CCR1987213COXXON COUNCIL - CITY OF :qUSKEGO
RESOLUTION 8213-87
$3,505,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS;
RESOLUTION AWARDING THE SALE OF
LEVYING A TAX IN CONNECTION THEREWITH PROVIDING THE FORM OF THE BONDS; AND
of Muskego, Waukesha county, Wisconsin (the "City") adopted three WHEREAS, on August 25, 1928, 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, renovating, rebuilding,
repairing and improving sanitary sewers ("Sanitary Sewers");
Not to exceed $440,000 for the purpose of paying the cost Of
constructing, extending, enlarging, renovating, rebuilding,
repairing and improving waterworks facilities ("Waterworks");
and
Not to exceed $4,000,000 for the purpose of paying the cost of refunding outstanding indebtedness of the City
Resolutions" ) ;
(hereinafter the foregoing shall be referred to as the "Initial
resolution entitled: "Resolution Providing for the Sale of Not
to Exceed $3,710,000 General Obligation Corporate Purpose Bonds"
(the "Sale Resolution") combining the bond issues authorized by
the Initial Resolutions into a single corporate purpose bond
issue of not to exceed $3,710,000;
WHEREAS, on October 13, 1987, the Common Council adopted a
caused the Notice of Sale to be published in the Muskego Sun on
WHEREAS, pursuant to the Sale Resolution, the City Clerk
October 22, 1987 offering the aforesaid not to exceed $3,710,000
October 27, 1987;
general obligation corporate purpose bonds for public sale on
WHEREAS, of such amount $560,000 shall be for Sanitary Sewers
and $440,000 shall be for Waterworks (hereinafter referred to as
pose of refunding outstanding indebtedness (the "Refunding") ;
the "Project") and not to exceed $2,710,000 shall be for the pur-
WHEREAS, the City deems the Project to be within its powers
to undertake and therefore to be a public purpose as defined in
Section 67.04(1)(b) of the Wisconsin Statutes;
borrow money and issue general obligation bonds for public
purposes such as the Project and for the purpose of refunding
outstanding indebtedness;
WHEREAS, pursuant to Chapter 67, cities are permitted to
purpose bonds were received: WHEREAS, the following sealed bid proposals for the corporate
BIDDER NET INTEREST COST*
HARRIS TRUST AND
SAVINGS BANK $1,522,860.30
FIRST WISCONSIN
NATIONAL BANK 1,545,076.25
CLAYTON BROWN L
ASSOCIATES, INC. 1,563,232.00
THE FIRST NATIONAL
BANK OF CHICAGO 1,580,618.60
DEAN WITTER REYNOLDS
INC. 1,583,567.00
THE NORTHERN TRUST
COMPANY 1,585,171.00
SHEARSON LEHMAN
BROTHERS, INC. 1,594,688.83
HUTCHINSON, SHOCKEY,
ERLEY L CO. 1,601,905.85
* Based on an issue of $3,510,000.
NET INTEREST RATE*
6.7857%
6.8847
6.9656
7.0431
7.0562
7.0634
7.1058
7.1379
mitted by the Harris Trust and Savings Bank and Associates, WHEREAS, it has been determined that the bid proposal sub-
Chicago, Illinois fully complies with the bid requirements set
forth in the Official Notice of Sale and is deemed to be the most
advantageous to the City. A copy of said bid is attached hereto
as Exhibit A and incorporated herein by this reference; and
WHEREAS, the Common Council hereby finds and determines
that, based on the advice of its financial consultant, Ehlers and
Associates, Inc., it is necessary and desirable and in the best
interest of the City that the size of the corporate purpose bond
issue be $3,505,000 and that, pursuant to the Notice of Sale, the
1992 maturities be adjusted.
City that:
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
Harris Trust and Savings Bank, Chicago, Illinois (the "Purchaser")
is hereby accepted, said proposal offering to purchase the
$3,505,000 City of Muskego General Obligation Corporate Purpose
Section 1. Award of the Bonds. The bid proposal of the
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Bonds (the "Bonds") for the sum of THREE MILLION FOUR HUNDRED
CENTS ($3,482,287.60), plus accrued interest to the date of deli-
EIGHTY-TWO THOUSAND TWO HUNDRED EIGHTY-SEVEN DOLLARS AND SIXTY
@ very, resulting in a net interest cost of ONE MILLION FIVE
HUNDRED TWENTY-ONE THOUSAND TWO HUNDRED SEVENTEEN DOLLARS AND
SEVENTEEN CENTS ($1,521,217.17) and an average net Interest rate
of 6.7860%. The Bonds bear interest as follows:
Year of Maturity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Principal Amount
$ 25,000
300,000
300,000
425,000
55,000
400,000
1,000,000
200,000
600,000
200,000
Interest Rate
5.50%
5.75
6.00
6.20
6.40
6.50
6.70
6.80
6.90
7.00
Bonds shall be desianated "General Obliaation CorDorate PurDose
Section 2. Terms of the Bonds: Allocation of Issue. The
Bonds"; shall be daced November 19, 1987: shall be in the denomi-
nation of $5,000 or any integral multiple thereof; shall be num-
each year, in the years and principal amounts as set forth above.
bered 1 and upward: and shall mature serially on December 1 of
Interest Is payable commencing on June 1, 1988 and semi-annually
thereafter on December 1 and June 1 of each year. 0 The Bonds maturing in the years 1988 through 1994 shall be
maturing in the years 1995 through 1997 shall be for the purpose for the purpose of paying the cost of the Refunding. The Bonds
of paying the cost of the Project.
Section 3. Redemption Provisions. 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.
purpose of pavins the DrinciDal of and interest on the Bonds as
Section 4. Direct Annual Irrepealable Tax Levy. For the
" " the same becomes-due, the full faith, credit and resources of the
City are hereby irrevocably pledged, and there is hereby levied
upon all of the taxable property of the City a direct annual
irrepealable tax in the years and in the amounts as follows:
Levy Year Amount
1987
1988
$261,524.82
527.520.00
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Levy Year Amount
1989 $
1990
1991
1992
1993
1994
1995
1996
1.
