CCR19770006 Resolutions 856-77 & e77
of Common Council Held March 8, 1977
Excerpts of Minutes of Meeting
e A regular meeting of the Common Council of the City of
Elusl:ego, Waukesha County, Wisconsin, was held in open session
on March 8, 1977 and called to order by His Honor, Playor
Gottfried at 8:00 P.M. in the Council Chambers, City Hall.
The following Aldermen were present: Paul J. Schaumberg, Ronald
J. Ford, Char1es.C. Colburn, Mark E. Pienkos, Raymond Waller,
Leslie J. Constantineau and Edwin P. Dumke
The following Aldermen were absent: None
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that bids for Promissory Notes
had been received as follows:
i
$1,310,000
BID TABULATION
GENERAL OBLIGATION CORPORATE PURPOSE BONDS
CITY OF MUSKEGO, WISCONSIN
SALE: TUESDAY, MARCH 8, 1977
AWARD
HARRIS TRUST AN0 SAVINGS BANK
FIRST NATIONAL BANK OF CHICAGO
CHICAGO, ILLINOIS
MOODY'S RATING: A
NET INTEREST COST
- NAPfE OF BIDDER
HARRIS TRUST AND SAVINGS BANK
FIRST NATIONAL BANK OF CHICAGO
Wauterlek & Brown, Inc.
Reynolds Securities, Inc.
American Fletcher National Bank & Chicago, Illinois
Trust Company
Indiana
Karnpen Sauerman Inc.
icago, Illinois
THE NORTHERN TRUST COblPANY
LaSalle National Bank
Robert W. Baird & Company, Inc.
Channer Newman Securities Co.
First National Bank of IJaukesha
Chicago, Illinois
Milwaukee, Wisconsin
Chicago, Illinois
Idaukesha, Wisconsin
CONTINENTAL ILLINOIS NATIONAL BANK
AN0 TRUST COMPANY
Kidder, Peabody & Co., Inc.
Bacon, Whipple & Co.
sicago, Illinois
itage Bank of Milwaukee
lwaukee, I4isconsin
RATES
4.00%
4.25%
4.40%
4.60%
4.75%
4.70%
4.90%
5.00%
4.00%
4.20%
4.40%
4.60%
4.70%
4.80%
4.90%
5.00%
3.90%
3.70%
4.10%
4.25%
4.60%
4.40%
4.70%
4.80%
4.90%
5.00%
YEARS & RATE PRIC
1979180
1981/82
$547,587.25 $1,300,494.0
1983 4.8416%
1984
1986
1985
1987
1988
1979181 $578,031.75
1982
1983 4.87091 7%
1984
1985
1986
1987
1988
$1,297,897.0
1979
1980
1981
1982
1983
1984
1985
1987
1986
1988
$578,056.24 $1 ,297,895.0
4.87091 8%
(continued on following page)
Bid Tabulation
Page 2
$1,310,000 G.O. Corporate Purpose Bonds
Muskego, Wisconsin
@e: March 8, 1977
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
DAIN, KALMAN & OUAIL, IN.
American National Bank & Trust Co.
First National Bank of Minneapolis
First National Bank of Saint Paul
White, Weld & Company, Inc ... Paine, .Webber, Jackson & Curtis, Inc.
Minneapolis, Minnesota
St. Paul, Minnesota
Minneapolis, Minnesota
St. Paul, Minnesota
Minneapolis, Minnesota
MARINE NATIONAL EXCHANGE BANK
Loewi & Company, Inc.
Idisconsin
rican l!ational Bank & Trust
Company of Chicago
The First National Bank & Trust
Company
Chicago, Illinois
Oklahoma City, Oklahoma
FIRST WISCONSIN NATIONAL BANK OF
MILWAUKEE
Milwaukee. Wisconsin
3.60%
3.90%
4.10%
4.30%
4.50%
4.60%
4.70%
4.80%
4.90%
5.00%
4.10%
3.90%
4.25%
4.50%
4.40%
4.60%
4.70%
4.80%
4.90%
5.00%
3.75%
4.004:
4.15%
4.30%
4.50%
4.60%
4.70%
4.85%
5.00%
5.10%
1979
1980
$579,640.50 $1,297,162.00
1981 4.8842%
1982
1983
1984
1985
1986
1987
1988
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1979
1980
1981
1982
1983
1986
1985
1987
1988
1984
5581,052.05 $1,296,991.7C
4.8961%
$588,576.25 $1,295,590.0(
EHLERS AND ASSOCIATES, INC.
