CCR19930515-/- 9.3
Promissory Notes, Series 1993A) (General Obligation Refunding
of Common Council Held March 9, 1993
Excerpts of Minutes of Meeting
Muskego, Waukesha County, Wisconsin, was held in open session on
March 9, 1993 and called to order by the Mayor atmP.M. The
following Aldermen were present:
A duly-convened meeting of the Common Council of the City of
The following Aldermen were absent:
open meeting of the Common Council. Notice of this meeting was
given to the public at least 24 hours in advance of the meeting
by forwarding the complete agenda to the official City newspaper,
the Muskeqo Sun, and to all news media who have requested the
available for inspection at the City Clerk's office. Anyone
same as well as posting. Copies of the complete agenda were
desiring information as to forthcominq meetinqs should contact
The Mayor opened the meeting by announcing that this was an
- -
0 the City Clerk's office.
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that 11 sealed bids had been
received for the note issue, which had been advertised for bids
pursuant to the action of the Common Council. The City Clerk
indicated that each such bid was accompanied by a $52,300 good
faith deposit and read the following details as to each bid
submitted:
52438
MOR 09 '93 03:36PM EHLERS B QSSOCIQTES
P. 417
BID TARULATION
$2,615,000 General Obligation Retundlng Promlssory Notes, Serles 1993A
City of Muskego, Wlsconsln
U: Tuesday, March 9.1993
BvyBBp: HARRIS TRUST AND SAVINGS BANK
I BATING: Moodvs A I m. $SI: 5.47%
1 NAME OF BIDDER COUPON
RATE
NET INTEREST COST
YEAR & RATE PRICE
HARRIS TRUST AND SAVINGS BANK 2.80% 1994
2.95% 1995 3.30% 1996
Chicago, Illinois $364,721.90 $2,594,253.10
3.50% 1597 -1998 3.6472%
EQUITABLE SECURITIES CORPORATION
MORGAN KEEGAN 8 COMPANY, INC.
Nashville, Tennessee
bmphis, Tennessee
Llttle Rock, Arkansas
St. Petersburg. Florida
ILLIAM R. HOUGH & COMPANY
Birmingham, Alabama
2.50% 1994 $366.31 0.50 $2,600.094.50 3.00% 1995
3.20% 1996 3.6631%
3.50% 1997
3.75% 1998 I STEPHENS, INC. a4
STERN, AGEE, 8. LEACH, INC.
KEMPER SECURITIES, INC.
Chicago, Illinols
EANC ONE CAPITAL CORPORATION ~ ~~~~ ..~ ~.
Milwaukee. Wisconsin THE NORTHERN TRUST SECURITIES. INC.
Chlcago, Illinois
ROBERT W. BAIRD & COMPANY, INC.
DEAN WllTER REYNOLDS, INC.
Milwaukee, Wlsconsin
Chicago, llllnois
3.00% 1994 3.10% 1995 $372,286.45 $2,576,266.05
3.30% 1996 3.35% 1997 3.375% 1998
3.7228%
2.60% 1994 3.GQ% 1995
3.35% 1996
3.60% 1997 3.80% 1998
$372.483.50 $2,602.1 86.50
3.7248%
2.70% 1994 $372,570.50 $2,602.709.50
3.00% 1995
3.60% 1997 3.40% 1996 3.7257%
3.80% 1998
I. MFIR 09 '93 03:37PM EHLERS F. FISSOCIFITES P. 517
- $2.615.000 General Obligation Refundlng Prornlssory Notes, Series 19934,
'Tuesday, March 9. 1993
Clty of Muskego, Wisconsin
Page 2
NAME OF BIDDER COUPON RATE NET INTEREST COST YEAR 8 RATE PRICE
MERCANTILE BANK OF ST. LOUIS NA
St. Louis, Mlssourl 2.75% 1994 3.00% 1995 3.45% 1996
$373,155.00 $2,615,000.00
3.731 5%
CLAYTON BROWN & ASSOCIATES, INC. Chicago, llllnois
FIRSTAR BANK MILWAUKEE, N.A. Milwaukee, Wisconsin
LEHMAN BROTHERS Chi- 0, lllinols
Chica 0, llllnois
Nike Securltles L.P. Chicago, lllinols
HUTC 8 INSON, SHOCKEY. ERLEY & COMPANY
RODMIN 8 RENSHAW, INC.
PARK INVESTMENT CORPORATION Minneapolis, Minnesota
Mlnneylis. Mlnnesota MILLER B SCHROEDER FINANCIAL, INC.
