CCR1972222RESOLUTION #222-72
RESOLUTION Providing for the Authorization
and Issuance of $190,000 Special Assessment
B Bonds of the City of Muskego, Wisconsin,
Providing Details for Said Bonds and Providing
for the Security and Payment Thereof
WHEREAS, the City of Muskego, Waukesha County, Wisconsin
("City"), has levied special assessments payable in installments in the
aggregate amount of $230,119.83 against the property benefited by the
installation of sanitary sewers in that area set forth in the schedule
e attached hereto; and
WHEREAS, the affected property owners have elected to pay
a portion of said assessments in full prior to November 1, 1972 in the
aggregate amount of $39,519.67, leaving $190,600.16 payable in ten (10)
equal annual installments due with the taxes to be levied in the years
1972 through 1981 (the "Special Assessments"); and
WHER,EAS, Section 66. 54, Wis. Stats., as amended, permits
the issuance of area grouped special assessment B bonds, which bonds
are payable solely out of the proceeds of special assessments payable in
installments; and e WHEREAS, it is desirable and in the best interest of the City
to: (a) group such assessments into one assessment for financing pur-
poses; (b) issue area group special assessment B bonds to anticipate the
collection of the Special Assessments; and (c) provide security for said
bonds as permitted by law;
NOW, THEREFORE, BE IT RESOLVED by the Common Council
of the City of Muskego, Wisconsin, that: w Section 1. Area Grouping of Special Assessments. The Special
Assessments heretofore levied for the purpose of paying part of the
cost of constructing sanitary sewers levied against each of the various
parcels within the area described in the preamble hereto are hereby
grouped into one special assessment for the purposes of this financing. a Section 2. Special Assessment B Bonds. To provide for the
payment of the cost of the improvements described in the preamble hereto,
there be borrowed in anticipation of the collection of the Special Assessments
the sum of One Hundred Ninety Thousand Dollars ($190, OOO), and the
negotiable coupon bonds of the City be issued in evidence thereof. Said
Bonds shall be designated "Special Assessment B Bonds", dated
December 1, 1972, numbered 1 to 36, inclusive, in the denomination of
$5, 000 each, and bear interest at the following rates:
a
Maturity
1973
1974
1975
1976
1977
1978
1979
1980
Rate
4. 50%
4.20%
4.20%
4.20%
4.20%
4.20%
4.20%
4.20%
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1982 198 1 4.307 4.40f Said interest shall be evidenced by coupons attached to each Bond, to e be payable semiannually on the first days of May and November of each
year commencing June 1, 1973; the Bonds shall mature (subject to the
right of the City to redeem said Bonds for redemption prior to maturity
as hereinafter provided) serially $15,000 on June 1, 1973 and 1974, and
$20,000 on June 1 in each of the years 1975 through 1982.
The City reserves the right to call and redeem any or all of
the Bonds maturing in the years 1980 through 1982, as a whole or from
time to time in part in inverse numerical order prior to maturity on any
interest payment date on or after June 1, 1976 at par plus unpaid accrued
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interest to the redemption date, upon at least thirty (30) days' notice
specifying the number or numbers of Bonds called, the terms of
redemption, and the place and date of redemption, given by registered
mail to the holder if known, and as to any unknown holder, such notice
shall be published at least once in a newspaper published in the City of
Madison, Wisconsin, and mailed to the original purchasers of the Bonds.
When such Bonds shall have been called for prior redemption and payment
made or provided for in accordance therewith, interest thereon shall
cease from and after the redemption date so specified. e
Principal of and interest on said Bonds shall be payable in lawful
money of the United States of America at the First Wisconsin Trust
Company, in Milwaukee, Wisconsin solely out of the Sinking Fund
hereinafter described and each bond, without priority one over the other,
shall be a valid claim of the holders thereof only against said Sinking Fund
and Reserve Fund hereinafter established, and the revenue pledged
therefor, as hereinafter provided. The Bonds shall be si@ ed by the Mayor
and the City Clerk and sealed with the corporate seal of the City, and
each of the coupons attached thereto shall be signed by said Mayor and
City Clerk by their respective facsimile signatures, and said officers shall
by the execution of said Bonds adopt as and for their own proper signatures
their respective facsimile signatures appearing on said coupons. The
Bonds shall be registrable as to principal only in the name of the holders
on the books of the City Clerk as set forth in the form of Bond established
in Section 3 hereof.
