CCR2004013COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #013-2004
A RESOLUTION TO AMEND DEBT SERVICE REPAYMENT SCHEDULE
TO THE SEWER UTILITY OF THE CITY OF MUSKEGO
THE COMMON COUNCil OF THE CITY OF MUSKEGO, WAUKESHA COUNTY,
WISCONSIN, DOES RESOLVE AS FOllOWS:
WHEREAS, In 1998, the Common Council adopted Resolution #202-98 entitled "A Resolution
Authorizing the Temporary Advance of Funds from the Sewer Utility to the Debt Service Fund of
the City of Muskego"; and
WHEREAS, In 2001, the Common Council adopted Resolution #187-2001 entitled "A
Resolution to Amend Debt Service Repayment Schedule to the Sewer Utility of the City of
Muskego"; and
WHEREAS, In an effort to continue the philosophy to keep the City's debt levy constant, the
amendment spread the repayment from the Debt Service Fund to the Sewer Utility from a 5-
year payment schedule to a15-year schedule at 5% interest; and
WHEREAS, During the 2004 Committee of the Whole budget meetings, and review of the City
of Muskego debt service repayment schedules, it was again determined that an adjustment was
necessary in the payment schedule in order to keep the City's debt levy constant; and
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WHEREAS, The interest rate is to be evaluated from time to time, a lowering of the rate from
5% to 2% is appropriate at this time.
WHEREAS, The Finance Committee has reviewed the new Debt Service Schedule and
recommends approval.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of Muskego,
upon the recommendation of the Finance Committee, does hereby approve the Debt Service
Schedule, as attached, subject to review of any subsequent borrowings by the Sewer Utility.
DATED THIS 13th DAY OF JANUARY, 2004.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Rick Petfalski
Ald. Nancy Salentine
Ald. Eric Schroeder
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This is to certify that this is a true and accurate copy of Resolution #013-2004 which
was adopted by the Common Council of the City of Muskego.
.~/<: M~ CI -Treasurer
1/2004dg
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City of Muskego, WI
@PAR Sewer Advance Payments
As of 12/1/03
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S FISCAL TOTAL
12/01/2003 - - - - - - -
6/01/2004 - - 16,315.98 16,315.98 (16,315.98) - -
12/01/2004 - - 16,315.98 16,315.98 (16,315.98) - -
6/01/2005 - - 16,315.98 16,315.98 (16,315.98) - -
12/01/2005 - - 16,315.98 16,315.98 (16,315.98) - -
6/01/2006 - - 16,315.98 16,315.98 (16,315.98) - -
12/01/2006 - - 16,315.98 16,315.98 (16,315.98) - -
6/01/2007 - - 16,315.98 16,315.98 - 16,315.98 -
12/0112007 149,008.17 2.000% 16,315.98 165,324.15 - 165,324.15 181,640.13
6101/2008 - - 14,825.90 14,825.90 - 14,825.90 -
12/01/2008 151,988.33 2.000% 14,825.90 166,814.23 - 166,814.23 181,640.13
6101/2009 - - 13,306.01 13,306.01 - 13,306.01 -
12/01/2009 155,028.10 2.000% 13,306.01 168,334.11 - 168,334.11 181,640.12
610112010 - - 11,755.73 11,755.73 - 11,755.73 -
12/011201 0 158,128.66 2.000% 11,755.73 169,884.39 - 169,884.39 181,640.12
6/0112011 - - 10,174.45 10,174.45 - 10,174.45 -
12/0112011 161,291 .23 2.000% 10,174.45 171,465.68 - 171,465.68 181,640.13
6/0112012 - - 8,561.53 8,561.53 - 8,561.53 -
12/0112012 164,517.00 2.000% 8,561.53 173,078.59 - 173,078.59 181,640.12
6/0112013 - - 6,916.36 6,916.36 - 6,916.36 -
12/01/2013 167,807.40 2.000% 6,916.36 174,723.76 - 174,723.76 181,640.12
6/01/2014 - - 5,238.29 5,238.29 - 5,238.29 -
12/01/2014 171,163.55 2.000% 5,238.29 176,401.84 - 176,401.84 181,640.13
6101/2015 - - 3,526.65 3,526.65 - 3,526.65 -
12/0112015 174,586.82 2.000% 3,526.65 178,113.47 - 178,113.47 181,640.12
6/0112016 - - 1,780.79 1,780.79 - 1,780.79 -
12/0112016 178,078.5: 2.000% 1,780.79 179,859.35 - 179,859.35 181,640.14
Total 1,631,597.88 - 282,699.26 1,914,297.14 (97,895.88) 1,816,401.26 -
Ehlers & Associates, Inc.
Leaders in Public Finance
FOe = Muskego.sf-prop03 Sewer Advance sched- SINGLE PURPOSE
9/81200311:31 AM