CCR1972092RESOLUTION #92-72 As AMENDED
BORROWING OF FUNDS
8 WHEREAS, THE CITY OF MUSKEGO, WISCONSIN, IS PRESENTLY IN NEED OF FUNDS TO PAr A PART OF THE COSTS OF PUBLIC
PROJECTS:
$1 so, 000 - CITY BUILDINGS CONSTRUCTI ON
190,000 - CITY STREET CONSTRUCTION ao,ooo - EQUIPMENT
30,000 - PARKS
350,000 - SANITARY SEWER EXTENSIONS
AND
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VHEREAS IT IS DESIRABLE TO BORROW SAID FUNDS PURSUANT
TO SECTION 67.12 (121, WIS. STATS,;
NOW THEREFORE, BE IT RESOLVED THAT:
1. THIS COMNON COUNCIL HEREBY EVIDENCES ITS
INTENT TO AUTHORIZE THE ISSUANCE OF $800,000 PROMISSORY
NOTES TO FINANCE SAID PROJECTS IN ACCORDANCE WITH THE INVITATION TO SUBHIT PROPOSAL FOLLOWING THESE RESOLU-
TIONS AND AS DETERWINED AT PUBLIC SALE.
2. THE CITY CLERK SHALL CAUSE COPIES OF SAID
INVITATION AND OTHER PERTINENT DATA TO BE SENT TO
INTERESTED BIDDERS AND PUBLISHED AS SHE MAY DETERKINE.
3. AT A SPECIAL MEETING TO BE HELD ON JUNE 1, 1972, THE COMMON COUNCIL SHALL CONSIDER SUCH
BIDS AS MAY HAVE BEEN RECEIVED AND TAKE ACTION THEREON.
ATTEST:
Y CITY CLERK
INVITATION TO SUBMIT PROPOSAL FOR $800,000 GENERAL OBLIGATION PROMISSORY NOTES OF THE CITY OF MUSKEGO, VISCONSIN
YOU dRE HEREWITH INVITED TO SUBNIT d SEALED OFFER
TO PURCHASE $800,000 GENERAL OBLIGdTION hOKISSORY NOTES
8 OF THE CITY OF MUSKEGO, WdUKESHd COUNTY, WISCONSIN, TO
BE ISSUED PURSUdNT TO SECTION 67.12 (121, WISCONSIN
STATUTES, FOR THE PURPOSE OF PAYING THE COST OF PERNA-
NENT IKPROVEKENTS OF LdND, TO-WIT: CONSTRUCTING CITY
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BUILDINGS AND PdRK IKPROVEMENTS; PUBLIC WORKS OR
IMPROVEKENT; TO-WIT: CONSTRUCTING CITY STREETS dND
SEWER EXTENSIONS; EQUIPNENT. THE NOTES WILL BE DATED
MAY 1, 1 972, IN THE DENONINdTION OF $5,000, NUKBERED
1 THROUGH 160, AND WILL NATURE SERIdLLY ON MAY 1 OF EdCH
OF THE YEARS AS FOLLOWS:
&!€si
1973-75
1976
1977-78
1979
1980
1981
1982
THE NOTES SHdLL BE NON-CdLLABLE AND ISSUED IN BEARER FORK
WITH INTEREST (PdYdBLE MAY 1, 1973 dND ON NOVEMBER 1 AND
MAY 1 OF EdCH YEdR THEREdFTER). PRINCIPdL OF dND INTEREST
ON SdID NOTES SHdLL BE PAYdBLE IN LAWFUL MONEY OF THE
UNITED STATES OF AKERICd dT d BANK OR TRUST COKPANY
SELECTED BY THE PURCHdSERS, SUBJECT TO THE dPPROVdL OF
THE CITY. NO NORE THAN FOUR RATES NdY BE BID, NO RdTE
KAY EXCEED SEVEN PER CENT (7%) PER ANNUK dND dLL RdTES
SHOULD BE IN MULTIPLES OF 1/4 OR 1/10 OF ONE PER CENT.
THE REPETITION OF d RATE ONCE ON NON-CONSECUTIVE
KdTURITIES SHdLL NOT BE CONSIDERED A SEPARdTE RdTE.
THE DIFFERENCE BETWEEN THE HIGHEST AND LOWEST RATES
BID SHALL NOT EXCEED 1-1/2%. NO BID SHALL BE FOR LESS
THAN PAR NOR SHALL SPECIFY WORE THAN ONE RATE FOR ALL
NOTES MATURING IN ANY GIVEN YEAR.
OFFERS SHOULD BE ADDRESSED TO THE UNDERSIGNED
CITY CLERK AND WILL BE RECEIVED IN THE COUNCIL CHAXBERS,
CITY HALL, MUSKEGO, WISCONSIN, UNTIL JUNE 1, 1972, AT
0:00 O'CLOCK, P.M., C.D.T., AT WHICH TIWE ALL PROPOSALS
WILL WE OPENED BEFORE THE COUNCIL. AT SAID TIME THE
COUNCIL WILL EITHER REJECT ANY OR ALL PROPOSALS OR
DETERKINE TO ACCEPT THE BEST PROPOSAL OFFERED AND
PROMPTLY THEREAFTER WILL PROCEED TO AUTHORIZE AND ISSUE
SAID NOTES.
DELIVERY OF SAID NOTES WILL WE MADE TO THE PURCHASER
ANYWHERE IN THE CONTINENTAL UNITED STATES AT THE EXPENSE
OF THE CITY AGAINST PAYKENT IN FEDERAL OR OTHER IMME-
DIATELY AVAILABLE FUNDS; IT IS ANTICIPATED THAT DELIVERY
WILL BE MADE WITHIN APPROXIWATELY 40 DAYS OF SALE.
PRINTED COUPON NOTES AND THE UNQUALIFIED APPROVING
LEGAL OPINION OF QUARLES, HERRIOTT, CLEMONS, TESCHNER &
NOELKE, LAWYERS OF MILWAUKEE, WISCONSIN (A COPY OF WHICH
WILL BE PRINTED ON THE NOTES), WILL BE PROVIDED BY THE
CITY WITHOUT COST TO THE PURCHASER.
ALL OFFERS TO PURCHASE MUST BE ACCOWPANIED BY A
CERTIFIED OR CASHIER'S CHECK IN THE AMOUNT OF $16,000,
PAYABLE TO THE CITY. THE CHECK OF THE SUCCESSFUL BIDDER
a WILL BE FORFEITED TO THE CITY AS LIQUIDATED DAKAGES IN - THE EVENT THE SUCCESSFUL BIDDER FAILS TO TAKE UP AND PAY
FOR THE NOTES WHEN DELIVERED IN ACCORDANCE WITH THE
TERNS OF SALE.
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A PROSPECTUS PERTAINING TO THIS ISSUE AND FURTHER
INFORMATION MAY BE OBTAINED Br CONTACTING EHLERS AND
ASSOCIATES, INC., SO7 MARQUETTE AVENUE, MINNEAPOLIS,
MINNESOTA 55.402, FINANCIAL CONSULTANTS TO THE CITY, OR
TXE CITY CLERK AT THE ADDRESS SPECIFIED BELOW.
BETTE J. BOWYER, CITY CLERK CITY HALL MUSKEGO, WISCONSIN 53150
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