DOUGH RTY, DAWKINS, STRAND
8 BIGELOW. INC. Mlnneapolis, Minnesota
GRIFFIN, KUBIK, STEPHENS 8 THOMPSON. INC. Chicago, llllndis
3.00% 1994 3.20% 1995 3.30% 1996 3.375% 1997 -1998
2.80% 1994
3.00% I995
3.375% 1996 3.65% 1997
3.90% 1998
2.50% 3.00% 3.40%
3.80% 3.60%
3.00% 3.30%
3.75% 3.60%
1994 1995 1996
1998
1997
1994 -1995 1996
1998 1997
$374.595.70 52,575,796.80
3.7459%
$378,095.50 $2,602,709.60
3.7809%
$379,158.75 $2,596,041.25
3.7915%
$381,118.l0 $2,591,466.90
3.81 11%
3.30% 1994 -1995 $381,620.00 $2,575,775.00 3.375% 1996 3.40% 1997 3.50% 1998 3.81 62%
The City Clerk read the following resolution:
Resolution No. . -iy- e,
A RESOLUTION AUTHORIZING THE CITY OF MUSKEG0
GENERAL OBLIGATION REFUNDING PROMISSORY NOTES,
TO BORROW THE SUM OF $2,615,000 BY ISSUING
SECTION 67.12(12) OF THE WISCONSIN STATUTES
SERIES 1993A, PURSUANT TO
AND AUTHORIZING THE SALE OF THE NOTES
WHEREAS the City of Muskego, Waukesha County, Wisconsin
(sometimes hereinafter called the "City") is presently in need of
the sum of Two Million Six Hundred Fifteen Thousand Dollars
($2,615,000) for the public purpose of refunding obligations of
the City, including interest on them; and
WHEREAS the Common Council deems it necessary and in the
best interest of the City that the monies needed for such purpose
be borrowed by issuing general obligation promissory notes
pursuant to the provisions of Section 67.12(12), Wis. Stats.,
upon the terms and conditions hereinafter provided; and
proposed issue of $2,615,000 General Obligation Refunding
Promissory Notes, Series 1993A (the "Notes"); and
WHEREAS the City has duly received sealed bids for its
was that submitted by Harris Trust & Savings Bank and associates;
WHEREAS it has been determined that the best bid received
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego, Waukesha County, Wisconsin, that:
and associates, for the purchase price of $2,594,253.10, be and
it hereby is accepted and the Mayor and City Clerk are authorized
and directed to execute an acceptance of the offer of said
successful bidder on behalf of the City. The good faith deposit
of the successful bidder shall be retained by the City Treasurer
until the closing of the note issue, and deposits of the
unsuccessful bidders shall be promptly returned.
Section 1. Award. The bid of Harris Trust & Savings Bank,
execute and deliver the Notes to said purchaser, for and on
behalf of the City. The Notes shall be negotiable, general
obligation promissory notes of the City, registered as to both
principal and interest, in the denomination of Five Thousand
R-1 upward and dated April 1, 1993. The Notes shall mature on
Dollars ($5,000) each, or whole multiples thereof, numbered from
Section 2. The Notes. The Mayor and City Clerk shall make,
0
April 1 of each of the years and shall bear interest at the rates
per annum as follows:
Year Amount Interest Rate
1994 $ 40,000
1995 315,000
1996 380,000
1997
1998
1,210,000
670,000
2.80%
3.30
2.95
3.50
3.50
Said interest shall be payable on April 1 and October 1 of each
year, commencing October 1, 1993. Interest shall be computed
upon the basis of a 360-day year of twelve 30-day months and will
be rounded pursuant to the rules of the Municipal Securities
Rulemaking Board.
maturity.
The Notes shall not be subject to redemption prior to
Section 3. Form of Notes. The Notes shall be in
substantially the form set forth on Exhibit A.
Section 4. Tax Provisions.
of paying the principal of and interest on each of said Notes as
(A) Direct, Annual Irrepealable Tax. For the purpose
there be and there hereby is levied on all of the taxable
taxing powers of the City are hereby irrevocably pledged and
amount and at the times sufficient for said purpose, such tax to
property in the City a direct, annual irrepealable tax in an
be for the following years and in the following minimum amounts:
the same respectively falls due, the full faith, credit and
For the year 1993
For the year 1994
$ 172,568.75
397,986.25
For the year 1995 452,070.00
For the year 1997
For the year 1996 1,254,625.00
681,725.00
without power to repeal such levy or obstruct the collection of
said tax until all such payments have been made or provided for.
