CCR1996057The City Clerk read the following resolution:
Resolution No
A RESOLUTION AUTHORIZING THE CITY OF MUSKEG0
TO BORROW THE SUM OF $1,200,000 BY ISSUING
GENERAL OBLIGATION PROMISSORY NOTES PURSUANT TO
SECTION 67.12(12) OF THE WISCONSIN STATUTES
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 One Million Two Hundred Thousand Dollars ($1,200,000)
for publie purposes, including paying part of the costs of water
system improvements and extensions, the acquisition of a fire
truck and other equipment and other general fund capital
projects; and
WHEREAS the Common Council deems it necessary and in the
best interest of the City that the monies needed for such
purposes be borrowed by issuing general obligation promissory
notes pursuant to the provisions of Section 67.12(12), Wis
scats., upon the terms and conditions hereinafter provided; and
WHEREAS the City has duly received bids for its proposed
issue of $1,200,000 General Obligation Promissory Notes (the
"Notes") ; and
WHEREAS it has been determined that the best bid received 0
was that submitted by UMB Bank, N A. and associates;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego, Waukesha County, Wisconsin, that:
Section 1. Award. The bid of UMB Bank, N.A., and
associates, for the purchase price of $1,191,460, 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 any good faith deposits
submitted by unsuccessful bidders shall be promptly returned.
Section 2. The Notes. The Mayor and City Clerk shall make,
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,
Dollars ($5,000) each, or whole multiples thereof, numbered from
R-l upward and dated March 1, 1996. The Notes shall mature on
March 1 of each of the years and shall bear interest at the rates
in the denomination of Five Thousand
per annum as follows: 0 -2-
Year
1998
1999
2000
2001
2002
2003
2004
2005
Amount
$100,000
100,000
100,000
125,000
150,000
375,000
150,000
100,000
Interest Rate
3.75%
3.85
4.00
4.05
4.15
4.25
4 30
4.40
Said interest shall be payable on March 1 and September 1 of each
year, commencing September 1, 1996. 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.
Notes maturing in the years 2002 through 2005 shall be
subject to call and prior payment at the option of the City in
whole or from time to time in part on March 1, 2001 or any day
thereafter at the price of par plus accrued interest to the date
of redemption. The amounts and maturities of the Notes to be
redeemed shall be selected by the City. If less than the entire
principal amount of any maturity is to be redeemed, the Notes of
that maturity which are to be redeemed shall be selected by lot
Section 3. Form of Notes. The Notes shall be in
substantially the form set forth on Exhibit A.
Section 4. Tax Provisions.
(A) Direct, Annual Irrepealable Tax. For the purpose
of paying the principal of and interest on each of said Notes as
the same respectively falls due, the full faith, credit and
taxing powers of the City are hereby irrevocably pledged and
there be and there hereby is levied on all of the taxable
property in the City a direct, annual irrepealable tax in an
amount and at the times sufficient for said purpose, such tax to
be for the following years and in the following minimum amounts:
For the year 1996
For the year 1997
For the year 1998
For the year 1999
For the year 2000
For the year 2001
For the year 2002
For the year 2003
For the year 2004
$ 74,512.50
147,800.00
144,000.00
140,075 00
160,543.75
179,900.00
393,818.75
157,625 00
102,200.00
-3-
(B) Tax Collection. The City shall be and continue
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.
(C) Additional Funds If at any time there shall be on
hand insufficient funds from the aforesaid tax levy to meet
principal and/or interest payments on said Notes when due, the
requisite amounts shall be paid from other funds of the City then
available, which sums shall be replaced upon the collection of
the taxes herein levied.
(D) ADDroDriation. 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 September 1, 1996, which sum may
be returned to the general fund upon collection of the taxes
herein levied for the year 1996.
Section 5. Debt Service Fund and Account.
(A) Creation and Deposits There be and there hereby
is established in the treasury of the City, if one has not
already been created, a debt service fund, separate and distinct
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.
