CCR1971117RESOLUTION #117-71
AUTHORIZING THE CITY OF MUSKEG0 To BORROW
MONEY TEMPORARILY
($250,000.00)
Wisconsin, in in- temporary need of money in the amount of Two
Hundred Fifty Thousand and no/lOO---------- Dollars ($250,000.00)
with which to pay its current and ordinary expenses, and
WHEREAS, the Council of said City deems it necessary to its safety
and interest to borrow said amount, and said money is needed for
the following purposes:
a - -
Current Sewer construction expense
NOW, THEREFORE, BE IT RESOLVED by the Comon Council of the City of
Muskego of Waukesha County, Wisconsin, that in order to pay the
current and ordinary expenses of said City, the Mayor and the Clerk
of said City be and they are hereby authorized and directed to
borrow from- The Marine National Exchange Bank the sum of
Two hundred fifty thousand and no/lOO------------- Dollars ($250,000.00)
0 and to evidence such indebtedness of said City, said Mayor and Clerk
shall execute and deliver to the Lender the promissory note in the
amount of $250,000.00, which note shall bear interest at the rate
of 5.25 per cent (5.25%) per annum, said not to be dated no later
than June 16, 1971, and shall be payable on the 28th day of June, 1971,
and signed by the said Mayor and City Clerk, and
BE IT FURTHER RESOLVED, that to provide for the payment of the
principal and interest of said note on or before the 28th day of
June following the next tax levy there shall be and there is
hereby levied on all the taxable property of said City, in addition
to all other taxes, a sum sufficient to pay the principal of Two
hundred fifty thousand and no/lOO----------- ($250,000.00) and inter-
est thereon at the rate of 5.25 per cent (5.25%) per annum from
the date of said note to the date of maturity of said note as
aforesaid, which tax after receipt of the borrowed money shall
become and continue irrepealable and shall be carried into the
next roll of said City and collected as other taxes are collected,
as provided by law and when said tax is so collected it shall be
kept in a separate and distinct fund and be used for the sole
vided for in this resolution.
-
purpose of paying the principal and interest on the said not pro-
DATED THIS f DAY OF Y 1971.
ATTEST: