CCR1983223-224The City Clerk read the following resolution:
Resolution No. 223-83
Resolution Awarding Notes
WHEREAS this City has duly received proposals for its issue of
$5,390,000 General Obligation Promissory Notes; and
WHEREAS it has been determined that the best proposals received
were those submitted by The Northern Trust Company and Continental
Illinois National Bank & Trust Company of Chicago;
NOW, THEREFORE, BE IT RESOLVED that the proposals of The Northern
of Chicago be and are hereby accepted and the Mayor and City Clerk
Trust Company and Continental Illinois National Bank 6 Trust Company
of said successful purchasers on behalf of the City.
are authorized and directed to execute an acceptance of the offers
Alderman Colburn moved that Resolution No. 223-83 be adopted.
Motion seconded by Alderman Penovich and carried by the following
vote :
Ayes: Nilsson, Colburn, Tomczyk, Penovich, De Angelis, Gaetzke and
Dumke
Nos: None
The City Clerk read the following resolution:
Resolution No. 224-83
"A Resolution Authorizing the City of Muskego
to Borrow the Sum of $5,390,000 Pursuant to
Section 67.12(12) of the Wisconsin Statutes
for Corporate Purposes
WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes
Million Three Hundred Ninety Thousand Dollars ($5,390,000) for the
hereinafter called the "City"), is presently in need of the sum of Five
purpose. of paying part of the costs of (i) refunding original
promissory notes of the City; (ii) acquiring equipment: and (iii)
acquisition of lands for public purposes, permanent improvements Of
lands,.and public work or improvement, and the enlargement or extension
thereof, including, without limitation, ~ewers, street improvements and
park improvements; and * WHEREAS the Common Council of the City deems it necessary and in
provisions Of Section 67.12(12), Wis. Stats., upon the terms and
the best interest of the City that said sum be borrowed pursuant to the
. a.
.I conditions hereinafter provided:
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City
of Muskego, Waukesha County, Wisconsin, that:
Section 1. Sale of Notes. The City of Muskego, Waukesha County,
Wisconsin, shall sell and deliver its $5,390,000 General Obligation
Promissory Notes, issued for the Durmse above stated. to
t'
- t " . for the purchase price
of $5,309,150.
D and City Clerk shall make, execute and deliver to said purchaser, for Section 2. The Notes. To evidence such indebtedness, the Mayor
and on behalf of the City general obligation promissory notes of the
City, registered as to both principal and interest, in the denomination
of Five Thousand Dollars ($5,000) each, or whole multiples thereof, and
numbered from R-1 upward (the "Notes"). The Notes shall mature
serially on June 1 of each of the years and shall bear interest as
follows : - Year Amount Inteiest
1985
1986
1987
1988
1989
1990
1991
1992
1993
$ 50,000
50,000
175,000
175,000
275,000
275,000
400,000
1,965,000
2,025,000
6.50 %
7.40
7.00
7.70
8.00
8.25
8.50
8.75
9.00
Said interest shall be payable on June 1 and December 1 of each year,
commencing June 1, 1984. The Notes shall be initially dated September
1, 1983 and, if issued on or after June 1, 1984, shall be dated as of
the June 1 or December 1 next preceding their date of issue or if
issued on June 1 or December 1 as of such date.
The Notes shall be callable as provided in the note form herein
established.
the following form:
Section 3. Form of Notes. The Notes shall be in substantially
a *The Northern
Bank 6 Trust
Trust Company and Continental Illinois National
Company of Chicago
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
GENERAL OBLIGATION PROMISSORY NOTE
Number' Rate - Maturity
Date of
Original Issue Amount
% June 1, 19- September 1, 1983 $
Wisconsin, promises to pay to the order of
THOUSAND DOLLARS ($
registered assigns, the sum of
) on the date specified above, together with
interest thereon from the date of this Note set forth below at the rate
specified above, said interest to be payable on the first' days of June
and December in each year, commencing June 1, 1984.
FOR VALUE RECEIVED, the City of Muskego, Waukesha County, or
Notes of this issue maturing in the years 1991 through 1993 shall
be subject to call and prior payment at the option of the City in whole
or from time to time in part in inverse order of maturities (but within
any maturity by lot) on June 1, 1990 or any interest payment date
thirty (30) days' notice of such call shall be given by mailing a thereafter at the price of par plus accrued interest. Not less than
notice thereof by registered or certified mail to the registered owner
of each Note to be redeemed at the address shown on the registration
books.
Both principal hereof and interest hereon are hereby made payable
to the registered owner or his legal representative in lawful money of
the United States of America at First Bank (N.A.), Milwaukee,
Wisconsin, the Fiscal Agent, and any successor thereto, and for the
prompt payment of this Note with interest thereon as aforesaid, and the
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. The principal of this Note shall be
payable only upon presentation and surrender of this Note at the
principal office of the Fiscal Agent. Interest hereon shall be payable
by check or draft mailed from the office of the Fiscal Agent to the
person in whose name this Note is registered at the close of business
on the fifteenth day of the calendar month next preceding each interest
payment date,
that purpose at the principal office of the Fiscal Agent, and any
successor thereto, by the registered owner in person or his duly
written instrument of transfer (which may be endorsed hereon)
authorized attorney, upon surrender of this Note together with a
satisfactory to the Fiscal Agent duly executed by the registered owner
same aggregate principal amount, series and maturity shall be issued to
or his duly authorized attorney. Thereupon a new Note or Notes of the
the transferee in exchange therefor. The City and Fiscal Agent may
This Note is transferable only upon the books of the City kept for
4
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deem and treat the person in whose name this Note is registered as the
absolute owner hereof for the purpose of receiving payment of or on
account of the principal or interest hereof and for all other purposes.
