CCR1986107of Common Council Held May 27, 1986
Excerpts of Minutes of Meeting
A duly-convened meeting of the Common Council of the City of
Muskego, Waukesha County, Wisconsin, was held in open session upon due
notice on May 27, 1986 at 7: 4x P.M. in the Council Chambers, City
Hall. The following Aldermen were present: D EANG~~_~ PEN0 VICH
BUM<€ SA #D P .47"&zs-*~ -TAURE
/4,L7-
The following Aldermen were absent:
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 at least 24 hours prior to the meeting 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 information as to forthcoming meetings
should contact the City Clerk's office.
(Here occurred business not pertinent to the note issue.)
On motion made by Alderman p&h)Dv,oH
.Alderman SA AI DcR5 , the following resolution was adopted by a
and seconded by
vote of 6 to C,.
RESOLUTION NO. )07-S6
WHEREAS the City of Muskego, Waukesha County, Wisconsin, is
presently in need of $2,225,000 for public purposes, including water
system improvements and sanitary sewer improvements, and street
construction, street sign installation and site improvements in the
City's industrial park; and
of promissory notes pursuant to Section 67.12(12), Wis. Stats.: and
WHEREAS it is desirable to borrow said funds through the issuance
WHEREAS it is now found by this Common Council to be in the best
interests of the City that said notes be publicly offered for sale:
NOW, THEREFORE, BE IT RESOLVED that:
1. This Common Council hereby authorizes the issuance of
$2,225,000 General Obligation Promissory Notes for said purposes in
accordance with the official Notice of Sale attached to this resolution
and as determined at public sale.
mSale attached to this resolution to be published in such newspapers and
2. The City Clerk shall cause copies of the abbreviated Notice of
at such times as the City Clerk may determine and cause copies of the
complete official Notice of Sale and other pertinent data to be sent to
.interested bidders and published as the City Clerk may determine.
3. At its meeting on June 11, 1986, the Common Council shall
consider such bids as may have been received and take action thereon.
4. The City Clerk shall cause an Official Statement concerning
and Associates, Inc., and the appropriate City officials shall certify
this issue to be prepared by the City's financial consultants, Ehlers
said Statement, such certification to constitute full authorization of
such statement under this resolution.
(Here occurred business not pertinent to the note issue.)
Upon motion made and duly seconded, the meeting was adjourned.
NOTICE OF SALE
$2,225,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
City Hall, Muskego, Wisconsin, until 11:30 A.M., Central Time, on June
above Notes of the City of Muskego, Wisconsin, will be received at the
Common Council at its meetinq to be held later that day. These Notes
11, 1986, when they will be opened. The bids will be considered by the
are being issued for public purposes, including paying-part of the
costs of water system improvements and sanitary sewer improvements,
street construction, street sign installation and site improvements
the City's industrial park.
Dates and Maturities
The Notes will be dated June 1, 1986 and will mature on June 1
the following years and amounts:
Year Amount
i
1989/91
1995
$ 100,000
425,000
and
in
n
1996 1,500,000
Call Provision
Notes maturing on and after June 1, 1995 shall be subject to call
and prior payment on any interest payment date on or after June 1, 1994
at par plus accrued interest.
Interest
Interest on the Notes will be payable on each June 1 and December
must bear interest from date of issue until paid at a single, uniform
1, commencing December 1, 1986. All Notes maturing on the same date
rate. Each rate must be in an integral multiple of 1/8 or 1/20 of 1%,
and no rate applicable to any maturity shall be lower than that
applicable to any previous maturity.
Fiscal Agent
The Notes shall be distributed to the owners in fully-registered
form in any authorized whole multiple of $5,000 each by the fiscal
agent for the City, First Bank (N.A.) Milwaukee, Wisconsin. The Notes
mailed to the registered owners whose names appear on the books of the
shall be payable as to interest by check or draft of the fiscal agent
fiscal agent at the close of business on the 15th day of the calendar
month next preceding the interest payment date and as to principal by
@presentation of the Notes at the office of the fiscal agent. The City
will pay all costs relating to the registration of the Notes.
Delivery
Within 40 days after sale, the City will furnish and deliver at
the office of the purchaser or, at his option, will deposit with a bank
in the United States selected by him and approved by the City as its
purchaser the printed and executed Notes (one each in the principal
agent to permit examination by and to deliver to the successful
amount for each maturity), the unqualified opinion thereon of bond
counsel and a certificate stating that no litigation in any manner
of the delivery agent must be paid upon delivery by the purchaser but
questioning their validity is then threatened or pending. The charge
paid upon delivery of the Notes or within five days after deposit with
all other costs will be paid by the City. The purchase price must be
the day of payment.
the delivery agent in funds available for expenditure by the City on
Legal Opinion
Messrs. Quarles 6 Brady, Milwaukee, Wisconsin. The legal opinion will
An unqualified legal opinion on the Notes will be furnished by
be printed on the Notes. The legal opinion will state that the Notes
are valid and binding general obligations of the City, and all the
taxable property in the City is subject to the levy of a tax to pay the
principal of and interest on the Notes as the same become due without
limitation as to rate or amount.
Designation as "Qualified Tax-Exempt Obligations"
The Notes will be designated as "qualified tax-exempt obligations"
by the City for purposes of Section 802 of the proposed Tax Reform Act
of 1985 (H.R. 3838) relating to the ability of financial institutions
that is allocable to carrying and acquiring tax-exempt obligations.
to deduct from income for federal income tax purposes, interest expense
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time established above for the opening of
bids. Each bid must be unconditional and must be accompanied by a
cashier's or certified check or bank draft in the amount $44,500,
payable to the City Treasurer, to be retained by the City as liquidated
damages if the bid is accepted and the bidder fails to comply
therewith. The bid authorizing the lowest net interest cost (total
interest from date of Notes to stated maturities less any cash premium
or plus any discount) will be deemed the most favorable. No oral bid
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and no bid of less than $2,191,625 plus accrued interest on all of the
Notes will be considered and the City reserves the right to reject any
and all bids and to waive any informality in any bid. 0
BY ORDER OF THE COMMON COUNCIL
Charlotte L. Stewart
City Clerk
City Hall
W182 58200 Racine Avenue
Muskego, Wisconsin 53150
I Further information may be obtained from and bids may be delivered to:
I Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291.
EHLERS AND ASSOCIATES, INC., Financial Specialists, 507 Marquette
3
(Form of Published Notice)
NOTICE OF SALE
$2,225,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
sealed bids only will be received at the City Hall, Muskego, Wisconsin,
Until Wednesday, June 11, 1986, at 11:30 A.M., Central Time,
for the above issue to be dated June 1, 1986, and to mature June 1,
Year Amount
1989/91
1995
1996
$ 100,000
425,000
1,500,000
The Notes constitute the general obligation of the issuer, issued
for public purposes. No rate applicable to any maturity shall be lower
than that applicable to any previous maturity. Legal opinion: Quarles
h Brady. Additional information and a copy of the Official Statement
and Notice of Sale, which set forth additional details concerning the
issue and limitations on the bids to be received, may be obtained from:
Ehlers and Associates, Inc., 507 Marquette Avenue, Minneapolis,
Minnesota 55402, financial consultants to the City, or the undersigned.
Charlotte L. Stewart
City Clerk
City Hall
W182 S8200 Racine Avenue
Muskego, Wisconsin 53150
4