CCR2017098-Borrowing
COMMON COUNCIL – CITY OF MUSKEGO
RESOLUTION NO. 098-2017
RESOLUTION AUTHORIZING THE ISSUANCE OF
$18,000,000 GENERAL OBLIGATION PROMISSORY NOTES
AND THE ISSUANCE AND SALE OF
$18,000,000 NOTE ANTICIPATION NOTES IN ANTICIPATION THEREOF
WHEREAS, the Common Council hereby finds and determines that it is necessary,
desirable and in the best interest of the City of Muskego, Waukesha County, Wisconsin (the
"City") to raise funds for public purposes, including paying the cost of construction and
remodeling of a Police Station and Public Works building, street improvement projects,
acquisition of equipment for the fire department and other projects included in the City's capital
improvement plan (the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within
the City's power to undertake and therefore serves a "public purpose" as that term is defined in
Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, cities are authorized by the provisions of Chapter 67, Wisconsin Statutes, to
borrow money and issue general obligation promissory notes for such public purposes;
WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in
the best interest of the City to authorize the issuance of and covenant to issue general obligation
promissory notes (the "Securities") to provide permanent financing for the Project;
WHEREAS, the Securities have not yet been issued or sold;
WHEREAS, cities are authorized by the provisions of Section 67.12(1)(b), Wisconsin
Statutes, to issue note anticipation notes in anticipation of receiving the proceeds from the
issuance and sale of the Securities;
WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in
the best interest of the City to authorize the issuance and sale of note anticipation notes pursuant
to Section 67.12(1)(b), Wisconsin Statutes (the "Notes"), in anticipation of receiving the
proceeds from the issuance and sale of the Securities, to provide interim financing to pay the cost
of the Project; and
WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in
the best interest of the City to sell the Notes to Hutchinson, Shockey, Erley & Co. (the
"Purchaser"), pursuant to the terms and conditions of its note purchase proposal attached hereto
as Exhibit A and incorporated herein by this reference (the "Proposal").
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization and Issuance of Securities. The City hereby authorizes the
issuance and declares its intention and covenants to issue the Securities pursuant to the
QB\\49111045.1
provisions of Chapter 67, Wisconsin Statutes, in an amount sufficient to retire any outstanding
note anticipation notes issued for the purpose of paying the cost of the Project.
Section 2. Authorization and Sale of the Notes. In anticipation of the sale of the
Securities, for the purpose of paying the cost of the Project, there shall be borrowed pursuant to
Section 67.12(1)(b), Wisconsin Statutes, the principal sum of EIGHTEEN MILLION
DOLLARS ($18,000,000) from the Purchaser in accordance with the terms and conditions of the
Proposal. To evidence the obligation of the City, the Mayor and City Clerk are hereby
authorized, empowered and directed to make, execute, issue and sell to the Purchaser for, on
behalf of and in the name of the City, the Notes aggregating the principal amount of EIGHTEEN
MILLION DOLLARS ($18,000,000) for the sum set forth on the Proposal, plus accrued interest
to the date of delivery.
Section 3. Terms of the Notes. The Notes shall be designated "Note Anticipation Notes,
Series 2017A"; shall be issued in the aggregate principal amount of $18,000,000; shall be dated
December 27, 2017; shall be in the denomination of $5,000 or any integral multiple thereof; shall
be numbered R-1 and upward; and shall bear interest at the rate per annum and mature on
September 1, 2018 as set forth on the schedule attached hereto as Exhibit B and incorporated
herein by this reference (the "Schedule"). Interest shall be payable at maturity. 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.
Section 4. Redemption Provisions. The Notes are not subject to optional redemption.
Section 5. Form of the Notes. The Notes shall be issued in registered form and shall be
executed and delivered in substantially the form attached hereto as Exhibit C and incorporated
herein by this reference.
Section 6. Security. The Notes shall in no event be a general obligation of the City and
do not constitute an indebtedness of the City nor a charge against its general credit or taxing
power. No lien is created upon the Project or any other property of the City as a result of the
issuance of the Notes. The Notes shall be payable only from (a) any proceeds of the Notes set
aside for payment of interest on the Notes as it becomes due and (b) proceeds to be derived from
the issuance and sale of the Securities, which proceeds are hereby declared to constitute a special
trust fund, hereby created and established, to be held by the City Treasurer and expended solely
for the payment of the principal of and interest on the Notes until paid. The City hereby agrees
that, in the event such monies are not sufficient to pay the principal of and interest on the Notes
when due, if necessary, the City will pay such deficiency out of its annual general tax levy or
other available funds of the City; provided, however, that such payment shall be subject to
annual budgetary appropriations therefor and any applicable levy limits; and provided further,
that neither this Resolution nor any such payment shall be construed as constituting an obligation
of the City to make any such appropriation or any further payments.