Financial Specialists
First National-Soo Line Concourse
507 Iqarquette Avenue
Minneapolis, Minnesota 55402
Telephone: (612) 339-8291
tion fjo. 56-77 as follows:
The City Clerk read the resolution to be known as Resolu-
Resolution Awarding Notes
WHEREAS this City has duly received sealed proposals for
its issue of $650,000 Promissory Notes; and
WHEREAS it has.been determined that the best proposal re-
ceived was that submitted by *
and associates;
NOW, THER!ZFORE,BE IT RESOLVEn that the proposal of *
and as-
sociates, be and it hereby is accepted and the Mayor and City
Clerk are authorized and directed to execute an acceptmce 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 unt.il-actual-closing of the
note issue and~checks of the unsuccessful bidders be promptly
returned.
Alderman Schaumberg moved that Resolution No. 56-77 be
adopted. Plotion seconded by Alderman Constantineauand carried by
the following vote:
Ayes: Paul J. Schaumberg, Ronald J. Ford, Charles C. Colburn,
Mark E. pienkos, Raymond Waller, Leslie J. Constantineau and Edwin
Noes: None P. Dumke ~
as Resolution No. 57-77 :
The City Clerk read the following resolution, to be known
"A Resolution Authorizing the City~of Muskego
to Borrow the -Sum of $650,000 Pursuant to
Section 67 -12 (12) of the Visconsin Statutes
for Corporate Purposes
(sometimes hereinafter called the "City"), is presently in need
of the sum of Six Hundred Fifty Thousand Dollars ($650,000) for
the purpose of paying part'of the costs of public work or im-
provements and equipment; and
WHEREAS the City of Muskego, Waukesha County, Wisconsin
9 and in the best interest of the City that said sun be borrowed
WHEREAS the Common Council of the City deems it necessary
pursuant to the provisions of Section 67.12(12), Wis. Stats.,
upon the terms and conditions hereinafter provided;
*Harris Trust and Savings Bank and First National Bank of Chicago,
Chicago, Illinois (co-managers)
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 $650,000 from *
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
of the City in the denomination of Five Thousand Dollars ($5,000)
and on behalf of the City 130 general obligation promissory notes
each, numbered from l'through 130, and dated April 1, 1977. Said
Notes shall mature serially on April 1-of each of the years and
shall bear interest as follows:
Year Amount Interest
1983 $175;000 4.80%
1984
1985
150,000
25,000
4.75%
4.75%
1986 135;OOO
1987
4.75%
165,000 4.90%
-
Said interest shall be payable October 1, 1977 and semiannually
thereafter on April 1 and October 1 of each year in accordance
with, and upon presentation and Surrendsr of, the interest cou-
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 Stztes 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
accrusd interest to date of delivery and shall be in substantially
the following form:
*Harris Trust and Savings Bank and First Nationai Bank of Chicago,
Chicago, Illinois (co-managers)
**First National Bank of Waukesha, in Waukesha, Wisconsin and
Harris Trust and Savings Bank, in Chicago, Illinois
STATE OF WISCONSItI
COUNTY OF b7AUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
No. $5,000
FOR VALUE RECEIVED, the City of Muskego, F7aukesha County,
Wisconsin, promises to pay tu 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
the first days of April and October in each year, commencing
October 1, 1977, in accordance with, and upon presentation and
erally become -due'.
surrender of, the interest coupons attached hereto as they sev-
( %) per annum, said interest to be payable semiannually on
payable in'lawful money of the United States of America at *
and for the prompt payment of this Note with interest thereon as
aforesaid, and the levying and collection of taxes sufficient for
of Muskego, Wisconsin are hereby irrevocably pledged.
that purpose, the full faith, credit and resources of the City
Both principal hereof and interest. hereon are hereby made
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shall be subject to call and prior payment in whole or from tine
to time in part in inverse numerical order at the option of-the
City on April 1, 1985, or on any interest payment date thereafter
at the price of 101% of par plus' accrued interest. Not less than
thirty (30) days' notice of such call shall be given by the pub-
lication of a notice thereof once in a ne'wspaper published in
Chicago, Illinois, which customarily publishes like notices as
a part of its regular service.
Notes of this issue maturing in the years 1986 and 1987
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 public work and improvements and equipment and is au-
thorized 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
)larch 8, 1977, which resolution is recorded in the official book
of its minutes for said date and is referred to as Resolution NO.
57-77 in said minutes.
It is hereby certified and recited that all conditions,
and in connection with the issuance of this Note have been done,
thinqs and acts required by law to exist or to be'done prior to
have existed and have been performed in due form and time; that
*First National Bank of Waukesha, in Waukesha, Wisconsin and
Harris Trust and Savings Bank, in Chicago, Illinois
the aggregate indebtedness of the City, including this Note and
others authorized simultaneously herewith, does not exceed any
Wisconsin; and that the said City has levied a direct, annual
limitation imposed by law or the Constitution of the State of
irrepealable tax sufficient to pay this Note, together with in-
terest 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 con-
sidered as a waiver thereof or as a waiver of or acquiescence
in any default hereunder.