The Notes are issuable solely as negotiable fully registered Notes
without coupons in authorized denominations of $5,000 or any whole
multiple thereof.
67.12(12), Wisconsin Statutes, for the purposes of paying part of the
This Note is issued pursuant to the provisions of Section
costs of (i) refunding original promissory notes of the City; (ii)
acquiring equipment; and (iii) acquisition of lands for public
purposes, permanent improvements of lands, and public work or
improvement, and the enlargement or extension thereof, including,
without limitation, sewers, street improvements and park improvements;
and is authorized by a resolution of the Common Council of the City,
duly adopted by at least a two-thirds vote of the members-elect of said
Common Council at its meeting duly convened on August 23, 1983, which
resolution is recorded in the official book of its minutes for said
date and is referred to as Resolution No. 224-83in said minutes.
This Note shall not be valid or obligatory for any purpose until
the Certificate of Authentication hereon shall have been signed by the
Fiscal Agent.
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
with the issuance of this Note have been done, have existed and have
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
direct, annual irrepealable tax sufficient to pay this Note, together
Constitution of the State of Wisconsin; and that the City has levied a
with interest thereon when and as payable.
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.
No delay or omission on the part of the holder hereof to exercise
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 the facsimile signatures of its duly elected Mayor and
City Clerk, and its corporate seal or a facsimile thereof to be
impressed or imprinted hereon, all.as of this first day of
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY City Clerk
(facsimile) BY (facsimile)
Mayor
L
(Form of Registrar's Certificate of Authentication)
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue described in the within
mentioned resolution of the City of Muskego, Wisconsin.
First Bank (N.A.)
Fiscal Agent
BY Authorized Signatory
(Form of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
Please insert Social Security or other identifying number of Assignee
(Please print or typewrite name and address, including zip code, of
Assignee)
the within Note and all rights thereunder, hereby irrevocably
constituting and appointing
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Attorney to transfer said Note on the books kept for the registration
thereof with full power of substitution in the premises.
0 Dated:
NOTICE: The signature to this assignment must correspond with the
name as it appears upon the face of the within Note in every
particular, without alteration or enlargement OK any change whatever.
C
Section 4. Tax Provisions.
paying th; pr'incipal of and interest on each of said Notes as the same
A) Direct, Annual Irrepealable Tax. For the purpose of
City are hereby irrevocably pledged and there be and there hereby is
respectively falls due, the full faith, credit and taxing powers of the
levied on all of the taxable property in the City 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 1983
For the year 1985
For the year 1984
For the year 1986
For the year 1987
For the year 1988
For the year 1989
For the year 1991
For the year 1990
For the year 1992
582,564.74
514,425.00
511,050.00
614,612.50
627,825.00
696,875.00
674,531.25
771,187.50
2,233,218.75
2,116,125.00
power to repeal such levy or obstruct the collection of said tax until
(B) Tax Collection. The City shall be and continue without
all such payments have been made or provided for. After the issuance
of the Notes, said tax shall be, from year to year, carried into the
tax rolls of the City and collected as other taxes are collected,
provided that the amount of tax carried into said tax rolls may be
reduced in any year by the amount of any surplus money in the Sinking
Fund created in Section 5(A) hereof.
(C) Additional Funds. If at any time there shall be on hand
insufficient funds from the aforesaid tax levy sufficient to meet
principal and/or interest payments on said Notes when due, the
available, which sums shall be replaced upon the collection of the
requisite amounts shall-be paid from other funds of the City then
taxes herein levied.
Section 5. Sinking Fund.
(A) Creation and Deposits. There be and there hereby is
established in the treasury of the City a fund separate and distinct
from every other fund, designated as the 'Sinking-Fund for $5,390,000
'General Obligation Promissory Notes' initially dated September 1,
1983," and such fund shall be maintained until the indebtedness 0 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 to pay principal of and
interest on the Notes when due: (iv) any premium which may be received * interest thereon and any amount by which the discount bid is less than
by the City over and above the par value of the Notes and accrued
the maximum allowable discount: and (v) surplus monies in the Borrowed
7
Money Fund as specified in Section 6 hereof.
a the SinkiAs Fund and appropriated for anv Durpose other than the
B) Use and Investment. No money shall be withdrawn from - payment of-principal o?-anh interest on ih'e Nbtes 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
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
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: or other obligations of the City, which investments
shall continue a part of the Sinking Fund.
>
(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
for accrued interest and premium, if any, and any amount by which the
discount bid is less than the maximum allowable discount shall be
deposited by the City Treasurer into a special fund which shall be
maintained separate and distinct from all other funds of the City and
shall be used for no 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 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
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Section 7. No Arbitrage. All investments permitted by this
@ made in such a manner as would cause the Notes to be "arbitrage bonds"
resolution shall be legal investments, but no such investment shall be
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.