510,270.00
617,270.00
220,920.00
562,400.00
,136,400.00
269,400.00
255,800.00
642,000.00
The direct annual irrepealable tax hereby levied shall be
collected in addition to all other taxes and in the same manner
and at the same time as other taxes of the City levied in said
years are collected. So long as any part of the principal of or
interest on the Bonds remains unpaid, the tax hereinabove levied
shall be and continues irrepealable except that the amount of tax carried onto the tax roll mav be reduced in anv vear bv the
amount of any surplus in the- Debt Service Fund Accounta created by
Section 6 hereof.
"
Section 5. Form of the Bonds. The Bonds shall be issued in
registered form and shall be executed and delivered in substan-
tially the form attached hereto as Exhibit B and incorporated
herein by this reference.
established a fund account separate and distinct from everv other
Section 6. Debt Service Fund Account. There is hereby
City fund or account to be designated "Debt Service Fund Account
Purpose Bonds dated November 19, 1987". There shall be deposited
for $3,505,000 City of Muskego General Obligation Corporate
the Bonds at the time of delivery to the Purchaser, all money
in said fund account any premium plus accrued interest paid on
sums as may be necessary to pay interest on the Bonds when the
raised by taxation pursuant to Section 4 hereof and all other
maturity dates. Said fund account shall be used for the sole
same shall become due and to retire the Bonds at their respective
purpose of paying the principal of and interest on the Bonds and
shall be maintained for such purpose until such indebtedness is
fully paid or otherwise extinguished.
Arbitrage Covenant. A portion of the proceeds of the Bonds (the
Section 7. Refunding Escrow Account; Construction Fund;
"Bond Proceeds") herein provided for (other than any premium and
accrued interest which must be paid at the time of ileiivery of
hereof), shall be deposited into an Escrow Account (hereinafter
the Bonds into the Debt Service Fund Account created in Section 6
created) maintained by the Escrow Agent (hereinafter appointed)
and used to pay the cost of Refunding. The balance of the Bond
Proceeds shall be segregated in a special construction fund upon
receipt and shall be used solely for the purpose of paying the
cost of the Project or for the payment of the principal of and interest on the Bonds.
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The Bond Proceeds may be temporarily invested in legal
investments until needed provided, however, that the City hereby covenants and agrees that so long as the Bonds remain outstand-
ing, moneys on deposit in any fund or account in connection with
the Bonds, whether or not such moneys were derived from the pro-
ceeds of the sale of the Bonds or from any other source, will not
be used or invested in a manner which would cause the Bonds to be
Internal Revenue Code of 1986, as amended (the "Code") and any "arbitrage bonds" within the meaning of Section 148 of the
applicable regulations including Sections 1.103-13, 1.103-14 and
1.103-15 of the income tax regulations, as the same exist on this date, or may from time to time hereafter be amended, supplemented
or revised. The Bond Proceeds allocable to the Refunding shall
be invested pursuant to the Escrow Agreement.
responsibility for issuing the Bonds shall provide an appropriate
The City Clerk, or other officer of the City charged with
certificate of the City, for inclusion in the transcript of
proceedings, setting forth the reasonable expectations of the
City, regarding the amount and use of the Bond Proceeds and the
of the date of delivery and payment for the Bonds. facts and estimates on which such expectations are based, all as
Section 8. Additional Tax Covenants; Qualified Tax-Exempt
Obligation Status. The City hereby further covenants and agrees
that it will take all necessary steps and perform all obligations
required by present law (including the Code) to assure that
interest on the Bonds remains exempt from federal income taxation
throughout the term of such Bonds. The City Clerk or other
the Bonds, shall provide an appropriate certificate of the City,
for inclusion in the transcript of proceedings, as of the date of
delivery and payment for the Bonds certifying that it can and
covenanting that it will comply with the provisions of present
law including the Code. Such certificate shall indicate that the
City qualifies for the exception for "small governmental units"
to the rebate requirement of the Code, set forth certain facts
regarding the use of the Bond Proceeds to establish that the
Bonds will not constitute "private activity bonds" as defined in
the Code and state other facts necessary to establish that the
Bonds are obligations described in Section 103(a) of the Code,
the interest on which is excluded from gross income for federal income tax purposes.
officer of the City charged with the responsibility of issuing
and lawful actions to comply with any new tax laws enacted so
that interest on the Bonds will continue to be exempt from
federal income taxation throughout the term of the Bonds.
Further, it is the intent of the City to take all reasonable
exempt obligations" pursuant to the provisions of Section 265(b)(3)
The City hereby designates the Bonds to be "qualified tax-
of the Code and in support of such designation, the City Clerk or
other officer of the City charged with the responsibility for
the City as of the date of delivery and payment for the Bonds.
issuing the Bonds, shall provide an appropriate certificate of
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Section 9. Execution of the Bonds. The Bonds shall be
issued in typewritten or printed form, executed on behalf of the
City by the manual or facsimile signatures of the Mayor and City
Clerk, authenticated by its Fiscal Agent appointed by Section 10
hereof, sealed with its official or corporate seal or a facsimile
thereof, and delivered to the Purchaser upon payment to the City
of the purchase price thereof, accrued interest to the date of
delivery and plus the premium, if any. In the event that either
of the officers whose signatures appear on the Bonds shall cease
to be such officers before the delivery of the Bonds, such signa-
tures shall, nevertheless, be valid and sufficient for all pur-
poses to the same extent as if they had remained in office until
such delivery. The aforesaid officers are hereby authorized and
directed to do all acts and execute all documents as may be
necessary and convenient for effectuating the delivery of the
Bonds.
DrinciDal of and interest on the Bonds shall be Daid bv First Section 10. Payment of the Bonds; Fiscal Agent. The
bank (N.A. ) , Milwaukee, Wisconsin which is herebi appointed as
of Section 67.10(2), Wisconsin Statutes (the "Fiscal Agent").
the City's registrar and fiscal agent pursuant to the provisions
The Fiscal Agency Agreement between the City and the Fiscal Agent
shall be substantially in the form attached hereto as Exhibit C
and incorporated herein by this reference.
First Bank (N.A.), Milwaukee, Wisconsin, is hereby appointed
Section 11. Escrow Agent: Escrow Agreement; Escrow Account.
