CCR1987211COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #211-87
RESOLUTION PROVIDING FOR THE SALE
OF NOT TO EXCEED $3,710,000
GENERAL OBLIGATION CORPORATE PURPOSE BONDS
of Muskego, Waukesha County, Wisconsin (the "City") adopted three WHEREAS, on August 25, 1987, the Common Council Of the City
Initial Resolutions authorizing the issuance of general obliga-
tion bonds pursuant to the provisions of Chapter 67, Wisconsin
Statutes, in the following amounts for the following purposes:
Not to exceed $560,000 for the purpose of paying
the cost of constructing, extending, enlarging, reno-
vating, rebuilding, repairing and improving sanitary
sewers ( "Sanitary Sewers") ;
Not to exceed $440,000 for the purpose of paying
the cost of constructing, extending, enlarging, reno-
vating, rebuilding, repairing and improving waterworks
facilities ( "Waterworks") ; and
the cost of refunding outstanding indebtedness of the
Not to exceed $4,000,000 for the purpose of paying
City (hereinafter the foregoing shall be referred to as
the "Initial Resolutions").
WHEREAS, pursuant to Section 67.05 of the Wisconsin Statutes,
initial resolutions authorizing borrowing for the purpose of
resolutions for purposes set forth in Section 67.05(5)(b) shall
refunding shall be effective without a referendum, and initial
be effective without a referendum unless within thirty (30) days
after the recording thereof a sufficient petition is filed in the
office of the City Clerk;
published on September 3, 1987 in the Muskego Sun with respect to
WHEREAS, the City Clerk caused a Notice to Electors to be
the adoption of the initial resolutions for the Sanitary Sewers
and the Waterworks;
WHEREAS, no petition for referendum was filed within the
necessary, desirable and in the best interest of the City that the
thirty (30) day period, and the Common Council now deems it to be
general obligation bonds heretofor authorized be issued and sold
as a single issue of general obligation corporate purpose bonds
in the aggregate principal amount of not to exceed $3,710,000;
$440,000 shall be for Waterworks and not to exceed $2,710,000 shall
be for the purpose of refunding outstanding indebtedness; and
WHEREAS, it is now necessary to authorize the sale of the
WHEREAS, of such amount $560,000 shall be for Sanitary Sewers,
general obligation corporate purpose bonds.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
shall offer the not to exceed $3,710,000 General Obliqation
Section 1. Sale of the Corporate Purpose Bonds. The City
Corporate Purpose Bonds (the vqBondsttj for public sale-on
October 27, 1987.
authorized and directed to cause notices of sale, in substantiallv
Section 2. Notice of Sale. The City Clerk is hereby
the form hereto attached as Exhibit A and incorporated herein by
this reference, to be published once in either the Muskego Sun,
the official newspaper of the City, or in The Bond Buyer, a
financial newspaper published in the City of New York, New York
prior to the date set for the sale of the Bonds.
sultation with the City's financial advisor, Ehlers and Associates,
Section 3. Official Notice of Sale. The City Clerk (in con-
Inc.) shall also cause-an Official Notice of Sale to be prepared
and distributed in substantially the form attached hereto as
Exhibit B and incorporated herein by this reference and may pre-
pare or cause to be prepared an Official Statement or other form
of offering circular. The details of the approved Bonds set
forth in Exhibits A and B are hereby adopted and approved as and
for the details of the Bonds.
Section 4. Award of the Bonds. Following receipt of bids
for the Bonds, the City shall consider taking further action to
provide the details of the Bonds: to award the Bonds to the
iowest responsible bidder therefor whose proposal results in the
lowest net interest costs to the City; and to levy a direct
annual irrepealable tax sufficient to meet principal and interest
on the Bonds as the same becomes due as required by law.
rules or other actions of the City or any parts thereof in con-
flict with the provisions hereof shall be, and the same are,
Section 5. Conflictinq Resolutions. All prior resolutions,
hereby rescindeh insofar as the same may so conflict.
provisions hereof shall for any reason be held to be illeqal or
Section 6. Severability. In the event that any one or more
provisions hereof.
invalid, such illegality or inbalidity shall not affect any other
immediately upon adoption and approval in the manner provided by law.
Section 7. Effective Date. The foregoing shall take effect
Adopted and recorded this 13th day of October, 1987.