Section 8. Fiscal Agent. The City will enter into a contract e
8
with First Bank (N.A.), Milwaukee, Wisconsin, to serve as its fiscal
agent pursuant to Wis. Stats. Sec. 67.10(2), which contract shall be in
City Clerk are hereby authorized to enter into such contract on the
substantially the form attached hereto as Exhibit A. The Mayor and
City's behalf. Such contract may provide among other things, for the
performance by the fiscal agent of the functions listed in Wis. Stats.
Sec. 67.10(2)(a) to (j), where applicable, with respect to the Notes.
City shall cause books for the registration and for the transfer of the
Se'ction 9. Persons Treated as Owners; Transfer of Notes. The
Notes to be kept by the fiscal agent. The person in whose name any
Note shall be registered shall be deemed and regarded as the absolute
owner thereof for all purposes and payment of either principal or
interest on any Note shall be made only to or upon written order of the
registered owner thereof or his legal representative. All such
payments shall be valid and effectual to satisfy and discharge the
liability upon such Note to the extent of the sum or sums so paid.
Any Note may be transferred by the registered owner thereof by
surrender of the Note at the office of the fiscal agent, duly endorsed
for the transfer or accompanied by an assignment duly executed by the
registered owner or his attorney duly authorized in writing. Upon such
transfer, the fiscal agent shall execute and deliver in the name of the
transferee or transferees a new Note or Notes of a like aggregate
principal amount, series and maturity and shall record the name of each
transferee in the registration book. The fiscal agent shall cancel any
Note surrendered for transfer.
The fifteenth day of each month next preceding each interest
payment date shall be the record dates for the Notes. Payment of
interest on the Notes on any interest payment date shall be made to the
registered owners of the Notes as they appear on the registration book
of the fiscal agent on the corresponding record date.
and keep a separate record book and shall record a full and correct
Section 10. Account and Records. The City Clerk shall provide
statement of every step or proceeding had or taken in the course of
authorizing and issuing these Notes.
Citv Clerk of the Citv are herebv authorized and directed to execute
Section 11. Closing; Manner of Executing Notes. The Mayor and
~~ -., ~
~~
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 Mayor and City Clerk may execute the Notes by manual or
facsimile signature, but, unless the City has contracted with the
fiscal agent to authenticate the Notes, at least one of said officers
~L ~~ ~
0 shall sign the Notes manually.
The officers of the City are hereby directed and authorized to
practicable hereafter, in accordance with the terms of sale thereof:
take all steps necessary or convenient to close this issue as soon as
and said officers are hereby authorized and directed to execute and
deliver such documents, certificates and acknowledgements as may be
necessary or convenient in accordance therewith.
9
Note provided for herein which bond counsel may determine are necessary
or convenient. for the issuance of the Notes in fully registered form
may be made and are hereby approved.
Section 12. Changes to Form of Note. Any changes in the form of
c Section 13. Call of Outstanding Notes. The City has $1,840,000
Promissory Notes dated Julv 1, 1982, outstandinq (the "Outstandins
Notes") 01 which $200,000 mature on-October 1, i983 and $1,640,006
mature' on October 1, 1984, but are subject to call on October 1, 1983
or any interest payment date thereafter. The Outstanding Notes maturing
on October I, 1984 are hereby called for prior payment on April 1,
1984. In the event that the Trustee does not have adequate funds to
call all the Outstanding Notes maturing on October 1, 1985, it will
call at least $1,415,000 principal amount of such Notes as provided in
the Trust Agreement. The Trustee shall be directed, pursuant to the
Trust Agreement referred to in Section 14 hereof to give notice of such
call at least thirty (30) days prior to the redemption date by
published notice in the form attached hereto as Exhibit B,, such
publication to be made in the manner provided in the Outstanding Notes.
Section 14. Trust Agreement. For the purpose of providing for
the redemption of the Outstanding Notes described above, the officers
Agreement with First Bank (N.A.), Milwaukee, Wisconsin, (the "Trustee")
of the City are hereby authorized and directed to execute a Trust
certain of the proceeds of the Notes into the Trust Fund to be
in substantially the form attached hereto as Exhibit C. The deposit of
established with the Trustee is hereby authorized and directed to be
accomplished immediately upon receipt of payment for the Notes at the
closing thereon, and the subsequent use, investment and disbursement
thereof by the Trustee in the manner provided in the Trust Agreement is
hereby authorized and approved.
Section 15. Bond Insurance. The Mayor and City Clerk are hereby
authorized to obtain American Municipal Bond Assurance Corporation
insurance for payment of principal and interest on the Bonds, and
payment of the premium for such insurance at the expense of the City is
hereby authorized and approved.
Adopted, approved and recorded August23, 1983.
@ (SEAL)
Attest:
/'
Alderman Gaetzke moved that Resolution No. 224-83be adopted.
Motion seconded by Alderman Dumke and carriedmhe following
vote:
Ayes: Nilsson, Colburn, Tomczyk, Penovich, De Angelis, Gaetzke
and Dumke
NOS: Rone
The Mayor declared the resolution adopted and approved and the
Mayor and City Clerk signed same in the appropriate manner in open
meeting.
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting, the
meeting adjourned.
