CCR1976047RESOLUTION 847-76
AUTHORIZING THE ISSUING OF "CORPORATE PURPOSE BONDS''
IN THE AMOUNT OF $1,400,000.00
WEREAS this Common Council has adopted four initial
and in the following amounts:
resolutions authorizing bonds for the following purposes
$745,000 for the purpose of providing street
improvements;
$240,000 for the purpose of providing parks and
public grounds;
$385,000 for the purpose of constructing police
facilities; and
$30,000 for the purpose of making library im-
provements.
NOW, THEREFORE, BE IT RESOLVED that said issues be and
nated "Corporate Purpose Bonds" and that the City issue
they hereby are combined into one issue of bonds desig-
bonds in the amount of $1,400,000 for the purposes above
specified.
F~; r,- 7. '7,
directed to publish a Notice of Bond Sale in the abbre-
' !~F'. RESOLVED that the City Clerk be and hereby is
viated form attached to these minutes twice, one week
apart, in the official City newspaper, Muske o
SUR, the last insertion of which shall deast ten
Gs prior to the date of bond sale, and in Commercial
West, a newspaper devoted substantially to the publica-
tion of notices to bidders:
FURTHER RESOLVED that the City Clerk shall cause copies
of the official Notice of Bond Sale to be forwarded to
prospective bidders, which Notice shall be in the fol-
lowing form, and the details pertaining to said bonds
specified in said Notice are herewith adopted as and
for the details for said bonds:
NOTICE OF SALE
$1,400,000 CORPORATE PURPOSE BONDS
CITY OF MUSKEGO, WISCONSIN
NOTICE IS HEREBY GIVEN that the Common Council of the
City of Muskego, Waukesha County, Wisconsin, will meet at
the City Hall, Muskego, Wisconsin, on April 28, 1976, at
8:OO P.M., C.D.T., to receive, open and consider bids for
the purchase of $1,400,000 negotiable coupon general ob-
ligation Corporate Purpose Bonds of the City issued $745,000
for street improvements; $240,000 to provide parks;
$385,000 to construct police facilities; and $30,000 to
make library improvements on the following terms:
Date and Maturities
c denomination of $5,000 each and will mature on November 1
The Bonds will be dated May 1, 1976, will be in
in the following years and amounts:
Year(s) Amount Year (s) Amount
1983 $150,000 1984 175,000
1985 25,000
1986 175,000
1988
1987 $200 , 000
225,000 1989/91 150,000
Call Provisions
Bonds maturing in 1988 through 1991 shall be subject
to call and prior payment in whole or from time to time in
part in inverse numerical order at the option of the City
on November 1, 1977, or any interest payment date there-
after at 101% of par plus accrued interest.
Interest
on each May 1 and November 1. There is no limit on the
Interest on the Bonds will be payable semiannually
number of rates bid, but all Bonds maturing on the same
date must bear interest from date of issue until paid at
may be less than the rate ap~plicable to any prior maturity,
a single uniform rate. No rate applicable to any maturity
Each rate must be in an integral multiple of 1/20 of 1%,
will be permitted.
and no rate may exceed 8%. No supplemental or "B" coupons
Paying Agent
suitable bank in the United States designated by the
successful bidder within 48 hours after award of sale,
subject to approval by the City, and the City will pay
the reasonable and customary paying agency charges.
Principal aGd interest will be made payable at any
CUSIP Numbers
The Bonds will be printed without CUSIP numbers unless
requested by the purchaser who must agree in the offer for
the Bonds to pay the cost thereof and to waive any extension
of delivery time due to use of the numbers. In no event
will the issuer be responsible for the correctness of such
numbers and incorrect numbers shall not be cause for refusal
to accept delivery.
Delivery
Within 40 days after sale, the City will furnish and
will deposit with a bank in the continental United States
deliver at the office of the purchaser or, at his option,
selected by him and approved by the City as its agent to permit examination by and to deliver to the purchaser, the
printed and executed Bonds, the unqualified opinion thereon
of bond counse1:and a certificate stating that no litigation
or pending. The charge of the delivery agent must be paid in any manner questioning their validity is then threatened
by the purchaser, but all other costs will be-paid by the City.
The purchase price must be paid upon delivery 0.f the Bonds
or within five days after deposit with the delivery agent in
funds available for expenditure by the City on the day of
payment.
Legal Opinion
Messrs. Quarles & Brady, Milwaukee, Wisconsin. The legal
An unqualified legal opinion will be furnished by
purchaser. The legal opinion will state that the Bonds
opinion will be printed on the Bonds at the request of the
are valid and binding obligations of the City, and all the
taxable property in the City is subject to the levy of a tax
for the principal and interest thereon as the same become
due without limitation as to rate or amount.
Type of Bid - Amount
Sealed bids.must be mailed or delivered to the under-
signed and must be received prior to the time of said meeting.
Each bid must be unconditional and must be accomDanied bv a
cas i r ‘ s or ce ified heck or bank draft i thk amou t’ of k28.000 DavaEfe to tke Cltv Treasurer to Fe retalnea bv the
City as liqkhated damages ife the bid is accepted and the’bidder
fails to comply therewith. The bid authorizing the lowest
net interest cost (total interest from date of Bonds to stated
maturities, less any cash premium or plus any discount) will
be deemed the most favorable. No oral bid and no bid of less
than $1,372,000 plus accrued interest on all of the Bonds will
be considered, and the City reserves the right to reject any
and all bids and to waive any informality in any bid.
City Clerk
Bette J. Bowyer
Muskego, Wisconsin 53150
FURTHER RESOLVED that the City Clerk shall cause an
Official Statement concerning this issue to be pre-
pared by the City’s Financial Consultants, Ehlers &
Associates, Tnc. and the appropriate Cit.y officials
shall certify said Statement, such certification to
constitute full authorization of such Statement under
these resolutions.
DATED THIS 13 DAY OF-; Q , 1976
e.
ATTEST :
Bette J. Bowyer, City Merk
JJG/pjk 4/76
Canvass of April 6,
1976 Spring Election
P. 2
BOARD OF EDUCATION
Charles Damaske 2 , 589
Levens P. DeBack 2,054
Kenneth W. Czaplewski 1,922
Edythe K. Degner 1,693
Joan Kveen 1,662
Lloyd Human 1,581
WITNESS UNDER OUR HANDS THIS / DAY OF ' 9i-P I , 1976
-z
Edwin P. Dumke
ATTEST :
4/7/76
3e