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Section 3. Form of Bonds and Coupons. The Bonds and coupm s
to be attached thereto, and the registration endorsement to appear on the
Bonds, shall be in substantially the following form:
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(Form of Coupon Bond)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
SPECIAL ASSESSMENT B BOND
No. Dated December 1, 1972
KNOW ALL MEN BY THESE PRESENTS: That the City of
Muskego, Waukesha County, Wisconsin, hereby acknowledges itself
to owe and for value received promises to pay to bearer, or, if regis-
tered, to the registered holder hereof, from the fund hereinafter
specified, the sum of FIVE THOUSAND DOLLARS ($5,000) on the first
day of June, 19 - , with interest thereon at the rate of
per cent ( 70) per annum, payable semiannually on the first
days of June and December of each year commencing June 1, 1973, said
interest to be payable only upon presentation and surrender of the interest
coupons attached hereto as they severally become due. Both principal
hereof and interest hereon are hereby made payable in lawful money of
the United States of America at
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Bonds of this issue maturing in the years 1980 through 1982 are
subject to call and redemption prior to maturity in whole or from time
to time in part in inverse numerical order at the option of the City on
any interest payment date on or after June 1, 1976 at the price of par
plus accrued interest. Not less than thirty (30) days' notice of the call
of this Bond shall be given, which notice shall state the date on which r this Bond is called, and that this Bond shall cease to bear interest
after such date, which notice shall be mailed by registered mail to
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the original purchasers of this Bond, and be published at least once
in a newspaper published in the City of Madison, Wisconsin, wbich
customarily publishes such notices, and to the registered holder of
any Bond then registered as to principal at his address shown on the
registration books of the City.
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This Bond is one of an issue, without priority one over the
other, of like date, aggregating One Hundred Ninety Thousand Dollars
$190.000). issued for the purpose of anticipating the collection of special
assessments, heretofore levied and area grouped by the City, payable
by the property owner benefited thereby in ten annual installments,
pursuant to Section 66.54, Wisconsin Statutes, and acts amendatory and
supplementary thereto; and a Resolution adopted on December 4, 1972
by the Common Council of the City, entitled "RESOLUTION Providing
for the Authorization and Issuance of $190,000 Special Assessment B
Bonds of the City of Muskego, Wisconsin, Providing Details for Said
Bonds and Providing for the Security and Payment Thereof, a copy of
which is contained in the minutes for said date, and is payable only from
the "Assessment B Bond Sinking Fund" created by the Resolution. The
City has covenanted that all monies received in payment of said installments
or in purchase of delinquent installments will be set aside in said Fund
for that purpose. This Bond does not constitute an indebtedness of the
City within the meaning of any constitutional or statutory limitation or
provision.
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Reference is made to the said Resolution for a statement of area
W in which said special assessments have been grouped.
A statutory lien, which is hereby recognized as valid and binding,
e is created and granted by statute to and in favor of the holder or holders
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of this Bond and the issue of which it forms a part without priority
one over the other and in favor of the holder or holders of the interest
coupons attached to said Bonds on all monies standing from time to time
in the aforesaid "Special Assessment B Bond Sinking Fund" and in the
11 Reserve Fund" created by the Resolution, and such monies shall
remain subject to such statutory lien until the payment in full of the
principal and interest of this Bond and the issue of which it forms a part.
This Bond may be registered as to principal only in accordance
with the provisions set forth on the reverse side hereof.
This Bond, unless it has been registered as to principal, and the
coupons attached hereto are fully negotiable, and all rights hereunder
shall pass by delivery, and each and every successive holder of this Bond
during such time as it is payable to bearer of each of the coupons hereto
attached is conclusively presumed to forego and renounce his and their
equities in favor of subsequent holders for value in good faith without
notice, and to agree that this Bond, while so payable to bearer, and each
of the coupons hereto attached, may be negotiated by delivery by any
person having possession thereof, howsoever such possession may have
been acquired, and that any holder who shall have taken this Bond or any
of the coupons from any person in good faith for value and without notice
thereby acquires absolute title thereto, free from any defenses enforceable
against any prior holder and free from all equities and claims of owner-
ship of any such prior holder. The City and its officials shall not be
affected by any notice to the contrary.
It is hereby certified, recited and declared that all acts, conditions
and things required to exist, happen and be performed precedent to and in
the issuance of this Bond have existed, have happened and have been
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performed in due time, form and manner as required by law, that the
special assessments, the payment of which this Bond anticipates, have
been duly and validly levied in installments, and that all monies to be
received by the City with respect to said special assessments have been
pledged to and will be set aside into the special fund for the payment of
principal and interest on this Bond.
