CCR1977058Excerpts of J4inutes of Open 1.iesting of the
Common Council oE the City of Muskego
A regular meeting of the Common Council of the City of
Muskego, Waukesha County, Wisconsin, was held in open session
on )larch 8, 1977, and called to order by His Honor Mayor
Gottfried at 8:00 P-Pl., C.S.T. The following Alderinnn were
present: Paul J. Schaumberg, Ronald J. Ford, Charles C. Colburn,
Mark E. Pienkos, Raymond Waller, Leslie J. Constantineau and
Edwin P. Dumke
The following Aldermen were absent: None
I
thorization.)
(Here occurred business not pertinent to the bond au-
The Mayor announced that the next order of business was
to act upon the bids received for the $1,310,000 bond issue.
The Clerk announced that 6 sealed bids had been re-
c'eived and read th2 following details as to each bid submitted:
BID TABULATION
$1,310,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS
CITY OF MUSKEGO, WISCONSIN
SALE: TUESDAY, MARCH 8, 1977
AWARD
HARRIS TRUST AND SAVINGS BANK
-
FIRST NATIONAL BANK OF CHICAGO CHICAGO, ILLINOIS
MOODY'S RATING: A
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
HARRIS TRUST AND SAVINGS BANK
FIRST NATIONAL BANK OF CHICAGO
Wauterlek & Brown, Inc.
9eynolds Securities, Inc.
4n;erican Fletcher National Bank & Chicago, Illinois
Trust Company
Indppolis. Indiana
ianKa en Sauerman Inc.
Chicago, Illinois
THE NORTHERN TRUST COMPANY
.aSalle National Bank
Iobert W. Baird & Company, Inc.
Chicago, Illinois
:harmer Newman Securities Co
Milwaukee, Wisconsin
'irst National Bank of Uaukesha
Chicago, Illinois
Waukesha, Wisconsin
BNTINENTAL ILLINOIS NATIONAL BANK AND TRUST COI4PANY
[idder, Peabody & Co., Inc.
{acon, Llhipple & Co.
Chicaao. Illinois
ieri we Bank of Milwaukee
Milhkee, Wisconsin
4.00%
4.25%
4.40%
4.60%
4.70%
4.75%
4.90%
5.00%
4.00%
4.20%
4.40%
4.70%
4.60%
4.80%
4.90%
5.00%
3.70%
3.90%
4.10%
4.40%
4.25%
4.60%
4.70%
4.80%
4.90%
5.00%
1979/80
1981 I82
5547,587.25 $1,300,494.00
1983
1984
1985
J 986
1988
1987
4.8416%
>.
1979i81 $578,031.75 $1 ,297,897.00
1'982
1984
1983 4.87091 7%
1988
1979
1980
1981
1982
1983
1984
1987
1988
$578,056.24
4.87091 8%
$1 ,297,895.00
(continued on following page)
Bid Tabulation
Page 2
$1,310,000 G.O. Corporate Purpose Bonds
Ikluskego, Glisconsin
Sale a March 8, 1977
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
DAIN, KALMAN & OUAIL, INC.
American National Bank & Trust Co.
First National Bank of Minneapolis 1 Minneapolis, Minnesota First National Bank of Saint Paul
Paine, Webber, Jackson & Curtis, Inc. k'hite, Weld & Company, Inc.
Minneapolis, Minnesota
St. Paul, Minnesota
St. Paul, Minnesota
Minneapolis, Minnesota
YARINE NATIONAL EXCHANGE BANK
Loew,&Company, Inc.
Mi 1
American National Bank & Trust
ee, Wisconsin
Company of Chicago
Chicago, Illinois
The First National Bank & Trust
Company
Oklahoma City, Oklahoma
FIRST WISCONSIN NATIONAL BANK OF
MILWAUKEE
Milwaukee, Wisconsin
3.60%
4.10%
3.90%
4.30%
4.50%
4.60%
4.70%
4.90%
4.80%
5.00%
3.90%
4.10%
4.25%
4.40%
4.50%
4.60%
4.70X
4.80%
4.90%
5.06%
3.75%
4.00%
4.15%
4.30%
4.50%
4.60%
4.70%
4.85%
5.00%
5.10%
1979
1981
1980
1983
1982
1984
1985
1987
1986
1988
1979
1980
1981
1983
1984
1985
1986
1987
1988
1979
1980
1951
1982
1983
1984
1983
1986
1987
1988
1982
$579,640.50 $1,297,162.00
4.8842%
$581,0v. 05 $1,296,991.70
4.8961
5588,576.25 $1,295,590.00
EHLERS AND ASSOCIATES, INC.