0 payment of the principal of and interest on the City of Muskego,
Escrow Agent for the City, for the purpose of ensuring the
Wisconsin General Obligation Promissory Notes, dated December 1,
1984 (the "1984 Notes") which are being refunded with a portion
of the Bond Proceeds.
to execute an escrow agreement substantially in the form attached
hereto as Exhibit D (the "Escrow Agreement") (such form may be
modified by said officers prior to execution, the execution of
such agreement by said officers to constitute full approval of
this Common Council of any such modifications), with the Escrow
Agent, for the purpose of effecting the provisions of this
Resolution.
The Mayor and City Clerk are hereby authorized and directed
The Bond Proceeds allocable to refunding the 1984 Notes shall
created with the Escrow Agent, pursuant to the Escrow Agreement,
be deposited in a refunding escrow account which is hereby
for the purpose of retaining the required amount of cash, if any,
and acquiring the United States obligations provided for in the
Escrow Agreement.
Upon transfer of the Bond Proceeds and any other necessary
the taxes heretofore levied to pay debt service on the 1984 Notes
funds allocable to refunding the 1984 Notes to the Escrow Account,
shall be abated to the extent such transfers together with 0
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investment earnings thereon is sufficient to pay the principal
of and interest on the 1984 Notes, but such abatement shall not
affect the City’s pledge of its full faith, credit and resources
to make such payments. The refunding escrow account created by
the Escrow Agreement shall hereinafter serve as the debt service
(or sinking) funds for the 1984 Notes. The Escrow Agent shall
serve as custodian of said debt service (or sinking) funds.
Section 12. Redemption of the 1984 Notes. The City hereby
calls the 1984 Notes due on December 1, 1991 and December 1, 1994
for redemption on December 1, 1990. The Escrow Agent appointed
above is hereby authorized and directed to cause a notice of
redemption, in substantially the form attached to the Escrow
Agreement as Exhibit D-1 to be sent by registered or certified
mail to the registered owners of the 1984 Notes as shown on the
registration books of the City maintained by the bond registrar
to be provided to a financial newspaper of national circulation
for the 1984 Notes, First Bank (N.A.), Milwaukee, Wisconsin, and
published in New York, New York or Chicago, Illinois not less than thirty (30) days prior to the date of redemption. The
acts and execute and deliver all documents as may be necessary
appropriate officers and agents are hereby authorized to do all
and convenient for effectuating this call for redemption.
rules or other actions of the City or any parts thereof in
conflict with the provisions hereof shall be and the same are
hereby rescinded insofar as they may so conflict.
Section 13. Conflicting Resolutions. All prior resolutions,
provisions hereof shall for any reason be held to be illegal or
Section 14. Severability. In the event that any one or more
invalid, such illegality or inialidity shall not affect any other
provisions hereof.
Section 15. Effective Date. The foregoing shall take effect
immediately upon adoption and approval in the manner provided by
law.
Adopted and recorded this 27th day of October, 1987.
&&
Wavnd G. Salentine
Attest:
City Clerk I
( SEAL )
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EXHIBIT B
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
WAUKESHA COUNTY
NUMBER
GENERAL OBLIGATION CORPORATE PURPOSE BOND CITY OF MUSKEGO
DOLLARS
MATURITY DATE: ORIGINAL DATE OF ISSUE: INTEREST RATE: CUSIP:
December 1, 19- %
REGISTERED OWNER:
PRINCIPAL AMOUNT: R DOLLARS II =
KNOW ALL MEN BY THE Yii? PRESENTS, that the City Of Muskego.
Waukesha County, Wisconsin (the "City"), hereby acknowledges
itself to owe and for value received promises to pay to the
registered owner identified above (or to registered assigns), on
the maturity date identified above, the principal amount
identified above, and to pay interest thereon at the rate of
provisions set forth herein regarding redemption prior to
interest per annum identified above, all subject to the
maturity. Interest is payable commencing on June 1, 1988 and semi-annually thereafter on December 1 and June 1 of each year
until the aforesaid principal amount is paid in full.
in lawful money of the United States by First Bank (N.A.),
Milwaukee, Wisconsin, the fiscal agent appointed by the City pur-
to act as bond registrar and paying agent (the "Bond Registrar").
suant to the provisions of Section 67.10(2), Wisconsin Statutes,
Both the principal of and interest on this Bond are payable
This Bond is payable as to principal upon presentation and
Registrar. Payment of each installment of interest shall be made
surrender hereof at the principal corporate office of the Bond
to the registered owner hereof who shall appear on the reglstra-
close of business on the 15th day of the calendar month next pre-
tion books of the City maintained by the Bond Registrar at the
draft of the Bond Registrar mailed to such registered owner at
ceding the interest payment date and shall be paid by check or
his address as it appears on such registration books or at such
other address as may be furnished in writing by such registered
owner to the Bond Registrar.
For the prompt payment of this Bond together with interest hereon as aforesaid and for the levy of taxes sufficient for that
purpose, the full faith, credit and resources of the City are
hereby irrevocably pledged.
cipal amount of $3,505,000, all of which are of like tenor,
except as to denomination, interest rate, maturity date and
sions of Chapter 67, Wisconsin Statutes, for the purpose of
redemption provision, issued by the City pursuant to the provi-
paying the cost of constructing, extending, enlarging, reno-
vating, rebuilding, repairing and improving sanitary sewers;
constructing, extending, enlarging, renovating, rebuilding,
repairing and improving waterworks facilities; and for the pur-
pose of paying the cost of refunding outstanding indebtedness of
the City, all as authorized by resolutions of the City duly
adopted by said governing body at regular meetings held on
August 25, 1987, October 13, 1987 and October 27, 1987. Said
Council for said dates.
resolutions are recorded in the official minutes of the Common
This Bond is one of an issue of Bonds aggregating the prin-
At the option of the City, th Bonds maturing on December 1,
1991 and thereafter are subjec
on December 1, 1990 or on an
redemption prior to maturity
st payment date thereafter.
Said Bonds are redeemable &hole or in part
of maturity and within ea
, in inverse order
Bond Registrar),
rity by lot (as selected by the
interest to the date o re emption.
