CCR1973190RESOLUTION NO. 190-73
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WHEREAS this City has duly received sealed
proposals for its issue of $740,000 Promissory
Notes; and
WHEREAS it has been determined that the best
proposal received was that submitted by
and associates;
NOW, THEREFORE, BE IT RESOLVED that the proposal
of
and associates, be and it hereby is accepted and
the Mayor and City Clerk are authorized and direct-
ed to execute an acceptance of the offer of said
successful purchaser on behalf of the City;
FURTHER RESOLVED that the check of the successful
purchaser be retained by the City Treasurer until
actual closing- of the note issue and checks of
the unsuccessful bidders be promptly returned;
Upon motion made and duly seconded, the following
resolution was adopted, upon roll call by a vote
of L to 0
RESOLUTION NO. 173-73 Jerome J. Gottfried
City of Muskego, Wisconsin CITY OF MUSKEG9
A RESOLUTION
authorizing the City of Muskego to
borrow the sum of $740,000 pursuant
to Section 67.12 (12) of the Wisconsin
Statutes for various corporate purposes.
WHEREAS, the City of Muskego, Waukesha County,
Wisconsin (sometimes hereinafter called thencity"), t is
presently in need of the sum of Seven Hundred Forty Thou- sand Dollars @40,000) for the purpose of paying part of
the costs of the following public projects:
$426,000 to construct street improvements in
$145,000 to construct storm sewers in accordance
$ 37,300 to purchase equipment;
$131,700 to improve parks of the City; and
WHEREAS, the Common Council of the City deems..it
accordance with plans on file;
with plans on file;
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 conditions hereinafter provided;
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 Seven Hundred Forty Thousand
Dollars ($740,000) from for the pur-
pose of paying part of the costs of purchasing equipment; for
permanent improvements of lands, to-wit: improvements to the
public parks of the City and for public work or improvement
and the enlargement or extension thereof, to-wit: construction
of street and storm sewer improvements.
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 forty-eight (148)
general obligation promissory notes of the City in the denomina-
tion of Five Thousand Dollars ($5,000) each, numbered from 1
through 148, and dated December 1, 1973. Said notes shall
nature serially on December 1 of each of the following years
and shall bear interest as follows:
Year - Amount - Rat e
a
a
1979
1983
$100.000
'125;OOO
150,000
27 5.000 90; 000
Said interest shall be payable semiannually on June 1 and Decemb-
er 1 of each year in accordance with, and upon presentation and
surrender of, the interest coupons to be attached thereto.
Principal and interest on these notes shall be payable
in lawful money of the United States of America at
Section 3. The notes shall be payable to bearer, shall
be delivered to the lender upon receipt of the price thereof, plus
accrued interest to date of delivery, and shall be in substanti-
ally the following form:
PROMISSORY NOTE
No.
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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 December, 19-,
together with interest thereon at the rate of Per
cent ( %) per annum, said interest to be payable semiannually
on the 1st days of June and December in each year, in accordance
with, and 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
and for the prompt payment of this note, with inter-
est 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, Wisconsin, are hereby irrevocably pledged.
This note is issued pursuant to the provisions of
Section 67.12 (12), Wisconsin Statutes, for the purposes of paying
part of the costs of purchasing equipment; for permanent improve-
ments of lands, to-wit: improvements to the public parks of the
City and for public work or improvement and the enlargement or
extension thereof, to-wit: construction of street and storm
sewer improvements; and is authorized by a Resolution of the
Common 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 November 13, 1973, which Resolution
is recorded in the official book of its minutes for said date and
is referred to as Resolution No. in said minutes.
It is hereby certifiedand recited that all conditions,
things and acts required by law to exist or to be done prior to
and in connection with the issurance of this note have been, have
existed, and have been performed in due form and time; that the
aggregate indebtedness of the City, including this nbe and others
authorized simultaneously herewith, does not exceed any limitation
imposed by law or the Constitution of the State of Wisconsin; and
that 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 exercise 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 corporate 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 execu-
tion of this note, does adopt his aforesaid facsimile signature
as and for his own proper signature, all as of this first day of
December, 1973.
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
(Form of Coupon)
No. $
On the first day of 3 19 , the City
of Muskego, Waukesha County, Wisconsin, promises to pay to bearer
the amount shown hereon in lawful money of the United States
e of America at
for interest due that day on its
Promissory Note dated December 1, 1973, No.
WAUKESHA COUNTY, WISCONSIN
CITY OF MUSKEG0
B
Mayor
Section L. For the purpose of paying the principal and
e 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, a direct, annual, irrepealable tax for the
following years and in the following amounts:
For the year 1973 For the year 1974 For the year 1975 For the year 1976 For the year 1977
For the year 1979
For the year 1978
For the year 1980 For the year 1981 For the year 1982
In each of said years from 1973 to 1982, inclusive, the
direct, annual, irrepealable tax hereinabove levied shall be carri-
ed 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. 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.
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 Promissory Notes dated December
1, 1973," 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 the premium, if any, and all 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, any surplus sewer utility funds which may lawfully be
transferred annually to this fund and the City Clerk is hereby
directed to make such determination and transfer annually, 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 pro-
ceeding had or taken in the course of authorizing and issuing
these notes.
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 price thereof and accrued interest
to date of delivery.
Adopted this 13th day of November, 1973.
Mayor, City of Muskego
Attest:
City' Clerk, City of Muskeg6
Recorded this 13th Day of November, 1973 b pn/ - City Clerk, City of Muskego
Approved this j'3-A~ of
November, 1973.
Q-J
Mayor, City of Muskego
(Here occurred business not pertinent to the note issue)
Y Bette Bowyer, City Clerk
EXCERPTS OF MINUTES OF MEETING
OF COMMON COUNCIL
A regular meeting of the Common Council of the City of
Muskego, Wisconsin, was held on Tuesday, November 13, 1973 in the
Council Chambers, City Hall. The Mayor called the meeting to order
at 8:OO P.M., C.S.T.
The following members were present:
The following members were absent:
The Mayor announced that the first order of business was to
receive proposals for the District's $740,000 Promissory Notes.
The Clerk announced that sealed proposals had been
received, each accompanied by the requisite good faith check in
the amount of $14,800. The Clerk then read the following details
as to each proposal submitted:
The Council determined, upon examination of the foregoing
details of proposals, that the best proposal received was that
submitted by
and associates, at a net interest rate of a $.
Upon motion made and duly seconded, the following resolution
was adopted upon roll call, by a vote of to