Section 7. Segregated Debt Service Fund 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
-2-
QB\\49111045.1
from every other fund, which shall be maintained in accordance with generally accepted
accounting principles. Debt service or 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 hereby is established a separate and distinct account
designated as the "Debt Service Fund Account for Note Anticipation Notes, Series 2017A" (the
"Debt Service Fund Account") and such account shall be maintained until the indebtedness
evidenced by the Notes is fully paid or otherwise extinguished. There shall be deposited into the
Debt Service Fund Account (i) all accrued interest received by the City at the time of delivery of
and payment for the Notes; (ii) any proceeds of the Notes representing capitalized interest on the
Notes or other funds appropriated by the City for payment of interest on the Notes, as needed to
pay the interest on the Notes when due; (iii) proceeds of the Securities (or other obligations of
the City issued to pay principal of or interest on the Notes); (iv) such other sums as may be
necessary at any time to pay principal of and interest on the Notes when due and which are
appropriated by the Common Council for that purpose; (v) surplus monies in the Borrowed
Money Fund as specified below; and (vi) such further deposits as may be required by Section
67.11, Wisconsin Statutes.
(B) Use and Investment. No money shall be withdrawn from the Debt Service
Fund 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 the Notes
canceled; provided that such monies may be invested in permitted municipal investments under
the pertinent provisions of the Wisconsin Statutes ("Permitted Investments"), which investments
shall continue to be a part of the Debt Service Fund Account. Said account shall be used for the
sole purpose of paying the principal of and interest on the Notes and shall be maintained for such
purpose until the Notes are fully paid or otherwise extinguished, and shall at all times be invested
in a manner that conforms with the provisions of the Internal Revenue Code of 1986, as amended
(the "Code"), and any applicable Treasury Regulations (the "Regulations").
(C) Remaining 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
Fund Account shall be transferred and deposited in the general fund of the City, unless the
Common Council directs otherwise.
Section 8. Covenants of the City. The City hereby covenants with the owners of the
Notes as follows:
(A) It shall issue and sell the Securities as soon as practicable, as necessary to
provide for payment of the Notes;
(B) It shall segregate the proceeds derived from the sale of the Securities into
the special trust fund herein created and established and shall permit such special trust fund to be
used for no purpose other than the payment of principal of and interest on the Notes until paid.
After the payment of principal of and interest on the Notes in full, said trust fund may be used for
such other purposes as the Common Council may direct in accordance with law; and,
-3-
QB\\49111045.1
(C) It shall maintain a debt limit capacity such that its combined outstanding
principal amount of general obligation bonds or notes or certificates of indebtedness and the
$18,000,000 authorized for the issuance of the Securities shall at no time exceed its
constitutional debt limit.
Section 9. Proceeds of the Notes; Segregated Borrowed Money Fund. The proceeds of
the Notes (the "Note Proceeds") (other than any premium and accrued interest which must be
paid at the time of the delivery of the Notes into the Debt Service Fund Account created above)
shall be deposited into a special fund separate and distinct from all other funds of the City and
disbursed solely for the purpose or purposes for which borrowed or for the payment of the
principal of and the interest on the Notes. Monies in the Borrowed Money Fund may be
temporarily invested in Permitted Investments. Any monies, including any income from
Permitted Investments, remaining in the Borrowed Money Fund after the purpose or 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 purpose(s) shall be
deposited in the Debt Service Fund Account.
Section 10. No Arbitrage. All investments made pursuant to this Resolution shall be
Permitted 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 Code or 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 delivery of the Notes to the Purchaser which will permit the conclusion that the Notes are not
"arbitrage bonds," within the meaning of the Code or Regulations.
Section 11. Compliance with Federal Tax Laws. (a) The City represents and covenants
that the projects financed by the Notes and the ownership, management and use of the projects
will not cause the Notes to be "private activity bonds" within the meaning of Section 141 of the
Code. The City further covenants that it 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 further covenants
that it will not take any action, omit to take any action or permit the taking or omission of any
action within its control (including, without limitation, making or permitting any use of the
proceeds of the Notes) if taking, permitting or omitting to take such action would cause any of
the Notes to be an arbitrage bond or a private activity bond within the meaning of the Code or
would otherwise cause interest on the Notes to be included in the gross income of the recipients
thereof for federal income tax purposes. 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 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 the State of Wisconsin and
to the extent that there is a reasonable period of time in which to comply.
