CCR1979034and035RESOLUTIONS :;34-79 and 1/35-79
of Common Council Held February 21, 1979
Excerpts of Minutes of Meeting
Waukesha County, Wisconsin, was held in open session on February 21,
A regular meeting of the Common Council of the City of Muskego,
at 8:OO P.M. in the Council Chambers, City Hall. The following
1979 and called to order by Paal J. Schaumberg, the Council President,
Aldermen were present: Paul J. Schaumberg, Mark E. Pienkos,
Ronald J. Ford, Thomas J. Van Lanen, Ralph Tomczyk, Raymond Wallner and
P. Dumke
The following Aldermen were absent: None (Mayor Jerome J. Gottfried
was absent)
(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
$670,000 GENERAL OBLIGATION PKOMISSORY NOTES
CITY OF MUSKEGO, WISCONSIN
SALE: WEDNESDAY, FEBRUARY 21, 1979
AWARD: THE NORTHERN TRUST COMPANY, CHICAGO, ILLINOIS
MOODY'S RATING: "A"
NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE
THE NORTHERN TRUST
Chicago, Illinois
COMPANY
FIRST NATIONAL BANK OF MINNEAPOLIS
M. H. Novick & Company, Inc.
Minneapolis, Minnesota
DAIN, KALMAN & QUAIL, INC.
American National Bank & Trust Co. Minneapolis, Minnesota
St. Paul. Minnesota
M&E NATIONAL EXCHANGE BANK
Blunt, Ellis & Loewi Inc.
Milwaukee, Wisconsin
FIRST NATIONAL BANK OF SAINT PAUL
St. Paul, Minnesota
WAUTERLEK & BROWN, INC.
Chicago, Illinois
CONTINENTAL ILLINOIS NATIONAL BANK
AND TRUST COMPANY OF CHICAGO
Chicago, Illinois
6.20%
6.10%
5.40%
6.00%
5.90%
5.40%
6.00%
5.70%
5.45%
5.50%
6.50%
5.50%
5.40%
5.50%
5.30%
5.40%
5.65%
6.20%
6.00%
5.45%
5.50%
6.70%
6.75%
5.60%
5.50%
1983184
1985
1986188
1983184
1985186
1987188
1983185
1986
1987
1988
1983184
1985
1986
1987188
1983184
1985186
1987188
1983
1984186
1988
1987
1983
1984
1985
1986/88
$307,899.00
5.5080%
$308,225.00
5.5138%
$31 1,786.24
5.5775%
$31 1,850.00
5.5787%
$312,413.75
5.5887%
$313,317.50
5.6049%
$313,640.84
5.6107%
$670,056.00
$670,000.00
$670,001.26
$670,000.00
$670,000.00
$670,000.00
$670,001.66
EHLERS AND ASSOCIATES, INC.
Financial Specialists
(continued on following page)
Bid Tabulation
Page 2 CITY OF MUSKEGO, WISCONSIN
$670,000 PROMISSORY NOTES
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
CHANNER NElrJMAN SECURITIES COMPANY 6.25% 1983/84
Illinois 6.00% 1985/86 5.50% 1987/88
HARRIS TRUST AND SAVINGS BANK
Chicago, Illinois
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6.00% 1983/86
5.50% 1987
5.60% 1988
FIRST WISCONSIN NATIONAL BANK OF 7.00% 1983
MILWAUKEE 5.95% 1984
Milwaukee, Wisconsin 5.50% 1985
Carleton D. Beh Co. 5.55% 1986
Des Moines, Iowa 5.60% 1987
5.65% 1988
ROBERT W. BAIRD & COMPANY, INC. 6.90% 1983/85
The First National Bank of Chicago 5.50% 1987/88
Milwaukee, Wisconsin ,5.40% 1986
Illinois
LA SALLE NATIONAL BANK
Chicago, Illinois
6.25% 1983/85 5.70% 1986
5.60% 1987188
$314,531.25 $670,000.00
5.6266%
$316,890.00 $670,010.00
5.6688%
$318,096.45 $670,009.80
5.6904%
$318,310.00 $670,000.00
5.6942%
$318,359.70 $670,271.55
5.6951%
EHLERS AND ASSOCIATES, INC.
Financial Specialists
First National-Soo Line Concourse
Mi nneapol is, Minnesota 55402
507 Marquette Avenue
Telephone: (612) 339-8291
The City Clerk read the resolution to be known as Resolution No.
