CCR1971167A RESOLUTION authorizing and providing for the
borrowing of $600.000 by the City of Muskego.
Wisconsin, and for the issuance of promissory
notes to evidence said borrowing.
WHEREAS, the City of Muskego, Waukesha County, Wisconsin
(sometimes hereinafter called the "City"), is presently in need of the sum
of Six Hundred Thousand Dollars ($600,000) for the purpose of paying part
of the costs of permanent improvements of lands, to-wit: constructing a
City Hall in an amount estimated at $2'"o, Odq':;d public work or improve-
ment, to-wit: sanitary sewers in an amount estimated at $jg? , and
WHEREAS, the Common Council of the City deems it necessary
and in the best interest of the City that said sum be borrowed pursuant to
the provisions of Section 67. 12 (12). Wis. Stats., upon the terms and con-
ditions hereinafter provided;
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NOW, THEREFORE, BE IT RESOLVED by the Common Council
of the City of Muskego, Waukesha County, Wisconsin, that:
Section 1. The City of Muskego, Waukesha County, Wisconsin,
borrow the amount of Six Hundred Thousand Dollars ($600.000) from
de Xu &ytt & for the purpose of
constructing a City Hall and sanitary sewers.
Section 2. To evidence such indebtedness, the Mayor and City
Clerk shall make, execute and deliver to said lender, for and on behalf of
the City one hundred and twenty (120) general obligation promissory notes
of the City in the denomination of Five Thousand Dollars ($5.000)each,
numbered from 1 to 120. inclusive, and dated September 1. 1971. Said
notes shall mature serially on March 1 of each of the years and shall bear
interest rates as follows:
Year Amount Rate - -
1973 $ 25,000 +30
19 74 25,000 4 75-
1975 50, 000 S-. 0 Y
1976 50,000 S-O
1977 75,000 4. 75-
1978 75,000 4.75-
1979 100,000 4. 75-
1980 100,000 &"o ~ I
1981 100,000 .5" -
Interest shall be payable March 1. 1972 and semiannually there-
after on September 1 and March 1 of each year, in accordance with, and
upon presentation and surrender of, the interest coupons to be attached
thereto. The notes shall be callable in accordance with the terms set
forth on the form of note established in Section 3 hereof.
Principal and interest on these notes shall be payable in lawful
money of the United States of America at >- - k
4 bdd-
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Section 3. The notes shall be payable to bearer, shall he
delivered to the lender upon receipt of the borrowed funds, plus accrued
8 interest to date of delivery and shall be in substantially the following
form:
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(Form of Note)
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
No. $5.000 -
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to bearer the sum of FIVE THOUSAND DOLLARS
($5,000) on the 1st day of March, 19 - , together with interest thereon at
the rate of per cent ( 70) per annum, said interest to
be payable March 1, 1972 and semiannually thereafter on the 1st days of
September and March in each year, in accordance with, and upon presenta-
tion and surrender of, the interest coupons attached hereto as they severally
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become due.
Both principal hereof and interest hereon are hereby made pay-
able in lawful money of the United States of America at >L”d &* LApR L”fL , and for the prompt
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payment of this note, with interest thereon as aforesaid, and the levying
and collection of taxes sufficient for that purpose, the full faith, credit
and resources of the City of Muskego, Waukesha County. Wisconsin, are
hereby irrevocably pledged.
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Notes of this issue maturing in the years 1978 through 1981
are subject to call and prior payment in whole or from time to time in
part in inverse numerical order on March 1. 1977 or any interest pay-
ment date thereafter at the price of 101% of par plus accrued interest.
Not less than thirty (30) days’ notice of such call shall be given by publi-
cation of a notice thereof in the newspaper which shall then constitute the
official newspaper of the State of Wisconsin.
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This note is issued pursuant to the provisions of Section 67. 12(12),
Wisconsin Statutes. for the purpose of paying the costs of constructing a
City Hall and sanitary sewers and is authorized by a resolution of the Com-
mon Council of the City of Muskego, duly adopted by at least a two-thirds
vote of the members-elect of said Common Council at its meeting duly
convened on August 17, 1971. which resolution is recorded in the official
book of its minutes for said date and is entitled, “A RESOLUTION authoriz-
ing and providing for the borrowing of $600,000 by the City of Muskego,
Wisconsin, and for the issuance of promissory notes to evidence said
borrowing. ”
It is hereby certified and recited that all conditions, things and
acts required by law to exist or to be done prior to and in connection With
the issuance of this note have been done, have existed, and have been
performed in due form and time; that the aggregate indebtedness of the city,
including this note and others authorized simultaneously herewith. does
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not exceed any limitation imposed by law or the Constitution of the State
of Wisconsin; and the said City has levied a direct, annual, irrepealable
tax sufficient to pay this note, together with interest thereon when and
as payable.