IN WITNESS WHEREOF, the Conmon 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
execution of this Note, does adopt his aforesaid facsimile siqna-
and City Clerk, each'of whom in his respective capacity by the
day of April, 1977.
ture as and for his own proper signature, all as. of this first
WAUKESHA COUNTY, WISCONSIN
CITY OF ?.lUSI(EGO
B~ /s/ Bette J. Bowyer ~y /s/ Jerome J. Gottfried
City Clerk myor
(Form of Coupon) *-
NO. $
On the first day of , 19 , the City of Muskego,
Waukesha County, Wisconsin, promises to-pay to bearer the amount
s)own hereon in lawful money cf the United States of America at
for interest due that day on its Promissory Note dated April 1,
1977, No.
, , I
WAUKESHA CObTTY, WISCONSIN
CITY OF MUSKEG0
BY (facsimile) BY (facsimile) City Clerk Mayor
' (Clause to be added to coupons
numbered 17 and up or? Notes 71/130)
"Unless the Note to which this coupon is attached shall
have been called for prior redemption . - - I,
Harris Trust and Savings Bank, in Chicago, Illinois
*First National Bank of Naukesha, in Waukesha, Wisconsin and
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 pledged 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 fol1owing:years and in the fol-
lowing amounts:
Section 4. For the purpose of paying the principal of and
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 For the year l986
$ 46,815..00
31,210.00' ' '
31,210.00
31,210.00
31,21:0.00
169,247.50
40,091.25
146,291.25
169,042.50
202,010.00,
In each of said years from-1977 to-~l986, 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 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 paynent of principal of and in-
terest on said Notes.
A
the sum of $15,605.00 to be deposited in the Sinking Fund herein-
after created.to be used solely to meet interest papents due on
October 1, 1977, which sum may be returned to the geperal fund
upon collection of the 'taxes herein levied for the year 1977.
There hereby is appropriated from fund-s of the City on hand
If at any time there shall be on hand insufficient funds
from the aforesaid tax levy sufficient to meet principal and/or
interest papents on said Notes when,2ue, the requisite amounts
shall be paid from other funds of the City then available, which
sms shall be replaced upon the collection of the taxes herein
levied -
Sectiog 5. There is hereby established in the City Treasury
a fund separate and distinct from all other funds of the City,
which fund shall be used solely for the purpose of paying principal
designated "Sinking Fund for Proxissory Notes dated April 1, 1977,"
of and interest on said Notes. There shall be deposited in said
Notes at the time said Notes are delivered to the lenders, all
fund the premium, if any, and all accrued interest paid on said
money raised by taxation or appropriated pursuant to Section 4
hereof or Section 67.11(1),(e), IJis. Stats., and such other sums
as nay be necessary to pay interest on said Notes when the same
shall become due and to retire said IJotes 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
proceeding had or taken in the course of authorizing and issuing
and shall. record a full and correct statement of every step or
these Notes.
Section 7. The "proceeds" of the Notes shall be used solely
for the purposes for which they are issued, but may be temporarily
invested uatil needed in legal investments provided that no such
be "arbitrage -bonds" within-the meaning of Section 103 (c) (2). of
investment shall be in such.a manner-.as-would cause the Notes to
of-the Comissioner of :Infernal Revenue ti-ereunder;--and.an~officer:~-.
the internal^-Revenue Code..of 1954; :as aner.ded,..or the Rsgulations
Notes shall certify that on the basis of the facts, estimates and
of the City charged-with the responsibility for issuing these.--
pected that the "proceeds" will be used in a manner that would
circumstances in existence on the date of closing, it is not ex-
..
a cause the Notes to be "arbitrage bonds."
Section 8. Said Notes shall be executed as soon after adop-
i
~
lender upon receipt of the price thereof and, accrued interest to
tion of this resolution as possible and shall be delivered t&the
date of delivery." .
Alderman Schaumberg~ moved that Resolution No. 57-77 be
adopted. Notion seconded by Aldenan Colburn and carried
by the following vote:
Ayes: Paul J. Schawnberg, Ronald J. Ford, Charles C. Colburn, Mark E.
Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin P. Dumke
r NOZS : None
!
The >layor declared the resolutions adopted and signed same
in open meeting.
City Clerk signed.attest of resolution.
(Here occurred business not pertinent to the note issue.)
!
9 !
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