CCR1980203RESOLUTION #203-80
TO BORROW THE SUM OF $1,225,000 PURSUANT TO SECTION
A RESOLUTION AUTHORIZING THE CITY OF MUSKEG0
67.12 (12) OF THE WISCONSIN STATUTES
WHEREAS the City of Muskego, Waukesha County, Wisconsin (some-
times hereinafter called the "City"), is presently in need of the sum of
One Million Two Hundred Twenty-five Thousand Dollars ($1,225,000) for the
purpose of paying part of the costs of public work or improvement and
equipment consisting of the 1981 capital projects and additional streets,
storm sewers and a new well, and
the best interest of the City that said sum be borrowed pursuant to the
provisions of Section 67.12 (12), Wis. Stats., upon the terms and
conditions hereinafter provided, I
WHEREAS the Common Council of the City deems it necessary and in
,
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City
f Muskego, Waukesha County, Wisconsin, that
Section 1. The Loan. The City of Muskego, Waukesha County,
Wisconsin, borrow the amount of $1,225,000 from The vn T1-gct
Comaany for the purpose above staw
and City Clerk shall make, execute and deliver to said lender, for and
Section 2. The Notes. To evidence such indebtedness, the Mayor
on behaif of the City 245. general obligation promissory notes~ of the
City, payable to bearer, in the denomination of Five Thousand Dollars
($5,000) each, numbered from 1 through 245, and dated December 1, 1980
(the "Notes"). The Notes shall mature serially on December 1 of each
of the years and shall bear interest as follows:
Year
1983
1984
1986
1985
1987
1988
1989
1990
Amount
$25,000
50,000
75,000
125,000
150,000
150,000
300,000
350,000
Interest
9.40%
10.00
10.00
10.00
8.90
8.60
9.00
8.80
Said interest shall be payable on June 1 and December 1 of each year,
commencing June 1, 1981, in accordance with, and upon presentation and
surrender of, the interest coupons to be attached thereto.
established.
The Notes shall be callable as provided in the note form herein
Section 3. Form of Notes and Coupons. The Notes and coupons to
attached thereto shall be in substantially the following form.
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
No .I $5,000
1) 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 December, 19 , together with interest
thereon atthe rate of
annum, said interest to be payable semiannually on.the first days of
June and December in each year, commencing June I, 1981, in accordance
with, and upon presentation and surrender of, the interest coupons
attached hereto as they severally become due.
- per cent .(-%I per
Notes of this issue maturing in the year 1990 shall be subject to
call and prior payment in whole or from time to time in part by lot at
the option OF the City on December I, 1989 or 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 published in
Chicago, Illinois, which customarily publishes like notices as a part
(c its regular service.
in lawfuI money of the United States of America at
DromDt wavment of this Note with interest thereon as aforesaid, and the
Both principal hereof and interest hereon are hereby made pay able^
, , , and for the
" ievying and collection of taxes sufficient for that purpose, the full
hereby irrevocably pledged.
faith, credit and resources of the City of Muskego, Wisconsin are
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 is authorized by a resolution
of the Common Council of the City of Muskego, duly adopted by at le'ast
a two-thirds vote of the members-elect of said Common Council at its
meeting duly convened on December 9, 1980, which resolution is recorded
Resolution No.
in the official book of its minutes for said date and is referred to as
in said minutes.
It is hereby certified and recited that all conditions, things and
acts required by law to exist or to be done prior to and in connection
th the issuance of this Note have been done, have existed and have
en performed in due form and time: that the aggregate indebtedness of ,@
herewith, does not exceed any limitation imposed by law or the
the City, including this Note and others authorized simultaneously
Constitution of the State of Wisconsin: and that the City has levied a
direct, annual irrepealable tax sufficient to pay this Note, together
with Interest thereon when and as payable.
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i.
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
waiver thereof or as a waiver of or acquiescence in any default
hereunder.
IN WITNESS WHEREOF, the Common Council of the City of Muskego, e-
Waukesha County, Wisconsin, has caused this Note to be signed on behalf
of said City by its duly elected Mayor and City Clerk, the former by
his facsimile signature, its corporate seal or a facsimile thereof to 8
be impressed or imprinted hereon, and the attached coupons to be signe3
by the facsimile signatures of its Mayor and City Clerk, each of whom
in his respective capacity by the manual execution of this Note, by the
City Clerk, does adopt his aforesaid facsimile signature as and for his
own proper signature, all as of this first day of December, 1980.
WAUKESHA COUNTY, WISCONSIN
CITY OF MUSKEGO,
BY ~~
~~ BY (facsimile)
dity Clerk Mayor
(Form of Coupon)
No. $ a On the first day of , 19 , the City of Muskego, Waukesha
I I , for interest due
County, Wisconsin, promises to pay toTearer the amount shown hereon in
lawful money of the United States of America at
th-at day on its Promissory Note dated December 1, 1980, No. -.
-
CITY OF MUSKEGO,
NAUKESHA COUNTY, WISCONSIN
._
By:. (facsimile) BY (facsimile)
'=City Clerk Ma yo r
numbered 19 and up on Notes 176/245) (Clause to be added to coupons
"Unless the Note to which this coupon is attached shall have been
called for prior redemption . . . n
5
,. . '
Section 4. Tax Provisions.