No delay or omission on the part of the holder hereof to exer-
cise any right hereunder shall impair such right or be considered as a
waiver thereof or as a waiver of or acquiescence in any default hereunder.
IN WITNESS WHEREOF, the Common Council of the City of
Muskego, Waukesha County, Wisconsin, has caused this note to be signed
on behalf of said City by its duly elected Mayor and City Clerk, its cor-
porate seal to be hereto affixed, and the attached coupons to be signed by
the facsimile signatures of its Mayor and City Clerk, each of whom, in
his respective capacity by the execution of this note, does adopt his afore-
said facsimile signature as and for his own proper signature, all as of
this first day of September, 1971.
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
BY 4 BY
#City Clerk Mayor
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(Form of Coupons)
No. "-
On the first day of " 19 , the City of Muskego,
Waukesha County, Wisconsin, promises to pay to bearer the amount shown
herein in lawful money of the United States of America at the Marine
National Exchange Bank of Milwaukee, Milwaukee, Wisconsin. for interest
due that day on its Promissory Note dated September 1, 1971, No.
(Facsimile)
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
(Facsimile)
BY BY
City Clerk Mayor
(Clause to be added to
Coupon No. 7)
"Unless the note to which this coupon is attached shall have been
called for prior payment, . . . 11
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Section 4. For the purpose of paying the principal and interest
on each of said notes as the same respectively falls due, there be and
there hereby is levied on all of the taxable property in the City of Muskego,
Waukesha County, Wisconsin, a direct, annual, irrepealable tax for the
following years and in the following amounts:
For the year 1971
For the year 1972
For the year 1973
For the year 1974
For the year 1975
For the year 1976
For the year 1977
For the year 1978
For the year 1979
For the year 1980
In each of said years from 1971 to 1980, inclusive, the direct,
annual, irrepealable tax hereinabove levied shall be carried into the tax
roll each year and shall be collected in the same manner and at the same
time as other taxes of the City for such years are collected, provided that
said tax need not be carried into the tax roll at any time when (a) the notes
have been paid in full, or (b) there are funds in the Sinking Fund hereinafter
created sufficient to pay principal and interest due on the notes in the next
year. So long as any part of the principal of or interest on said notes
remains unpaid, the proceeds of said tax shall be segregated in the special fund
established by Section 5 of this Resolution and used solely for the payment
of principal and interest on said notes.
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If at any time there shall be on hand insufficient funds from the
aforesaid tax levy sufficient to meet principal and/or interest payments on
said notes when due, the requisite amounts shall be paid from other funds of '* the City then available, which sums shall be replaced upon the collection
of the taxes herein levied.
Section 5. There is hereby established in the City Treasury
a fund separate and distinct from all other funds of the City. designated
"Sinking Fund for $600. 000 Promissory Notes dated September 1, 1971, "
which fund shall be used solely for the purpose of paying principal of and
interest on said notes. There shall be deposited in said fund aU accrued
interest paid on said notes at the time said notes are delivered to the
lenders, all money raised by taxation or appropriated pursuant to Section 4
hereof, and such other sums as may be necessary to pay interest on said
notes when the same shall become due and to retire said notes on their
respective maturity dates.
Section 6. The City Comptroller shall keep, maintain, and
preserve an adequate and correct register account of all notes issued and
all payments and other transactions relating thereto; and the City Clerk
shall provide and keep a separate record book and shall record a full and
correct statement of every step or proceeding had or taken in the course
of authorizing and issuing these notes.
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Section 7. Said notes shall be executed as soon after adoption.
of this resolution as possible and shall be delivered to the lender upon
receipt of the borrowed funds and accrued interest to date of delivery.
Adopted this 17th day of August, 1971.
Mayor, City of Muskego
Attest:
City Clerk, City of Muskego
Recorded this 17th day of August, 1971
City Clerk, City of Muskego
Approved this 17th day of August, 1971
Mayor, City of Muskego
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