I
EXHIBIT A
FISCAL AGENCY AGREEMENT
THIS AGREEMENT, made this day of , 1983,
between the City of Muskego, Wisconsin (the "MUNICIPALITY"), and
First Bank (N.A.), Milwaukee, Wisconsin ("BANK"), a banking
corporation organized and existing under the laws of the State of
Wisconsin.
WITNESSETH:
WHEREAS, Municipality has borrowed the sum of Five Million
Three Hundred Ninety Thousand Dollars ($5,390,000) pursuant to a
Resolution adopted by the Municipality on the 23rd day of August,
1983, and proposes to execute and sell its General Obligation
Promissory Notes (the "Obligations") which Obligations mature on
June 1 of each year in the years and principal amounts and bearing
interest at the rates per annum, as set forth in Exhibit A, and
bear interest payable on June 1 and December 1 of each year
commencing June 1, 1984 until the principal of the Obligations
shall have been paid; and
WHEREAS the Municipality is issuing the Obligations in
registered form pursuant to Section 103 of the Internal Code of
1954, as amended, and applicable Treasury Regulations promulgated
thereunder; and
WHEREAS pursuant to said Resolution and Sec. 67.10(2
Stats. the Municipality has authorized the appointment of
) Wis.
the
Bank as Fiscal Agent of the Municipality for payment of principal
and interest on, registering, transferring and authenticating the
Obligations as well as other applicable responsibilities permitted
by Sec. 67.10(2) Wis. Stats.
I. APPOINTMENT
Bank is hereby appointed Fiscal Agent of the Municipality
with respect to the Obligations for the purpose of performing
such of the responsibilities stated in Sec. 67.10(2) Wis. Stats.
as are delegated herein or as may be otherwise specifically
delegated in writing to the Fiscal Agent by the Municipality.
11. INVESTMENT RESPONSIBILITY
The Fiscal Agent shall not be under any obligation to invest
funds held for the payment of interest or principal on the Obliga-
tions.
111. PAYMENTS
At least one (1) business day before each interest payment date
(commencing with the interest payment date of June 1, 1984 and con-
tinuing thereafter until the principal of and interest on the
Obligations should have been fully paid or prepaid in accordance
with their terms) the Municipality agrees to and shall pay to the
Fiscal Agent, a sum equal to the amount payable as principal of
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and the premium, if any, and interest on the Obligations on such
interest payment date. Said interest and/or principal payment
dates and amounts are outlined on Exhibit A.
IV. CANCELLATION
In every case of the surrender of any Obligation for the
purpose of payment, the Fiscal Agent shall cancel and destroy the
same and deliver to the Municipality a certificate regarding such
cancellation. The Fiscal Agent shall be permitted to microfilm
or otherwise photocopy and record said Obligations.
V. REGISTRATION BOOK
Fiscal Agent shall maintain in the name of the Municipality
a Registration Book containing the names and addresses of all
owners of the Obligations and the following information as to
each Obligation: its number, date, purpose, amount, rate of
interest and when payable. The Fiscal Agent shall keep confiden-
tial said information in accordance with applicable banking and
governmental regulations.
VI. INTEREST PAYMENT
Payment of each installment of interest on each Obligation
shall be made to the registered owner of such Obligation whose
name shall appear on the Registration Book at the close of business
on the 15th day of the calendar month next preceeding the interest
e
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payment date and shall be paid by check or draft of the Fiscal
Agent mailed to such registered owner at his address as it
appears in such Registration Books or at such other address as
may be furnished in writing by such registered owner to the
Fiscal Agent.
VII. PAYMENT OF PRINCIPAL
Principal shall be paid to the registered owner of an Obliga-
tion upon surrender of the Obligation on or after its maturity or
redemption date. In the event the Municipality exercises its
option to redeem any of the Obligations, the Municipality shall
direct the Fiscal Agent to give notice of such redemption by
registered or certified mail at least 30 days prior to the date
fixed for redemption to the registered owner of each Obligation
to be redeemed in whole or in part at the address shown in the
Registration Book. Such direction shall be given at least 35
days prior to such redemption date. The Obligations to be re-
deemed shall be redeemed in inverse order of maturities (but
within any maturity shall be selected by lot by the Fiscal Agent
in such manner as the Fiscal Agent may determine).
VIII. OBLIGATION TRANSFER & EXCHANGE
The Municipality will supply the Fiscal Agent with printed
Obligations numbering 4/5000 times the face amount of the issue
no less than five business days prior to the closing which are to
be complete except for:
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1. Name of registered owner
2. Face principal amount
3. Interest Rate
4. Maturity Date
5. Issuance Date
6. Authenticating signature
The Fiscal Agent will prepare one Obligation for the full amount
of each maturity in the name of a purchaser designated by the
Municipality so as to be available for authentication by the
Fiscal Agent in connection with the closing for the Obligations;
said purchaser to become the first registered owner of the full
issue upon the closing. The Fiscal Agent shall transfer Obliga-
tions upon presentation of a written assignment duly executed by
the registered owner or by such owner's duly authorized represen-
tative. Upon such a transfer, new registered Obligation(s) of
the same maturity, in authorized denomination or denominations in
the same aggregate principal amount for each maturity shall be
issued to the transferee in exchange therefor, and the name of
such transferee shall be entered as the new registered owner in
the Registration Book. No Obligation may be registered to bearer
The Fiscal Agent may exchange Obligations of the issue for a like
aggregate principal amount of Obligations of the same maturity in
authorized whole multiples of $5,000.
a
The Obligations shall be initially dated September 1, 1983.
