CCR19930210
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Alderman Patterson introduced the following resolution and
moved its adoption:
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #21-93
RESOLUTION AUTHORIZING EHLERS AND ASSOCIATES, INC.
TO SOLICIT COMPETITIVE PROPOSALS FOR NOT TO EXCEED
$4,500,000 GENERAL OBLIGATION ADVANCE REFUNDING NOTES
OF THE CITY OF MUSKEGO, WISCONSIN
WHEREAS, Wisconsin Statutes, Section 67.12(12) authorizes the
City to issue general obligation promissory notes; and
WHEREAS, the City of Muskego has outstanding notes dated June
1, 1986 which bear interest rates of 7.00% and 7.10% that are
callable as of June 1, 1994; and
WHEREAS, the City has outstanding corporate purpose bonds dated
December 1, 1985 bearing interest rate the rates of 8.15%,
8.30%, 8.45%, and 8.60% which are callable as of December 1,
1995; and
WHEREAS, the City has outstanding promissory notes dated May 1,
1989 bearing interest rates of 6.80% and 6.90% that are
callable as of May 1, 1995 and
WHEREAS, the City has notes dated June 1, 1990 bearing interest
at the rates of 6.40% and 6.50% that are callable as of June 1
1995; and
WHEREAS, the City has notes dated December 1, 1990 with
interest rates of 6.00%, 6.10% and 6.20% which are callable as
of June 1, 1995; and
WHEREAS, current interest rates are substantially lower than
the interest rates on the issues described above; and
WHEREAS, Wisconsin Statutes provides that municipal issues can
be refinanced in advance of their call date; and
WHEREAS, Federal regulations allow debt of the City to qualify
as exempt from federal income taxes when an advance refunding
takes place under restricted circumstance; and
WHEREAS, Ehlers and Associates, Inc. is the independent
financial advisor for the City of Muskego.
NOW, THEREFOREl BE IT RESOLVED by the Common Council Of the
City of Muskego, Wisconsin, that Ehlers and Associates, Inc. is
authorized to design an issue of advance refunding notes and
solicit competitive proposals for the purchase of advance
refunding notes that would allow all of the securities issued
by the City in 1993 to be tax-exempt to the fullest extent
possible for financial institutions and would allow all debt
issued by the City to qualify as a small issue under federal
arbitrage regulations.
Resolution #21-93 Page 2
BE IT FURTHER RESOLVED, that said bids shall be available for
consideration by this Council at its regular meeting on March
9, 1993.
BE IT FURTHER RESOLVED, that Ehlers E, Associates is authorized
to prepare an Official Statement in behalf of the issuer in
accordance with Rule 15c2-12 of the General Rules and
Regulations Securities Exchange Act of 1934.
The motion for the adoption of the foregoing resolution was
duly seconded by Alderman Dumke and upon a vote being taken,
the following voted in favor thereof: Patterson, Dumke, Misko,
Sanders, Schneider, and Taube whereupon said resolution was
declared passed and adopted.
ADOPTED THIS 9TH DAY OF FEBRUARY , 1993.
Attest:
A