Financial Specialists
First National-Soo Line Concourse
Minneapolis, Minnesota 55402
507 Marquette Avenue
Telephone: (612) 339-8291
going details of bids, that the best bid received was that sub-
mitted by f
and associates.
The Common Council determined upon examination of the fore-
and seconded by Alderman Colburn
The following resolution was moved by Alderman Schaumberg
Resolution No. 58-77
Resolution Awarding $1,310,000
Corporate Purpose Bonds, Levying Taxes
and Providing Details
WHCREAS the City of Muskego has duly received sealed
bids for its proposed issue of $1,310,000 "Corporate
Purpose Bonds" (the "Bonds"); and
WHEREAS it has been detenined that the best bid re-
ceived wzs that submitted by *
and associates;
0
NOW, THEEFORE, BE IT RESOLVED that the bid of *
and as-
and City Clerk are authorized and directed to execute
sociates, be and it hereby is accepted and the Playor
an acceptance of the offer of said successful pur-
chaser on behalf of the City;
FURTHER RESOLVED that the check of the successful pur;
chaser be retained by the City Treasurer until actual
closing of the bond issue and checks of the unsuccessful
bidders be promptly returned;
FURTHER RESOLVED that the Bonds shall bear interest as
follows:
Bonds Maturing
In the Years
1970/80
1981/82
1983
1984
1985
1986
1987
1988
Interest Rate
4.00%
4.40%
4.25%
4.60%
4.70%
4.15%
4.90%
5.00%
Chicago, Chicago, Illinois (co-managers)
"Harris Trust and Savings Bank and First National Bank of
FURTHER RESOLVED that the Bonds shall be in substan-
tially the following form:
(Form of BonZ)
UNITED STATES OF A;'ERICA
STATE OF VIISCONSIN
COUNTY OF PJAUKESFIA
CITY OF MUSKEG0
CORPORATE PURPOSE EOND
No. $5,000
KNOW ALL MEN BY THESE PRESENTS: That the City of Fluskego,
Waukesha County, Wisconsin, hereby acknowledges itself to owe and
the principal sum of FIVE THOUSAND DOLLARS ($5,000), together with
for value received promises to pay to bearer on December 1, 19 ,
interest thereon at the rate of
(
of each year, in accordance with and only upon presentation and
and semiannually thereafter on the first days of June and December
erally become due. Both principzl of 2nd interest on this bond
surrender of, the interest coupons hereto attached as they sev-
are payable in lawful money of the United States of America at
per cent
%).per annum, such interest being payable December 1, 1977
* -
I ,
For the prompt payment of this bond with interest hereon as afore-
said, the full faith, credit and resources of said City have been
and are hereby irrevocably pledged.
This bond is one of an issue aggregating $1,310,000, each >.
of which is of like date and tenor except as to numbers, interest
rates, redemption privileges and maturities issued $910,000' to con-
struct sewers, and $400,000 to construct police facilities pursuznt
to initial resolutions duly adopted at open regular meetings of
the Common Council of the City by at least a two-thirds vote of
all of the Aldermen of the City and in full conformity with the
Constitution and laws of the State of Ilisconsin thereunto enabling.
Bonds of this issue maturing in the years 1986 through 1988
shall be subject to call and prior pa;ce;ent, in whole or from time
maturity) at the option of the City of December 1, 1985, or on
to time in part in inverse numsrical orZer (or by lot within any
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 publication of a notice thereof
once in a newspaper publishsd in Chicago, Illinois, which custom- * arily publishes like notices as a part of its regular service.