Obligations issued on or after June 1, 1984 shall be dated as of
the June 1 or December 1 next preceding their date of issue or, c if issued on a June 1 or December 1, as of such date.
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The Obligations shall be numbered R-1 and upward. Upon any
transfer or exchange, the Obligation or Obligations issued shall
bear the next highest consecutive unused number or numbers.
IX. AUTHENTICATION
The Fiscal Agent shall sign the Certificate of Authentication
on each Obligation on the date of delivery, transfer or exchange
of such Obligation. The Fiscal Agent shall distribute and/or
retain for safekeeping the Obligations in accordance with the
direction of the registered owners thereof.
X. STATEMENTS
The Fiscal Agent shall furnish the Municipality with an
accounting of interest and funds annually beginning December 15,
1984.
XI. FEES
The Municipality agrees to pay the Fiscal Agent an initial
fee of $300 payable within 30 days of the closing of the Obligations
and $300 annually thereafter until the final principal payment or
redemption date and payable on the date principal is due. In the
event the Municipality exercises its option of call, the Fiscal
Agent shall be reimbursed for mailing costs related thereto.
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XII. MISCELLANEOUS
(a) In the event the check or draft mailed by the Fiscal
Agent to the registered owner is not presented for payment within
six years of its date, then the monies representing such nonpayment
shall be returned to the Municipality or to such board, officer
or body as may then be entitled by law to receive the same,
together with the name of the registered owner of the Obligation
and the last mailing address of record and the Fiscal Agent shall
no longer be responsible for the same.
(b) Resignations; Successor Fiscal Agent. Fiscal Agent may
at any time resign by giving not less than 60 days written notice
to Municipality. Upon receiving such notice of resignation,
Municipality shall promptly appoint a successor Fiscal Agent by
an instrument in writing executed by order of its governing body.
If no successor Fiscal Agent shall have been so appointed and
have accepted appointment within 60 days after such notice of
resignation, the resigning Fiscal Agent may petition any court of
competent jurisdiction for the appointment of a successor fiscal
agent. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribes, appoint a successor fiscal
agent.
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0 Any successor fiscal agent shall be qualified pursuant to
Sec. 67.10(2) Wis. Stats., as amended.
Any successor fiscal agent shall execute, acknowledge and
deliver to Issuer and to its predecessor fiscal agent an instrument
accepting such appointment hereunder, and thereupon the resignation
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of the predecessor fiscal agent shall become effective and such
successor fiscal agent, without any further act, deed or convey-
ance, shall become vested with all the rights, powers, trusts,
duties and obligations of its predecessor, with like effect as if
originally named as fiscal agent herein; but nevertheless, on
written request of Municipality, or on the request of the successor,
the fiscal agent ceasing to act shall execute and deliver an
instrument transferring to such successor fiscal agent, all the
rights, powers, and trusts of the fiscal agent so ceasing to act.
Upon the request of any such successor fiscal agent, Municipality
shall execute any and all instruments in writing for more fully
and certainly vesting in and confirming to such successor fiscal
agent all such rights, powers and duties. Any predecessor fiscal
agent shall pay over to its successor fiscal agent any funds of
the Municipality.
a
(c) Termination. This Agreement shall terminate six years
after (i) the last principal payment on the Obligations is due
(whether by maturity or earlier redemption) or (ii) the Munici-
pality's responsibilities for payment of the Obligations are
fully discharged, whichever is later. The parties realize that
any funds hereunder as shall remain upon termination shall be
turned over to the Municipality after deduction of any unpaid
fees and disbursements of Fiscal Agent. Termination of this
Agreement shall not, of itself, have any effect on Issuer's
obligation to pay the outstanding Obligations in full in accord-
ance with the terms thereof
-8-
IN WITNESS WHEREOF, the parties have executed this Agreement,
being duly authorized so to do, each in the manner most appropriate
to it, on the date first above written. B
CITY OF MUSKEGO
BY 4 Mayor
sty’ Clerk
FIRST BANK (N.A.)
~~
BY Title
Attest
Title
SERSO : R
-9-
EXHIBIT B
NOTICE OF CALL TO HOLDERS OF
DATED 'JULY 1, 1982
GENERAL OBLIGATION PROMISSORY NOTES
of
CITY OF MUSKEGO, WAUKESHA
COUNTY, WISCONSIN
PLEASE TAKE NOTICE that Notes numbered of the
above-described issue of Notes, which mature October 1, 1984,
have been called for prior payment on April 1, 1984. Upon pre-
sentation and surrender of said Notes, with all unmatured coupons
attached to American National Bank and Trust Company, St. Paul,
Minnesota, the paying agent of said Notes, the holders thereof
will be paid the principal amount of the Notes and accrued
interest to the date of redemption.
The Notes will cease to bear inerest on April 1, 1984.
