CCR1971144RESOLUTION #144-71
AUTHORIZING THE CITY OF MUSKEG0 TU BORROW
MONEY TEMPORARILY
($530,000.00)
WHEREAS, the City of Muskego of Waukesha County of the State of
Wisconsin, is in need of money in the amount of Five Hundred
Thirty Thousand and no/lOO---------- Dollars ($530,000.00) 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:
Current Sewer Construction Expense
NOW, THEREFORE, BE IT RESOLVED by the Common 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 First-Wisconsin National Bank of Brookfield
the sum of Five Hundred Thirty Thousand and no/100------- Dollars
($530,000.00) and to evidence such indebtedness of said City, said
Mayor and Clerk shall execute and deliver to the Lender the prom-
issory note in the amount of $530,000.00, which note shall bear
interest at the rate of 4 per cent (4%) per annum, said note to
be dated no later than July 19, 1971, and shall be payable on the
12th day of November, 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 12th day
of November 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 Five Hundred Thirty Thousand and no/lOO---------- Dollars
($530,000.00) and interest thereon at the rate of 4 per cent
(4%) 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 purpose of paying the principal and interest
on the said note provided for in this resolution.
DATED THIS 13th DAY OF July. 9 1971.
ATTEST:
,I
City Clerk
§67.12(12) City
Form lO(a)
4/69
EXHIBIT A
RESOLUTION OF COMMON COUNCIL
'I A Resolution Authorizing and Providing for the Borrowing of
$ s30,000.00 for Various Purposes Specified Therein and
for the Issuance of Promissory Notes to Evidence Spid Borrowing."
9 Waukeshe
'City'), is presently in need of funds aggregating $530,000.00,
for the respective purposes and in the respective amounts as
follows:
"WHEREAS, the City of Mhtekogo
County, Wisconsin (hereinafter called the
Purpose
For pernunant improvemonte OS lands; for
public work or fmprovemsnt; for the an-
largment or extension of public work or
improvamant .
the b
: "WHERJ~AS,
'est interests
$ 530,000.00
Amount
TOTAL $ 530,000.0Q and
the Common Council of the City deems it in
of the City that the funds needed be
borrowed in the aggregate amount hereinabove stated, pursuant
to the provisions of Section 67.12(12), Wisconsin Statutes, and
upon the terms and conditions hereinafter set forth for the re-
spective uses and purposes hereinabove stated:
1. "NOW, THEREFORE, BE IT RESOLVED, by this Common
Council that for the respective uses and purposes hereinabove
set forth the Mayor and City Clerk be and they hereby are autho-
rized, empowered and directed, pursuant to Section 67.12(12),
Wisconsin Statutes, within 45 days after the effective date
hereof, to borrow on behalf of the City from First $lieconsin liationaf Ea& of Brookfield , Erookfleld , Wisconsin
' by+ called the 'Lender') J@. *
aggregate sum of $ 930,000.00 , in lawful money of the
United States, and to evidence such indebtedness, said Mayor
and City Clerk shall make, execute, issue and deliver to the
Lender for, on behalf and in the name of the City one or more
promissory notes of the City payable to the order of the Lender,
respectively numbered, in the respective principal amounts,
bearing interest computed at the rate 4 % per annum from
the date thereof until maturity payable on the respective dates,
and maturing as follows:
p xxroa- the -
A-1
< -_ §67.12(12)
7 /68
Form lO(a)
Ma turi ty Date
Note Principa.1 Amount Interest Payment (Amount and Dates of
Number of Each Note Dates Installment Maturities)
1 $ 530,000.00 At maturity November 12, 1971
e
e
which said notes shall be in substantially the form annexed hereto.
2. "BE IT FURTHER RESOLVED, that in order to provide
for the collection of a direct annual tax sufficient in amount to
pay and for the express purpose of paying the interest and the
principal of said promissory notes as they become due and payable,
there be and hereby is levied upon all the taxable property
located within the City, in addition to all other taxes, for the
years noted below a direct annual tax in an amount sufficient for
that purpose as follows:
For
aggregate. sum
For
aggregate sum
For
aggregate sum
For
aggregate sum
For
the year 19 71, a tax sufficient to produce the -
of $ 537,000.00
of $ _I
.,"
,'
the year 19 -, a tax sufficient to produce the
the year 19 a tax sufficient to produce the -9
of $
the year 19 - , a tax sufficient to produce the
aggregate sum of $
For the year 19 , a tax sufficient to produce the
aggregate sum of $
For the year 19 , a tax sufficient to produce the -
aggr.ega te.~ sum-nf-$ __ -
A-2
..
