CCR1982133RESOLUTION #133-82
APPROVAL OF TEMPORARY OCCUPANCY OF TRUCK
CAMPER ON RACINE AVENUE
WHEREAS, Richard and Marlene Simandl, owners of property
located at W191 S9475 Racine Avenue, a 20-acre U-Pick Farm,
have requested n permit to live in their truck camper until
October 31, 1982, and
WHEREAS, Ch. 12, Sec. lO(3) of the City's Municipal Code
permits the Common Council to issue a special permit
outside of a trailer camp, and
WHEREAS, the request to the city clerk's office was
accompanied by the inspection fee of $15.00, and
WHEREAS, an inspection of the sanitary facilities was
made by the city's plumbing inspector and the Waukesha
County Sanitarian and were found to be adequate,
THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego does hereby approve of a special permit to have Richard and Marlene Simandl occupy their truck
camper at W191 S9475 Racine Avenue, until October 31,
municipal code.
1982, in accordance with Ch. 12, Sec. lO(3) of the city's
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DATED THIS 3 .. DAY OF $.&
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FINANCE COMMITTEE
Ald. Mitchel Penovich
ATTEST :
City Clerk
6/82
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of Common Council Held July 13, 1982
Excerpts of Minutes of Meeting
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Waukesha County, Wisconsin, was held in open session on July 13, 1982
and called to order by His Honor, Mayor Salentine at 7:30 P.M. in the
Council Chambers, City Hall. The following Aldermen were present:
Richard S. Nilsson, Jr., Charles Colburn, Mitchel Penovich, Robert
Klenz, Blenda Treba and Edwin-P. Dumke
A regular meeting of the Common Council of the City of Muskego,
The following Aldermen were absent: Ralph R. Tomczyk
meeting of the Common Council. Notice of this meeting was given to the
The Mayor opened the meeting by announcing that this was an open
public by forwarding the complete agenda to the official City
newspaper, the Muskego Sun, and to all news media who have requested
the same as well as posting. Copies of the complete agenda were
available for inspection at the City Clerk's office. Anyone desiring
off ice.
information as to forthcoming meetings should contact the City Clerk's
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that sealed bids had been received
for the note issue, which had beenadvertised for bids pursuant to the
action of the Council. The City Clerk indicated that each such bid was
details as to each bid submitted:
accompanied by a $36,800 good faith check and read the following
BID TABULATION
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$1,840,000 General Obligation Promissory Notes
City of Muskego, Irlisconsin
SALE: Tuesday, July 13, 1952
AWARD: DAIN BOSWORTH, INC.
MOODY'S RATING: "Baa-1"
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
DAIN BOSWORTH, INC. 9.25% 1983 $417,860.00 $1,805,040.00
American National Bank and Trust Company 10.60%
First National Bank of Minneapolis
The First National dank of Saint Paul
Moore, Juran & Company, Inc.
Minneapolis, Minnesota 9.75% 1984
CONTINENTAL ILLINOIS NATIONAL BANK AND 9.50% 1983
TRUST COMPANY OF CHICAGO 10.00% 1984
Chicago, Illinois
Kidder, Peabody & Company, Inc.
Warburg Paribas Becker/A. G. Becker
Bacon Whipple & Company
Sauerman Securities, Inc.
FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE 10.00% 1983
Milwaukee, Wisconsin 10.25% 1984
E. F. HUTTON & COMPANY, INC.
Chicago, Illinois
Clayton Brown & Associates, Inc.
Piper, Jaffray & Hopwood, Inc.
Dougherty, Dawkins, Strand & Yost, Inc.
THE NORTHERN TRUST COMPANY
LaSalle National Bank
Robert W. Baird & Co., Inc.
Croake Roberts, Inc.
Channer Newman Securities, Inc.
Chicago, Illinois
- In Association With -
MARINE NATIONAL EXCHANGE BANK
Blunt, Ellis & Loewi, Inc.
Milwaukee, Wisconsin
Cronin & Marcotte, Inc.
10.00% 1983
10.50% 1984
$422,190.00 $1,810,560.00
10.71%
$434,505.00 $1,808,720.00
11.02%
$445,350.00 $1,807,100.00
11.30%
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Financial Specialists
Telephone: (612) 339-8291
Minneapolis, Minnesota 55402
The City Clerk read the following resolution:
Resolution No. 134-82
Resolution Awarding Notes
WHEREAS this City has duly received sealed proposals for its issue
of $1,840,000 Promissory Notes: and
WHEREAS it has been determined that the best proposal received was
that submitted by Dain Bosworth, InC. and
associates;
NOW, THEREFORE, BE IT RESOLVED that the proposal Of Dain
Bosworth. Inc. and associates, be and it hereby is
accepted and the Mavor and Citv Clerk are authorized and directed to
exec;te an acceptance of the oifer of said successful 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.
moved that Resolution No. 134-82 be adopted.