BY ORDER OF THE COMMON COUNCIL
Dated
SER88: 0
EXHIBIT C
Trust Agreement to Assure
Payment of Obligations
day of
qualified as a public depository in the State of Wisconsin
("Trustee") and the City of Muskego, Waukesha County, Wisconsin
( "City" ) .
This Trust Agreement is made and entered into this
, 1983, by and between First Bank (N.A.),
Recitals
The City has an issue of $1,840,000 Promissory Notes dated
July 1, 1982 outstanding, $200,000 of which mature on October 1,
and $1,640,000 of which mature on October 1, 1984, and bear
1983, and bear interest at 9.25% per annum (the "1983 Maturities")
will pay the 1983 Maturities from funds on hand. The 1984
interest at 9.75% per annum (the "1984 Maturities"). The City
Maturities are callable in whole or in part on October 1, 1983 or
any interest payment date thereafter at par plus accrued interest.
The City has issued its $5,390,000 General Obligation
Promissory Notes (the "1983 Notes") initially dated September 1,
1983, a portion of the proceeds of which (the "Refunding Proceeds"),
will be used to pay and discharge $1,415,000 principal amount of
the 1984 Maturities (the "Refunded Notes") on April 1, 1984 and
payment in a timely manner.
desires that Trustee hold funds for such payment and make such
the Refunding Proceeds.
Trustee has been appointed depository of certain proceeds of
herein set forth, the parties therefore agree:
In consideration of the mutual covenants and agreements
1. Initial Trust Deposit. Concurrently with the execution
of this Aareement, the City has deposited the Refunding Proceeds
in the amount of $
the amount of $
-, together with funds of the City in
payment and redemption of the Refunded Notes, together with any
herein.
investment income accruing thereto, in trust only as set forth
, which sum shall be applied toward
2. Additional Trust Deposits; City Warranty. The City
represents and warrants that this trust deposit, when held,
invested and paid in accordance herewith will be sufficient to
make all payments required hereby, and agrees that if at any time
it shall appear to Trustee that such trust deposit will not be so
sufficient, it will, upon notice by the Trustee, forthwith deposit
in the trust fund money to the extent required to meet fully the e payments required hereby
the trust deposit and accepts the trust herein imposed. Trustee
3. Acceptance of Trust. Trustee acknowledges receipt of
expressly waives any lien upon or claim against any of the property
now or hereafter held under this Agreement. For its services as
trustee hereunder, the Trustee shall be paid a fee of $
4. Application of Trust Deposits. Trustee shall deposit
the trust deposit hereunder into a Trust Fund to be used and
invested as set forth in paragraphs 5 and 6 below.
5. Investment of Trust Fund.
shall immediately purchase the United States government securities
described on Schedule A hereto, in the principal amount of and
for the price of $ and immediately deposit the pur-
chased securities into the Trust Fund. The balance of the Trust
Fund shall be invested at the direction of the City, but only in
the following classes of investments: time deposits in any bank,
savings bank, trust company or savings and loan association which
is authorized to transact business in this state, such time
deposits maturing in not more than one year, or in bonds or
securities issued or guaranteed as to principal and interest of 0 the U.S. Government, or of a commission, board or other instru-
mentality of the U.S. Government.
(a) Investment of Trust Fund Monies. The Trustee
the investment of the monies in the Trust Fund shall accrue to
the Trust Fund and shall be used together with the initial deposit
under paragraph 1 and any additional deposit under paragraph 2 to
make the payments provided in paragraph 6.
6. Disbursement of Trust Fund.
(b) Investment Proceeds. The proceeds received from
1983. the Trustee shall apply monies in the Trust Fund to payment
(a) Redemption of 1984 Maturities. On October 1,
" - of interest on the 1984 Maturities by paying to American National
Bank and Trust Company, St. Paul, Minnesota, the paying agent of
On April 1, 1984, Trustee shall apply monies in the Trust Fund to
the 1984 Maturities (the "Paying Agent") the amount of $
payment of and retirement of the Refunded Notes by transferring
to the Paying Agent the amounts set forth below:
(i) $1,415,000 principal, or $1,640,000 principal if
the Trustee has been supplied with additional
funds in the manner set forth below; and
1984 Maturities.
(ii) $ accrued interest with respect to the
The Trustee shall cause notice of call in the form attached
hereto as Exhibit A to be published once not less than thirty a which customarily publishes like notices as a part of its regular
days prior thereto in a newspaper published in Chicago, Illinois,
service. The Trustee shall give notice of call of the 1984
-2-
Maturities if the City furnishes it with an additional S
prior to the time such notice is prepared for publication. 0, Otherwise the Trustee shall give notice of call of the Refunded
Notes alone.
keep all monies, securities and other properties deposited here-
(b) Separate Funds; Accountability. Trustee shall
under, all investments and all interest thereon and-profits
therefrom, at all times in the special fund and separate trust
deposit with it; shall never commingle such deposits, investments
account, wholly segregated from all other funds and securities on
never at any time use, loan or borrow the same in any way. The
and proceeds with other funds or securities of Trustee; and shall
funds and account established hereunder shall be held separately
and distinctly and not commingled with any other such fund or
quiring Trustee to keep the identical monies, or any part there-
account. Nothing herein contained shall be construed as re-
of, received from or for the City's account, on hand, but monies
of an equal amount shall always be maintained on hand as funds
held by Trustee as trustee belonging to the City, and a special
account thereof, evidencing such fact, shall at all times be
maintained on the books of the Trustee. Trustee shall, to the
extent practicable, continously secure all cash held hereunder 0 with noncallable legal obligations of the United States of America
in an amount at all times at least equal to the aggregate amcrunt
of such cash.