Wciy& G. Salentine
May6r
Attest:
City Clerk
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( SEAL )
EXHIBIT A
NOTICE OF SALE
$3,510,000*
CITY OF MUSKEG0
GENERAL OBLIGATION CORPORATE PURPOSE BONDS
WAUKESHA COUNTY, WISCONSIN
DATED NOVEMBER 19, 1987
SEALED BIDS will be received until 10:30 a.m. (Central Time)
on
October 27, 1987
The Bonds will be dated November 19, 1987 and will mature
serially on December 1 of each year, in the years and principal
amounts as follows:
Year
1988
1989-90
1991
1992**
1993**
1994
1995-96
1997
- Amount
25,000
425,000
300,000
60,000
,000,000
400,000
200,000
600,000
Interest is payable commencing on June 1, 1988 and semi-annually
thereafter on December 1 and June 1 of each year.
the manner provided in the Official Notice of Sale.
The Bonds are callable on December 1, 1991 and thereafter in
Milwaukee, Wisconsin; the transcript of proceedings; and printed
The approving legal opinion of Mulcahy & wherry, S.C. of
Bonds will be furnished to the Purchaser without cost.
Additional information including the Official Notice of Sale
and the Official Statement may be obtained by addressing inquires
Minneapolis, Minnesota 55402, or the undersigned.
to: Ehlers and Associates, Inc., 507 Marquette Avenue,
Charlotte L. Stewart
City Clerk
City of Muskego
W182 S8200 Racine Avenue
Muskego, WI 53150
(414) 769-4100
* Estimated, subject to change ** The City reserves the right, after bids are opened and prior
to award, to increase or reduce the principal amount of the
Bonds offered for sale. Any such increase or reduction shall
be in the 1992 or 1993 maturities and shall be an amount not
to exceed $100,000 per maturity.
EXHIBIT B
OFFICIAL NOTICE OF SALE
$3,510,000*
WAUKESHA COUNTY, WISCONSIN
CITY OF MUSKEG0
GENERAL OBLIGATION CORPORATE PURPOSE BONDS
DATED NOVEMBER 19, 1987
SEALED BIDS will be received by the City Clerk, City of
Muskego, Waukesha County, Wisconsin for all but no part of its
$3,510,000 General Obligation Corporate Purpose Bonds, in the
Wisconsin 53150 until 10:30 a.m. (Central Time) on office of the City. Hall, W182 S8200 Racine Avenue, Muskego,
October 21, 1987
bids should be directed to the City Clerk and plainly marked "Bid
at which time the bids will be publicly opened and read. The
date for the purpose of taking action on such bids as may be
for Bonds". A regular meeting of the City will be held on said
received.
serially on December 1 of each year, in the years and principal
amounts as follows:
The Bonds will be dated November 19, 1987 and will mature
Year Amount -
1988
1989-90
1991
1992**
1993**
1994
1995-96
1997
$ 25,000
300,000
425,000
400,000
60,000
1,000,000
200,000
600,000
Interest on said Bonds will be payable commencing on June 1, 1988
and semi-annually thereafter on December 1 and June 1 of each year.
At the option of the City, the Bonds maturing on December 1,
1991 and thereafter shall be subject to redemption prior to
maturity on December 1, 1990 or on any interest payment date
thereafter. Said Bonds shall be redeemable as a whole or in
part, in inverse order of maturity and within each maturity by
lot, at the principal amount thereof, plus accrued interest to
the date of redemption.
* Estimated, subject to change ** The City reserves the right, after bids are opened and prior
to award, to increase or reduce the principal amount of the
Bonds offered for sale. Any such increase or reduction shall
be in the 1992 or 1993 maturities and shall be an amount not
to exceed $100,000 per maturity.