34-79as follows: -
Resolution Awarding Notes
WHEREAS this City has duly received sealed proposals for its
issue of $670,000 Promissory Notes; and
'was that submitted by The Northern Trust Company, Chicago, Illinois,
and associates;
WHEREAS it has been determined that the best proposal received
NOW, THEREFORE, BE IT RESOLVED that the proposal of The Northern
Trust Company, Chicago, Illinois, and associates, be and it hereby is
directed to execute an acceptance of the offer of said successful
accepted and the Council President and City Clerk are authorized and
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 Ford moved that Resolution No. 34-79 be adopted.
Motion seconded by Alderman Tomczyk and Carrie- the following
vote :
Ayes: Aldermen Schaumberg, Pienkos, Ford, Van Lanen, Tomczyk,
Nos : None
Wallner and Dumke
The City Clerk read the following resolution, to be known as Reso-
lution No. 35-79: -
"A Resolution Authorizing the City of Muskego
to Borrow the Sum of $670,000 Pursuant to
Section 67.12(12) of the Wisconsin Statutes
for Corporate Purposes
hereinafter called the "City"), is presently in need of the sum of Six
Hundred Seventy Thousand Dollars ($670,000) for the purpose of paying
part of the costs of public work or improvements and equipment; and
WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes
the best interest of the Ci.ty that said sum be borrowed pursuant to
conditions hereinafter provided;
the provisions of Section 67.12(12), Wis. Stats., upon the terms and
WHEREAS the Common Council of thc City dcenls it nccessciry and in
NOW, TfIEREFORE, BE IT RESOLVED by the Common Council of the City
of Muskego, Waukesha County, Wisconsin, that:
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" . . I ..~
Section 1. The City of Muskego, Wnukesha County, Wisconsin, bor-
row the amount of $670,000 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 and on be-
half of the City 134 general obligation promissory notes of the City
in the denomination of Five Thousand Dollars ($5,000) each, numbered
serially on September 1 of each of the years and shall bear interest
from 1 through 134, and dated March 1, 1979. Said Notes shall mature
as follows:
Year Amount Interest -
1983
1984
1985
1987
1986
1988
$ 45,000
50,000
50,000
50,000
375,000
100,000
6.20 %
6.20
6.10
5.40
5.40
5.40
Said interest shall be payable semiannually on March 1 and September 1
of each year, commencing September 1, 1979, in accordance with, and
upon presentation and surrender of, the interest coupons to be attached
there to.
Principal of and interest on these Notes shall be payable in law-
ful money of the United States of America at The Northern Trust e Company’
in Chicago, Illinois
Section 3. The Notes shall be payable to bearer, shall be de-
livered to the lender upon receipt of the price thereof, plus accrued
interest to date of delivery and shall be in substantially the following
form:
*The Northern Trust Company, Chicago, Illinois
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STATE OF kJISCONSIN
COUNTY OF IJAUKESIIA
CITY OF MUSKEG0
PROMISSORY NOTE
No. $5,000 0 . FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wiscon-
sin, promises to pay to bearer the sum of FIVE THOUSAND DOLLARS ($5,000)
on the first day of September, 19 , together with interest thereon at
terest to be payable semiannually on the first days of March and Septem-
the rate of per cent ( %) per annum, said in-
ber in each year, commencing September 1, 1979, 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 Northern
prompt payment of this Note with interest thereon as aforesaid, and the
Trust Company , in Chicago , Illinois , and for the
levying and collection of taxes sufficient for that purpose, the full
faith, credit and resources of the City of Muskego, Wisconsin are here-
by irrevocably pledged.
This Note is issued pursuant to the provisions of Section 67.12(12),
Nisconsin Statutes, for the purposes of paying part of the costs of
public work and improvements and equipment and is authorized by a reso-
lution 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 February 21, 1979, which resolution is re-
corded in the official book of its minutes for said date and is referred
to as Resolution NO. - 35-79in said minutes.
It is hereby certified and recited that all conditions, things and
with the issuance of this Note have been done, have existed and have
acts required by law to exist or to be done prior to and in connection
of the City, including this Note and others authorized simultaneously
been performsd in due form and time; that the aggregate indebtedness
herewith, does not exceed any limitation imposed by law or the Constitu-
tion of the State of Wisconsin; and that the said City has levied a di-
rect, annual irrepealable tax sufficient to pay this Note, together with
interest therein 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 considered as a waiv-
er thereof or as a 'waiver' of or acquiescence in any default hereunder.