In the event Trustee is unable or fails to account for any
property held hereunder, such property shall be and remain the
property of the City, and if, for any reason, such property
cannot be identified, all other assets of Trustee shall be
be entitled to the preferred claim upon such assets enjoyed by
impressed with a trust for the amount thereof and the City shall
not be deemed to be a banking deposit of the City to the extent
any trust beneficiary. Property held by Trustee hereunder shall
that Trustee shall have no right or title with respect thereto
of withdrawal thereof.
(including any right of set-off) and the City shall have no right
to inquire into or be in any way responsible for the performance
or nonperformance by the City of any of its obligations or to
protect any of the City's rights under any bond proceeding or any
of the City's other contracts with or franchises or privileges
from any state, county, municipality or other governmental agency
or with any person. Trustee shall not be liable for any act dcne
or step taken or omitted by it, or for any mistake of fact or
good faith and in the exercise of reasonable care and believed by
law, or for anything which it may do or refrain from doing in
it to be within the discretion or power conferred upon it by this
Agreement, except for its negligence or its default in the per- formance of any obligation imposed upon it hereunder. Trustee
or statements contained herein, including without limitation
(c) Liability. Trustee shall be under no obligation
@ shall not be responsible in any manner whatsoever for the recitals
-3-
those as to the sufficiency of the trust deposit to accomplish
the purposes hereof or in the 1983 Notes or in any proceedings e taken in connection therewith, but they are made solely by the
City.
any time resign by giving not less than 60 days written notice to
the City. Upon receiving such notice of resignation, the City
writing executed by order of its governing body. If no successor
shall promptly appoint a successor trustee by an instrument in
trustee shall have been so appointed and have accepted appointment
within 60 days after such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribes,
appoint a successor trustee.
(d) Resignations; Successor Trustee. Trustee may at
have full banking and trust powers, be a qualified depository of
the City, have its principal office in Wisconsin and have a
combined capital and surplus of at least $5,000,000.
Any successor trustee shall be a state or national bank,
Any successor trustee shall execute, acknowledge and deliver
to the City and to its predecessor trustee an instrument accepting
such appointment hereunder, and thereupon the resignation of the
predecessor trustee shall become effective and such successor
become vested with all the rights, powers, trusts, duties and
trustee, without any further act, deed or conveyance, shall
obligations of its predecessor in the trusts hereunder, with like
effect as if originally named as trustee herein; but nevertheless,
on written request of the City, or on the request of the successor
trustee, the Trustee ceasing to act shall execute and deliver an
trusts herein expressed, all the rights, powers, and trusts of
instrument transferring to such successor trustee, upon the
the Trustee so ceasing to act. Upon the request of any such
successor trustee, the City shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and duties.
Any predecessor trustee shall pay over to its successor trustee a
proportional part of the Trustee’s fee hereunder.
7. Miscellaneous. - entered into by the City and Trustee for the benefit of the
(a) Third-party Beneficiary. This Agreement has been - holders of the-Refunded-Notes and is not revocable by the City
payment of principal of and interest on the Refunded Notes in
or Trustee. The Trust Fund has been irrevocably pledged to the
accordance with this Agreement. Notwithstanding the foregoing,
this Agreement shall not be construed as creating any rights in
or obligations to any person other than the parties hereto. a
-4-
(b) Severability. If any section, paragraph, clause
for any reason, the remainder of this Agreement shall remain in
remainder of this Agreement would have been entered into by the
full force and effect, it being expressly hereby agreed that the
parties hereto notwithstanding any such invalidity.
or provision, of this Agreement shall be invalid or ineffective
D
B (c) Termination. This Agreement shall terminate on
,April 2, 1984. The parties realize that any funds hereunder as
shall remain upon termination shall be turned over to the City
Termination of this Agreement shall not, of itself, have any
after deduction of any unpaid fees and disbursements of Trustee.
effect on the City's obligation to pay the 1984 Maturities in
full in accordance with the terms thereof.
B
IN WITNESS WFIEXEOF. the parties have executed this Agreement,
being duly authorized so to do, each in the manner most appropriate
to it, on the date first above written.
(SE.45)
CITY OF MUSKEGO, WAUKESHA COUNTY,
W I SCONS IN
Attest
city Clerk
FIRST BANK (N.A.)
I BY
Title
(SEAL)
Attest
Tit ie
-5-
SCHEDULE A
-6-
EXHIBIT A
NOTICE OF CALL TO HOLDERS OF
DATED JULY 1, 1982
GENEqAL OBLIGATION PROMISS3RY NOTES
of
CITY OF MUSKEGO, WAUKESHA
COUNTY, WISCONSIN
PLEASE TAKE NOTICE that Notes numbered of the
above-described issue of Notes, which mature October 1, 1984,
have been cailed for prior payment on April 1, 1984. Upon pre-
sentation and surrender of said Notes, with all unmatured coupons
!@ attached to American National Eank and Trust Company, St Paul,
Minnesota, the paying agent of said Notes, the hclders thereof
will be paid the principal amount of the Notes and accrued
interest to the date of redemption.