L
1 §67.12(12)
Form 10(a)
7 168
For. the-yeac-19 __ a.-Laxsllffiri pnp t4-p&~ce&e--.
For the year 19 - , a tax /--- s cient to produce the
/"
aggregate sum of $ *
"---- aggregate sum of $ /--
~/
/-- For.--the year 19 , a tax sufficient to produce the
~ ..
./ --
agg&a te~-surwa~l~-____- ,~ ~-
11 In each of said years the direct annual tax herein-
above levied shall be carried into the tax rolls for such year
and shall be collected in addition to all other taxes and in
the same manner and at the same time as other taxes of the City
for such year are collected. So long as any part of the prin-
cipal of or interest on said promissory notes remains unpaid,
the taxes hereinabove levied shall be and continue irrepealable.
The proceeds of said taxes shall be segregated in a special
fund and used solely for the payment of the principal of and in-
terest on said promissory notes. Interest on or principal of
said promissory notes falling due at any time when there shall
be on hand in said special fund insufficient funds for such
payment in full, shall be paid promptly when due from other
funds of the City.
e
3. "BE IT FURTHER RESOLVED, that the promissory
notes hereinabove authorized shall be executed as soon as may
be after the adoption of this resolution by the Mayor and City
Clerk, shall be dated as of the date of issuance and shall be
issued and delivered to the Lender upon receipt of the total
principal amount of the loan evidenced thereby.
4. "BE IT FURTHER RESOLVED, that the whole proceeds
of the loan hereinabove provided for shall be segregated in a
special fund upon receipt and shall be used solely for the pur-
pose for which borrowed or for the payment of the principal of
and interest on said promissory notes.
0 5. "BE IT FURTHER RESOLVED, that at the request of
the Lender and upon presentation of any promissory note here-
inabove authorized, the said Mayor and City Clerk shall make,
execute, issue and deliver to the Lender, in exchange for such
promissory note, a series of two or more promissory notes in
denominations specified by the Lender, in aggregate principal
amount equal to the unpaid principal amount of and having the
same date, rate of interest and maturity as the promissory
note so presented, and in all other respects being in substanti-
ally the same form as that hereinabove set forth (except for de-
letion of the paragraph referring to this right of exchange).
Each promissory note received by the City in such exchange shall
be promptly cancelled. All promissory notes issued by the City
in such exchange shall be the valid obligations of the City,
evidencing the same debt, an6 entitled to the same rights and
A-3
_. §67.12(12) City
7 I68
i Form lO(a)
benefits (except the right of exchange provided in this para-
graph) as the promissory note surrendered.
e 6. "BE IT FURTHER RESOLVED, that all promissory
notes issued to evidence the debt hereinabove authorized shall
be registrable. The City Comptroller shall act as registrar
for the notes. Upon presentation of any of the notes to the
aforesaid registrar by the Lender or by the registered owner
thereof, as the case may be, in person or by duly authorized
attorney, the same shall be registered as to principal in the
note register to be maintained for that purpose by the regis-
trar, and such registration shall be evidenced by notation to
that effect at the foot of the note by such registrar. After
such registration, no transfer thereof shall be valid unless
made on the note register by the registered owner in person or
by his duly authorized attorney, and similarly noted on the
note.
7. "The appropriate officers of the City are di-
rected and authorized to furnish the Lender certified copies
of all proceedings and records of the City relating to the fore-
going loan and to the financial affairs of the City as may be
useful or necessary, all of which such information shall be
deemed representations of the City of the facts recited therein.
8. "The officers of the City are authorized to do
all things required of them as a consequence of the foregoing
for the performance of the foregoing.
9. "A11 prior resolutions, rules, ordinances or other
actions of the Common Council or any parts thereof in conflict
with the provisions or adoption of the foregoing shall be and
the same are hereby rescinded insofar as they may so conflict.
10. "In case any one or more of the foregoing provi-
sions shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provi-
sion hereof.
11. "The foregoing shall take effect immediately upon
adoption and approval in the manner provided by law."
