego, Wisconsin For all.or none of the $715,000 par value legally issued and properly to be dated January 1, 1971 and to mature $75,000 on May 1, 1972 and $80,000 on May 1, 1973 to 1980 inclusive, we will pay the par value thereof ($715,000) and accrued interest to date of delivery to US. 3 Bonds maturing in the years 1979 and 1980 shall be callable on or after November 1, 1974 on any interest date at the option of the City at par plus accrued interest. This proposal is made subject to proper documentation of the Special Assess- . ments levied against each of the parcels securing this issue of area grouped B Bonds including evidence that at least 80% of such parcels are improved, to the Noelke and to our being furnished at the time of delivery with a full certified full and unqualified approving opinion of Quarles, Herriott, Clemons, Teschner & transcript copy of all proceedings had relative to the authorization and issuance of said bonds. said opinion and will furnish blank bonds ready for signature. It is further agreed that we will pay all expenses incurred in obtaining Respextfully submitted, The above proposal is hereby on behalf of the City of Muskego this AA day of by the undersigned duly authorized RESOLUTION Providing for the Authorization and Issuance of $715,000 Special Assessment B Bonds of the City of Muskego, Wisconsin, Pro- viding Details fqr Said Bonds and Providing for the Security and Payment Thereof. WHEREAS the City of Muskego, Waukesha County, Wisconsin ("City"), has levied special assessments payable in installments in the aggregate amount of $1,059,530 against the property benefited by the installation of sanitary sewers in that area set forth in the schedule attached hereto; and WHEREAS the affected property owners have elected to pay a portion of said assessments in full prior to November 1, 1970, in the aggregate amount of $263,712. and one-tenth of the aggregate amount of said assessments has been carried into the tax rolls of the City for the year 1970 and is now in the process of collection, leaving $716, 237 payable in nine (9) additional equal annual installments due with the taxes to be levied in the years 1971 through 1979 (the "Special Assessments, " which term shall include all of those assessments which are payable in install- I ments but shall not include the first one-tenth installment thereof); and WHEREAS Section 66. 54, Wis. Stats., as amended, permits the issuance of area grouped special assessment B bonds, which bonds are payable solely out of the proceeds of special assessments payable in installments; and WHEREAS it is desirable and in the best interest of the City to: (a) group such assessments into one assessment for financing purposes; c e (b) issue area group special assessment B bonds to anticipate the collec- tion of the Special Assessments; and (c) provide security for said bonds as permitted by law; NOW, THEREFORE, BE IT RESOLVED by the Common Council I of the City of Muskego, Wisconsin, that: P e I)- Section 1. Area Grouping of Special Assessments. The Special Assessments heretofore levied for the purpose of paying part of the cost of constructing sanitary sewers levied against each of the various parcels within the area described in the preamble hereto are hereby grouped into one special assessment for the purposes u€ this financing. Section 2. Special Assessment B Bonds. To provide for the payment of the cost of the improvements e described in the preamable hereto, there be borrowed in anticipation of the collection of the Special Assessments the sum of Seven Hundred Fifteen Thousand Dollars ($715,000). and the negotiable coupon bonds of the City be issued in evidence thereof. Said Bonds shall be designated "Special Assessment B Bonds, " dated January 1, 1971, numbered 1 to 143. inclusive, in the denomination of $5. 000 each, and bear interest at the rate of seven and three-quarters per cent (7-3/4%) per annum. Said interest shall be evidenced by coupons attached to each Bond, to be payable on November 1. 1971 and semiannually thereafter on the first days of May and November of each year; the Bonds shall mature (subject to the right of the City to redeem said Bonds for redemption prior to maturity as hereinafter provided) serially $75,000 on May 1, 1972 and $80,000 on the first day of May in each of the years 1973 through 1980. The City reserves the right to call and redeem any or all of c the Bonds maturing in the years 1979 and 1980, as a whole or from time to time in part in inverse numerical order prior to maturity on any interest e payment date on or after November 1. 