CCR1995247COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #247-95
LITTLE MUSKEGO LAKE PROTECTION AND REHABILITATION DISTRICT
RESOLUTION OF INTENT TO LEND MONIES TO THE
IN AN AMOUNT NOT TO EXCEED $358,000
WHEREAS, the Little Muskego Lake Protection and Rehabilitation
District wishes to enter a contract and do a dredging project on
Kingston Bay; and
WHEREAS, the Little Muskego Lake Protection and Rehabilitation
District has been notified of the availability of funds from the
State of Wisconsin; and
WHEREAS, the final security of said funds from the State of
with the proposed dredging project; and
Wisconsin will not take place in a timely matter in connection
WHEREAS, the District has agreed to pay all legal fees in
relation to the passage of this Resolution, and $1,500
administration fee to the City of Muskego for administration Of 0 the Special Assessments.
NOW, THEREFORE, BE IT RESOLVED that the City Of Muskego shall
hold available a sum not to exceed $358,000 for the purchase of
General Obligation Promissory Notes and Special Assessment bonds
from the Little Muskego Lake Protection and Rehabilitation
District until such time as other monies are made available or
March 1, 1996.
such bonds and promissory notes are issued but no later than
BE IT FURTHER RESOLVED that before the City purchases such notes
or bonds, the District will be required to adopt all resolutions
required for the issuing of General Obligation Promissory Notes
and Special Assessment bonds for a total not to exceed $358,000.
BE IT FURTHER RESOLVED that the City's obligation to purchase
notes and bonds is further conditioned on approval of the notes
and bonds by the City's Bond Counsel, Quarles & Brady, the City
Attorney, and the Mayor and Clerk.
Resolution #247-95
BE IT FURTHER RESOLVED that the Little Muskego Lake Protection
and Rehabilitation District accepts the conditions of this
Resolution, agrees to pay all legal fees, and submit $1,500
payment to the City for administration of the Special
Assessments.
DATED THIS DAY OF , 1995.
SPONSORED BY:
Mayor David L. De Angelis
ACCEPTED BY :
Little Muskego Lake Protection &
Rehabilitation District
This is to certify that this is a true and accurate copy of
Resolution #247-95 which was adopted by the Common Council of
the City of Muskego.
12/95 jm
City Clerk
Municipal Agreement for Financing Improvements
to the Little Muskego Lake District
This agreement entered into pursuant to Section 66.30 Wisconsin
Statutes by and between the Little Muskego Lake Protection and
Rehabilitation District (herein after referred to as District)
and the City of Muskego (herein after referred to as City).
WHEREAS, the District is in need of approximately $358,000 to pay
for certain improvements to the Little Muskego Lake, and
WHEREAS, the District has requested that the City provide the
initial financing for said projects, and
WHEREAS, the District believes that it can repay this amount to
the City plus interest during the next 5 year period of time
through a special assessments and taxes levied on residents
within the District, and
WHEREAS, the City desires to encourage said improvements and has
adequate fund on hand to provide said financing.
NOW THEREFORE, it is hereby agreed by and between the parties as
follows:
Section 1. Covenants of the District. The District agrees that
it shall undertake the improvements for the Little Muskego Lake,
as shown on the attached Exhibit A-1.
2. The District shall levy valid and binding Special Assessments
The assessment roll for said property is attached as Exhibit A to
against properties within the District in an amount of $228,000.
this agreement.
3. The District agrees that it will adopt appropriate resolutions
and issue legally binding debt obligations to the City for the
cost of the improvements substantially in conformance with
Exhibit B and C. Said debt obligations shall require the
District to pay the City annual payments on March 1 each year,
beginning March 1, 1997, at an interest rate of 5.61% in
accordance with the schedule contained in Exhibit D.
prepay this Special Assessment prior to the assessment becoming
4. Should any individual property owner exercise their right to
due and payable the District shall pay the amount of principal
plus accrued interest to the date of payment to the City and the
amount of payment contained in Exhibit C shall be reduced
accordingly.
Covenants of the City. The City shall agree to provide the
District with $358,000 from funds on hand, on or about 3/1/96 to
provide for the improvements described in this agreement. The
Page 2
City shall maintain accurate records of the outstanding
obligations and shall notify the District not later than October
years payment of principal and interest.