Q4
at thG pal amount thereof, plus accrued
0 direct the Bond Registrar to give notice of such redemption by
registered or certified mail at least thirty (30) days prior to
the date fixed for redemption to the registered owner of each Bond to be redeemed, in whole or in part, at the address shown on the registration books. Any notice mailed as provided herein
shall be conclusively presumed to have been duly given, whether
or not the registered owner receives the notice. The Bonds shall
cease to bear interest on the specified redemption date, provided
that federal or other immediately available funds sufficient for
such redemption are on deposit at the office of the Bond
Registrar at that time. upon such deposit of funds for
redemption the Bonds shall no longer be deemed to be outstanding.
Before the redemption of any of the Bonds, the City shall
~
The Bonds are issued in registered form in the denomination
of $5,000 or any integral multiple thereof. This Bond may be exchanged at the principal office of the Bond Registrar for a
like aggregate principal amount of Bonds of the same maturity in
other authorized denominations.
executed by the registered owner hereof or by such owner's duly
This Bond is transferable by a written assignment duly
authorized legal representative. upon such transfer a new
m -2-
e
0
a
registered Bond, in authorized denomination or denominations and
transferee in exchange hereof.
in the same aggregate principal amount, shall be issued to the
The City and the Bond Registrar may deem and treat the regis-
tered owner hereof as the absolute owner hereof for the purpose
mium, if any, hereon and interest due hereon and for all other
of receiving payment of or on account of principal hereof, pre-
purposes, and neither the City nor the Bond Registrar shall be
affected by notice to the contrary.
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 Bond have been done, have
existed and have been performed in due form and time; that the
aggregate indebtedness of the City, including this Bond and others
issued simultaneously herewith, does not exceed any limitation
that a direct annual irrepealable tax has been levied sufficient imposed by law or the Constitution of the State of Wisconsin; and
to pay this Bond, together with the interest thereon, when and as
payable. It is hereby further certified that the City has
designated this Bond to be a "qualified tax-exempt obligation"
pursuant to the provisions of Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended.
purpose until the Certificate of Authentication hereon shall have
This Bond shall not be valid or become obligatory for any
been executed by the Bond Registrar.
IN WITNESS WHEREOF, the City of Muskego, Waukesha County, Wisconsin, by its governing body, has caused this Bond to be
executed for it and in its name by the facsimile signatures of
its duly qualified Mayor and City Clerk; to be authenticated by
the Bond Registrar; and to be sealed with a facsimile of its
official or corporate seal. The City, by the aforesaid authen-
tication of this Bond, does adopt such facsimile signatures as
proper signatures, all as of the 19th day of November, 1987.
WAUKESHA COUNTY, WJSCONSIN
CITY OF MUSKEG0
( SEAL )
By : signature)
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Date of Authentication:
CERTIFICATE OF AUTHENTICATION
Corporate Purpose Bonds described in the within-mentioned resolu-
This Bond is one of the City of Muskego General Obligation
tions.
MILWAUKEE, WISCONSIN,
FIRST BANK (N.A.)
as Bond Registrar
By :
Authorized Signature
ASSIGNMENT
transfers unto
FOR VALUE RECEIVED, the undersigned sells, assigns and
-
sd of Assignee)
(Social Security or ’Tdentifying Number of Assignee)
the within Bond and all rizts thereunder and herebv irrevocablv
constitutes and appoints
Legal Representative, to transfer said Bond on the books kept for
registration thereof, with full power of substitution in the
~~ ~ ~~~ ~~ -a ~
~ ~ ~ ~~~
- premises.
Dated :
Signature Guaranteed:
a
or Securities Firm)
(e.g. Bank, Trust Company
(Authorized Officer)
(Registered Owner)
NOTICE: This signature must
correspond with the name of
the registered owner as it
within Bond in every particular,
appears upon the face of the
ment or any change whatever.
without alteration or enlarge-
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EXHIBIT C
FISCAL AGENCY AGREEMENT
THIS AGREEMENT is made and entered into the 19th day of
November, 1987, by and between the City of Muskego, Wisconsin, a
Wisconsin municipal corporation (the "Municipality"), and First
Bank (N.A.), a national banking association with trust powers
located in Milwaukee, Wisconsin (the "Bank").
WITNESSETH:
the sum of THREE MILLION FIVE HUNDRED FIVE THOUSAND DOLLARS
($3,505,000) pursuant to Chapter 67, Wisconsin Statutes, and
October 13, 1987 and October 27, 1987, has authorized the
the resolutions adopted by the Municipality on August 25, 1987,
gation corporate purpose bonds to evidence such indebtedness (the
issuance and sale of $3,505,000 principal amount of general obli-
"Obligations"). The Obligations shall be designated "General
Obligation Corporate Purpose Bonds"; shall be dated November 19,
1987; shall bear interest at the rates set forth below; and shall
mature serially on December 1 of each year, in the years and
principal amounts as follows:
WHEREAS, the Municipality has authorized the borrowing of
Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Principal Amount Interest Rate
$ 25,000
300, 300,00&<(
'too, 000
200,000
600,000
5.50%
5.75
6.00
6.20
6.40
6.50
6.70
6.80
6.90
7.00
Interest shall be payable commencing on June 1, 1988 and semi-
annually thereafter on December 1 and June 1 of each year until
the principal of the Obligations is paid in full or discharged;
registered form pursuant to Section 149 of the Internal Revenue
WHEREAS, the Municipality is issuing the Obligations in
Code of 1986, as amended, and any applicable income tax regula-
tions; and,
WHEREAS, pursuant to the aforesaid resolutions and Section
lity has authorized the appointment of the Bank as Fiscal Agent
67.10(2), Wisconsin Statutes, the Common Council of the Municipa-
of the Municipality for the purpose of performing any or all of
the following functions with respect to the Obligations: paying
the principal of and interest on the Obligations;
accounting for such payments; registering, authenticating, trans-
ferring, and cancelling the Obligations; and maintaining a regis- tration book in addition to other applicable responsibilities all
in accordance with the provisions of Section 67.10(2), Wisconsin
Statutes.