1974 at par plus unpaid accrued interest to the redemption date, upon at least thirty (30) days' notice speci- fying the number or numbers of Bonds called, the terms of redemption, -2- and the place and date of redemption, given by registered mail tCJ the holder if known, and as to any unknown holder, such notice shall be published at least once in a newspaper published in the City of Madison, Wisconsin, and mailed to the orignal purchasers of the Bonds. When such Bonds shall have been called for prior redemption and payment made or provided for in accordance therewith, interest thereon shall cease from and after the redemption date so specified. Principal of and interest on said Bonds shall be payable in lawful money of the United States of America at the Marine National Exchange Bank, Milwaukee, Wisconsin, solely out of the Sinking Fund hereinafter described and each bond, without priority one over the other, shall be a valid claim of the holders thereof only against said Sinking Fund and Reserve Fund hereinafter established, and the revenue pledged there.- for, as hereinafter provided. The Bonds shall be signed by the Mayor and the City Clerk and sealed with the corporate seal of the City, and each of the coupons attached thereto shall be signed by said Mayor and City Clerk by their respective facsimile signatures, and said officers shall by the execution of said Bonds adopt as and for their.own proper signatures their respective facsimile signatures appearing on said coupons. The Bonds shall be registrable as to principal only in the name of the holders on the books of the City Clerk as set forth in the form of Bond established in Section 3 hereof. Section 3. - Form of Bonds and Coupons. The Bonds and coupons to be attached thereto, and the registration endorsement to appear on the Bonds, shall be in substantially the following form: -3- (Form of Coupon Bond) UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF WAUKESHA CITY OF MUSKEG0 e e SPECIAL ASSESSMENT B BOND No. Dated January 1, 1971 KNOW ALL MEN BY THESE PRESENTS: That the City of Muskego, Waukesha County, Wisconsin, hereby acknowledges itself to owe and for e value received promises to pay to bearer, or if registered, to the registered holder hereof, from the fund hereinafter specified, the sum of FIVE THOU- SAND DOLLARS ($5,000) on the first day of May, 19 - , with interest thereon at the rate of per cent (-70) per annum, payable November 1. 1971 and semiannually thereafter on the first days of May and November of each year, said interest to be payable only upon presentation a,nd 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 the Marine National Exchange Bank, Milwaukee, Wisconsin. Bonds of this issue maturing in the years 1979 and 1980 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 any interest payment date on or after November 1, 1974, at the price of par plus accrued interest. Not less than thirty (30) days' notice of the call of this Bond shall be given, which notice shall state the date on which this Bond is called, and that this v Bond shall cease to bear interest after such date, which notice shall be mailed by resstered mail to the original purchasers of this Bond, and be -4 - published at least once in a newspaper published in the City of Madison, Wisconsin. which customarily publishes such notices, and to the registered holder of any Bond then registered as to principal at his address shown on the registration books of the City. This Bond is one of an issue, without priority one over the other, of like date, aggregating Seven Hundred Fifteen Thousand Dollars ($715. 000). issued for the purpose of anticipating the collection of special assessments, heretofore levied and area grouped by the City, payable by e the property owner benefited thereby in ten annual installments, pursuant to Section 66. 54, Wisconsin Statutes, and acts amendatory and supplementary thereto; and a Resolution adopted on December 22, 1970 by the Common Council of the City, entitled "RESOLUTION Providing for the Authorization and Issuance of $715,000 Special Assessment B Bonds of the City of Muskego, Wisconsin, Providing Details for Said Bonds and Providing for the Security and Payment Thereof," a copy of which is contained in the minutes for said date, and is payable only from the "Assessment B Bond Sinking Fund" created by the Resolution. The City has covenanted that all monies received in payment of said installments or in purchase of delinquent installments will be set aside in said Fund for that purpose. This Bond does not constitute an indebtedness of the City within the meaning of any constitutional or statu- tory limitation or provision. Reference is made to the Resolution for a Statement of Area in whi.ch said special assessments have grouped. A statutory lien, which is hereby recognized as