0
Within the debt service fund, there be and there hereby is
established a separate and distinct account designated as the
"Debt Service Account for $1,200,000 'General Obligation
Promissory Notes' dated March 1, 1996," (the "Debt Service
Account") and such account shall be maintained until the
indebtedness evidenced by the Notes is fully paid or 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) the taxes
herein levied for the specific purpose of meeting principal of
and interest on the Notes when due; (iii) such other 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. 0 -4 - QB2\211881.1
(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
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
interest-bearing obligations of the United States of America, in
other obligations of the City or in other investments permitted
by law, which investments shall continue to be a part of the Debt
Service Account.
(C) Remainins Monies. When all of the Notes have been
paid in full and canceled, and all permitted investments disposed
of, any money remaining in the Debt Service Account shall be
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
"Borrowed Money Fund") which shall be maintained separate and
distinct from all other funds of the City and shall be used for
no purpose other than the purposes 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 any income from permitted investments,
remaining in the Borrowed Money Fund after the purposes for which
the Notes have been issued have been accomplished, and, at any
time, any monies as are not needed and which obviously thereafter
cannot be needed for such purposes shall be deposited in the Debt
Service Account.
Section 7. No Arbitraqe. All investments permitted by this
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
(the "Regulations"); and an officer of the City, charged with the
responsibility for issuing the Notes, shall certify as to facts,
estimates, circumstances and reasonable expectations in existence
on the date of closing which will permit the conclusion that the
I
a
Notes are not "arbitrage bonds," within the meaning of the Code
or Regulations
Section 8. Persons Treated as Owners: Transfer of Notes.
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
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.
Any Note may be transferred by the registered owner thereof
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.
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
interest payment date shall be the record dates for the Notes.
Payment of interest on the Notes on any interest payment date
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. ComDliance with Federal Tax Laws. (a) The City
represents and covenants that the projects financed by the Notes
and their ownership, management and use will not cause the Notes
to be "private activity bonds" within the meaning of Section 141
of the Code, and that the City shall comply with the provisions
of the Code to the extent necessary to maintain the tax-exempt
status of the interest on the Notes 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 the City can and
covenanting that it will comply with the provisions of the Code
and Regulations.
(b) The City also covenants to use its best efforts to meet
the requirements and restrictions of any different or additional
-6- QB2\211881 1
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
the Notes and the laws of Wisconsin and to the extent that there
is a reasonable period of time in which to comply.
0
Section 10. Desisnation as Oualified Tax-Exempt
Oblisations The Notes are hereby designated 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.
Section 11. Utilization of The DeDOSitOrY 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 Blanket Issuer Letter of Representations
previously executed on behalf of the City and on file in the City
Clerk' s off ice.
Section 12. Pament of Issuance EXDenSeS. The City
authorizes the purchaser to forward the amount of Note proceeds
allocable to the payment of issuance expenses to Resource Bank &
Trust Company, Minneapolis, Minnesota on the closing date for
further distribution as directed by the City's financial advisor,
Ehlers and Associates, Inc.
Section 13. Official Statement. The Common Council hereby
aDDroves the Official Statement with rewect to the Notes
iGluding addenda submitted at this meeting and deems the
Official Statement and addenda as "final" for purposes of SEC
Rule 15c2-12. All actions taken by officers of the City in
connection 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.
Section 14. Undertakins to Provide Continuins Disclosure.
The City hereby covenants and agrees, for the benefit of the
holders of the Notes, to enter into a written undertaking (the
"Undertaking") required by SEC Rule 15~2-12 promulgated by the
Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934 (the "Rule") to provide continuing
disclosure of certain financial information and operating data
and timely notices of the occurrence of certain events in
accordance with the Rule This Undertaking shall be enforceable
by the holders of the Notes or by the original purchaser of the
Notes on behalf of such holders (provided that the holders' and
Q82\211881.1 -7-
0
purchaser's right to enforce the provisions of this Undertaking
shall be limited to a right to obtain specific enforcement of the
obligations hereunder and any failure by the City to comply with
the provision of this Undertaking shall not be an event of
default with respect to the Notes).
0
The City Clerk, or other officer of the City charged with
the responsibility for issuing the Notes, shall provide a
Continuing Disclosure Certificate for inclusion in the transcript
of proceedings, setting forth the details and terms of the City's
Undertaking.