12. BE IT FURTflER RESOLVED, that there shall be deposited
in and held for the accouat of the special fund for the prmiseory
note hereinabove described, those two certain certificates of de-
posit of the Marine National htchange Bank, Milwaukee, Wieconsin, dated 6/17/7 in the respectivcs amounts of d"c'- r' =
and .3gn GCjL, .'> "
1971, and November 11, 1971 and respectively maturing on Auguat 11,
13. BE IT FIJRTHW RESOLVED, that the amount of the tax
hereinabove levied carried into the tax roll may be reduced by the
irmouat of money on hand in ths aforesaid epecial fund as provided
in C67.05(10), Wisconain Statutea, ant! that any surplus in the afore-
said special fund after payment in full of the prdeeory note herein-
above described and the intereat thereon hall be carried into the
general fund a8 provided A-& in 567.11(5), Wfeconsin ~tatutee.
No. 9 19-
(hereinafter called the "Municipality") praaDiees to pay to the
order of
or if thin note be renieeered in tha nam of another. to the 0
"
regintered wnor hereif, at
Dollars ($ ) in
installments as folhs:
~~ , Wisconsin, tb
8m Of
together with interest at the rate of
percent ( , , X) per annum, payable
on the W(s) of
in each year, ccmmncing 9 19-9 from the
date hlreof on thta unpaid principal ant hereof. Principal and
interest on this note shall be payable in lawful monoy of the
United States of America.
The Municipality shall hmvc) the right to prepay all or.-.
any part of the unpaid principal balaece of this note on any.in-
stallment pamnt date without ppdm or penalty; ppovfda~, hm-
ever, that if any rue$ pPepaymne shell be ma& through the use
of funds borrmed by the mnicipality frap a lender other thmn
the Cmissimre of Fuublic Lands of the State of Wircotuin or
the holder hereof, then the Hunicipl~ty~~ahall, unless waived in
writing by the holdclp hareof, pay .a ~prdua upon pw]rP.nt equal
to one-half of on percent (1/,2xj pp annm camputad upon the
amount being prepaid frarn the date ob pmprpnt eo th. original
meeurity date 'of the ,peinCipd crmount being prepaid. Any ouch
prepayments of principal are to be applied upon the unpaid win-
.cipel installmente in the inveree order of their maturity, and
the Municipality may require preeentation of this note for
endorsement of the prepayment in case ths prepayment is in p8rt
and for surrender in caoe eb prepayment i8 in full.
FOP the prolapt pn nt of chis nota, both principal
and interart harscpn, an saborosafd, and far ths levy of tuem
. r
! @T.12(12)
In 11
7 168
sufficient for that purpose, the full faith, credit and remurcm
of the Municipality are hereby irrevocably pledged.
This note is issued under the terms of and for the pur-
poses specified in Section 67.12(12), WissonsLn Statutes, and is
authorized by the resolution of the governing body of the Munici-
pality duly adopted by the vote of three-fourths or more of the
members elect of said governing body at a proper meeting duly con-
vened on 9 19"s entitled: "A Resoiution
Authorizing and Providing for the Borrowing of $
for Various Purposes Specified Therein and for the Issuance of
Promissory Notes to Evidence Said Borrowing."
This note may be exchanged by the above-named payee for
a series of two or more promissory notes of like tenor except prim-
cipal amount, in aggregate principal amount equal to the unpaid
principal amount of this note, as provided in the foregoing reso1uft.a.
This note is registrable as provided in the foregoing
resolution. The of the Municipality is regis-.
Upon presentation of this note to the aforesaid registrar, the same aha11 be registered as to principal on the note register to be mein-
taine.d for that purpose by the registrar, and such registration shll
be evidenced by notation to that effect at the foot hereof by such
registrar. After such registration, no transfer hereof shall be
valid unless made on the note register by the registered owner is
person or by his duly authorized attorney and similarly noted b~.
It' is hereby certified, recFted and declared that all c.o
ditions, things and acts required by law to exist, to be or to ka
done prior to and in connection with the issuance of this note Irsrp.
been done, have existed and have been performed in due form and
LLme; that the aggregate indebtedness of the Municipality incluU-
this note, does not exceed any limitation, general or special, iap
posed by law; and that the Municipality has levied a valid direct
irrepealable annual tax sufficient to pay the principal amountbm
of together with interest thereon when and as payable.
No delay or omission on the part of the holder hereof in
exercising any right hereunder shall impair such right or be con-
sidered as a waiver thereof or as a waiver of or acquiescense in
any default hereunder.
By :
Countersigned:
REGISTRATION
.Date of Name & Address of Signature
Registration Registered Owner of Begistrag