The Bonds shall be issued in registered form in the denomina-
tion of $5,000 or any integral multiple thereof. The Bonds are
payable as to principal upon presentation and surrender thereof
Wisconsin, the fiscal agent appointed by the City pursuant to the
provisions of Section 67.10(2), Wisconsin Statutes, to act as
bond registrar and paying agent (the "Bond Registrar"). Payment
mailed to the registered owner by the Bond Registrar. The City
of each installment of interest shall be made by check or draft
shall pay all costs relating to the registration and transfer of
the Bonds.
at the principal office of First Bank (N.A.), Milwaukee,
The Bonds are general obligations of the City. The principal
of and interest on the Bonds will be payable from ad valorem
taxes, which may be levied without limitation as to rate or
amount upon all of the taxable property located in the City. The
Bonds shall be issued for following purposes: For the purpose of
paying the cost of constructing, extending, enlarging, reno-
vating, rebuilding, repairing and improving sanitary sewers
constructing, extending, enlarging, renovating, rebuilding,
("Sanitary Sewers"); for the purpose of paying the cost of
repairing and improving waterworks facilities ("Waterworks"); and
for the purpose of paying the cost of refunding outstanding
indebtedness of the City (hereinafter the foregoing shall be
referred to as the "Initial Resolutions").
obligations" pursuant to the provisions of Section 265(b)(3) of
such designation, the City Clerk or other officer of the City
the Internal Revenue Code of 1986, as amended, and in support of
charged with the responsibility for issuing the Bonds, shall pro-
vide an appropriate certificate of the City as of the date of
delivery and payment for the Bonds.
The City has designated the Bonds to be "qualified tax-exempt
multiples of One-Twentieth (1/20) or One-Eighth (l/8) of One
Percent (1%). Any number of rates may be bid but no rate spe-
cified for any maturity shall be lower than the interest rate for
any earlier maturity. All Bonds of the same maturity shall bear
the same interest rate. No bid for less than Ninety-eight and
plus accrued interest to the date of delivery will be considered.
One Half Percent (98.50%) of the principal amount of the Bonds
The Bonds shall be awarded to a responsible bidder whose proposal
results in the lowest net interest cost to the City.
Bids will be received on an interest rate basis in integral
cashier's check payable to the City in the amount of SEVEN
THOUSAND TWENTY DOLLARS ($7,020.00). The check of the successful
bidder shall constitute a good faith deposit and shall be
retained by the City to insure performance of the requirements of
the sale by the successful bidder. In the event the successful
will be forfeited as full and complete liquidated damages. upon
bidder shall fail to comply with the terms of its bid, the check
delivery of the Bonds, the check will be applied to the purchase
Each bid shall be accompanied by a certified check or
m
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price of the Bonds or returned to the Purchaser, but no interest
shall be allowed thereon. After the award is made to the suc-
cessful bidder, the checks of the unsuccessful bidders will be
returned forthwith.
The Bonds shall be delivered to the successful bidder,
anywhere in the continental United States, within approximately
must be made in federal or other immediately available funds. In
sixty (60) days after the award. Payment at the time of delivery
the event delivery is not made within sixty (60) days after the
date of the sale of the Bonds, the successful bidder may, prior
to tender of the Bonds, at its option, be relieved of its obliga-
tion under the contract to purchase the Bonds and its good faith
check shall be returned, but no interest shall be allowed
thereon.
The successful bidder will be furnished without cost, the
unqualified approving legal opinion of Mulcahy L Wherry, S.C. of
printed on the reverse side of the Bonds. A transcript of the
Milwaukee, Wisconsin. A copy of said legal opinion shall be
proceedings relative to the issuance of the Bonds (including a
No-litigation Certificate and a Certificate of Delivery and
Officer's Receipt) and printed Bonds shall be furnished to the
successful bidder without cost. CUSIP numbers will be printed on
the Bonds.
cessful bidder shall furnish to the City a certificate, made on
the best knowledge, information and belief of the successful
bidder, acceptable to bond counsel, stating the initial reof-
fering prices to the public of each maturity of the Bonds and
Bonds was sold to the public or final purchasers thereof (not
further stating that a substantial amount of each maturity of the
including bond houses and brokers or similar persons or organiza-
tions acting in the capacity of underwriters or wholesalers) at
or below such initial reoffering prices.
Simultaneously with or before delivery of the Bonds, the suc-
The City reserves the right to reject any and all bids and to
waive any and all irregularities.
Copies of the Official Statement and additional information
may be obtained by addressing inquiries to: Ehlers and
ASSOCiateS, Inc., 507 Marquette Avenue, Minneapolis, Minnesota
55402; or the undersigned.
Charlotte L. Stewart
City Clerk
City of Muskego
W182 S8200 Racine Avenue
Muskego, WI 53150
(414) 679-4100
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