Section 15. Bond Insurance If the purchaser of the Notes
obtains municipal bond insurance with regard to the Notes, the
Mayor and City Clerk are authorized to agree to such additional
provisions as the bond insurer may reasonably request and which
are acceptable to the Mayor and City Clerk including provisions
regarding restrictions on investment of Note proceeds, the
payment procedure under the municipal bond insurance policy, the
rights of the bond insurer in the event of default and payment of
the Notes by the bond insurer and notices to be given and
information to be provided to the bond insurer In addition,
appropriate reference to the municipal bond insurance policy
shall be made in the form of Note provided herein.
Section 16. Records. The City Clerk shall provide and keep
a separate record book and shall record a full and correct
statement of every step or proceeding had or taken in the course
of authorizing and issuing these Notes 0
Section 17. Closinq The Mayor and City Clerk of the City
are hereby authorized and directed to execute and deliver the
Notes to the purchaser thereof upon receipt of the borrowed
funds, accrued interest to date of delivery and premium, if any.
The Mayor and City Clerk may execute the Notes by manual or
facsimile signature, but at least one of said officers shall sign
the Notes manually
-8- QB2\211881.1
The officers of the City are hereby directed and authorized
to take all steps necessary or convenient to close this issue as
soon as practicable hereafter, in accordance with the terms of
sale thereof; and said officers are hereby authorized and
directed to execute and deliver such documents, certificates and
acknowledgments as may be necessary or convenient in accordance
therewith //
Adopted, approved and
(SEAL)
Attest
/ City Clerk
Alderperson D'Acquisto moved that Resolution No. 57-96 be lJ
adopted. Motion seconded by Alderperson Sanders and carried
by the following vote:
Ayes: D'Acquisto, Misko, Patterson,
Rasmussen, Salentine, Sanders and Suhr a
Nos None
The Mayor declared the resolution adopted and approved and
the Mayor and City Clerk signed same in the appropriate manner in
open meeting.
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting,
the meeting adjourned.
-9-
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
GENERAL OBLIGATION PROMISSORY NOTE
Date of
Number Rate Maturity Date Orisinal Issue Amount CUsIp
March 1, 1996 $ R- 9.
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to , or registered
assigns, the principal amount of
DOLLARS ($ 1 on the maturity date specified above,
together with interest thereon from-March 1; 1996 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 March 1 and September 1 of each year, with the first
interest on this issue being payable on September 1, 1996
Notes of this issue maturing in the years 2002 through 2005
shall be subject to call and prior payment at the option of the
City in whole or from time to time in part on March 1, 2001 or
any day thereafter at the price of par plus accrued interest to
the date of redemption The amounts and maturities of the Notes
to be redeemed shall be selected by the City If less than the
entire principal amount of any maturity is to be redeemed, the
Notes of that maturity which are to be redeemed shall be selected
by lot. Notice 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
.
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
irrevocably pledged. The principal of this Note shall be payable
only upon presentation and surrender of this Note at the office
of the City Treasurer. Interest hereon shall be payable by check
or draft dated as of the applicable interest payment date and
QB2\211881 1
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.
0
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
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
treat the person in whose name this Note is registered as the
absolute owner hereof for the purpose of receiving payment of or
on account of the principal or interest hereof and for all other
purposes The Notes are issuable solely as negotiable,
fully-registered Notes without coupons in authorized
denominations of $5,000 or any whole multiple thereof
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 water system improvements and
extensions, the acquisition of a fire truck and other equipment
and other general fund capital projects, 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 February 27,
1996, which resolution is recorded in the official book of its
minutes for said date.
0
This Note has been designated by the City as a "qualified
tax-exempt obligation" for purposes of Section 265 of the
Internal Revenue Code of 1986, as amended.
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
the aggregate indebtedness of the City, including this Note and
others authorized simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of
Wisconsin; and that the City has levied a direct, annual
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.
-2- QB2\211881.1
IN WITNESS WHEREOF, the Common Council of City of Muskego,
Waukesha County, Wisconsin, has caused this Note to be 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.
0
(SEAL)
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY BY City Clerk Mayor
-3- Q02\211881.1
(Form of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
(Please print or typewrite name and address, including zip code,
of Assignee)
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
face of the within Note in every
particular, without alteration
or enlargement or any change
whatever.