*First National Bank of Waukesha, in Waukesha, Wisconsin and
Harris Trust and Savings Bank, in Chicago, Illinois
It is hereby recited and certified that all acts, conditions
and things required by law to be done precedent to and in the is-
suance of this bond have been done, have happened and have been
performed in regular and due form, time and manner; that the value
of all the taxable property in said City according to the last
preceding assessment for state and county taxes as equalized for ‘a state purposes is $189,342,200; that the aggregate amount of ex-
not exceed $6,182,200; that a direct, annual, irrepealable tax has
isting bonded indebtedness of said City, including this issue, does
bond when it falls due and also to pay and discharge the principal
been levied in an amount sufficient to pay the interest on this
hereof at maturity; and that this bond; together with all other
existing indebtedness of said City, does not exceed any constitu-
tional or statutory limitation of indebtedness.
Wisconsin has caused this bond to be executed in its behalf by
its Xayor and City Clerk, the forner by his facsimile. signature,
its corporzte seal to be hereto affixed and has caused the attzched
interest coupons to be signed by said officers by their respective
facsimile signatures; and said officers, by the manual execution
of this bond by the City Clerk, do adopt as and for their own
proper signatures their respective facsimile signatures appearing
on this bond and said coupons, all as of the first.day of March,
1977.
IN WITNESS WHEREOF, the City of Muskego, Waukesha .County,
CITY OF MUSKEGO
WAUXESHA COUNTY, WISCONSIN
BY /s/ Bette J. Bowyer BY (facsimile) City Clerk myor
(Form of Coupon)
No. .$
On the first day of , 19 , the City of tluskego,
Waukesha County, Wisconsin, promises to pay to bearer the amount
shown hereon at * I
lawful noney of the United States of P-x?rica, for interest due that
day on its “Corporate Purpose Bond,” dated March 1, 1977, No.
, upon presentation 2nd surrender of this coupon,’ in I
CITY OF MUSKEGO
WAUKESHA COUNTY, \gISCONSIN
(facsimile) BY (facsimile)
City Clerk Mayor
*First National Bank
Harris Trust and Sav
of Waukesha, in Waukesha, Wisconsin and
ings Bank, in Chicago, Illinois
e
numbered 18 and up on Bonds 103/262)
(Clause to be added to coupons
"Unless the Bond to which this coupon is attached shall
have been called for prior redemption . . ."
FURTHER RESOLVED that for the purpose of paying the .
principal of and interest on the Bonds as the same
becomes due, the full faith, credit and resources of
the City are hereby irrevocably pledged and there be
and there hereby is levied on all the taxable prop-
erty in the City a direct, annual, irrepealable tax
in such years and in such amounts as are sufficient
due; said tax is hereby levied in the following ye.ars
to meet such principal and interest payments when
and in the following minimum anounts:
Year of Levy
1977
1978
1979
1380
1981
1982
1984
1987
1983
1985
1986
Amount
$107,581.67
91,-475.00
95,'275.00
88,875.00
147,600.00
153,775.00
199,375.00
117,475.00
338,950.00
210,000.00
324,700.00
FURTHER RESOLVED that the City shall be and continue
without power to repeal such levy or obskrudt the
collection of said tax until all such payments have
been made or provided for. After the issuance of the
Bonds, said tax shall be from year to year, carried
taxes are collected, provided that the amount of tax
into the tax rolls of the City and collected as other
czrried into said tax rolls may be reduced in any
year by the amount of zny surplus money in the Sinking
Fund hereinafter created;
FUEITFIER RESOLVED that there be and there hereby is
appropriated from funds of the City on hand the sum
of $46,106.67 to be deposited in the Sinking Fund
hereinafter created to be used solely to meet interest
payments due on December 1, 1977, which sum may be -
returned to the general fund upon collection of the
taxes herein levied for the year 1977;.
