CCR1972213RESOLUTION #213-72
Excerpts of Minutes of a Regular
Meeting of the Common Council
A regular meeting of the Common Council of the City of Muskego,
Waukesha County, Wisconsin, was held on the 14th day of November, 1972,
at 7:30 o'clock, P.M., in the Council Chambers in the City Hall. AU
Aldermen were present except:
(Here occurred business not pertinent to the bond issue. )
On motion made by Alderman Cole and seconded
by Alderman Foldy , the following resolution was unanimously
adopted upon roll call vote:
WHEREAS the City is presently in need of $190,000 to anticipate
the collection of special assessments payable in installments; and
WHEREAS special assessments have been levied in the areas
designated Assessment Dist. # H - 8
Hillendale Heights and Hi-Y Ranches Subdivisions .
and $190,000 of said assessments are payable in installments;
NOW, THEREFORE, BE IT RESOLVED that Special Assessment
B Bonds be-issued in said principal amount and said Special
Assessment B Bonds be offered at public sale to be held December 4,
1972;
FURTHER RESOLVED that for the purposes of this financing said
assessments be, and they hereby are. area-grouped;
FURTHER RESOLVED that the Special Assessment B Bonds 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 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;
FURTHER RESOLVED that the official Notice of Bond 'Sale 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 bond issue;
(Here occurred business not pertinent to the bond issue. )
Upon motion duly made and seconded, the meeting was adjourned.
City Clerk
NOTICE OF BONI SALE
City of Muskego, Wisconsin
Until December 4, 1972, at 7:30 o’clock P.M., C. S. T., sealed
bids only will be received for an issue of $190,000 Special Assessment
B Bonds 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 Bonds. ‘I 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. e The Bonds will be dated December 1. 1972, be in the denomination
of $5,000 each or such multiple thereof as may be selected by the success-
ful bidder, and will mature serially on June 1 of each of the years as follows:
$15,000 in the years 1973 and 1974;
$20,000 in the years 1975 through 1982.
Said Bonds constitute the special obligation of the issuer and are
issued to anticipate the collection of special assessments payable in install-
ments heretofore levied to construct sanitary sewers in the City, which
have been area grouped for the purposes of this financing.
e The Bonds are to be payable as to principal and interest at a bank
or trust company selected by the successful bidder and approved by the City 0 and will be issued in bearer form with interest coupons, payable June 1,
1973 and semiannually thereafter on December 1 and June 1. Bonds maturing
in the years 1980 through 1982 will be subject to call and prior payment
on June 1, 1976 or any interest payment date thereafter at par plus
accrued interest.
Bids will be received on an interest rate basis in integral multiples
of one-eighth (1/8) or one-tenth (1/10) of one per cent (1%). not exceeding,
however, four different interest rates, and not exceeding eight per cent
(870) per annum. The repetition of a rate on nonconsecutive maturities
will be considered a different rate. The difference between the highest
and lowest rate bid shall not exceed one and one-half per cent (1-1/270).
All bonds of the same maturity shall bear interest at the same rate, and
no bid for less than the principal amount of the bond plus accrued interest
to the date of delivery will be considered. Award of the bonds 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.
a
All bids must be accompanied by a certified or cashier's check,
payable to the City in the amount of $3, 800, 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 bonds in accordance with his bid.
Delivery within forty (40) days of sale (or thereafter at the option
a of purchaser) will be made without cost to anywhere in the States of Wisconsin,
Minnesota or Illinois, against payment in federal or other immediately
available funds subject to the unqualified approving legal opinion of Quarles,
.
Herriott, Clemons, Teschner & Noelke, Milwaukee, Wisconsin. The City
shall bear the cost of said legal opinion and the printed coupon bonds. e
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
e
a
NOTICE OF BOND SALE
City of Muskego, Wisconsin
Until December 4, 1972, at 7:30 o‘clock P.M., C. S. T., sealed bids
only will be received for an issue of $190,000 Special Assessment B Bonds of
the City of Muskego, Waukesha County. Wisconsin. Bids will be received
and publicly announced in the Council Chambers, City Hall, Muskego. Wiscon-
sin, and should be directed to the City Clerk and plainly marked “Bid for Bonds. I’
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 bonds will be dated December 1. 1972 and will mature serially
on June 1 of each of the years as follows:
$15,000 in the years 1973 and 1974;
20,000 in the years 1975 through 1982.
The bonds are issued to anticipate the collection of area-grouped special
assessments heretofore levied. The maximum rate of interest to be borne by
the bonds is eight per cent (8%) per annum. 0
The purchaser will be furnished without cost the approving legal
opinion of Quarles, Herriott, Clemons. Teschner & Noelke. printed coupon
bonds and the customary transcript of proceedings authorizing the bonds.
A copy of the complete prospectus and complete Official Notice of
Sale, which includes additional details concerning the b.onds and limitations
on the bids to be received, 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