CCR1971150RESOLUTION #150-71
RESOLUTION PROVIDING FOR THE SALE OF
$600,000.00 OF PROMISSORY NOTES
FOR THE CITY OF MUSKEG0
WHEREAS the City is presently in need of $600,000.00 to pay
part of the costs of constructing the new City Hall and
sanitary sewers,
NOW, THEREFORE, BE IT RESOLVED that notes be issued in
said principal amount and said notes be offered at public
sale to be held August 17, 1971;
FURTHER RESOLVED that the notes be noticed for sale by
publication of an abbreviated notice thereof in the form
attached hereto in newspapers which are likely to give
notice in the City and to the electors thereof, to-wit, the
Lakeland Hub and in a national publication devoted in part
to the publication of such notices, The Daily Bond Buyer,
such publication to be on such dates as shall be not less
than ten (10) days prior to the date of sale;
a
FURTHER RESOLVED that the official Invitation to Submit Note
Proposal be in the following form and the details prescribed
in said Notice be, and they hereby are, adopted as and for the
details applicable to said note issue:
DATED THIS 27 DAY OF &&? , 1971.
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R. A. Burgeheister
C
Frank Narlock
ATTEST:
j ** City Clerk
INVITATION TO SUBMIT NOTE PROPOSAL
City of Muskego, Wisconsin
Until August 17, 1971, at 8:OO o'clock P.M., C.D.T., sealed
bids only will be received for an issue of $600,000 Promissory Notes of
the City of Muskego. Waukesha County, Wisconsin. Bids will be received
and publicly announced in the Council Chambers, City Hall, Muskego.
Wisconsin, and should be directed to the City Clerk and plainly marked
"Bid for Notes. " A meeting of the Common Council will be held at said
time for the purpose of taking action on such bids as may be received.
The notes will be dated September 1, 1971, be in the denomina-
e tion of $5,000 each or such multiple thereof as may be selected by the
successful bidder, and will mature serially on March 1 of each of the
years as follows:
$ 25,000 in the years 1973 and 1974;
50.000 in the years 1975 and 1976;
75,000 in the years 1977 and 1978;
100,000 in the years 1979 through 1981.
Said notes constitute the general obligation of the issuer and are
issued for the purposes of constructing a City Hall and sanitary sewer:
of the City.
The notes are to be payable as to principal and interest at a bank
a or trust company selected by the successful bidder and approved by the
City, and will be issued in bearer form with interest coupons, payable
March 1, 1972 and semiannually thereafter on September 1 and March 1.
Notes maturing in the years 1978 through 1981 will be subject to call and
8 prior payment on March 1, 1977 or any interest payment date thereafter
at 101% of par plus accrued interest.
Bids will be received on an interest rate basis in integral multi:
ples of one-eighth (1/8) or one-tenth (1/10) of one per cent (l%), not exceed-
ing, however, three different interest rates, and not exceeding seven
per cent (7%) per annum. The repetition of a rate on nonconsecutive
maturities will not be considered a different rate. The difference between
the highest and lowest rate bid shall not exceed one and one-half per cent
(1-1/2%). All notes of the same maturity shall bear interest at the same
rate, and no bid for less than the principal amount of the notes plus accrued
interest to the date of delivery will be considered. Award of the notes will
be made to the bid which results in the lowest net interest cost to the City
after deducting the amount of premium bid, if any,. No supplemental
coupons shall be allowed.
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All bids must be accompanied by a certified or cashier's check,
payable to the City in the amount of $12.000. to be forfeited as full and
complete liquidated damages in the event the successful bidder fails or
refuses to take up or pay for the notes in accordance with his bid.
Delivery, anticipated within fortv .(40) days, will be made without
cost to anywhere in the -- A&miWc against Continental, United S.tates
payment in federal or other immediately available funds subject to the
unqualified approving legal opinion of Quarles. Herriott. Clemons, Teschner
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& Noelke, Milwaukee, Wisconsin. The City shall bear the cost of said
legal opinion and the printed coupon notes.
The City reserves the right to reject any and all bids and to
waive any and all irregularities. Additional information and a copy of
the official prospectus may be obtained from:
Ehlers and Associates, Inc.
507 Marquette Avenue
Minneapolis, Minnesota 55402
financial consultants, or the undersigned.
Bette J. Bowyer, City Clerk
City Hall
Muskego. Wisconsin 53150
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(Here occurred business not pertinent to the not e issue. )
Upon motion duly made and seconded, the meeting was adjourned.
City Clerk