15 of each year of the amount due to the City for the subsequent
City of Muskego
Little Muskego Lake Protection
and Rehabilitation District
Mayor Chairman
City Clerk Treasurer
Date Date
Exhibit A-1
SCHEDULE "A" - PROJECT DESCRIPTION
The project consists of removing approximately 55,000
cubic yards of silt from Kingston Bay; a bay located at the
The Bay will be dredged to a depth of 8 feet in the center.
southern end of Little Muskego Lake in the City of Muskego.
The sides will be sloped at an rate of 1 foot drop for each 8
feet of horizontal run to the maximum depth of 8 feet. From
until intercepting the opposite slope. This means that the
the foot of the slope the depth is constant along the bottom
Bay will be 5 feet deep at the end of a 40 foot long pier.
disposal site. The most likely locations are Valley Sand and
The silt to be removed is to be hauled to a suitable
Gravel or Johnson Sand and Gravel pits. The silt will be
removed by endloader and/or bulldozer and hauled by truck to
the disposal site,
a pea gravel mat placed on the Bay bottom in such manner as
will be permitted by the Department of Natural Resources(DNR).
The cost of this option is not part of the special assessment
of the project.
for dredging and will be required to be paid before the start
In addition, removal of piers and boat lifts is the respon-
sibility of the respective owners.
January and February of 1996. The work will start as soon as
It is anticipated that the project will take place during
there is at least 18 inches of frost in the ground to minimize
possible damage to road pavements along the haul route. Two
access points will be used. The first is the extension of
Cook Drive at the southeast corner of the Bay and the second
is a lot owned by Patricia Liddle on the southwest corner of
the Bay. These points may vary if conditions dictate.
assessment can be paid in full by March 1, 1996 and no
for each benefited parcel will not exceed $4,000. This
assessment if not paid by March 1, 1996 will appear on the tax
interest will be charged on the principal. The special
bill to be received in December of 1996. The charge on the
tax bill will include the $4,000 assessment plus interest
borrowing money to pay the contractor.
charges reflecting the cost incurred by the Lake District for
costs of the project to exceed the estimates beyond
costs. The most likely method to reduce costs will be to
contingencies, the project will be scaled back to reduce
allowed to exceed available funds.
reduce the dredging depth(i.e. to 7 feet). Costs will not be
An option will be offered to the riparian owners to have
No work on "sea walls" will be included in the project.
0
As per the resolution the by Lake District the assessment
Should there be unforeseen complications that cause the
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0 EXHIBIT B
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
LITTLE MUSKEGO LAKE PROTECTION
COUNTY OF WAUKESHA
AND REHABILITATION DISTRICT
SPECIAL ASSESSMENT B BOND
- Rate Maturity Dates
5.61
KNOW ALL MEN BY THESE PRESENTS: that the Little Muskego
Lake Protection and Rehabilitation district, Waukesha County,
Wisconsin, hereby acknowledges itself to owe and for value
received promises to pay to the City of Muskego, or registered
principal amount of
assigns, solely from the fund hereinafter specified, the
specified above, together with interest thereon from
($ ) on the maturity date
the most recent payment date to which interest has been paid,
or
at the rate per annum specified above, such interest being
interest on this issue being payable on March 1, 1997.
e payable on the first day of March of each year, with the first
option of the District in whole or from time to time in part on
Bonds shall be subject to call and prior payment at the
any day, at the price of par plus accrued interest to the date
of redemption.
This Bond is issued for the purpose of anticipating the
collection of Special Assessments, heretofore levied and area
grouped by the District, payable by the property owners
benefited thereby in annual installments, pursuant to Section
66.54, Wisconsin Statutes, and acts amendatory and
supplementary thereto, and a resolution adopted on
the District entitled, "Resolution Providing for the
Authorization and Issuance of Special Assessment B Bonds of the
Waukesha County, Wisconsin, Providing Details for the Bonds and
Little Muskego Lake Protection and Rehabilitation District,
which is contained in the minutes for said date, and is payable
Providing for the Security and Payment Thereof," a copy of
only from the "Debt Service Fund for Special Assessment B
Bonds, created by said Resolution. The District has covenanted
be set aside in said fund for that purpose. This Bond does not
that all monies received in payment of said installments will
of any constitutional or statutory limitation or provision.
constitute an indebtedness of the District within the meaning
by
Reference is made to the said Resolution for a statement of
area in which said Special Assessments have been grouped.
