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CCR2001004ATTACHMENT (Resolution Authorizing Issuance of Equipment Note) Resolution No. q- &o/ A RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PROMISSORY NOTE (EQUIPMENT NOTE) TO WAUKESHA COUNTY FOR TRUNKED RADIO SYSTEM WHEREAS the City of Muakeg~, Mu&es~~, Wisconsin (sometimes hereinafter called the "Municipality") has entered into the participant in the Trunked Radio System (the "System") operated Trunked Radio Services Agreement (the "Agreement") and become a by Waukesha County, Wisconsin (the "County") ; and WHEREAS the' Municipality is presently in need of the sum of Pd El ty Five dollars costs of the System; and (5392.485) for the public purpose of paying part of the equipment WHEREAS the of the Municipality (the the Municipality that the monies needed for such purpose be "Governing Body") deems it necessary and in the best interest of borrowed by issuing a general obligation promissory note to the County pursuant to the provisions of Section 67.12(12), Wis. Stats., upon the terms and conditions hereinafter provided; 0 NOW, THEREFORE, BE IT RESOLVED by the Governing Body of the Municfpality, that: P of Nnte. The Municipality shall sell and deliver its General Obligation Promissory Note (Equipment Note) (the "Note"), issued for the purpose above stated, to the County for the purpose of paying the cost of radios to be used in connection with the System. -. The M~&LOI (the "Chief Executive Officer") and Municipal Clerk shall make, execute and deliver the Note to said purchaser, for and on behalf of the Municipality. The Note shall be a negotiable, general obligation promissory note of the Municipality, registered as to both principal and interest, issued as a single note and shall mature in follows: installments on January 31 in the years and principal amounts as Yeic AmnuIlL 2001 $36,964.01 2002 $34,291.54 2003 $27,714.37 2004 $28,878.30 2005 $30,091.27 year Amount. 2006 $31,355.10 2007 $32,672.02 2008 2009 $35,474.07 $34,044.24 The installments of the Note shall bear interest at a rate of October 1, 2001 and shall be payable on January 31 of each year, 4.20% per annum. Said interest shall start to accrue on Note from the date of closing for the Note issue until October 1, commencing January 31, 2002. No interest shall accrue on the 2001. The total amounts of principal and interest due on the Note each calendar year are set forth on Exhibit A attached hereto. At the option of the Municipality, the installments of the ,Note maturing shall be subject to prepayment at any time. Said principal amount thereof plus accrued interest to the date of installments shall be redeemable, as a whole or in part, at the prepayment. n 3. Fnrm of . The Note shall be in substantially the form set forth on Exhibit B attached hereto. mu of paying the principal of and interest on the Note as the same . For the purpose respectively falls due, the full faith, credit and taxing powers of the Municipality are hereby irrevocably pledged and there be and there hereby is levied on all of the taxable property in the Municipality 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 2000 For the year 2001 For the year 2002 For the year 2003 For the year 2004 For the year 2005 For the year 2006 For the year 2008 For the year 2007 $36,964.01 $36,964.01 $36,964.01 $36,964.01 $36,964.01 $36,964.01 $36,964.01 $36,963.98 $36,964.01 -. The Municipality shall be and collection of said tax until all such payments have been made or continue without power to repeal such levy or obstruct the provided for. After the issuance of the Note, said tax shall be, from year to year, carried into the tax rolls of the Municipality and collected as other taxes are collected, provided that the amount of tax carried into said tax rolls may be reduced in any Account created in Section 5(A) hereof. year by the amount of any surplus money in the Debt Service .. . If at any time there shall be 0 on hand ini:kfim the aforesaid tax levy to meet principal and/or interest payments on the Note when due, the Municipality then available, which sums shall be replaced upon requisite amounts shall be paid from other funds of the the collection of the taxes herein levied. Servirp F-. (A) Creation andDeoosits. There be and there hereby is established in the treasury of the Mdnicipality, 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 accounts within the debt service fund. the Municipality may be considered as separate and distinct Within the debt service fund, there be and there hereby is established a separate and distinct account designated as the "Debt Service Account for 'General Obligation Promissory Note shall be maintained until the indebtedness evidenced by the Note (Equipment Note) 'I' (the "Debt Service Account") and such account is fully paid or otherwise extinguished. The Municipal Treasurer shall deposit in such Debt Service Account (i) all accrued interest received by the Municipality at the time of delivery of 0 specific purpose of meeting principal of and interest on the Note and payment for the Note; (ii) the taxes herein levied for the when due; (iii) such other sums as may be necessary at any time premium which may be received by the Municipality above the par to pay principal of and interest on the Note when due; (iv) any value of the Note 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. from the Debt Service Account and appropriated for any purpose -. No money shall be withdrawn other than the payment of principal of and interest on the Note until all such principal and interest has been paid in full and principal and interest on the Note prior to the scheduled receipt canceled; provided (i) the funds to provide for each payment of 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 may be used to reduce the next succeeding tax levy, or may, at the amount of such principal and interest payments on the Note as permitted by and subject to Section 67.11(2) (a), Wis. Stats., the option of the Municipality be invested by purchasing the Note in interest-bearing obligations o.f the United States of America, permitted by law, which investments shall continue to be a part in other obligations of the Municipality or in other investments of the Debt Service Account. fC) .. . When all of the Note has 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 Municipality, unless the Governing Body directs otherwise. d as Wn: TranSfPr of m. The Municipality shall keep books for the registration and for the transfer of the Note. The person in whose name the 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. The Note may