Motion seconded by Alderman Penovich and carried by the following
vote:
Ayes: Richard s. Nilsson, Jr., Charles Colburn, Mitchel Penovich,
Alderman Colburn
)
Robert Klenz, Blenda Treba and Edwin P. Dmke
NOS: None
The City Clerk read the following resolution:
Resolution No. 135-82
"A Resolution Authorizing the City of Muskego
to Borrow the Sum of $1,840,000 Pursuant to
Section 67.12(12) of the Wisconsin Statutes
for Corporate Purposes
WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes
hereinafter called the "City"), is presently in need of the sum of One
Million Eight Hundred Forty Thousand Dollars ($1,840,000) for the
purpose of paying part of the costs Of temporary funding of acquisition
of lands, permanent improvements of lands, public work OK improvement
and for equipment consisting of projects outlined in the tax increment
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~ expenses: and
project plans for T.1.D.s NO. 1 through 7 and for general and current
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the best interest of the City that said sum be borrowed pursuant to the
WHEREAS the Common Council of the City deems it necessary and in
conditions hereinafter provided:
0 provisions of Section 67.12(12), Wis. Stats., upon the terms and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City
of Muskego, Waukesha County, Wisconsin, that:
Wisconsin, borrow the amount of $1,840,000 from
above stated.
Section 1. The Loan. The City of Muskego, Waukesha County,
Dain Bosworth, Inc. for the pur-pose
Section 2. The Notes. To evidence such indebtedness, the Mayor
and City Clerk shall make, execute and deliver to said lender, for and
on behaif of the City 368.general obligation promissory notes.of the
City, payable to bearer, in the denomination of Five Thousand Dollars
($5,000) each, numbered from 1 through 368, and dated July 1, 1982 (the
"Notes"). The Notes shall mature serially on October 1 of each of the
years and shall bear interest as follows:
Year Amount Interest
1983
1984 1,640,000 9.15
$ 200,000 9.25 %
I Said interest shall be payable on April 1 and October 1 of each year,
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commencing April 1, 1983, in accordance with, and upon presentation and surrender of, the interest coupons to be attached thereto.
The Notes shall be callable as provided in the note form herein
established.
Section 3. Form of Notes and Coupons. The Notes and coupons to
be attached thereto shall be in substantially the following form:
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UNITED STATES OF AMERICA
COUNTY OF WAUKESHA
STATE OF WISCONSIN
CITY OF MUSKEG0
PROMISSORY NOTE
No. $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 , 19-, together with interest
thereon at the rate of per cent (-
annum, said interest to be payable semiannually on the first days of
%) Per
April and October in each year, commencing April 1, 1983, in accordance
with, and upon presentation and surrender of, the interest coupons
attached hereto as they severally become due.
Notes of this issue maturing in the year 1984 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 October 1, 1983 or any interest payment date
thereafter at the price 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 of its regular
service.
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Both urinciDal hereof and interest hereon are herebv made pavable
in lawfulLmoney-of the-United States of America ,at American National
Bank and Trust Company , in St. Paul , Minnesota , and for the
prompt payment of this Note with interest thereon as aforesaid, and the
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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.
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 acquisition of lands, permanent improvement of lands;
equipment and general and current expenses and is authorized 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 July 13, 1982, which resolution
is recorded in the official book of its minutes for said date and is
referred to as Resolution No. 135-82in 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
been 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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any right hereunder shall impair such right or be considered as a
hereunder.
No delay or omission on the part of the holder hereof to exercise
waiver thereof or as a waiver of or acquiescence in any default
Waukesha County, Wisconsin, has caused this Note to be signed on behalf
IN WITNESS WHEREOF, the Common Council of the City of Muskego,
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
be impressed or imprinted hereon, and the attached coupons to be signed
by the facsimile signatures of its Mayor and City Clerk, each -of whom.
City Clerk, does adopt his aforesaid facsimile signature as and for his
in his respective capacity by the mangal execution of this Note by the
own proper signature, all as of this first day of July, 1982.