A statutory lien, which is hereby recognized as valid and
binding, is created and granted by statute to and in favor of
aforesaid "Debt Service Fund for Special Assessment B Bonds"
the owner of owners of this Bond from time to time in the
created by the Resolution, and such monies shall remain subject
to such statutory lien until the payment in full of the
principal and interest of this Bond.
conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Bond have
existed, have happened and have been performed in due time,
Assessments, the payment of which this Bond anticipates, have
form and manner as required by law, that the Special
been duly and validly levied in installments, and that all
monies to be received by the District with respect to said
Special Assessments have been pledged to and will be set aside
on this Bond.
into the special fund for the payment of principal and interest
It is hereby certified, recited and declared that all acts,
IN WITNESS WHEREOF, the Board of the Little Muskego Lake
Wisconsin, has caused this Bond to be signed on behalf of the
Protection and Rehabilitation District, Waukesha County,
District by its duly qualified and acting Chairman and
Secretary and its corporate seal to be impressed hereon, all as
of the date of original issue specified above.
(SEAL)
LITTLE MUSKEG0 LAKE PROTECTION
AND REHABILITATION DISTRICT
WAUKESHA COUNTY, WISCONSIN
BY BY Secretary Chairman
Date
EXHIBIT C
UNITED STATES OF AMERICA
STATE OF WISCONSIN
LITTLE MUSKEG0 LAKE PROTECTION & REHABILITATION DISTRICT
COUNTY OF WAUKESHA
GENERAL OBLIGATION PROMISSORY NOTE
- Rate Maturity Dates
5.61
FOR VALUE RECEIVED, the Little Muskego Lake Protection & Rehabilitation
District, Waukesha County, Wisconsin, promises to pay to the City of Muskego,
or registered assigns, the principal amount of (rg
the maturity date specified above, together with interest thereon from
paid, at the rate per annum specified above, such interest being payable on
or the most recent payment date to which interest has been
March 1 of each year, with the first interest on this issue being payable on
March 1, 1997.
) on
Notes of this issue shall be subject to call and prior payment at the
option of the District in whole or from time to time in part on any day at the
price of par plus accrued interest to the date of redemption. 0
Both principal hereof and interest hereon are hereby made payable to the
registered owner in lawful money of the United State of America, and for the
prompt payment of this Note with interest thereon as foresaid, and the levying
and collection of taxes sufficient for that purpose, the full faith, credit
and resources of the Little Muskego Lake Protection & Rehabilitation District,
Wisconsin, are hereby irrevocably pledged.
This Note is issued pursuant to the provisions of Section 67.12(12),
Wisconsin Statutes, for public purposes, including paying part of the costs of
Board of the Little Muskego Lake Protection & Rehabilitation District duly
improvements to the Little Muskego Lake authorized by a resolution of the
adopted by said Board at its meeting duly convened on
resolution is recorded in the official book of its minutes for said date.
, which
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
due form and time; that the aggregate indebtedness of the District, including
issuance of this Note have been done, have existed and have been performed in
this Note and others authorized simultaneously herewith, does not exceed any
that the Little Muskego Lake Protection & Rehabilitation District has levied a
limitation imposed by law or the Constitution of the State of Wisconsin; and
direct, annual irrepealable tax sufficient to pay this Note, together with
interest thereon when and as payable. a
Rehabilitation District, Waukesha County, Wisconsin, has caused this Note to
IN WITNESS WHEREOF, the Board of the Little Muskego Lake Protection &
be signed on behalf of said District by its duly qualified and acting Chairman
0 date of original issue specified above.
and Secretary, and its corporate seal to be impressed hereon, all as of the
LITTLE MUSKEGO LAKE PROTECTION
& REHRBILITATION DISTRICT
WAUKESHA COUNTY, WISCONSIN
(SEAL )
BY
Chairman
BY
secretary
Date
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