be transferred by the registered owner thereof by surrender of the Note at the office of the Municipal 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 Municipal Clerk shall execute and deliver in the name of the transferee or amount, series and maturity and shall record the name of each transferees a new Note or Note of a like aggregate principal made to bearer. The Municipal Clerk shall cancel any Note transferee in the registration book No registration shall be surrendered for transfer. The Municipality shall cooperate in any such transfer or hereby authorized to execute and deliver any new Note' or Notes exchange, and the Chief Executive Officer and Municipal Clerk are necessary to effectuate such transfer or exchange. n 7. &.cads. The Municipal Clerk shall provide and keep a separate record book and shall record a full and correct of authorizing and issuing these Note. statement of every step or proceeding had or taken in the course E. Clu. The Chief Executive Officer and Municipal Clerk of the Municipality are hereby authorized and directed to execute and deliver the Note to the purchaser thereof upon receipt of the borrowed funds, accrued inferest to date of Municipal Clerk may execute the Note by manual or facsimile delivery and premium, if any. The Chief Executive Officer and Fiscal Agent to authenticate the Note, at least one of said signature, but, unless the Municipality has contracted with the officers shall sign the Note manually. authorized to take all steps necessary or convenient to close The officers of the Municipality are hereby directed and 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 recorded JANUARY 9, 2001 - - e Chief Executive Officer Mayor David L. DeAngelis (SEAL) Attest: Clerk EXHIBIT A - 01/31/2001 01/31/2002 01/31/2003 01/31/2004 01/31/2005 01/31/2006 01/31/2007 01/31/2008 01/31/2009 Totals DEBT SERVICE SCHEDULE $36,964.01 $34,291.54 $27,714.37 $28,878.38 $30,091.27 $31,355.10 $32,672.02 535.474.07 $34,044.24 $2,672.47 $9,249.64 $8,085.63 $6,872.74 $5,608.91 $4,291.99 $2,919.77 s1.489.91 $291,485.00 $41,191.06 EXHIB,IT B (Form of Note) UNITED STATES OF AMERICA NO. STATE OF WISCONSIN GENERAL OBLIGATION PROMISSORY NOTE (EQUIPMENT NOTE) ORIGINAL DATE OF ISSUE: REGISTERED OWNER: Waukesha County, Wisconsin PRINCIPAL AMOUNT: Ninety One Thousand. Four Hun&& ty Five DOLLARS (s291.485) KNOW ALL MEN BY THESE PRESENTS, that the rity of bluhg~, Mwkeg~, Wisconsin (the "Municipality"), hereby acknowledges itself to owe and for value received promises to pay to the the installment dates identified below, the principal amount identified above, subject to the provisions set forth herein regarding redemption prior to maturity. registered owner identified above (or to registered assigns), on The Note is payable in installments on January 31 of each year, in the years and principal amounts as follows: Xf2d.I 2001 2002 2003 2004 2005 2006 2007 2008 2009 $36,964.01 $34,291.54 $27,714.37 $30,091.27 $31,355.10 $32,672.02 $34,044.24. $35,474.07 $28,878.38 The installments of the Note bear interest at the rate of October 1, 2001 and shall be payable on January 31 of each year, 4.20% per annum. Said interest shall start to accrue on commencing January 31, 2002. in lawful money of the United States by the Municipal Treasurer. of this Note recorded on the registration books of the installments of principal shall be made to the registered owner Municipality. Payment of the last installment of pr.incipa1 and interest of this Note shall be made upon presentation and surrender hereof to the Municipal Treasurer. Both the principal of and interest on the Note are payable 0 Payment of each installment of interest and the first eight For the prompt payment of this Note together with interest purpose, the full faith, credit and resources of the Municipality hereon as aforesaid and for the levy of taxes sufficient for that are hereby irrevocably pledged. provisions of Section 67.12(12), Wisconsin Statutes, for the This Note is issued by the Municipality pursuant to the purpose of paying the cost of part of the equipment costs of the Waukesha County Trunked Radio System, all as authorized by resolution of the city of Muskean duly adopted by said governing body at meeting held on 1/9/01 . Said resolution is recorded in the official minutes of the Common Councilfor said date. At the option of the Municipality, the installments of this Note are subject to prepayment at any time. Said installments are prepayable, as a whole or in part, at the principal amount thereof, plus accrued interest to the date of prepayment. 0 This Note is transferable by a written assignment duly executed by the registered owner hereof or by such owner's duly authorized legal representative. Upon such transfer a new registered Note, in the same aggregate principal amount, shall be issued to the transferee in exchange hereof. The Municipality may deem and treat the registered owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof, premium, if any, hereon and interest due hereon and for all other purposes, and I the Municipality shall not be affected by notice to the contrary. I It is hereby certified and recited that all conditions, things and acts required by law to exist or to be done prior to have existed and have been performed in due forwand time; that and in connection with the issuance of this Note have been done, Note, does not exceed any limitation imposed by law or the the aggregate indebtedness of the Municipality,~ including this Constitution of the State of Wisconsin; and that a direct annual irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon, when and as payable. 2 . IN WITNESS WHEREOF, the CiLy nf “Q, Waukesha County, Wisconsin has caused this Note to be signed on behalf of said Municipality by the original signatures of its duly qualified and acting lk,az and Municipal Clerk, and its corporate seal to be above. impressed thereon, all as of the date of original issue specified city nf “IsegQ WAUKESHA COUNTY, WISCONSIN ( SEAL3 .. p@ David L. DeAngelis Uan K. Marenda 3 FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) (Social Security or other Identifying Number of Assignee) the within Note and all rights thereunder and hereby irrevocably authorizes the to transfer said Note on its books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: or Securities Firm) (e.g. Bank, Trust Company (Authorized Officer) (Registered Owner) NOTICE: This signature must correspond with the name of the registered owner as it within Note in every particular, appears upon the face of the ment or any change whatever. without alteration or enlarge- 4