NOW, THEREFORE, the Municipality and the Bank do hereby agree
as follows:
I. APPOINTMENT
with respect to the Obligations for the purpose of performing
such of the responsibilities stated in Section 67.10(2)(a),
Wisconsin Statutes, as are delegated herein or as may be other-
wise specifically delegated in writing to the Fiscal Agent by the
Municipality.
The Bank is hereby appointed Fiscal Agent of the Municipality
11. INVESTMENT RESPONSIBILITY
funds held for the payment of interest or principal on the
Obligations.
The Fiscal Agent shall not be under any obligation to invest
111. PAYMENTS
semi-annual
until the principal of
interest payment date
and interest on the have been fully paid or
prepaid in the Municipality agrees
to and immediately available
as principal of and the
premium, if any, and interest on the Obligations on such semi-
annual interest payment date. Said semi-annual interest and/or
which is attached hereto and incorporated herein by this
principal payment dates and amounts are set forth in Exhibit A-1
reference.
IV. CANCELLATION
purpose of payment, the Fiscal Agent shall cancel and destroy the In every case of the surrender of any Obligation for the
same and deliver to the Municipality a certificate regarding such
Obligation, specifying its number, date, purpose, amount, rate of
cancellation, setting forth an accurate description of the
each payment of principal or interest thereon. The Fiscal Agent
interest, and payment date and stating the date and amount of
shall also cancel and destroy Obligations presented for transfer
or exchange and deliver a certificate with respect to such
be permitted to microfilm, or otherwise photocopy and record said
transfer or exchange to the Municipality. The Fiscal Agent shall
cancelled Obligations.
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V. REGISTRATION BOOK
Fiscal Agent shall maintain in the name of the Municipality
a Registration Book containing the names and addresses of all
keep confidential said information in accordance with applicable
registered owners of the Obligations. The Fiscal Agent shall
banking and governmental regulations.
VI. INTEREST PAYMENT
registered owner who shall appear on the Registration Book at the
close of business on the 15th day of the calendar month next
preceding the interest 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 Book or at such other
to the Fiscal Agent.
address as may be furnished in writing by such registered owner
Payment of each installment of interest shall be made to the
VII. PAYMENT OF PRINCIPAL
Obligation upon surrender of the Obligation on or after its
maturity or redemption date.
Principal shall be paid to the registered owner of an
VIII. REDEMPTIOW & ICE ~.
In the event the Municipalitpxercises its option to redeem
any of the Obligations, the Mun\cipality shall direct the Fiscal
Agent to give notice of such redemption by registered or certi-
fied mail at least thirty daks prior to the date fixed for
redemption to the registered'bwner 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
thirty-five days prior to such redemption date.
fi?
IX. TRANSFER AND EXCHANGE OF OBLIGATIONS
printed Obligations no less than five business days prior to the
The Municipality will supply the Fiscal Agent with 2,103
date of delivery of and payment for the Obligations (the
"Closing") which are complete except for:
1. Name of registered owner
2. Face principal amount
3. Maturity date
4. Interest rate
5. Registration date, if any
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6. Serial numbers
7. CUSIP numbers, if any
8. Authenticating signature
The Fiscal Agent will prepare Obligations in the name of a
purchaser or purchasers designated by the Municipality so as to
be available for authentication by the Fiscal Agent at Closing.
Said purchaser or purchasers shall become the first registered
owners of the full issue of Obligations at Closing. The Fiscal
Agent shall transfer Obligations upon presentation of a written
assignment duly executed by the registered owner or by such
owner's duly authorized legal representative. Upon such a
transfer, a new registered Obligation of authorized denomination
or denominations in the same aggregate principal amount shall be
issued to'the transferee in exchange thereof, and the name of
such transferee shall be entered as the new registered owner in
the Registration Book. Upon request of the registered owner, the
Fiscal Agent shall exchange Obligations of the issue for a like
aggregate principal amount of Obligations of the same maturity in
authorized whole integral multiples of $5,000.
transfer or exchange, the Obligation or Obligations issued shall
The Obligations shall be numbered 1 and upward. Upon any
bear the next highest consecutive unu ed number or numbers.
E. .\ 17 1
x. AUTHENTICATION a \ .'
on each Obligation on the 'e of delivery, transfer or exchange
of such Obligation. The EF iscal Agent shall distribute and/or
retain for safekeeping the Obligations in accordance with the
direction of the registered owners thereof.
The Fiscal Agent shall si,@$he Certificate of Authentication
XI. STATEMENTS
The Fiscal Agent shall furnish the Municipality with an
accounting of interest and funds annually beginning January 1,
1988.
XII. FEES
in accordance with the fee schedule provided by the Fiscal Agent
which is attached hereto as Exhibit B-1 and incorporated herein
date. Such fees are payable on the date principal is due. In
by this reference until the final principal payment or redemption
the event the Municipality exercises its option to redeem the
Obligations, the Fiscal Agent shall be reimbursed for mailing
costs related therewith.
The Municipality agrees to pay the Fiscal Agent an annual fee
-4-
XIII. MISCELLANEOUS
(a) Nonpresentment of Checks. 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. Thereafter, the Fiscal Agent shall not be
responsible for the payment of such check or draft.
(b) Resignations; Successor Fiscal Agent. Fiscal Agent may
notice to Municipality. Upon receiving such notice of resigna-
at any time resign by giving not less than sixty days written
tion, the 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 sixty days after
such notice of resignation, the resigning Fiscal Agent may peti-
tion 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.
Any successor fiscal agent shall be qualified to act pursuant to Section 61.10(2), Wisconsin , as amended.
deliver to Municipality and to fiscal agent an
Any successor fiscal agent acknowledge and
the resignation of the shall become
instrument accepting such and thereupon
effective and such any further
powers, trusts, duties and oljligations of its predecessor, with
act, deed or conveyance, sIia1.l become vested with all the rights,
nevertheless, on written request of Municipality, or on the
like effect as if originally named as fiscal agent herein; but
execute and deliver an instrument transferring to such successor
request of the successor, the fiscal agent ceasing to act shall
agent so ceasing to act. Upon the request of any such successor
fiscal agent, all the rights, powers, and trusts of the fiscal
writing for more fully and certainly vesting in and confirming to
trustee, Municipality shall execute any and all instruments in
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.