FURTHER RESOLVED that if in any year there shall be
insufficient funds from the tax levy to pay the prin-
cipal of or interest on the Bonds when due, the said
principal or interest shall be paid from other funds
of the City on hand, said amounts to be returned when
said taxes have been collected;
FURTHER RESOLVED that there be, and there hereby is,
established in the treasury of the City a fund sepa-
rate and distinct from every other fund, designated
as "The Sinking Fund for $1,310,000 'Corporate Pur-
.. pose Bonds', dated March l, 1977" and such fund shall
be maintained until the indebtedness evidenced by the
Bonds is fully paid or otherwise extinguished. The
City Treasurer shall deposit in such Sinking Fund (a)
arl accrued interest received. by the City at the.time
of delivery of and paynent for- the Bonds; (b) the .
taxes herein levied for the specific purpose of
meeting principal of-and interest on the Bonds when
due; - (c) such other suins as may be-necessary at. any .
when due; and (d) any prerniuin which nay be received
time to pay principal of and intersst on the Bonds
by the City over and above the par value of the Bonds
and accrued interest thereon;
FURTHER RESOLVED that no money shall be withdrawn
from the said Sinking Fund and appropriated for any .-
purpose other than the papent of principal of and
interest on the Bonds until all such principal and
interest has been paid in full and canceled; pro-
vided .(a) the funds to provide for-each payment of
principal of and interest on the Bonds may be in-
vested in direct obligations of the United States
of America maturing no later than ten days prior to
over and above the next succeeding annual require-
the time such paynents are due; and (b) any funds
ment for principal and interest on the Bonds may be
used to reduce the next succeeding tax levy, or nay,
at the option of the City, be invested by purchasing
the Bonds as permitted ,by Section 67 -11 (2) (a) , Wis.
Stats., interest-bearing bonds of the United States
of America, or in other obligations of the City;
FURTHER RESOLVED that when all of the Bonds have
been paid in full 2nd canceled, any money remaining
in the SinkingFund shall be deposited in the general
fund of the City;
FURTHER RESOLVED that none.of the money in any of
the funds herein established shall be used in such
within the meaning of Section 103(c)(2) of the
manner as to cause the Bonds to be "arbitrage bonds"
Internal Revenue 'Code of 1954, as amended;
FURTHER RESOLVED that all monies received by the
City upon the delivery of the Bonds to the purchaser
thereof except for accrued interest and premium, if
any, shall be deposited by the City Treasurer into
a Borrowed Money Fund and such fund shall be main-
tained separate and distinct from all other funds of
the City and shall be used for no purpose other than
the purposes for which the Bonds are issued; pro-
vided (a) such monies as are not inmediately needed
for such purposes m2:y be invested in time deposits
in any bank or trust company licensed to do business
in Wisconsin, such deposits to mature within one year
of the date of investment or the date such deposits
are needed, whichevsr is earlier, or in bonds or .
securities issued or guaranteed as to principal and
interest of the United Stskes~ Gover~ment or of a
United States Governnont; and (b) such monies, in-
commission, board or other instru_;lsntalify of the
mitted, as may remain in the BorroKed Money Fund
cluding any income from investments as herein p2r-
after the purposes for which the Bonds have been
issued have been accomplished, and such monies as
are not needed and which obviously thereafter cannot
be needed for such purposes shall be deposited in
the Sinking Fund heretofore created; .-
FURTHER RESOLVED that the Bonds shall be payable as
to principal and interest at *
FURTHER RESOLVED that the Playor and City Clerk, the
thorized and directed to execute and deliver the
former by his facsimile signature, are hereby au-
Bonds to the purchaser thereof u2on receipt of the
purchase price therefor and the officers of the City
hereby are directed and authorized to take all neces-
sary steps to close said issue of Bonds as soon as
practicable hereafter, in accordance with the terms
of sale thereof, and said officers are hereby au-
thorized and directed to execute and deliver such
documents, certificates and acknowledgments as may
be necessary or convenient in accordance therewith.
*First National Bank of Waukesha; in Waukesha, Wisconsin
and Harris Trust and Savings Bank, in Chicago, Illinois
Schaumberg, Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos,
Raymond Waller, Leslie J. Constantineau and Edwin P. Dumke
Upon roll call vote, the following voted Aye: Paul J.
and the following voted No: None
The Mayor thereupon declared said. resolution adopted.
(Here occurred business not pertinent to the bond issue.)
Upon motion made and seconded, the meeting was adjourned.
e