CCR1971163K'ESDLU-f I Ob! I 63 -7 I
CITY 0; WSKEGO, WISCONSIN
A RESOLUTION authorizing and providing for the
bcrroning of $300,000. by the City of Musk?g/~,
idi scans in, for tne Gurpose of temporary fund'ng
of sewer expenditures pending rsc2ipt of prccocds
of other notes.
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WHEREAS, The City d Musk;.go, Waukesha County, Wisconsin
(soinetimzs h!+reinafcer called thn "City") is presnntly in need of
the silm of Ihree Hundred Thousand Dol lars (33C0,bOO) for t.he purpose
to -wit:thetemporary funding of sewer expenditures pending thc. receipt
of prsceeds of $600,303 in promissory notes scld to Continental Illinois
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Bank !X Trust co. by conpet it i ve offers on kugust 17, 157 I .
WHE?EHS, ths Coinmon Council of the City dsems it necessary
a and in the b,zst int2rest of the City thzt
purs.uant tc the provisions of Sec-Lion 67.
the
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Lzrms and conditions hereinafter providzd
sum of $300,002 be bcrrowea
12) \$lis. S.tats., upon the
NGW, 'THEREFORE, 3E IT ;IFSOLVED by the bmmon Counci I
of th3 City of Muskego, \;daukesl-ia County, '?!isconsin, that:
SECTION -. ." I. The City ,of Huskego, Waykesha County, !'Iisconsin,
borrow ths anount of Three Hundred Thousand Dollars (5300,1330) froni
the Sinking Fund established pursuant to Resolc!tion No. 144--71 vhich
provided for a pronissory no?e in the anount of $530,003 maturing
November 12, 1971 for the purpos? of paying currsnt szwer exqenses.
I) SECTION 2. ~- To zvidence such indebtedness, the Mayor :,,ld
City Clerk shall maku, execute andkiiver to said Sinking Fund, for
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and. on behalf of the City one (I) q-:neral obligation promissory
note of the City in the mount of l'hver-. tiundrfd Thousand Dol I ars
($300,000). Said note to be dt;tcd not latcr than August 17 , 1971,
and to mature not later than ~~~~~b~~ i2 , l97! and 'to bSar
@ intercst at the rc7.ie of 0% pcr snnum. The note sh.21 I be cat lab12
in accordance 'with the terms set forth on the form of n-Jte estab1 i shed
in Secticn 3 h=.r,%o?.
Note 5i:lking Fund and placed in said sccount upon receipt of thz
borro:-ied funds, ~,ILIS accrued interesz to dat:? of 'dsl ivery and shal I
,. * be in substantial!^ thc fo.i.Iowinr~ form:
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(Form of i'!ote)
i ty
is
I lect ion
'rssourc.zc, 0-F the Cit? af Mus'c~qo,, '!!auk shz County, Wisconsin, are
hereby i rrevocal; 1.y p I edged.
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This note is issued pursuant
67.12 (I?), \!isconsin Statutes, for the
expenditures of the Citv, c.nd is author
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'a
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ing Fund hereinafter
du;. on the not- in
ipal GF or interest
CT; ss id no-ccIs rcna ins unpaid, the ?~~ce& of said ~SX shcl i be scgrcngated
ic thl.? spc ical fund estab1 ished by Ssction 5 of this 3esolution and
! s::d scizly for the payclcn't of principal 2nd iCtzr.?st on said nste.
If at any tine -thsri--i shzl i bs on hmd insufficient funds
?rem the afor.zsaid tax levy suificisnt to nmt principal and/or
intsrest payrnz2nts an said noTe when due, the requisite amounts shall
b.? paid fro3 ,sther funds of the City tll--.n avai iable, \which sums shai I
b? r.?pI acd LJO; ihz cal icc'c'ion of the taxes herein Izvied.
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Attesx::
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