(c) Termination. This Agreement shall terminate six years
whether by maturity or earlier redemption or the final discharge
after the last principal payment on the Obligations is due
Obligations, whichever Is later. The parties realize that any
of the Municipality's responsibilities for payment of the
funds hereunder as shall remain upon termination shall be turned
-5-
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 Municipality's obliga-
tion to pay the outstanding Obligations in full in accordance with the terms thereof.
IN WITNESS WHEREOF, the parties have executed this Agreement,
being duly authorized so to do, each in the manner most appro-
priate to it, on the date first above written.
CITY OF MUSKEGO
WAUKESHA COUNTY. WISCONSIN
( SEAL )
( SEAL )
By:
And : Charlotte L. Stewart
City Clerk
FIRST BANK (N.A.) MILWAUKEE, WISCONSIN
By :
And :
-6-
EXHIBIT D
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, made and entered into the 19th day of
November, 1987, by and between the City of Muskego, Waukesha
County, Wisconsin (the "Clty't), and First Bank (N.A.), Milwaukee,
Wisconsin, a national banking association with trust powers (the
"Agent" ) .
WITNESSETH:
WHEREAS, the City has duly issued $2,300,000 General Obligation Promissory Notes, dated December 1, 1984 now
outstanding in the principal amount of $2,300,000 (the "1984
Notes"). The 1984 Notes are payable from ad valorem taxes levied
on all taxable property in the City.
and in the amounts shown in Exhibit A-1;
WHEREAS, the 1984 Notes mature and bear interest on the dates
WHEREAS, the City has authorized and issued $3,505,000 prin-
cipal amount of its General Obligation Corporate Purpose Bonds,
dated November 19, 1987 (the "Bondsri) for the purpose of
refunding the 1984 Notes (the 'I ehinding");
WHEREAS, in order to acw'l&h the Refunding, it is
necessary to irrevocably dqposi\t'.in trust an amount (in the form
ment income therefrom, willjbe sufficient to pay when due the
principal of and interest'~on the 1984 Notes:
?/:$ %j
0 of investment securities :aiid'ka.eh) which, together with invest-
WHEREAS, to accomplish the Refunding, the Agent has been
appointed depository of a portion of the proceeds of the Bonds
and other funds of the City (in the form of investment securities
and cash) as hereinafter specified;
WHEREAS, execution of this Agreement has been duly authorized
by a resolution of the City entitled: "Resolution Awarding the
Sale of $3,505,000 General Obligation Corporate Purpose Bonds;
Providing the Form of the Bonds: and Levying a Tax in Connection
Therewith" (the "Award Resolution") adopted by the Common Council
of the City at a regular meeting on October 27, 1987;
NOW, THEREFORE, the parties hereto recite, and in considera- tion of the mutual covenants contained herein, covenant and agree
as follows for the equal and proportionate benefit and security
of the holders of the 1984 Notes and any coupons appurtenant
thereto:
Agreement, the City has deposited with the Agent, receipt thereof
is hereby acknowledged by the Agent, $
of the proceeds of the Bonds and $
1. Trust Deposit. Concurrently with the execution of this
being a portion
from funds on hand.
The foregoing shall be held and disposed of by Agent only in
accordance with this Agreement. The City represents and warrants
that the foregoing, if held, invested and disposed of by Agent in
need for any further investment or reinvestment, to make all
accordance with this Agreement, will be sufficient, without the
under no obligation to determine whether the amounts deposited
payments required under this Agreement. The Agent has not and is
hereunder are or will be sufficient to make all of the payments
directed to be made hereunder.
with the Agent an account hereby designated, "City of Muskego
Escrow Account" (the "Escrow Account" ) .
There is hereby created by the City and ordered established
The Agent shall deposit the amount described above in the
Escrow Account to be used as follows:
a) $ cipal amount of United States Treasury Certificates of
Indebtedness and Notes - State and Local Government Series
("SLGs") , described in the attache@ .Exhibit B-1, pay for the SLGs
from monies in the Escrow Accou9-d hold the SLGs in the Escrow
Account;
used to purchase the $ prin-
-.
b) $ to+e used to establish a beginning cash balance in the Escrow Account and applied to repay a portion of
the outstanding balance of the 1984 Notes; and,
C) $ to be used to pay $ of the issuance expenses as described in the attached Exhibit C-1 (which the City hereby authorizes the Agent to pay to the County to be
used for any additional issuance-costs (with any remainder thereof to be deposited into the Debt Service Fund Account
created by the Award Resolution from which the Bonds are
payable).
Except as set forth in Section 5 hereof, the Escrow Account
(other than the cash held pursuant to subsection (b) above) shall
otherwise dispose of the SLGs. Except as set forth in Section 5
remain invested in the SLGs, and the Agent shall not sell or
hereof, no reinvestment of amounts on deposit'in the Escrow
Account shall be permitted.
timely payment of the principal of and interest on the 1984 Notes
The Agent shall apply the monies in the Escrow Account to the
at the times and in the amounts set forth in the attached Exhibit A-1.
tants, has delivered to the City, Ehlers and Associates, Inc.,
Conley, McDonald, Sprague & Co. a firm of independent accoun-
-2-
and Mulcahy 61 Wherry, S.C., for their purposes, a report stating the firm has reviewed the arithmetical accuracy of certain com-
putations based on assumptions relating to the sufficiency of
forecasted net cash flow from the federal securities (paragraph
(a) above) and any initial cash deposit (paragraph (b) above) to
pay principal of and interest on the 1984 Notes. Based upon the summarized data presented in their report and the assumption that
deposited in the Escrow Account when due, in their opinion, the the principal and interest payments on the federal securities are
proceeds from the federal securities plus any initial cash depo-
sit will be sufficient for the timely payment of principal and
interest, when due on the 1984 Notes.
the Escrow Account will not be sufficient to make any payment due
If at any time it shall appear to the Agent that the money in
to the holders of any of the 1984 Notes, the Agent shall imme-
diately notify the City. Upon receipt of such notice the City
Account from legally available funds such additional monies as
shall forthwith transmit to the Agent for deposit in the Escrow
may be required to make ,any such payment.
the trust deposit hereunder and accepts the trust herein imposed.