IN WITNESS WHEREOF, the City of Muskego, Waukesha County,
Wisconsin, by its Common Council, has caused this Bond to be signed by
its Mayor and City Clerk, its corporate seal to be impressed hereon,
and the coupons hereto attached to be signed by said officers by their
respective facsimile signatures, and said officers, by the manual exe-
cution of this Bond, do adopt as and for their respective proper signatures
their respective facsimile signatures appearing on said coupons, all as
of the day and year first above written.
0
CITY OF MUSKEG0
WAUKESHA COUNTY. WISCONSIN
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(Form of Coupon)
No.
On the first day of , 19 , the City of -
Muskego. Waukesha County, Wisconsin, promises, as recited in and
from the fund specified in the Bond to which this coupon is attached, to
pay to bearer the amount shown hereon, in lawful money of the United a States of America, at
for interest due that date on its "Special Assessment B Bond" dated
December 1, 1972, No.
CITY OF MUSKEG0
WAUKFSHA COUNTY, WISCONSIN
BY (Facsimile) BY (Facsimile)
City Clerk Mayor
(Clause to be added to coupons numbered
8 to 19 attached to bonds maturing in 1980 through 1982)
Unless the Bond to which this coupon is attached has been called
for prior redemption, . . .
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(Form of blank for
registered ownership. )
Registration Provisions
This Bond may be registered as to principal only on books of
the City kept by its City Clerk, upon presentation hereof to said City
Clerk, such registration to be noted in the registration blank below and
upon said books, and this Bond may thereafter be transferred only upon
a written assignment duly executed by the registered holder or his
attorney, such transfer to be made on such books and endorsed hereon.
This Bond may be discharged from such registration by transfer to bearer
after which it shall be transferable by delivery, but shall be again subject
to successive registrations as before. The registration of this Bond as
to principal shall not restrain the negotiability of the coupons by delivery
merely.
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Date of
Registration In Whose Name Registered Signature of City Clerk
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Section 4. Creation of Funds.
(a) Assessment B Bond Sinking Fund. All proceeds of the
collections of principal of and interest on the Special Assessments shall
be set aside into a separate and special fund hereby created, designated
and identified as "The Sinking Fund for Special Assessment B Bonds dated
December 1, 1972" (the "Sinking Fund"). which shall be used only for the
payment of the Bonds and interest thereon to the holders of the Bonds and
coupons appertaining thereto;
(b) Reserve Fund. To additionally secure the payment of principal
of and interest on the Bonds, there is hereby established as permitted by
Section 66. 54(15). Wis. Stats., a separate fund to be known as "The
Reserve Fund for Installment Assessments levied July 5, 1972 ,
(the "Reserve Fund"), ad the City hereby covenants and agrees that at the
time any of the Bonds shall have been delivered to the original purchaser
thereof it shall pay into the Reserve Fund, and shall at all times thereafter
maintain therein, at least the sum of $3,,,954 and thereafter from time to ' ;
time as necessary, there will be additionally paid into said Reserve Fund
the sum of $ , or such lesser amount as may be necessary in any
year to purchase all delinquent special assessments from time to time at
tax sale as required by Section 66. 54(11)(b)6.
II
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26,360.00 0
(c) Lien. For the further protection of the holders of the Bonds -
and the interest coupons attached thereto, a statutory lien upon all monies
standing in both the Sinking Fund and the Reserve Fund is granted and
created by Section 66. 54, Wis. Stats., which lien is hereby recognized
as valid and binding upon the City as a valid and binding lien upon all monies
standing in said funds; and said funds shall remain subject to slch statutory
lien until payment in full of the principal and interest on the Bonds;
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(d) Source and Use of Funds. All collections of the Special
Assessments, whether by the normal payment of installments or prepayment
of all or a part thereof by the owner of property benefited, all receipts
from the County of Waukesha in respect of any delinquent special assess-
ments (whether purchased at tax sale by the City or another person or by
reason of settlement in full by the County under Section 74.043(1), Wis.
Stats. ) and any monies transferred from the Reserve Fund, shall be depos-
ited in the Sinking Fund for this issue and used solely for the purpose of
paying principal of and interest on the Bonds. The Reserve Fund shall
originally be established from funds of the City on hand not allocated to
other purposes and shall thereafter be maintained in at least the minimum
amounts above specified from available funds of the City. The monies in
the Reserve Fund &all be used solely to remedy any deficiency in the
Sinking Fund and to purchase whenever necessary all delinquencies with
respect to the Special Assessments.