Signature(s) guaranteed by:
-4- Q82\211881 1
RESO. 57-96
(General Obligation
Promissory Notes)
Excerpts of Minutes of Meeting
of Common Council Held February 27, 1996
A duly-convened meeting of the Common Council of the City of
Muskego, Waukesha County, Wisconsin, was held in open session on
February 27, 1996 and called to order by the Mayor at 8:19 P.M.
The following Alderpersons were present
~f~~~~i~t~, Misko, Patterson, Rasmussen, Sdentine, Sanders and Suhr
The following Alderpersons were absent:
None
The Mayor opened the meeting by announcing that this was an
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 Muskeso Sun, and to all news media who have requested the
same as well as posting. Copies of the complete agenda were
available for inspection at the City Clerk’s office. Anyone
desiring information as to forthcoming meetings should contact
the City Clerk’s office
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that eighteen 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 a $24,000 good faith deposit was provided with
respect to each such bid and read the following details as to
each bid submitted:
SEE ATTACHED
4
BID TABULATION
$1,200,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
- SALE February 27,1996
AWARD UMB BANK. N.A.
RATING: Moodvs "Al' - BBI: 5.48%
NET TRUE
COST RATE
NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST
UMB BANK. N.A.
Kansas City, Missouri
HARRIS TRUST .MD SAVINGS BANK
Chicago. Illinois
Hill, Crawford 8 Lanford. Inc.
Mesirow Financial, Inc.
Old Kent Bank
Wachovia Bank of North Carolina
FIRSTAR BANK MILWAUKEE. N.A.
Milwaukee, Wisconsin
COMMERCE BANK, N.A.
Kansas City, Missouri
3.75%
3.85%
4.00%
4.05%
4.15%
4.25%
4.30%
4.40%
3.70%
3.85%
4.00%
4.10%
4.20%
4.30%
4.40%
3.80%
3.90%
4.00%
4.10%
4.25%
4.30%
4.40%
3.80%
3.90%
4.00%
4.10%
4.20%
4.30%
4.40%
4.50%
1998
1999
2000
2001
2002
2003
2004
2005
1998
1999
2000
2001-2002
2003
2004
2005
.l998
1999
2000
2001-2002
2003
2004
2005
1998
1999
2000
2001
2002
2003
2004
2005
$1,191,480.00
$1,189.088.25
1
$1.193,100.00
81,189,483.
8308,995.00
$309,836.75
$311,104.00
$31 1,800.00
4.3354%
4.3527%
599%
4.3703%
4.
612 339 0es4 PRGE .04
FEE 27 '96 14:42
S1.200,OOO General Obligation Promissory Notes
City of Muskego, Wisconsin Page
NET TRUE 0 NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST
COUNTRY CLUB BANK
Kansas City, Missouri
M a I MARSHAU ILSLEY BANK
Milwaukee, Wisconsin
State Financial Bank of Hales Corners
PRUDENTIAL SECURITIES, INC.
Chicago, Illinois
ABN AMRO SECURITIES (USA), INC.
Chicago. Illinois
DEAN WllTER REYNOLDS, INC.
Chicago, Illinois
OPPENHEIMER 6 COMPANY, INC.
New York. New York
PAINEWEBBER, INC.
Chicago. Illinois
0
BANC ONE CAPITAL CORPORATION
Milwaukee, Wisconsin
NORTHERN TAUST SECURITIES, INC.
Chicago. Illinois
ROBERT W. BAIRD (L. COMPANY, INC.
PIPER JAFFRAY INC.
BANC ONE CAPITAL CORPORATION
CRONIN 6 COMPANY, INC.
JOSEPHTHAL, LYON & ROSS, INC.