After the issuance of the Notes, said tax shall be, from year to
year, carried into the tax rolls of the City and collected as
other taxes are collected, provided that the amount of tax
carried into said tax rolls may be reduced in any year by the
amount of any surplus money in the Debt Service Account created
in Section 5(A) hereof.
(B) Tax Collection. The City shall be and continue
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hand insufficient funds from the aforesaid tax levy to meet a principal and/or interest payments on said Notes when due, the
available, which sums shall be replaced upon the collection of
requisite amounts shall be paid from other funds of the City then
the taxes herein levied.
(C) Additional Funds. If at any time there shall be on
(D) Appropriation. There be and there hereby is
appropriated from funds of the City on hand a sum sufficient to
be deposited in the Debt Service Account to meet payments with
respect to debt service due on October 1, 1993, which sum may be
returned to the general fund upon collection of the taxes herein
'levied for the year 1993.
Section 5. Debt Service Fund and Account.
JA) Creation and Deposits. There be and there hereby
already been created, a debt service fund, separate and distinct
is established in the treasury of the City, if one has not
from every other fund, which shall be maintained in accordance
with generally accepted accounting principles. Sinking funds
established for obligations previously issued by the City may be
considered as separate and distinct accounts within the debt
service fund.
Within the debt service fund, there be and there hereby is
established a separate and distinct account designated as the
Refunding Promissory Notes, Series 1993A' dated April 1, 1993,"
"Debt Service Account for $2,615,000 'General Obligation
(the "Debt Service Account") and such account shall be maintained
otherwise extinguished. The City Treasurer shall deposit in such
Debt Service Account (i) all accrued interest received by the
City at the time of delivery of and payment for the Notes; (ii)
principal of and interest on the Notes when due; (iii) such other
the taxes herein levied for the specific purpose of meeting
sums as may be necessary at any time to pay principal of and
interest on the Notes when due; (iv) any premium which may be
received by the City above the par value of the Notes and accrued
interest thereon; (v) surplus monies in the Borrowed Money Fund
as specified in Section 6 hereof; and (vi) such further deposits
as may be required by Sec. 67.11, Wis. Stats.
I until the indebtedness evidenced by the Notes is fully paid or
I
(B) Use and Investment. No money shall be withdrawn
from the Debt Service Account and appropriated for any purpose
other than the payment of principal of and interest on the Notes
until all such principal and interest has been paid in full and
canceled; provided (i) the funds to provide for each payment of
principal of and interest on the Notes prior to the scheduled
receipt of taxes from the next succeeding tax collection may be
I 57',* a -4-
invested in direct obligations of the United States of America
maturing in time to make such payments when they are due or in
other investments permitted by law; and (ii) any funds over and
above the amount of such principal and interest payments on the
Notes may be used to reduce the next succeeding tax levy, or may,
at the option of the City, be invested by purchasing the, Notes as
permitted by and subject to Section 67.11(2)(a), Wis. Stats., in
other obligations of the City or in other investments permitted
interest-bearing obligations of the United States of America, in
by law, which investments shall continue to be a part of the Debt
Service Account.
(C) Remaininq Monies. When all of the Notes have been
of, any money remaining in the Debt Service Account shall be
paid in full and canceled, and all permitted investments disposed
deposited in the general fund of the City, unless the Common
Council directs otherwise.
Section 6. Proceeds of the Notes. All monies received by
the City upon the delivery of the Notes to the purchaser thereof,
except for accrued interest and premium, if any, shall be
deposited by the City Treasurer into a special fund (the
distinct from all other funds of the City and shall be used for
"Borrowed Money Fund") which shall be maintained separate and
no purpose other than the purpose for which the Notes are issued.
Monies in the Borrowed Money Fund may be temporarily invested as
provided in Section 66.04(2), Wis. Stats. Any monies, including
Money Fund after the purpose for which the Notes have been issued
any income from permitted investments, remaining in the Borrowed
has been accomplished, and, at any time, any monies as are not
needed and which obviously thereafter cannot be needed for such
purpose shall be deposited in the Debt Service Account.
resolution shall be legal investments, but no such investment
shall be made in such a manner as would cause the Notes to be
"arbitrage bonds" within the meaning of Section 148 of the
Internal Revenue Code of 1986, as amended (the "Code"), or the
Regulations of the Commissioner of Internal Revenue thereunder
responsibility for issuing the Notes, shall certify as to facts,
(the "Regulations"); and an officer of the City, charged with the
estimates, circumstances and reasonable expectations in existence
on the date of closing which will permit the conclusion that the
Notes are not "arbitrage bonds," within the meaning of the Code
or Regulations.