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY City Clerk BY (facsimile) 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
1aWfUi~mOney of the-United States of America at American National
interest due that day on its Promissory Note dated July 1, 1982, No.
"
Bank and Trust Company , in St. Paul , Minnesota , for
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY (facsimile) BY (facsimile) City Clerk Mayor
numbered 3 and up on Notes 41/368) (Clause to be added to coupons
"Unless the Note to which this coupon is attached shall have been
called for prior redemption . . ."
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Section 4. Tax Provisions.
Davinq the orincipal of and interest on each of said Notes as the same
1. For the purpose of
" - respectivel; 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 in an amount and at the times
sufficient for said purpose, such tax to be for the following years and
in the following minimum amounts:
For the year 1982 $ 423,001.84 For the year 1983 1,799,900.00
power to repeal such levy or obstruct the collection of said tax until
(B) Tax Collection. The City shall be and continue without
of the Notes, said tax shall be, from year to year, carried into the
all such paGments have been made OK provided for. After the issuance
provided that the amount of tax carried into said tax rolls may be
tax rolls of the City and collected as other taxes are collected,
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 levy 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.
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Section 5. Sinking Fund.
established in the treasurv of the City a fund seDarate and distinct
(A) Creation and Deposits. There be and there hereby is
from every other fund, designated as "The Sinking-Fund for $1,840,000
'Promissory Notes' dated July 1, 1982," and such fund shall be
maintained until the indebtedness evidenced by the Notes is fully paid
or otherwise extinguished. The City Treasurer shall deposit in such
Sinking 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
for the specific purpose of meeting principal of and interest on the
Notes when due: (iii) such other sums as may be necessary at any time
premium which may be received by the City over and above the par value
to pay principal of and interest on the Notes when due: (iv) any
of the Notes and accrued interest thereon and any amount by which the
discount bid is less than the maximum allowable discount; (v) surplus
monies in the Borrowed Money Fund as specified-in Section 6 hereof; and
Stats.
(vi) such further deposits as may be required by Sec. 67.11, Wis.
(8) Use and Investment. No money shall be withdrawn from
the Sinking Fund and appropriated for any purpose other than the
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
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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
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. Stats.; interest-bearing bonds of the United
States of America; OK in other obligations of the City, which
investments shall continue a part of the Sinking Fund.
0 are due: and (ii) any funds over and above the next succeeding annual
(C) Remaining Monies. When all of the Notes have been paid
in full and canceled, and all permitted investments disposed of, any
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
discount bid is less than the maximum allowable discount shall be
for accrued interest and premium, if any, and any amount by which the
deposited by the City Treasurer into a special fund which shall be
maintained separate and distinct from all other funds of the City and
Notes are issued. Monies not immediately needed for such purposes may
shall be used for no purpose other than the purposes for which the
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 needed, whichever is earlier, or in bonds or securities
issued or guaranteed as to principal and interest of the United States
Government or of a commission, board or other instrumentality of the
United States Government. Any monies including any income from
permitted investments, remaining 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
Sinking Fund.
thereafter cannot be needed for such purposes shall be deposited in the
resolution shall be leqal investments, but no such investment shall be
Section 7. No Arbitrage. All investments permitted by this
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 for 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 are
not "arbitrage bonds," within the meaning of said Code or Regulations.
shall be payable in lawful money of the United States of America at
American National Bank and Trust Company, in St. Paul, Minnesota
Section 8. Paying Agent. Principal of and interest on the Notes
maintain and preserve an adequate and correct register account of all
and the City Clerk shall provide and keep a separate record book and
Section 9. Account and Records. The City Comptroller shall keep,
~ Notes issued and all payments and other transactions relating thereto:
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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 10. Closing. The Mayor and City Clerk of the City are
hereby authorized and directed to execute and deliver the Notes to the
purchaser thereof upon receipt of the borrowed funds, accrued interest
to date of delivery and premium, if any; the officers of the City are
hereby directed and authorized to take all steps necessary or
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 July 13, 1982.
Alderman Klenz
Motion seconded by Alderman Durnke
moved that Resolution No.135-82 be adopted.
and carried by the following
vote:
Ayes: Richard s. ~ilsson, Jr., Charles Colburn, Mitchel Penovich,
Robert Klenz, Blenda Treba and Edwin P. Dumke
Mayor and City Clerk signed same in the appropriate manner in open
The Mayor declared the resolution adopted and approved and the
meeting.
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting, the I
I meeting adjourned.
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