CCR1992031of Common Council Held January 28, 1992
Excerpts of Minutes of Meeting
Muskego, Waukesha County, Wisconsin, was held in open session
upon due notice on January 28, 1992 at 7:53 P.M. The
following Aldermen were present:
A duly-convened meeting of the Common Council of the City of
~~~ke, ~ilt, patterson, D. sanders, H. Sanders, Simmons, and
Taube
The following Aldermen were absent:
None.
open meeting of the Common Council. Notice of this meeting was
given to the public at least 24 hours prior to the meeting by
the Muskego Sun, and to all news media who have requested the
forwarding the complete agenda to the official City newspaper,
same as well as posting. Copies of the complete agenda were
available for inspection at the Clerk's office. Anyone desiring
information as to forthcoming meetings should contact the Clerk's
office.
The Mayor opened the meeting by announcing that this was an
(Here occurred business not pertinent to the note issue.)
On motion made by Alderman Dumke and
seconded by Alderman H. Sanders
following resolution was adopted by a vote of 7 to 0.
, the
RESOLUTION NO. 31-92
RESOLUTION PROVIDING FOR THE SALE OF
$5,325,000 GENERAL OBLIGATION PROMISSORY NOTES
presently in need of $5,325,000 for public purposes, including
WHEREAS the City of Muskego, Waukesha County, Wisconsin, is
paying part of the costs of the improvement and expansion of the
City's water system, and the acquisition of land for and
construction and equipping of a fire engine house, and refunding
obligations of the City, including interest on them; and
WHEREAS it is desirable to borrow said funds through the
Stats.; and
issuance of promissory notes pursuant to Section 67.12(12), Wis.
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:
0 1. This Common Council hereby authorizes the issuance of
in accordance with the official Notice of Sale attached to this
resolution and as determined at public sale.
$5,325,000General Obligation Promissory Notes for said purposes
2. The Clerk shall cause copies of the abbreviated Notice
of Sale attached to this resolution to be published in such
newspapers and at such times as the Clerk may determine and cause
copies of the complete official Notice of Sale and other
pertinent data to be sent to interested bidders as the Clerk may
determine.
3. At its meeting on February 25, 1992, the Common Council
shall consider such bids as may have been received and take
action thereon.
4. The Clerk shall cause an Official Statement concerning
this issue to be prepared by the City's financial consultant,
Ehlers and Associates, Inc., and the appropriate City officials
shall certify said Statement, such certification to constitute
full authorization of such statement under this resolution. I
(Here occurred business not pertinent to the note issue.)
I 1 Upon motion made and duly seconded, the meeting was
a
This is to certify that this is a true and accurate copy of
Resolution #31-92 which was adopted by the Common Council of
the City of Muskego.
-2-
NOTICE OF SALE
$5,325,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
the above Notes of the City of Muskego, Wisconsin, will be
West Watertown Road, Waukesha, Wisconsin and 2950 Norwest Center,
received at the offices of Ehlers and Associates, Inc., 20700
A.M., Central Time, on February 25, 1992, when they will be
90 South Seventh Street, Minneapolis, Minnesota, until 11:OO
opened. The bids will be considered by the Common Council at its
meeting to be held later that day. These Notes are being issued
for public purposes, including paying part of the costs of the
improvement and expansion of the City's water system, and the
acquisition of land for and construction and equipping of a fire
engine house, and refunding obligations of the City, including
interest on them.
Dates and Maturities
The Notes will be dated March 1, 1992 and will mature on
September 1 in the following years and amounts:
Year
1993
1995
1994
1996
1997
1998
1999
2000
- Amount
$ 425,000
1,725,000
1.200.000
200,000
600,000
300,000 450,000
425,000
Call Provision
Notes maturing on and after September 1, 1998 shall be
or after September 1, 1997 at par plus accrued interest. Notice
subject to call and prior payment on any interest payment date on
of such call shall be given by mailing a notice thereof by
registered or certified mail at least thirty (30) days prior to
the date fixed for redemption to the registered owner of each
Note to be redeemed at the address shown on the registration
books.
0
Interest
and March 1, commencing September 1, 1992 to the registered
owners of the Notes appearing of record in the bond register as
of the close of business on the 15th day (whether or not a
Interest on the Notes will be payable on each September 1
Desiqnation as Qualified Tax-Exempt Obliqations
The City will designate the Notes as "qualified tax-exempt
obligations" for purposes of Section 265 of the Internal Revenue
Code of 1986, as amended, relating to the ability of financial
institutions to deduct from income for federal income tax
purposes, interest expense that is allocable to carrying and
acquiring tax-exempt obligations.
Leqal Opinion
Brady, Milwaukee, Wisconsin. The legal opinion will accompany
the Notes. The legal opinion will state that the Notes are valid
property in the City is subject to the levy of a tax to pay the
and binding general obligations of the City, and all the taxable
principal of and interest on the Notes as the same become due
without limitation as to rate or amount.
A legal opinion on the Notes will be furnished by Quarles &
Type of Bid - Amount
Sealed bids must be mailed or delivered to Ehlers and
Associates, Inc. and must be received prior to the time
established above for the opening of bids. Each bid must be
must be submitted with each bid. The good faith deposit must be
unconditional. A good faith deposit in,the amount of $103,500
in the form of a cashier's or certified check or bank draft or a 0 financial surety bond issued by Capital Guaranty, payable to the
City Treasurer, or a wire transfer of funds to Resource Bank &
Trust Company, A.B.A. #09-10-0550-6 for further credit to
Attention Molly Majerle. If a financial surety bond is used,
Ehlers and Associates, Inc. Bond Issue Escrow Account #850-788-1,
such bond must be submitted to Ehlers and Associates, Inc. prior
to the opening of bids. The financial surety bond must identify
each bidder whose deposit is guaranteed by such financial surety
bond. If the Notes are awarded to a bidder using a financial
surety bond, then the purchaser is required to submit its deposit
to Ehlers and Associates, Inc. in the form of a certified or
cashier's check or wire transfer as instructed by Ehlers and
Associates, Inc. not later than 3:OO P.M., Central Time, on the
next business day following the award. If such deposit is not
received by that time, the financial surety bond may be drawn by
the City to satisfy the deposit requirement. The good faith
deposit will be retained by the City as liquidated damages if the
bid is accepted and the bidder fails to comply therewith. The
good faith deposit will be returned to the purchaser at the
closing for the Notes. 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 and no bid of less than
$5,097,375 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.
3
Official Statement
Underwriters may obtain a copy of the Official Statement by
request to the City's financial advisor prior to the bid opening.
By submitting a bid, the successful bidder agrees to supply to
the City within 24 hours after the award of the Notes all
necessary pricing information and any underwriter identification
necessary to complete the Official Statement. Within seven days
of the award of the Notes, the purchaser will be provided with
Additional copies of the Official Statement and addenda will be
150 copies of the Official Statement and addenda without cost.
available at a cost of $10.00 per copy. If the purchaser is the
manager of an underwriting syndicate, the purchaser shall be
responsible for distributing copies of the Official Statement and
addenda to syndicate members.
BY ORDER OF THE COMMON COUNCIL
Jean Marenda
City Clerk
City Hall
Muskego, Wisconsin 53150
0 INC., Financial Specialists, 20700 West Watertown Road, Waukesha,
Further information may be obtained from: EHLERS AND ASSOCIATES,
Wisconsin 53186 - Telephone: (414) 785-1520, or 2950 Norwest
Center, 90 South Seventh Street, Minneapolis, Minnesota 55402 -
Telephone: (612) 339-8291.
4