Section 7. No Arbitraqe. All investments permitted by this
The City Clerk shall keep books for the registration and for the
transfer of the Notes. The person in whose name any Note shall
be registered shall be deemed and regarded as the absolute owner
Section 8. Persons Treated as Owners: Transfer of Notes.
52L38
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thereof for all purposes and payment of either principal or interest on any Note shall be made only to the registered owner
thereof. All such payments shall be valid and effectual to
satisfy and discharge the liability upon such Note to the extent
of the sum or sums so paid.
by surrender of the Note at the office of the City Clerk, duly
endorsed for the transfer or accompanied by an assignment duly
executed by the registered owner or his attorney duly authorized
in writing. Upon such transfer, the Mayor and City Clerk shall
execute and deliver in the name of the transferee or transferees
a new Note or Notes of a like aggregate principal amount, series
and maturity, and the City Clerk shall record the name of each
transferee in the registration book. No registration shall be
made to bearer. The City Clerk shall cancel any Note surrendered
for transfer.
Any Note may be transferred by the registered owner thereof
The City shall cooperate in any such transfer, and the Mayor
and City Clerk are authorized to execute any new Note or Notes
necessary to effect any such transfer.
The fifteenth day of each calendar month next preceding each
Payment of interest on the Notes on any interest payment date
interest payment date shall be the record dates for the Notes.
shall be made to the registered owners of the Notes as they
appear on the registration book of the City at the close of
business on the corresponding record date.
Section 9. Compliance with Federal Tax Laws. The City
represents and covenants that the projects financed by the Notes
and the Refunded Obligations defined in Section 12 and their
ownership, management and use will not cause the Notes or the
Refunded Obligations to be "private activity bonds" within the
meaning of Section 141 of the Code, and that the City shall
maintain the tax-exempt status of the interest on the Notes
comply with the provisions of the Code to the extent necessary to
including, if applicable, the rebate requirements of Section
148(f) of the Code. The City Clerk or other officer of the City
charged with the responsibility of issuing the Notes shall
provide an appropriate certificate of the City certifying that
provisions of the Code and Regulations.
the City can and covenanting that it will comply with the
The City also covenants to use its best efforts to meet the
requirements and restrictions of any different or additional
federal legislation which may be made applicable to the Notes
provided that in meeting such requirements the City will do so
only to the extent consistent with the proceedings authorizing
52438
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@
the Notes and the laws of Wisconsin and to the extent that there
is a reasonable period of time in which to comply.
Obliqations. The Notes are hereby designated as "qualified
Section 10. Desiqnation as Qualified Tax-Exempt
tax-exempt obligations" for purposes of Section 265 of the
ability of financial institutions to deduct from income for
Internal Revenue Code of 1986, as amended, relating to the
to carrying and acquiring tax-exempt obligations.
federal income tax purposes, interest expense that is allocable
Section 11. Utilization of The Depository Trust Company
Book-Entry-Only System. In order to make the Notes eligible for
the services provided by The Depository Trust Company, New York,
New York ("DTC"), the City agrees to the applicable provisions
set forth in the Letter of Representations attached hereto as
Exhibit B. The appropriate officers of the City are authorized
and directed to execute such Letter of Representations, in
substantially the form attached hereto as Exhibit B, and deliver
it to DTC on behalf of the City.
has outstanding an issue of General Obligation Promissory Notes
Section 12. Redemption of Refunded Obliqations. The City
dated June 30, 1988 (the "Refunded Obligations"). The Refunded
Obligations maturing in the years 1994 through 1998 are called
plus accrued interest to the date of redemption.
for prior payment on June 1, 1993 at the price of 100% of par
e
Wisconsin, the Fiscal Agent for the Refunded Obligations, to
cause a notice of redemption, in substantially the form attached
hereto as Exhibit C, to be sent by registered or certified mail
to the registered owner of each Refunded Obligation to be
redeemed no later than April 30, 1993. Such direction shall be
given to the Fiscal Agent no later than April 24, 1993.