valid and binding, is created and granted by statute to and in favor of the holder or holders of this Bond and the issue of which it forms a part without priority one Over the other and in favor of the holder or holders of the interest coupons attached e -5- to said Bonds on all monies standing from time to time in the aforesaid Special Assessment B Bond Sinking Fund" and in the "Reserve Fund" created by the Resolution, and such monies shall remain subject to such statutory lien until the payment in full of the principal and interest of this Bond and the issue of which it forms a part. !I 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 a coupons attached hereto are fully negotiable, 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 is 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 posses- sion thereof, howsoever 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. oi 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 per- formed in due time, form and manner as required by law, that the special assessments, the payment of which this Bond anticipates. have been duly and validly levied in installments, and that all monies to be received by th.e e - 6- 0 City with respect to said special assessments have been pledged to and will. be set aside into the 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 Clerk, its corporate seal to be impressed hereon, 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 respec- tive facsimile signatures appearing on said coupons, all as of the day and year first above written. CITY OF MUSKEG0 WAUKESHA COUNTY, WISCONSIN e -7- (Form of Coupon) No. On the first day of , 19 - , the City of Muskego. Waukesha County, Wisconsin, promises, as recited in and from the fund 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 the Marine National Exchange Bank, Milwaukee, Wisconsin, for interest due that date on its "Special Assess- ment B Bond,'' dated January 1, 1971, No. e CITY OF MUSKEG0 WAUKESHA COUNTY, WISCONSIN BY (Facsimile) BY (Facsimile) City Clerk Mayor (Clause to be added to bonds maturing in 1979 and 1980.) Unless the Bond to which this coupon is attached has been called for prior redemption, . . . -8- (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 reg-stration blank below and upon said books, and this Bond may thereafter be transferred only upon a written assignment duly executed by the reg-stered 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 registration 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 Registered City Clerk - -9- Section 4. Creation of Funds. (a) Assessment B Bond Sinking Fund. All proceeds of the collections of principal of and interest on the Special Assessments shall be set aside into a separate and special fund~hereby created, designated and identified as "The Sinking Fund for Special Assessment B Bonds dated January 1, 1971" (the Sinking Fund"), which shall be used only for the pay- ment of the Bonds and interest thereon to the holders of the Bonds and coupons appertaining thereto; (b) Reserve Fund. To additionally secure the payment of principal of and interest on the Bonds, there is hereby established as per- mitted by Section 66. 54 (15). Wis. Stats., a separate fund to be known as "The Reserve Fund for Installment Assessments levied &" 7 &/ /97p" (the "Reserve Fund"), and the City hereby covenants and agrees that at the time any of the Bonds shall have been delivered to the original purchaser thereof it shall pay into the Reserve Fund, and shall at all times thereafter maintain therein, at least the sum of $ 'p/AS.P&d / thereafter from time to time as necessary, there will be additionally paid into said Reserve Fund the sum of $130,000, or such lesser amount as may be necessary in any year to purchase all delinquent special assessments from time to time at tax sale as required by Section 66.54 (11) (b) 6. (c) Lien. For the further protection of the holders of the - Bonds and the interest coupons attached thereto, a statutory lien upon all monies standing in both the Sinking Fund and the Reserve Fund is granted and created by Section 66. 