IN WITtJESS IqIICTcCOF, the Cornnion Council of the City of t.lusl;ego, 0 Waukesha County, Wisconsin, has caused this Note to be siyned on behalf
of said City by its duly elected Mayor and City Clerk, its corporate
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seal to be hereto affixed, and the attached coupons to be 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 signature as and for his own proper signature,
all as of this first day of March, 1979.
WISCONSIN
CITY OF IWSKEGO, WAUKESHA COUNTY,
BY /* /&*7, .. " CitkClerk BY Mayor
(Form of Coupon)
No. $
On the first day of , 19 , the City of Muskego, Waukesha
County, Wisconsin, promises to pay to bearer the amount shown hereon in
lawful money of the United States of America at The Northern Trust
that day on its Promissory Note dated March 1, 1979, No.
Company , in Chicago , Illinois , for interest due
WISCONSIN
CITY OF MUSKEGO, WAUKESHA COUNTY,
BY (facsimile) BY (facsimile) City Clerk Mayor
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est on each of said Notes as the same respectively falls due, the full
Section 4. For the purpose of paying the principal of and inter-
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 following years and in the following amounts:
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 19115
For the year 1986
For the year 1987
$ 55,935
37,290
37,290
82,290
84,500
81,400
78,350
125,650
395,250
In each of said years from 1979 to 1987, 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,un-
paid, 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 interest on said Notes.
There hereby is appropriated from funds of the City on hand the
sum of $ 18,645 to be deposited in the Sinking Fund hereinafter cre-
ated to be used solely to meet interest paymer'ts due on September 1;
the taxes herein levied for the year 1979.
1979, which sum may be returned to the general fund upon collection of
aforesaid tax levy sufficient to meet principal and/or interest pay-
If at any time there shall be on hand insufficient funds from the
ments 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.
Section 5. There is hereby established in the City Treasury a
fund separate and distinct from all other funds of the City, designated
"Sinking Fund for Promissory Notes dated March 1, 1979," which fund
shall be used solely for the purpose of paying principal of and inter-
est on said Notes. There shall be deposited in said fund the premium,
if any, and all accrued interest paid on said NoLcs at the time said
Notes are delivered to the lenders, all money raised by taxation or
appropriated pursuant to Section 4 hereof or. Section 67.11(1) (3), Wis.
Stats., and such other sums as may be necessary to pay interest on said
Notes when the same shall become due and to retire said Notes on their
respective maturity dates. The provisions of Section 67.11, Wis. Stats.,
relating to investments and use of surplus shall, insofar as applicable,
govern the management of such Sinking Fund.
i
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 and shall record a full
and correct statement of every step or proceeding had or taken in the
course of authorizing and issuing these Notes.
Section 6. ,The City Comptroller shall keep, maintain and preserve
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 investment shall
be in such a manner as would cause the Notes to be "arbitrage bonds"
within the meaning of Section 103(c)(2) of the Internal Revenue Code
of 1954, as amended, or the Regulations of the Commissioner of Internal
sibility for issuing these Notes shall certify as to facts, estimates
Revenue thereunder; and an officer of the City charged with the respon-
and circumstances in existence on the date of closing, which will per-
mit the conclusion that the "proceeds" will not be used in a manner
that would cause the Notes to be "arbitrage bonds."
this resolution as possible and sh.all be delivered to the lender upon
Section 8. Said Notes shall be executed as soon after adoption of
receipt of the price thereof and accrued interest to date of delivery."
Mayor
Attest: *
v City Clerk
Approved February 21, 1979.
Mayor
Recorded February 21, 1979.
- Motion seconded by Alderman Tomczyk
Alderman Ford moved that Resolution No. 35-79 be adopted.
and carried by the following
vote:
Ayes: Aldermen Schaumberg, Pienkos, Ford, Van Lanen, Tomczyk,
Wallner and Dumke
NOS : None
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’. :
The Council President declared the resolution adopted and signed
same in open meeting.
City Clerk signed the attest of resolution.
(Here occurred business not pertinent to the note issue.)
There beins no further business to come before the meeting, the - meeting adjourned.
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