2. Acceptance of Trust. The Agent acknowledges receipt of
The Agent agrees to apply the fundeeceived from the City in the
3. Application of Trust Deposiv; Redemption of 1984 Notes.
manner and for the 1 hereof-. The
Agent acknowledges
States government in Section 1 hereof and
cash and United
behalf of the City and interest on such
agrees that it will hold 0 securities in the collect and receive on States government
securities and will remit from said Escrow Account to the paying
agent for the 1984 Notes, the monies required from time to time
for the payment of principal and interest thereon as shown in
Exhibit A-1. The City has heretofore called the 1984 Notes for
Agent hereby agrees to give notice of an intended redemption of
redemption and hereby authorizes and directs the Agent, and the
the 1984 Notes by filing an appropriate notice (in substantially
the form attached hereto as Exhibit D-1) in the manner and at the
times set forth on Exhibit D-1 and in the Authorizing Resolution.
4. The Agent.
a) Annual Report. The Agent shall, on or within
December 31, 1988, and while this Agreement is in effect, forward fifteen (15) days after December 31 of each year, commencing on
by first class mail to the City a report of the receipts, income,
Account during the preceding calendar year, including in such
investments, redemptions and payments of and from the Escrow
report a statement, as of the end of the preceding calendar year,
regarding the manner in which it has carried out the requirements
of this Agreement. The City shall have the right, at any time
during business hours, to examine all of the Agent's records
regarding the status and details of the Escrow Account.
-3-
wise permitted under Section 3 hereof, the Agent shall keep all
b) Separate Funds; Accountability. Except as other-
monies, securities and other properties deposited hereunder, all @ all times in a special fund and separate trust account, wholly
investments and all interest thereon and profits therefrom, at
segregated from all other funds and securities on deposit with
with other funds or securities of Agent: and shall never at any
it; shall never commingle such deposits, investments and proceeds
time use, pledge, loan or borrow the same in any way. The fund
established hereunder shall be held separately and distinctly and
not commingled with any other such fund. Nothing herein con-
tained shall be construed as requiring Agent to keep the iden-
tical monies, or any part thereof, received from or for the
Escrow Account, on hand, but monies of an equal amount shall
always be maintained on hand as funds held by Agent, belonging to
the City and a special account thereof, evidencing such fact,
uninvested money held at any time in the Escrow Account shall be
shall at all times be maintained on the books of Agent. All
direct obligations of the United States of America in a principal
continuously secured by the deposit in a Federal Reserve Bank or
amount always not less than the total amount of uninvested money
in the Escrow Account. It is understood and agreed that the
responsibility of the Agent under this Agreement is limited to
the safekeeping and segregation of the onies and securities
deposited with it for the ESCKOW Accpu fi" t, and the collection of
and accounting for the principal p-interest payable with respect thereto. r
In the event the City iwkable or fails to account for any
not be identified, all other assets of Agent shall be impressed property of the City, and if, for any reason such property can-
with a trust for the amount thereof and the City shall be
entitled to the preferred claim upon such assets enjoyed by any
trust beneficiary. Property held by the Agent hereunder shall
not be deemed to be a banking deposit of the City to the extent
that the Agent 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
property held hereunder, such property shall be and remain the
any time resign by giving not less than 60 days' written notice
c) Resignations: Successor Trustee. The Agent may at
to the City. -Upon merger or consolidation of-the Agent, if the
resulting corporation is a bank or trust company authorized by
law to conduct such business, such successor corporation shall be
authorized to act as agent. upon the resignation of the Agent,
which shall be communicated in writing to the City and by mailing
notice thereof to any registered holders of the 1984 Notes, or in
City reserves the power to appoint a successor Agent. If no suc-
the event the Agent becomes incapable of acting hereunder, the
cessor agent shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of
resignation, the resigning Agent may petition any court of com-
petent jurisdiction for the appointment of a successor agent, or
any holder of the 1984 Notes who has been a bona fide holder of a
-4-
~~
a
..
all other similarly situated, petition any such court for the 1984 Note for at least six months may, on behalf of himself and
appointment of a successor agent. Such court may thereupon after
such notice, if any, as it may deem proper and prescribe, appoint
tions comparable to the resigning Agent.
a successor agent. Such successor agent shall have qualifica-
the City and to its predecessor agent an instrument accepting
such appointment hereunder, and thereupon the resignation of the
predecessor agent shall become effective and such successor
agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as
agent hereunder; but nevertheless, on written request of the City
or on the request of the successor agent, the agent ceasing to
act shall execute and deliver an instrument transferring to such
successor agent, upon the terms herein expressed, all the rights,
powers and duties of the agent so ceasing to act. Upon the
request of any such successor agent, the City shall execute any
vesting in and confirming to such successor agent all such
and all instruments in writing for more fully and certainly
rights, power and duties. Any predecessor agent shall pay over
to its successor agent a proportional art of the Agent's fee
hereunder. R
-1
my successor agent shall execute, acknowledge and deliver to
d ) Fees. The Agent a6wledges receipt from the
City of the sua FOUR THOUS~lB..kIFTY DOLLARS ($4,050) as and
for full compensation for all [serqices to be performed by it as
upon or claim against the nbnies 'and investments in the Escrow
Account. q:~,
0 I Agent under this Agreement.*he.&gent expressly waives any lien
to and for the benefit of the holders of the 1984 Notes and the
5. Arbitrage. The City and the Agent covenant and agree,
Bonds, that no investment of the monies on deposit in the Escrow
Account will be made in a manner that would cause the 1984 Notes
or the Bonds to be "arbitrage bonds" within the meaning of
Section 148 of the Internal Revenue Code of 1986, as amended (the
thereunder (the "Regulations") . "Code") or any income tax regulations promulgated or proposed
of the Code, and Regulations, the Agent agrees that it will not
In order to ensure continuing compliance with Section 148
invest the cash balance nor reinvest any cash received in payment
of the principal of and interest on the federal securities held
in the Escrow Account nor redeem such federal securities except
on reinvestment shall continue unless and until the City requests
as specifically provided in Section 1 hereof. Said prohibition
that such reinvestment be made. Prior to any such request for
reinvestment of the proceeds from the federal securities held in
the Escrow Account, the City shall provide to the Agent: (i) an
opinion by an independent public accountant that after such rein-
vestment the principal amount of the substituted securities, together with the earnings thereon and other available monies, a
-5-
will be sufficient to pay, as the same become due, all principal of, redemption premium where required, and interest on the 1984