The Notes will cease to bear interest on April 1, 1984.
BY ORDER OF THE COMMON COUNCIL
Dated
ssma: o
of Common Council Held August 23, 1983
Excerpts of Minutes of Meeting
' A regular meeting of the Common Council of the City of Muskego,
Waukesha County, Wisconsin, was held in open session on August 23, 1983
Council Chambers, City Hall. The following Aldermen were present:
and called to order by His Honor, Mayor Salentine at 7:50 P.M. in th,e
Mitchel Penovich, Frank De Angelis, Eugene Gaetzke and
Richard S. Nilsson, Jr., Charles Colburn, Ralph R. Tomczyk,
Edwin P. Dumke
-
The following Aldermen were absent: None
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
to the meetina bv forwardina the -
public at least 24 hours prior complete agenda to the officia 0 as well as Dostinq. CoDies of
Sun , and to a
inspection at the-City Clerk's
to forthcoming meetings should
" .1 City newspaper, the Muskeqo
11 news media who have requested the same
the complete agenda were-available for
contact the City Clerk's office.
office. Anyone desiring information as
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that 3 sealed bids had been received
for the note issue, which had been advertised for bids pursuant to the
action of the Council. The City Clerk read the following details as to
each bid submitted:
BID TABULATION
$5,390,000 General Obligation Promissory Notes
City of Muskego. Wisconsin
w: Tuesday, August 23, 1983
AWARD:
THE NORTHERN TRUST COMPANY
Tied With
CONTINENTAL ILLINOIS NATIONAL BANK h TRUST
COMPANY OF CHICAGO
At5AC INSURED
sap RATING m~"
MOODY'S RATING "Baa-1''
COUPON
NAME OF BIDDER RATE YEAR h RATE PRICE NET INTEREST COST
+NORTHERN TRUST COMPANY
Lhicago, Illinois
Milwaukee, Wisconsin
Chicago, Illinois A.G. Becker. Inc.
LaSalle national Bank
bseley, Hallgarten, Estabrook h Weeden. Inc.
Channer ikwman Securities Company
Croake Roberts, Inc.
ROBERT W. BAIRD 8 COMPANY, INC.
PRUDENTIAL-BACHE SECURITIES
-IN ASSOCIATION WITH-
MARINE BANK. N.A.
Hilwaukee. Wisconsin
.Blunt Ellis 8 Loewi, Inc.
Wrican National Bank h Trust Company
Ironin h Marcotte. Inc.
of Chicago
-TIE0 WITH-
6.50% 1985
7.00% 1986
7.40% 1987 8.9256%
$4,033.262.50 $5,~9,150.00
7.70% 1988
8.7~~ 1992
8.50% 1991
8.00% 1989
8.25% 1990
9.00% 1993
I
aIHENTAL ILLINOIS NATIONAL BANK h TRUST 6.50% 1985
COMPANY OF CHICAGO, Chicago, Illinois 7.00% 1986 $4,033,262.50 $5,309,150.00
Kidder, Peabody 8 Company, Inc.
John Nuveen 8 Company, Inc.
Drexel Burnham- Lambert Group, Inc.
Griffin, Kubik, Stephens h Thompson, Inc. 8.00% 1989
Hutchinson. Shockey. Erley h Company 8.25% 1990 8.50% 1991
8.75% 1992 Securities, Inc. 9.00% 1993
-- ""
on. Whipple & Company
8.9256%
. . . . Bid Tabulation continued on reverse side . . . .
City of Huskego. Wisconsin
Tuesday, August 23, 1983
Page 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
HARRIS TRUST 8 SAVINGS BANK 6.50% 1985 $4,097,728.75 $5,314.540.00
Chicago, Illinois 7.00% 1986
THE FIRST NATIONAL BANK OF CHICAGO 7.40% 1987 9.0682%
Chicago, Illinois 7.70% 1988
MERRILL LYNCH WHITE WELD CAPITAL MARKETS 8.00% 1989
GROUP, Chicago, Illinois 8.30% 1990
Dean Witter Reynolds, Inc. 8.70% 1991
Clayton Bmn & Associates, Inc. 9.00% 1992
Van Kampen & Merritt, Inc. 9.10% 1993
Burton J. Vincent, Chelsey & Company
-IN ASSOCIATION WITH-
DAIN BOSWORTH. INC.
American National Bank 8 Trust Company
First National Bank of Minneapolis
The First National Bank of Saint Paul
Moore, Juran & Company, Inc.
Minneapolis, Minnesota
of Saint Paul
-IN ASSOCIATION WITH-
FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE
Milwaukee. Wisconsin SMITH BARNEY, UPHAM HARRIS COMPANY, INC.
Chicago, Illinois
E.F. HUTTOH & COMPANY, INC.
Chicago, Illinois
Piper, Jaffray & Hopwood, Inc.
Dougherty, Cbwkins. Strand & Yost, Inc.
F&M Marquette National Rank
EHLERS AND ASSOCIATES, INC.
Minneapolis, Minnesota 55402
507 Marquette Avenue
Telephone: (612) 339-8291