CCR1976166$930,000.00
Promissory Notes
RESOLUTION #16G-76
(As Amended)
Regular bleetinq of COlnmOn COUllCil
1leld August 24, 1376
A reyular meeting of t!le Common Council of the City Of
Muskego, Woukesha County, Wisconsin, was held in open session
and called to order at 7:gO P.M. on August 24, 1976 in the
.Council Chambers.
Aldermen present: Leslie J. Constantineau, Charles C. Coiburn,
Edwin P. Dumke, Ronald J. Ford, Mark E. Pienkos, Paul J. Schaum-
berg and Raymond R. Wallner
Aldermen absent: None
(Here occurred business not pertinent to the note issue.)
The following resolutions were thel-eupon duly introduced,
seconded and unanimously adopted by a roll call vote of 7 to 0 :
WHEREAS this City is presently in need of $930,000
to provide public work or improvement, to-wit:
ordered by the State and to build streets, a sur-
sewer extensions in.the amount of$729,009.00 as
veying monument, maps, library improvements, parks
and equipment, all under contracts or commitments
entered int rior to June 1, 1976 in the aggregate
amount of $ h8,991.09; and
WHEWAS this Council intends to authorize and issue
promissory notes pursuant to Section 67.12 (12), Wis.
Stats'., to finance a part of such projects; and
WHEREAS it is now founr3 11y this Common Council to
be in the best interest of the City that said notes
be publicly offered for sale;
NOW, THEREFORE, BE IT RESOLVED that the City Clerk
be and hereby is directed to cause to be published
an invitation in such newspapers and a't such times
official invitation to he forwarded to prospective
as she may determine and shall cause copies of the
bidders ;
(Here occurred business not pertinent to the note issue.)
City Clerk
NOTICE IS HERECY GI\!ZN thbt t11s Co.nmon Council of the
City of Muskego, Maukesha Cou:-jty, !<isco:>sin, will meet at the
September 21, 1976, at 8:OO P.M., C.D.T., to receive, open
and consider bids for tlie purcli-sc of $93,000 negotiable cou-
,pon, general obligation promissory notes of the City issued to
pay a part of the costs OT pub1 ic work or improvements and
equipment on the following terms:
.Ciky Hall in the Council Chaml~crs, Muskcyo, Wisconsin, on -
Dates and i4aturities
The notes will be dated Octoler 1, 1976, will be in de-
nominations of $5,000 eat!] and will macure on April l in the
following years and amounts:
Year (s) Amount
1977/78 $ 50,000
1979/80 75,000
1981
1982
80,000
1903
i50,OOO
150,000
1984/85
1986
50,000
200,000
Call Provisions
Notes maturing in 1982 through 1986 shall be subject to
ca,ll and prior payment in whole or from time to time in part
in.inverse numerical order at the option of the City on April 1,
1981 or any interest paym?nt date thereafter at 101% of par plus
accrued interest.
Interest
- April 1 and October 1, commencing April 1, 1977. There is no
Interest on the notes will be pzyable semiannually on each
- limitation on the number of rates bid, but all notes maturing
- at a single, uniform rate. The difference between the highest
on the same date must bear interest froin Sate of issue until paid
and lowest rates bid shall not exceed one and one-half ,per cent
(1-1/2%). Each rate must be in an ir.terJra1 multiple of 1/20 of
will be permitted.
1% and no rate may exceed 72. ?lo supplemental or "B" coupons
Payiny Aqr211t
Principal and interest will be nadc payable at any suitable
bank in the United States designated by the successful bidder
within 48 hours after award of szlc, subject to approval by the
agency charges.
- City, and the City will pay the reasonable and customary paying
-
CUSIP Numbers
quested by the purchaser who must agree in the offer for the notes
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.
The notes will be printed without CUSIP numbers unless re-
Delivery
Within 40 days after sale the City will furnish and deliver
with a bank in the United States selected by him and approved by
at the office of the purchaser or, at his option, will deposit
the City as its agent to permit examination by and to deliver to
the purchaser the printed and executed notes, the unqualified
opinion thereon of bond counsel aid a certificate stating that
no litigation in any manner questioning their validity is then
paid by the purchaser but all other costs will be paid by the City.
threatened or pending. The charge of the delivery agent must be
The purchase price must be paid upon delivery of the notes or
within five days after deposit with the delivery agent in funds
available for expenditure by the City on the day of payment.
Leg'al Opinion
a
An unqualified legal opinion will be furnished by Messrs.
Quarles & Brady, Milwaukee, Wisconsin. The legal opinion will
be printed on the notes at the request of the purchaser. The
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
amount.
. legal opinion will state that the notes are valid and binding
-
- thereon as the same become due without limitation as to rate or
-
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned
and must be received prior to the time of said meeting. Each bid
must be unconditional and must be accompanied by a cashier's or
!
certified check or bank draft in the .amount of $18,600, payable
damages if the bid is accepted and the bidder fails to comply
to the City Treasurer, to be retained by the City as liquidated
therewith. The bid authorizing the lowest net interest cost
(total i,lterest from.date of notes to stated maturities, less any
and no bid of less than par plus accrued interest on all of the
any and all bids and to waive any informality in any bid.
- cash premium) will be deemed the most favorable. No oral bids
.notes' will be considered and the City reserves the right to reject
BY ORDER OF THE COMMON COUNCIL
Muskego, Wisconsin 53150
Bette J. Bowyer, City Clerk
delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants
Avenue, Minneapolis., Minnesota 55402.
to the City, First National-Soo Line Concourse, 507 Flarquette
Telephone: (612) 339-8291
Further information may be obtained from and bids may be
!
NOTICE OF SALE $g.U 000 PROllISSORY NOTES
CITY OR HUSKECO, WISCONSIN
These notes will be offered on Tuesday, September 21,
1976, at 8:OO o'clock P.M., at the City Hall, Huskogo, Wis-
consin. Dated October 1, 1976, the notes will mature on
April 1 in the years and amounts as follows:
Year (8) munt
1977/78 $ 50,000
1979/80
1981
75,000
1982
1984/85
1983 150,000
1986 200,000
50,000
All notes maturing 1982 through 1986 are subject to redemption
on..:'.April 1, 1981. Interest will be payable on April 1, 1977,
and semiannually thereafter. Each rate must be in an integral
multiple of 1/20 of 1%, and no rate may exceed 7% per annum.
An unqualified legaL opinion will be furnished by Messrs. Quarles
pay a part of the costs of public work or improvements and equip-
& Brady, Milwaukee, Wisconsin. The purpose of the notes is to
ment.
a ,000 15. 8 ,000
a
BY ORDER OF THE COMMON COUNCIL
Bette Bowyer, City Clerk
Muskego, Wisconsin 53150
livered to: EHLERS AND ASSOCIATES, INC., 507 Harquette Avenue,
Further information may be obtained from and bids may be de-
- Minneapolis, Minnesota 55492.
- Telephone: (612) 339-8291
e DATED THIS 24th DAY OF August 1976.