The City Clerk shall direct First Bank (N.A.), Milwaukee,
The City Clerk shall also direct the Fiscal Agent to provide
notice of the call to registered securities depositories and
national information services as provided in the Fiscal Agency
Agreement for the Refunded Obligations.
authorizes the purchaser to forward the amount of Note proceeds
Section 13. Payment of Issuance Expenses. The City
I allocable to the payment of issuance expenses to Resource Bank &
Trust Company, Minneapolis, Minnesota on the closing date for
f'urther distribution 'as directed by the City's financial advisor,
Ehlers and Associates, Inc. I a separate record book and shall record a full and correct
Section 14. Records. The City Clerk shall provide and keep
a -7-
statement of every step or proceeding had or taken in the course
of authorizing and issuing these Notes.
Section 15. Official Statement. The Common Council hereby
approves the Official Statement with respect to the Notes
Official Statement and addenda as "final" for purposes of SEC
including addenda submitted at this meeting and deems the
Rule 15~2-12. All actions taken by officers of the City in
connect.ion with the preparation of such Official Statement and
addenda are hereby ratified and approved. In connection with the
closing for the Notes, the appropriate City official shall
certify the Official Statement and addenda. The City Clerk shall
cause copies of the Official Statement and addenda to be
distributed to the purchaser of the Notes.
are hereby authorized and directed to execute and deliver the
Notes to the purchaser thereof upon receipt of the borrowed
The Mayor and City Clerk may execute the Notes by manual or
funds, accrued interest to date of delivery and premium, if any.
the Notes manually.
facsimile signature, but at least one of said officers shall sign
Section 16. Closinq. The Mayor and City Clerk of the City
52438
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to take all steps necessary or convenient to close this issue as
The officers of the City are hereby directed and authorized
soon as practicable hereafter, in accordance with the terms of
directed to execute and deliver such documents, certificates and
sale thereof; and said officers are hereby authorized and
acknowledgments as may be necessary or convenient in accordance
therewith.
Adopted, approved and recorded March , 1993.
Attest:
City Clerk
Alderman F#p4b*.,,L2 moved that Resolution No. ,7/-9~ be
adopted. Mot& seconded by Alderman ( ,A ,,*L,, *, J and carried by
the following vote:
Nos :
the Mayor and City Clerk signed same in the appropriate manner in
open meeting.
The Mayor declared the resolution adopted and approved and
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting,
the meeting adjourned.
City Clerk
52438
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EXHIBIT A
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
GENERAL OBLIGATION REFUNDING PROMISSORY NOTE, SERIES 1993A
Number Rate Maturity Date Oriqinal Issue Amount CUsIp
Date of
R- % April 1, 1993 $
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to , or registered
assigns, the principal amount of
DOLLARS ($ ) on the maturity date specified above,
toqether with interest thereon from ADril 1, 1993 or the most
~ ~~ ~~~
recent payment date to which interest-has been paid, unless the
date of registration of this Note is after the 15th day of the
calendar month immediately preceding an interest payment date, in
which case interest will be paid from such interest payment date,
at the rate per annum specified above, such interest being
payable on April 1 and October 1 of each year, with the first
interest on this issue being payable on October 1, 1993.
Notes of this issue are not subject to redemption prior to
maturity.
Both principal hereof and interest hereon are hereby made
payable to the registered owner in lawful money of the United
States of America, and for the prompt payment of this Note with
interest thereon as aforesaid, and the levying and collection of
taxes sufficient for that purpose, the full faith, credit and
resources of the City of Muskego, Wisconsin, are hereby
only upon presentation and surrender of this Note at the office irrevocably pledged. The principal of this Note shall be payable
of the City Treasurer. Interest hereon shall be payable by check
or draft dated as of the applicable interest payment date and
mailed from the office of the City Treasurer to the person in
whose name this Note is registered at the close of business on
the fifteenth day of the calendar month next preceding each
interest payment date.
This Note is transferable only upon the books of the City
kept for that purpose at the office of the City Clerk, by the
registered owner in person or his duly authorized attorney, upon
surrender of this Note together with a written instrument of
52638
transfer (which may be endorsed hereon) satisfactory to the City
Clerk duly executed by the registered owner or his duly
authorized attorney. Thereupon a new Note or Notes of the same
aggregate principal amount, series and maturity shall be issued
to the transferee in exchange therefor. The City may deem and
absolute owner hereof for the purpose of receiving payment of or
treat the person in whose name this Note is registered as the
on account of the principal or interest hereof and for all other
purposes. The Notes are issuable solely as negotiable,
denominations of $5,000 or any whole multiple thereof.
fully-registered Notes without coupons in authorized
This Note is issued pursuant to the provisions of Section
refunding obligations of the City, including interest on them,
67.12(12), Wisconsin Statutes, for the public purpose of
and is authorized by a resolution of the Common Council of the
City, duly adopted by said Common Council at its meeting duly
convened on March 9, 1993, which resolution is recorded in the
official book of its minutes for said date.
tax-exempt obligation" for purposes of Section 265 of the
Internal Revenue Code of 1986, as amended.
