CCR1972168RESOLUTION #168-72
AUTHORIZATION OF ISSURANCE OF SPECIAL ASSESSMENT B BONDS
(Durham Meadows Subdivision)
WHEREAS, the City of Muskego has authorized the contract for the
surface water drainage facilities, grading of streets, installation
construction and installation of sanitary sewer mains, laterals,
ham Meadows Subdivision in the City of Muskego at an aggregate cost
of $118,270.95; and
WHEREAS, this Common Council has levied special assessments in an
aggregate amount equal to the cost of construction and installation
of such improvements against the several parcels of property to be
benefited thereby, consisting of:
of road base and paving of streets, to serve all of the lots of Dur-
(1) a combined assessment aggregating $1,017.67 against each
of the single-family and two-family lots, aggregating
$24,424.48 against the multi-family lot platted as lot 7 in
block 1, and aggregating $15,265.28 against the multi-family
lot platted as lot 9 in block 2, for installation of improve-
ments other than street paving, said assessments for several
projects having been undertaken as a part of a general improve-
ment having been so combined pursuant to Section 66.60 (9),
Statutes; and
(2) a separate assessment of $165.03 against each of the
single-family and two-family lots, of $3,960.94 against lot
7 in block 1, and of $2,475.55 against lot 9 in block 2 for
street paving benefits; and
WHEREAS, this Common Council has provided that each such special
assessment shall be payable in five (5) equal, annual installments,
together with interest, on the entire unpaid balance th-reof at the
rate of seven percent (7%) per annu, so as to become due with general
real estate taxes on the last day of February in the years 1973 to
and on the last day of February, 1975 to 1979, inclusive, as to the
1977, inclusive, as to the aforementioned combined assessments,
aforesaid street paving assessments.
THEREFORE, BE IT RESOLVED, that in order to finance the construction
purpose of anticipating the collection of said special assessments
and completion of the aforesaid public improvements and for the
payable in installments, the City of Muskego shall issue its Special
which Bonds shall be payable solely out of the proceeds of said special
Assessment B Bonds pursuant to the provisions of 66.54 (lo), Statutes,
assessments and shall in no event be a general obligation of the
City of Muskego, as follows:
(1) Bonds shall be issued in an aggregate principal amount not
exceeding $101,767.63 based upon the aforementioned combined
assessment for improvements other than street paving, shall be
designated "1972 Series A" and shall be payable in five (5)
annual installments each in the amount of one-fifth (1/5) of
the principal amount of said Bond, which principal installment
shall mature serially on the 5th day of March in the years 1973
to 1977, inclusive.
exceeding $16,503.32 based upon the aforementioned single assess-
(2) Bonds shall be issued in an aggregate principal amount not
ment for street paving benefits, shall be designated "1974
Series A" and shall be payable in five (5) annual installments
each in the amount of one-fifth (1/5) of the principal amount
of said Bond, which principal installment shall mature serially
on the 5th day of March in the years 1975 through 1979,
inclusive.
FURTHER RESOLVED, that each such Special Assessment B Bond of the
1972 series and of the 1973 series shall be dated as of its date
of issuance and shall bear interest, payable with the principal
installments aforementioned, at the rate of seven percent (7%) per
annum upon the entire unpaid balance of each Bond, as provided in
five (5) coupons attached to each such Bond, consisting of one (1)
coupon evidencing the installment and interest becoming due on each
of the dates aforesaid.
FURTHER RESOLVED, that such Bonds shall be issued from time to time
and at such times as in the judgment of the Mayor and City Clerk
the proceeds thereof are required to pay for such improvements, and
shall be conclusively presumed from the execution thereof.
the approval of the said city officers of the issuance of any Bond
FURTHER RESOLVED, that said Special Assessment B Bonds shall be
numbered consecutively beginning with number 1 and shall be issued
as two (2) separate bonds for each lot or parcel to be benefited by
the said public improvements, in denominations as follows:
$1,017.67 as to each Bond issued for a single family lot in
(a) As to the 1972 Series A Bonds, in the denomination of
Durham Meadows Subdivision, in the denomination of $24.424.48
as to the Bond issued for the multi-family lot platted as lot
Bond issued for the multi-family lot platted as lot 9 in Block 2
7 in block 1, and in the denomination of $15,265.28 as to the
as to each Bond issued for a single family lot in Durham
(b) AS to the 1974 Series A Bonds, in the denomination of $165.03
Meadows Subdivision, the denomination of $3,960.94 as to the
Bond issued for the multi-family lot platted as Lot 7 in Block 1,
and in the denomination of $2,475.55 as to the Bond issued for
the multi-family lot platted as Lot 9 in Block 2.
FURTHER RESOLVED, that each such Bond shall be subject to pre-payment,
at the option of the City, of all of the unpaid principal amount
thereof and accrued interest thereon to the date of pre-payment, with-
out premium, provided, however, that such pre-payment may only be
effected upon the first day of any month.
behalf of the City of Muskego by the Mayor and City Clerk, the
FURTHER RESOLVED, that each separate Bond shall be executed on the
corporate seal of the City of Muskego shall be affixed thereto, and
by the Mayor, City Clerk and City Attorney consistent with these
the respective Bonds of each Series shall be in forms to be approved
Resolutions as to dates, interest rate, improvements and property
covered and pre-payment premiums.
FURTHER RESOLVED, that each such Bond shall be registered in the
name of the owner thereof upon a Bond record to be kept in the
office of the City Clerk of the City of Muskego at the City Hall;
be noted upon said Bond and upon said record, any transfer not SO
and upon transfer of ownership of any such Bonds the transfer shall
noted shall be null and void, and any payment by the City of Muskego
of principal or interest on a Bond made to the registered owner thereof
named in said Bond record shall operate to discharge the principal
or interest so paid.
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FURTHER RESOLVED, that all collections or proceeds of installments
of the special assessments levied to pay for the aforementioned public
improvements, whether received before or after the delinquency
sinking fund relating to such assessments; that three (3) such
thereof, shall be placed by the City Treasurer in the segregated
sinking funds shall be established and designated respectively as
the "City of Muskego Special Assessment B Bonds, 1972 Series A
Sinking Fund", and the "City of Muskego Special Assessment B Bonds,
1974 Series A Sinking Fund"; and each such Sinking Fund shall be
solely and exclusively for the payment of the principal of and
interest on the aforementioned issue of Bonds to which it relates,
and that any surplus in any of such Sinking Funds remaining after
payment in full of' all of the principal of and interest on the
Bonds to which such Sinking Fund relates shall be paid into the
general fund of the City of Muskego.
FURTHER RESOLVED, that the provisions of the Wis. Statutes pertaining
to the issuance of municipal Special Assessment B Bonds, and in
particular 66.54 (10) thereof, shall in all respects govern the
issuance, delivery, negotiation and payment of the aforementioned
Bonds.
DATED THIS 8th day of AUGUST, 1972.
ATTEST :
City Clerk
Bette J. Bowyer
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