Notes which have not then previously been paid, and (11) an
unqualified opinion of nationally recognized bond counsel to the
effect that (a) such reinvestment will not cause the 1984 Notes
Section 148 of the Internal Revenue Code of 1986, as amended, and
and the Bonds to be "arbitrage bonds" within the meaning of
the income tax regulations in effect thereunder on themdate of
such reinvestment, and (b) such reinvestment complies with the
Constitution and laws of the State of Wisconsin and the provi-
sions of all relevant documents relating to the issuance of the
1984 Notes and the Bonds.
6. Miscellaneous.
entered into by the City and the Agent for the benefit of the
a) Third Party Beneficiaries. This Agreement has been
holders of the-1984 Notes, and is not revocable by the City or
Escrow Account and all income therefrom have been irrevocably
the Agent, and the investments and other funds deposited in the
appropriated for the payment and redemption of the 1984 Notes and
interest thereon when due, in accordance with this Agreement.
This Agreement shall be binding upon and shall inure to the bene-
fit of the City and the Agent and their respective successors and
party beneficiary contract for the be efit of the,holders of the
assigns. In addition, this Agreement sh6.11 constitute a third
1984 Notes. Said third party benefd,ciaries shall be entitled to
enforce performance and observance.by,,,the City and the Agent of
the respective agreements and cobenants herein contained as fully
hereto.
and completely as if said th+$' barty beneficiaries were parties
p. .- '.
&. j.:
b) Severability. If any section, paragraph, clause or
provision of this Agreement shall be invalid or ineffective for
any reason, the remainder of this Agreement shall remain in full
force and effect, it being expressly hereby agreed that the
parties hereto notwithstanding any such invalidity.
remainder of this Agreement would have been entered into by the
c) Termination. This Agreement shall terminate upon
the payment of all of the principal of and interest on the 1984
Notes. The parties realize that some of the funds hereunder may
remain upon termination. Any funds remaining upon termination
shall be returned to the City for deposit in the account desig-
nated "Debt Service Fund Account for $3,505,000 City of Muskego
General Obligation Corporate Purpose Bonds dated November 19,
1987" created by the Authorizing Resolution and used solely to
pay the principal of and interest on the Bonds. Termination of
this Agreement shall not, of itself, have any effect on the
City's obligation to pay the 1984 Notes and the Bonds in full in accordance with the respective terms thereof.
-6-
Agreement to be duly executed by their duly authorized officers
IN WITNESS WHEREOF, the parties hereto have caused this
on the date first above written.
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
( SEAL )
By :
Wayne G. Salent
Mayor
By :
Charlotte L. Stewart
City Clerk
FIRST BANK (N.A.) MILWAUKEE, WISCONSIN
By :
-7-
Exhibit A-1
CITY OF MUSKEG0
$2,300,000*
WAUKESHA COUNTY, WISCONSIN
GENERAL OBLIGATION PROMISSORY NOTES
DATED DECEMBER 1, 1984
Date - Rate Amount
06/01/85
12/01/85
06/01/86
12/01/86
06/01/87
12/01/87
06/01/88
12/01/88 8.600
06/01/89
225,000
12/01/89
06/01/90
8.600 225,000
12/01/90 8.600
06/01/91
200,000
12/01/91** 8.900 300,000
Interest Principal
12/01/92
06/01/92
06/01/93
12/01/93
12/01/94**
06/01/94
9.600 1,350,000
Interest
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
96,425.00
96,425.00
86,750.00
86,750.00
78,150.00
78,150.00
64,800.00
64,800.00
64,800.00
64,800.00
64,800.00
64,800.00
Principal and
Interest
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
106,100.00
331,100.00
96,425.00
321,425.00
86,750.00
286,750.00
78,150.00
378,150.00
64,800.00
64,800.00
64,800.00
64,800.00
1,414,800.00
64,800.00
**To be called December 1, 1990 at 100%
*Outstanding Amount: $2,300,000
A-1
EXHIBIT B-1
U.S. TREASURY SECURITIES
(State and Local Government Series)
For Delivery November 19, 1987
Par Coupon
Type Maturity Date Amount Rate cost
(See Attached Subscription Forms)
B-1
Exhibit C-1
NOTICE OF CALL*
to Holders of
City of Muskego
Waukesha County, Wisconsin
General Obligation Promissory Notes
Dated December 1, 1984
~
NOTICE IS HEREBY GIVEN that the Notes of the above-referenced
issue which mature on December 1, 1991 and 1994 have been called
for prior payment on December 1, 1990. Upon presentation and
surrender of said Notes to First Bank (N.A.), Milwaukee,
Wisconsin, the registrar for said Notes, the owners thereof will
be paid the principal amount of the Notes, plus accrued interest
to the date of prepayment.
0 Said Notes will cease to bear interest on December 1, 1990.
By Order of the
Common Council
City of Muskego
City Clerk
Dated
* Notice to be sent by registered or certified mail to the
registered holders of the 1984 Notes as shown on the regis-
tration books of the City maintained by the Bond Registrar,
First Bank (N.A.), Milwaukee, Wisconsin and to be provided to
New York, New York or Chicago, Illinois not less than
a financial newspaper of national circulation published in
thirty (30) days prior to the date of redemption.
c-1
Exhibit D-1
BOND ISSUANCE EXPENSES
Advisory Fee,
Ehlers and Associates, Inc.
Bond Counsel,
Mulcahy & Wherry, S .C.
Escrow Agent,
First Bank (N.A.)
Bond Registrar,
First Bank (N.A.)
Reimbursement for Travel Expenses
Presentation to Moody's Investors Service
Bond Insurance Premium,
FGIC
Computer Services (EhleKS)
$31,947
6,500
4,050
1,500
31,022
2,000
Total: $
D- 1