This Note has been designated by the City as a "qualified
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 Note have been done,
have existed and have been performed in due form and time; that
others authorized simultaneously herewith, does not exceed any
the aggregate indebtedness of the City, including this Note and
Wisconsin; and that the City has levied a direct, annual
limitation imposed by law or the Constitution of the State of
irrepealable tax sufficient to pay this Note, together with
interest thereon when and as payable.
No delay or omission on the part of the owner hereof to
exercise any right hereunder shall impair such right or be
considered as a waiver thereof or as a waiver of or acquiescence
in any default hereunder.
52438
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Muskego, Waukesha County, Wisconsin, has caused this Note to be
IN WITNESS WHEREOF, the Common Council of the City of
signed on behalf of said City by its duly qualified and acting
Mayor and City Clerk, and its corporate seal to be impressed
hereon, all as of the date of original issue specified above.
( SEAL )
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY City Clerk BY Mayor
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(Form of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
of Assignee)
(Please print or typewrite name and address, including zip code,
Please insert Social Security or other
identifying number of Assignee
the within Note, and all rights thereunder, hereby irrevocably
constituting and appointing
Attorney to transfer said Note on the books kept for the
registration thereof with full power of substitution in the
premises.
Dated :
NOTICE: The signature to this
assignment must correspond with
the name as it appears upon the
particular, without alteration
face of the within Note in every
or enlargement or any change
whatever.
Signature(s) guaranteed by:
52430
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EXHIBIT B.
Letter of Representations
City of Muskego, Wisconsin
.\nw ui Issuefi
3/9/93
U.,,r
The Depository Trust Company
.Ittention: Ceneral Comseli Olfice
.55 {Vmr Street: 49th Floor
Sew York. SY 100~1-~
R~. $2,615,000 General Obligation Refunding
Promissory Notes, Series 1993A
This letter sets forth our understanding with respect to certain matters relilting to the
h\e-reterenced issue (the "BoML"). 7 .. ?' 4w
Wv The Bonb \dl be issued pursuant to i~
1111ncl resolution. or other such document authorizing the issuance of the Bonds d.ttrd
March 9 . 199, 3 (the "D~ull,ent"), _Harris Trust & Savinqs Bank , 'lIICmnnr'1
IS tlistributinp the Bonds through The Depositon. Tmt Company ("DX-1.
To induce DTC to ucept the Bonrh a eligble for depit Jt DTC. .md to act in accnrcluw
nith its Rules with respect to the Bonds. Issuer- make the follwi~~?
representations to DTC:
L
t
?*lrcIOaI Amount
$ 40,000
315,000
380,000
1,210,000
670,000
Matwr, Date
04/01/94
04/01/95
04/01/96
04/01/97
04/01/98
SCHEDULE A
:-.O.*St :a;?
2.80%
3.30
2.95
3.50
3.50
I
SCHEDULE 6
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EXHIBIT C
of Registered Owner)
(Name and Address
Re: City of Muskego, Wisconsin
General Obligation Promissory Notes
Date of Original Issue - June 30, 1988
Notice is hereby given that the Notes of the above-described
issue which mature on June 1 of the years and bear interest at
June 1, 1993:
the rates set forth below, have been called for prior payment on
Year Interest Rate CUSIP No.
1994
1995
1996
1997
1998
6.20%
6.30%
6.45%
6.60%
6.70%
627636GB3
627636GC1
627636GD9
627636GE7
627636GF4
The Notes should be presented for payment at the Servicing
Center of the Fiscal Agent as follows:
e Reqular Mail Overniaht Mail
First Trust N.A. First Trust N.A.
Corporate Trust Dept. Corporate Trust Dept.
P.O. Box 64111 First Trust Center, 3rd Floor
St. Paul, MN 55164-0111 180 East Fifth Street
St. Paul, MN 55101
Bondholder Inquiries: (612) 223-7900
paid the principal amount of such Notes and accrued interest to
Upon presentation and surrender of said Notes, you will be
the date of redemption. Owners of called Notes should also
provide a fully-executed W-9 Taxpayer Identification Number
Certificate.
Such Notes will cease to bear interest on June 1, 1993.
Very truly yours,
FIRST 'BANK (N.A. )
Fiscal Agent
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