CCR1976181Resolution #lSI & ill82
of Comnon Council Held September 21, 1976
Excerpts of Minutes of Meeting
A special neeting of the Common Council of the City of
Nuskego, Waukesha County, Wisconsin, was held in open session
on September 21, 1976 and called to order by His Honor, Hayor
Gottfried at 8:OO P.14. in the Council Chambers, City Hall.
The following Aldermen were present: Ronald J. Ford, Charles C.
Colburn, Mark E. Pienkos, Raymond Waller and Leslie J. Constantineau
The following Aldermen were absent: Paul J. Schaumberg
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that bids for Promissory Notes
had been received as follows:
BID TABULATION
$930,000 GENERAL OBLIGATION PROMISSORY NOTES
CITY OF MUSKEGO, WISCONSIN
- SALE: TUESDAY, SEPTEMBER 21, 1976
AWARD * CONTINENTAL ILLINOIS NATIONAL BANK & TRUST COMPANY, CHICAGO, ILLINOIS
Moody's Rating: A
Nt I lNltHtSl CUSl
NAME OF BIDDER RATES YEARS & RATE PRICE
CONTINENTAL ILLINOIS NATIONAL BANK
& TRUST COMPANY
Chicago, Illinois
WAUTERLEK & BROWN, INC.
Chicago, Illinois
FIRST NATIOidAL BANK OF CHICAGO
Chicago, Illinois
MARINE NATIONAL EXCHANGE BANK
Loewi 8 Company, Inc.
Milwaukee, Wisconsin
4.00%
5.50%
4.40%
4.60%
4.80%
4.90%
5.00%
4.25%
5.75%
5.50%
4.30%
4.60%
4.45%
4.75%
4.90%
5.00%
4.25%
5.70%
5.75%
4.25%
5.00%
4.70%
4.50%
4.80%
4.90%
5.00%
4.25%
5.75%
5.70%
4.40%
4.50%
4.75%
4.60%
4.90%
5.00%
1977 $260,464.75
1978/80
$930,225.25
1981 /82 4.8145%
1983
1984
1977
1978/79
1980 4.8294%
$261,273.75 $930,000.00
1984
1985
1986
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
$261,306.50 $930,012.25 .
4.8300%
1977
1978/79
1980 4.8520%
$262,497.35 $930,073.90
1981
1983
1984
1985
1982
1986
continued on following page
Bid Tabulation
Pase 2
$?1)300 G.O. Promissory Notes
:4u:ltego, Wisconsin
Sale: September 21, 1976
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
*NORTHERN TRUST COMPANY
C~~icago, Illinois
Robert W. Baird & Co., Inc.
Milwaukee, Wisconsin
FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE
&C NORTHWEST
Milwaukee, Wisconsin
nneapolis, Minnesota
Milwaukee, Wisconsin
e Milwaukee Company
Minneapolis, Minnesota
Piper, Jaffray & Hopwood Inc.
DAIN, YJLMAN & QUAIL, INC.
First National Bank of i4inneapolis
Fi--t National Bank of Saint Paul
Minneapolis, Minnesota
*Paul, Minnesota
LA SALLE NATIONAL BANK
Channer Newman Securities Company
Chicago, Illinois
0
a
4.50%
4.50%
6.00%
4.75%
4.60%
4.90%
5.00%
4.40%
5.90%
5.80%
4.70%
4.40%
4.60%
4.90%
4.70%
5.00%
4.20%
4.75%
5.00%
4.25%
5.50%
4.75%
4.60%
4.70%
4.90%
5.00%
1977178 $263,180.50 $930,132.00~
1979180
1981182 4.8647%~
1983
1984
1985
1986
1977
1978179
1980
1981
1982
1983
1984
1985
1986
$263,306.60 $930,025.90
4.8670%
1977179
1980182
$264,481 .30 $930,099.95
1983186 4.8887%
1977
1978180
1981 4.9049%
$265,356.90 $930,080.60
1982
1983
,1985186
1984
EHLERS AND ASSOCIATES, INC.