Milwaukee, Wisconsin
Minneapolis, Minnesota
Milwaukee. Wisconsin
Minneapolis, Minnesota
@New York. New York
3.85%
3.95%
4.05%
4.15%
4.25%
4.375%
4.50%
4.60%
3.95%
4.00%
4.10%
4.20%
4.30%
4.40%
4.50%
4.60%
3.90%
4.00%
4.10%
4.20%
4.30%
4.40%
4.50%
3.75%
4.00%
4.1 0%
4.20%
4.30%
4.40%
4.50%
3.9Oo/o
4.10%
4.25%
4.40%
4.50%
4.60%
4.70%
4.00%
1998 $1,192,500.00 $317,681.25 4.4536%
1999
2000
2001
2002
2003
2004
2005
1998
1999
2000
2001
2002
2003
2004
2005
1998
1999
2000
2001-2002
2003
2004
2005
1998
1999
2000
2001 -2002
2003
2004
2005
1998
1999
2000
2001
2002
2003
2004
2005
$1,194.000.00 $318,150.00 4.4574%
$1,188,649.50 $317.775.50 4.4657%
$1,188,285.25 $317,839.75 4.4670%
$1,197,300.00 $320.687.50 4.4840%
FEE 27 '96 14:42 612 339 8854 PRGE .85
FEE 27 '96 03:40~~ EHLERS a RSSOCIATG P. 6/7
Sl,2W,OOO General Obligation Promissory Notes
Clty of Muskego, Wisconsin Page :
NET TRUE
b COST RATE
NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST
0--
- -
JURAN 8 MOODY, INC.
St. Paul, Minnesota
GRIFFIN, KUBIK. STEPHENS a THOMPSON, INC.
Chicago, Illinois
Chicago, Illinois
DAlN BOSWORTH. INC.
BANKERS' BANK
Madison. Wiscunsin
SMITH BARNEY, INC.
Chicago, Illinois
PIPER JAFFRAY INC.
Minneapolis, Minnesota
3.80%
3.95%
4.00%
4.15%
4.30%
4.40%
4.6070
4.50%
4.20%
4.30%
4.40%
4.50%
3.90%
4.00%
4.1 5%
4.25%
4.35%
4.50%
4.65%
4.75%
3.75%
3.90%
4.00%
4.15%
4.25%
4.35%
4.50%
4.60%
3.80%
3.90%
4.05%
4.15%
4.30%
4.40%
4.50%
4.60%
1998
1999
2000
2001
2002
2003
2004
2005
1998-2002
2003
2W4
2005
1998
1999
2000
2001
2002
2003
2004
2005
1998
1999
2000
2001
2002
2003
2004
2005
1998
1999
2000
2001
2002
2003
2004
2005
%1.190,400.00
$1,188,072.00
$1.197.000.00
$320.587.50 4.4989%
$319,953.00 4.4995%
$321,787.50 4.4997%
$1,188.OOO.00 $320.975.00 4.5098%
$1,189,61425 $321.423.25 4.5125%
FEE 27 '96 14:42 612 339 8854 PAGE. 86
FEB 27 '96 03:48PM EHLERS & ASSOCIRTES
-. - P .7/7
$1,200,000 General Obligation Promlssoty Notes
City of Muskego, Wlsconsin we
NET TRUE
COST RATE
ma
NAME OF BIDDER RATE YEAR PRICE INTEREST INTEREST - -
NlKE SECURITIES, L.P. 4.25% 1998-2002 $1,188,000.00 $322,550.00 4.5368%
Lisle. Illinois 4.35% 2003
WILLMM R. HOUGH a co. 4.40% 2W4
St. Petersburg. Florida 4.50% 2005
RAYMOND JAMES 8 ASSOCIATES, INC.
St. Petersburg, Florida
Itasta, Illinois
Nashville, Tennessee
BEEOLD, BERG a NUSSBAUM, INC.
J.C. BRADFORD & COMPANY, INC.
OOUGHERTY DAWKINS. INC.
Minneapolis, Minnesota
EVEREN SECURITIES. INC. a
Chicago, Illinois
BERNARD1 SECURITIES, INC.
Chicago, Illinois
3.70% 1998
3.90% 1999
4.10% 2000
4.20% 2001
4.30% 2002
4.40% 2003
4.50% 2004
4.60% 2005
$1,188.120.00 $323,230.00 4.5414%
4.30% 1998-2002 81,188.000.00 $322,993.75 4.5446%
4.375% 2003-2005
3.70%
4.00%
4.10%
4.20%
4.35%
4.45%
4.55%
4.70%
1998 91.1 88,l 20.00 $!326,792.50 4.5909%
1999
2000
2001
2002
2003
2004
2005