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Notwithstanding the foregoing limitations of use of monies in said
funds, the cash standing in each of said funds may be temporarily invested
in direct obligations of the United States of America maturing not less than
15 days prior to the dates on which said amounts are needed to meet prin-
cipal of and interest on the Bonds, or to purchase delinquent Special
Assessments at tax sale, respectively. All interest earned on said investments
shall accrue to the respective fund. All surplus remaining in either of said
funds after the payment in full of the principal of and interest on the Bonds
shall be paid into the general fund of the City.
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Section 5. Covenants of the City. The City covenants and agrees
with the holders of the Bonds that:
(a) All receipts derived by reason of said Special Assessments
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as received by the City or any official thereof, shall be deposited in the
Sinking Fund in a bm k which is a member of the Federal Deposit Insurance
Corporation, and shall be adequately secured in the manner required for
public funds in the State of Wisconsin. It is the express intent and deter-
mination of this Common Council that the amount of said receipts to be
set aside and deposited into the Sinking Fund shall be in any event always
sufficient to pay the interest on the Bonds as the same becomes due and
the principal thereof as the same natures. and to that end covenants that
it will establish and maintain the Reserve find in at least the minimum
amounts specified herein.
(b) It will maintain in good condition and continuously operate the
sanitary sewer system of the City.
(c) It will caw e the installments of the Special Assessments to be
timely carried into the tax roll and collected in the manner as other
special assessments of the City are so extended and collected, and shall
permit no deferment in the payment of such installments.
(d) It shall at all times necessary direct the City Treasurer to
purchase any delinquent installments of the Special Assessments at tax
sale as required by Section 66. 54(11)(d)6, Wis. Stats.
(e) It will faithfully and punctually perform all duties with reference
to said sanitary sewer system required by the Constitution and Statutes
of the State of Wisconsin.
Section 6. Sale of Bonds. The sale of the Bonds to
at the price of par plus accrued interest to date
of delivery is hereby confirmed and ratified, and the officers of the City
are hereby authorized and directed to do any and all acts necessary to
conclude the delivery of the Bonds to said purchaser upon receipt of the
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purchase price as soon after the adoption of this Resolution as is
convenient.
Section 7. Application of Bond Proceeds. All accrued interest
received from the sale of the Bonds shall be deposited in the Sinking Fund
and applied toward the payment of interest next becoming due and payable
after delivery of the Bonds. The balance of the proceeds shall be deposited
in the special fund by the City Treasurer heretofore established and design-
nated as "Construction Revolving Fund. " Said special fund shall be
adequately secured and shall be used solely for the purpose of meeting
costs of constructing the improvements for which the Special Assessments
were levied, as more fully described in the preamble hereof. Any balance
remaining in said Fund representing proceeds from the sale of the Bonds
after paying said costs shall be transferred to the Reserve Fund.
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Section 8. Conflicting Resolutions Superseded. All other Resolu-
tions, ordinances or orders, or parts thereof, heretofore enacted, ado@ed
or entered, in conflict with the provisions of this Resolution, shall be and
the same hereby are repealed and superseded to the extent of such conflict,
and this Resolution shall be in effect from and after its passage and
publication according to law.
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Adopted this 4th day of December, 1972.
Attest:
0. City Clerk, City of Mdkkego
Recorded this 4th day of December, 1972.
City Clerk, City of Muskego * Approved this 4th day of December, 1972.
Mayor, City of Muskego
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Excerpts of Minutes of Meeting of
the Common Council
A special meeting of the Common Council of the City of Muskeg.,
Wisconsin was held December 4, 1972 at 7r30 o'clock P.M., in the Council
Chambers in the City Hall. All Aldermen were present except: None
(Here occurred business not pertinent to the bond issue).
The Mayor announced the purpose of the meeting was to receive and
act upon bids of the City's Assessment B Bond issue. The Clerk presented
the Proofs of Publication of the Notice of Bond Sale which appeared in
The Hub and The Daily Bond Buyer, and by unanimous action of the Council,
it was directed that said Proofs of Publication with Notice annexed be made
a part of the Clerk's file.
The Clerk announced that six sealed bids had been received,
each accompanied by the requisite good faith check in the amount of $21,600.
The Clerk read the following details as to each bid submitted:
.
Whereupon, the Mayor declared the resolution adopted.
(Here occurred business not pertinent to the bond issue).
Alderman Foldy moved that the meeting be
adjourned. Alderman Cole seconded the motion.
Unanimously approved. Meeting adjourned at 7 : 50 P.M.
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City Clerk