Financial Consultants to the City
First National-Soo Line Concourse
Minneapolis, Minnesota 55402
507 Marquette Avenue
Area Code: 612
Telephone: 339-8291
The City Clerk read the resolution to be known as Resolu-
tion No. :.l81-76 as follows:
WHEREAS this City has duly received sealed proposals for
its issue of $930,000 Promissory Notes; and
i),
0
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ceived was that submitted by Continental Illinois National Bank
WHEREAS it has been determined that the best proposal re-
and Trust Company, Chicago, Illinois;
NOW, THEREFORE, BE IT RESOLVED that the proposal of Continental
it hereby is accepted and the Mayor and City Clerk are authorized,
Illinois National Bank and Trust Company, Chicago, Illinois, be and
and directed to execute an acceptance of the offer of said suc-
cessful 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 -
Alderman Colburn moved that Resolution No. 181-76be
adopted. Motion seconded by Alderman Ford and carried by
the following vote:
Ayes: Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos, Raymond
Noes: None
Waller, Leslie J. Constantineau and Edwin P. Dumke
The City Clerk read the following resolution, to be known
as Resolution No. 182-76:
"A Resolution Authorizing the City of Muskego
Section 67.12 (12) of the Wisconsin Statutes
to Borrow the Sum of $930,000 Pursuant to
for Corporate Purposes
WHEREAS the City of Muskego, Waukesha County, Wisconsin
(sometimes hereinafter called the "City"), is presently in need
of the sum of Nine Hundred Thirty Thousand Dollars ($930,000)
for the purpose of paying part of the costs of public work or
improvements and equipment; and
WHEREAS the Common Council of the City deems it necessary
. ~
and in the best interest of the City that said sum be borrowed
pursllant to the provisions of Section 67.12(12), Wis. Stats.,
upon the terms and conditions hereinafter provided;
e
NOW, TfIEREFOFE, BE IT RESOLVED by the Common Council Of
the City of Muskego, Waukesha County, Wisconsin, that:
consin, borrow the amount of $930,000 from
Section 1. The City of Muskego, Waukesha County, Wis- *
for the purpose above stated.
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 186 general obligation promissory notes
of the City in the denomination of Five Thousand Dollars ($5,000)
each, numbered from 1 through 186, and dated October 1, 1976.
and shall bear interest as follows:
Said Notes shall mature serially on April 1 of each of the years
Year Amount Interest Year Amount Interest - -
1977 $ 50,000 4.00% 1982 $150,000 4.40%
1978 50,000 5.50% 1983 150,000 4.60%
1979 75,000 5.50% 1984 50,000 4.80%
1980 75,000 5.50% 1985 50,000 4.90%
1981 80,000 4.40% 1986 200,000 5.00%
Said interest shall be payable April 1, 1977 and semiannually
with, and upon presentation and surrender of, the interest cou-
thereafter on October 1 and April 1 of each year in accordance
pons to be attached thereto. The Notes shall be callable as
provided in the note form herein established.
Principal of and interest on these Notes shall be payable
in lawful money of the United States of America at The Baraboo
National Bank, in Baraboo, Wisconsin.
delivered to the lender upon receipt of the price thereof, plus
accrued interest to date of delivery and shall be in substantially
the following form:
Section 3. The Notes shall be payable to bearer, shall be
*Continental Illinois National Bank and Trust Company, Chicago,
Illinois
STATE OF WISCOllSIN
COUNTY OF WAUKESHA
CITY OF MUSKEGO
No. PROMISSORY NOTE $5,000
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 first day of April, 19 , together
with interest thereon at the rate of Per
cent ( %) per annum, said interest to be payable April 1,
1977 and semiannually thereafter on the first days of October
and April 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 The
Baraboo National Bank , in Baraboo , Wisconsin I
and for the prompt payment of this Note with interest 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.
Notes of this issue maturing in the years 1982 through
1986 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 April 1, 1981, or on any interest payment date
Not less than thirty (30) days' notice of such call shall be given
thereafter at the price of 101% of par plus accrued interest.
by the publication of a notice thereof once in a newspaper pub-
lished in Chicago, Illinois, which customarily publishes like
notices as a part of its regular service.
67.12(12), Wisconsin Statutes, for the purposes of paying part of
the,costs of public work and improvements and equipment and is au-
Muskego, duly adopted by at least a two-thirds vote of the members-
thorized by a resolution of the Common Council of the City of
elect of said Common Council at its meeting duly convened on
September 21, 1976, which resolution is recorded in the official
book of its minutes for said date and is referred to as Resolution
No. .. 182-7b in said minutes.
This Note is issued pursuant to the provisions of Section
things and acts required by law to exist or to be done prior to
and in connection with the issuance of this Note have been done,
have existed and have been performed in due form and time; that
the aggregate indebtedness of the City, including this Note and
others authorized simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of Wis-
consin; and that the said City has levied a direct, annual irre-
pealable tax sufficient to pay this Note, together with interest
thereon when and as payable.