54, Wis. Stats., which lien is hereby recognized as valid and binding upon the City as a valid and binding lien upon all monies standing in said funds; and said funds shall remain subject to such statutory lien until payment in full of the principal and interest on the Bonds; -10- (d) Source and Use of Funds. All collections of the Special Assessments, whether by the normal payment of installments or prepayment of all or a part thereof by the owner of property benefited, all receipts from the County of Waukesha in respect of any delinquent special assess- ments (whether purchased at tax sale by the City or another person or by reason of settlement in full by the County under Section 74.043 (1). Wis. Stats. ) and any monies transferred from the Reserve Fund, shall be depos- ited in the Sinking Fund for this issue and used solely for the purpose of paying principal of and interest on the Bonds. The Reserve Fund shall originally be established from funds of the City on hand not allocated to other purposes and shall thereafter be maintained in at least the minimum amounts above specified from available funds of the City. The monies in the Reserve Fund shall be used solely to remedy any deficiency in the Sink- ing Fund and to purchase whenever necessary all delinquencies with respect to the Special Assessments. Notwithstanding the foregoing limitations of use of monies in said funds, the cash standing in each of said funds may be temporarily invested in direct obligations of the United States of America maturing not less than 15 days prior to the dates on which said amounts are needed to meet principal of and interest on the Bonds, or to purchase delinquent SpecialAssessments at tax sale, respectively. All interest earned on said investments shall accrue to the respective fund. All surplus remaining in either of said funds after the payment in full of the principal of and interest on the Bonds shall be paid into the general fund of the City. Section 5. Covenants of the City. The City covenants and agrees with the holders of the Bonds that: (a) All receipts derived by reason of said Special Assessments -11- as received by the City or any official thereof, shall be deposited in the Sinking Fund in a bank which is a member of the Federal Deposit Insurance Corporation, and shall be adequately secured in the manner required for public funds in the State of Wisconsin. It is the express intent and deter- mination of this Common Council that the amount of said receipts to be set aside and deposited into the Sinking Fund shall be in any event always sufficient to pay the interest on the Bonds as the same becomes due and the principal thereof as the same matures, and to that end covenants that it will establish and maintain the Reserve Fund in at least the minimum amounts specified herein. (b) It will maintain in good condition and continuously operate the sanitary sewer system of the City. (c) It will cause the installments of the Special Assessments to be timely carried into the tax roll and collected in the manner as other special assessments of the City are so extended and collected, and shall permit no deferment in the payment of such installments. (d) It shall at all times necessary direct the City Treasurer to purchase any delinquent installments of the Special Assessments at tax sale as required by Section 66. 54 (ll)(d) 6. Wis. Stats. (e) It will faithfully and punctually perform all duties with reference to said sanitary sewer system required by the Constitution and Statutes of the State of Wisconsin. Section 6. Sale of Bonds. The sale of the Bonds to the Marine National Exchange Bank at the price of par plus accrued interest to date of delivery is hereby confirmed and ratified, and the officers of the City are hereby authorized and directed to do any and all acts necessary to con- clude the delivery of the Bonds to said purchaser upon receipt of the pur- chase price as soon after the adoption of this Resolution as is convenient. -12- Section 7. Application of Bond Proceeds. All accrued interest received from the sale of the Bonds shall be deposited in the Sinking Fund and applied toward the payment of interest next becoming due and payable after delivery of the Bonds. The balance of the proceeds shall be deposited in the special fund by the City Treasurer heretofore established and desig- nated as "Construction Revolving Fund. " Said special fund shall be adequately secured and shall be used solely for the purpose of meeting costs of constructing the improvements for which the Special Assessments were levied, as more fully described in the preamble hereof. Any balance remaining in said Fund representing proceeds from the sale of the Bonds after paying said costs shall be transferred to the Reserve Fund. Section 8. Conflicting Resolutions Superseded. All other Resolu- tions, ordinances or orders, or parts thereof, heretofore enacted, adopted or entered, in conflict with the provisions of this Resolution, shall be and the same hereby are repealed and superseded to the extent of such conflict, and this Resolution shall be in effect from and after its passage and publica- tion according to law. Adopted this - -22- day of Q" , 1970. Attest: City Clerk, City of Muskego City Clerk, cit-f Muskego ,- Approved this 2 3 day of 1970. - Mayor, City of Muskego - 13-