(A) Direct, Annual Irrepealable Tax. For the purpose of
paying the principal of and interest on each of said Notes as the same .,a
S
" spectively falls due, the full faith, credit and taxing powers of the
ty are hereby.irr.ev.ocably pledged and there be and there hereby is
levied on all of the taxable property in the City of Muskego a direct,
'" anKual irrepealable tax in an amount and at the times sufficient for
id purpose, such tax to be for the following years and in the
llowing minimum amounts:
For the
For the
For the
For the
For the
For the
For the
For the
For the
For the
year
year
year
year
year
year
year
year
year
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
s
(B) Tax Collection'. The City shall be and continue without
power to repeal such levy or obstruct the collection of said tax until
all such payments have .been made or provided for. After the issuance
the- Notes, said tax' shall be; from year- to year., carried into the a- x rolls of the City and collected as other taxes are collected,
provided that the amount of tax carried into said tax rolls may be
Fund created in Section 5(A) hereof.
reduced in any-year by the amount of any surplus money in the Sinking
insufficient funds from the aforesaid tax levv sufficient to meet
(C) Additional Funds. If at any time there shall be on hand
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.
Section 5. Sinking Fund.
established in the treasury:of the City a fund separate and distinct
(A) Creation and Deposits. There be and there hereby is
~ ~ from every other fund, desig~nated as "The Sinking Fund for $1,225,000
'Promissory Notes' dated December I, 1980," and such fund shall be
maintained until the indebtedness evidenced by the Notes ?s fully paid
ratherwise extinguished. The City Treasurer shall deposit in such
nking Fund (i) all accrued interest received by the City at the time
of delivery of and payment for the Notes; (ii) the taxes herein levied
Notes when due; (iii) such other sums as may be necessary at any time
for the specific purpose of meeting principal of and interest on the
to pay principal of and interest on the Notes when due; (iv) any
premium which may be received by the City over and above the par value
of the Notes and accrued interest thereon; (v) surplus monies in the
Borrowed Money Fund as specified in Section 6 hereof; and (vi) such
further deposits as may be required by Sec. 67.11, Wis. Stats.
Q
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the Sinkinq Fund and appropriated for any purpose other than the (B) Use and Investment. No money shall be withdrawn from
payment of-principal of-and interest on the Notes until all such
principal and interest has been paid in full and canceled; provided (i)
the funds to provide for each payment of principal of and interest on a
the Notes may be invested in direct obligations of the United States of
America maturing no later than ten days prior to the time such payments
are due; and (ii) any funds over and above the next succeeding annual 8
requirement for principal and interest on the Notes may be used to
reduce the next succeeding tax levy, or may, at the option of the City,
be invested by purchasing the Notes as permitted by and subject to
Section 67.11(2) (a), Wis. Sta-ts.; interest-bearing bonds of the United
States of America; or in other obligations of the City, which
investments shall continue a part of the Sinking Fund.
-
in full and canceled, and all permitted investments disposed of, any
(C) Remaining Monies. When all of the Notes have been paid
money remaining in the Sinking Fund shall be deposited in the general
fund of the City.
Section 6. Proceeds of the Notes. All monies received by the
City upon the delivery of the Notes to the purchaser-thereof, except
f0.r accrued interest and premium, if any, shall be deposited by the
City Treasurer into a special fund .which- sha~ll be -maintained separate
and distinct from all other funds of the City and shall be used for no 0
purpose other than the purposes for which the Notes are issued. Monies
not immediately needed for such purposes may be invested in time
deposits in any bank, trust company or savings and loan association -
licensed to do business in Wisconsin, such deposits to mature within
one year of the date of investment or the date such deposits are
ne’eded, whichever is earlier, or in bonds or securities issued or
guaranteed as to principal and interest of the United States Government
oryo€ a commission, board or other instrumentality of the United States
Goiirernment. Any monies including any income from permitted investments,
reiiaining in the Borrowed Money Fund after the purposes for which the
Notes have been issued have been accomplished, and, at any time, any
monies as are not needed and which obviously thereafter cannot be
needed for such purposes shall be deposited in the Sinking Fund.
Section 7. No Arbitrage. All investments permitted by this
resolution-shaLl be -legal investments,~ but no such. investment-shall be
made 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
Revenue thereunder; and an officer of the City, charged with the
responsibility €or issuing the Notes, shall certify as to facts,
estimates, circumstances and reasonable expectations in existence on
the date of closing which will permit the conclusion that the Notes ace
not “arbitrage bonds,” within the meaning of said Code or Regulations.
Section 8. Paying Aqent. Principal oE and interest on the Notes
shall be payable in lawful money of the United States of America at
7
t" Section 9. Account and Records. 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 and
all record a full and correct statement of every step or proceeding
d or taken in the course of authorizing and issuing these Notes.
- Section 10. Closing. The Mayor and City Clerk of the City are
r'eby authorized and directed to execute and deliver the Notes to the
chaser thereof upon receipt of the borrowed funds, accrued interest
6
c&
hereby directed and authorized to take all steps necessary or
to date of delivery and premium, if any; the officers of the City are
convenient to close this issue as soon as practicable hereafter, in
accordance with. the terms.of.sale.~thereof; and said officers are hereby
authorized and directed to execute and deliver such documents,
certificates and acknowledgments as may be necessary or convenient in
accordance therewith ."
Adopted, approved and recorded December 9, 1980.
Mayor
(SEAL)
atest:
City Clerk
Alderman moved that Resolution No. 203-h be adopted.
Motion seconded by Alderman and carried by the following
vote:
Ayes :
Nos :
The Mayor declared
Mayor and City Clerk s
meeting.
- (Here occurred bus
the resolution adopted and approved and the
igned same in the appropriate manner in open
iness not pertinent to the note issue.)
There being no further business to come before the meeting, the
meeting adjourned.
Charlotte L. Stewart, City Clerk
a