It is hereby certified and recited that all conditions,
No delay or omission on the part of the holder hereof to
exercise any right hereunder shall impair such right or be con-
sidered as a waiver thereof or as a waiver of or acquiescence in
any default hereunder.
e
Muskego, Waukesha County, Wisconsin, has caused this Note to be
IN WITNESS WHERCOF, the Common Codncil of the City of
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 bs signed by the facsimile signatures of its Mayor
and City Clerk, each of whom in his respective capacity by the
execution of this Note, does adopt his aforesaid facsimile signa-
day of October, 1976.
ture as and for his own proper signature, all as of this first
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
B~ /s/ Bette J. Bowyer BY /s/ Jerome J. Gottfried
City Clerk Mayor
(Form of Coupon)
No. $.
On the first day of , 19 , the City of
Muskego, Waukesha County, Wisconsin, promises to pay to bearer
America at The Baraboo National Bank
the amount shown hereon in lawful money of the United States of
Wisconsin , for interest due that day on its Promissory Note
dated October 1, 1976, No.
, in Baraboo ,
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
BY (facsimile) BY (facsimile) City Clerk Mayor
numbered 10 and up on Notes 77/186)
(Clause to be added to coupons
"Unless the Note to which this coupon is attached shall
have been called for prior redemption . . ."
-
interest on each of said Notes as the same respectively falls
due, the full faith, credit and taxing powers of the City are
hereby irrevocably pledcjed and 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 fol-
lowing amounts :
Section 4. For the purpose of paying the principal of and
For the year 1976
For the year 1977
For the year 1978
For the year 1979
For the year 1980
For the year 1981
For the year 1982
For the year 1983
For the year 1984
For the year 1985
$ 93,870.00
113,057.50
91,495.00
108,932.50
110,110.00
175,050.00
168,300.00
63,650.00
205,000.00
61,225.00
In each of said years from 1976 to 1985, inclusive, the
direct, annual irrepealable tax hereinabove levied shall be carried
into the tax roll each year and collected in the same manner and
at the same tine.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 of and in-
terest 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.
a fund separate and distinct from all other funds of the City,
designated "Sinking Fund for Promissory Notes dated October 1,
1976," 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
may be necessary to pay interest on said Notes when the same shall
hereof or Section 67.11(1) (e), Wis. Stats., and such other sums as
become due and to retire said Notes on their respective maturity
dates -
Section 5. There is hereby established in the City Treasury
e
Section 6. The City Comptroller shall keep, maintain snd
preserve an adequate and correct register account of all Notes
issued and all payments and other tranTiactrons 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
proceeding had or taken in the course of authorizing and issuing
tt.ese Notes.
1-
Section 7. The "proceeds" of the Notes shall be used solely
for the purposes for which they are issued, but may be temporarily
invested until needed in legal investments provided that no such in-
vestment shall be in such a manner as would cause the Notes to
be "arbitrage bonds" within the meaning of Section 103(d) (2) of
of the Commissioner of Internal Revenue thereunder; and an officer
the Internal Revenue Code of 1954, as amended, or the Regulations
of the City charged with the responsibility for issuing these
Nates shall certify that on the basis of the facts, estimates
and circumstances in existence on the date of closing, it is not
expected that the "proceeds" will be used in a manner that would
cause the Notes to be "arbitrage bonds."
a
tion 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."
Section 8. Said Notes shall be executed as soon after adop-
Alderman Colburn moved that Resolution No. 1'81.76be
adopted. t4otion seconded .by Alderman Dumke and carried
by the following vote:
Ayes: Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos, Raymond
Noes: None
Waller, Leslie J. Constantineau and Edwin P. Dumke
The Mayor declared the resolution adopted and signed same
in open meeting.
City Clerk signed attest of resolution.
(Here occurred business not pertinent to the note issue.)
STATE OF WISCONSIN 1
Milwaukee.Countv 1
) ss.
Duane Dunham, being duly sworn,
doth depose and say that he is an authorized representative of
The sun.
a newspaper published at . MUSkeg9 .
Wisconsin and that an advertisement of which the annexed is a
.. ...............
....
true copy, taken from said paper, was published therein on )Jj.. !4,/?.?5 .
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......... (Signed)
Publisher (Title)
Subscribed and sworn to before me this .. .&- .. day 2
of . . ......... 19 .x-
My Commission expires ....... i