-4-
QB\\49111045.1
Section 12. Execution of the Notes; Closing; Professional Services. The Notes shall be
issued in printed form, executed on behalf of the City by the manual or facsimile signatures of
the Mayor and City Clerk, authenticated, if required, by the Fiscal Agent (defined below), sealed
with its official or corporate seal, if any, or a facsimile thereof, and delivered to the Purchaser
upon payment to the City of the purchase price thereof, plus accrued interest to the date of
delivery (the "Closing"). The facsimile signature of either of the officers executing the Notes
may be imprinted on the Notes in lieu of the manual signature of the officer but, unless the City
has contracted with a fiscal agent to authenticate the Notes, at least one of the signatures
appearing on each Note shall be a manual signature. In the event that either of the officers
whose signatures appear on the Notes shall cease to be such officers before the Closing, such
signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as if they
had remained in office until the Closing. The aforesaid officers are hereby authorized and
directed to do all acts and execute and deliver the Notes and all such documents, certificates and
acknowledgements as may be necessary and convenient to effectuate the Closing. The City
hereby authorizes the officers and agents of the City to enter into, on its behalf, agreements and
contracts in conjunction with the Notes, including but not limited to agreements and contracts for
legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate calculation services.
Any such contract heretofore entered into in conjunction with the issuance of the Notes is hereby
ratified and approved in all respects.
Section 13. Payment of the Notes; Fiscal Agent. The principal of and interest on the
Notes shall be paid by Associated Trust Company, National Association, Green Bay, Wisconsin,
which is hereby appointed as the City's registrar and fiscal agent pursuant to the provisions of
Section 67.10(2), Wisconsin Statutes (the "Fiscal Agent"). The City hereby authorizes the
Mayor and City Clerk or other appropriate officers of the City to enter a Fiscal Agency
Agreement between the City and the Fiscal Agent. Such contract may provide, among other
things, for the performance by the Fiscal Agent of the functions listed in Wis. Stats. Sec.
67.10(2)(a) to (j), where applicable, with respect to the Notes.
Section 14. Persons Treated as Owners; Transfer of Notes. The City shall cause books
for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. 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 Fiscal Agent, 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
Fiscal Agent shall record the name of each transferee in the registration book. No registration
shall be made to bearer. The Fiscal Agent 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.
-5-
QB\\49111045.1
Section 15. Record Date. The fifteenth day of the calendar month next preceding the
interest payment date shall be the record date for the Notes (the "Record Date"). 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 Record
Date.
Section 16. 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
Blanket Issuer Letter of Representations, which the City Clerk or other authorized representative
of the City is authorized and directed to execute and deliver to DTC on behalf of the City to the
extent an effective Blanket Issuer Letter of Representations is not presently on file in the City
Clerk's office.
Section 17. Official Statement. The Common Council hereby approves the Preliminary
Official Statement with respect to the Notes and deems the Preliminary Official Statement as
"final" as of its date for purposes of SEC Rule 15c2-12 promulgated by the Securities and
Exchange Commission pursuant to the Securities and Exchange Act of 1934 (the "Rule"). All
actions taken by officers of the City in connection with the preparation of such Preliminary
Official Statement and any addenda to it or final Official Statement are hereby ratified and
approved. In connection with the Closing, the appropriate City official shall certify the
Preliminary Official Statement and any addenda or final Official Statement. The City Clerk shall
cause copies of the Preliminary Official Statement and any addenda or final Official Statement to
be distributed to the Purchaser.
Section 18. Undertaking to Provide Continuing Disclosure. The City hereby covenants
and agrees, for the benefit of the owners of the Notes, to enter into a written undertaking (the
"Undertaking") if required by 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. The Undertaking shall be enforceable by the owners of the Notes or
by the Purchaser on behalf of such owners (provided that the rights of the owners and the
Purchaser to enforce the Undertaking shall be limited to a right to obtain specific performance of
the obligations thereunder and any failure by the City to comply with the provisions of the
Undertaking shall not be an event of default with respect to the Notes).
To the extent required under the Rule, the Mayor and 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 19. Record Book. The City Clerk shall provide and keep the transcript of
proceedings as a separate record book (the "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 the
Notes in the Record Book.
Section 20. Bond Insurance. If the Purchaser determines to obtain municipal bond
insurance with respect to the Notes, the officers of the City are authorized to take all actions
-6-
QB\\49111045.1
necessary to obtain such municipal bond insurance. 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 to the bond insurer. In addition, any reference required by the bond insurer to
the municipal bond insurance policy shall be made in the form of Note provided herein.
Section 21. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
rules or other actions of the Common Council or any parts thereof in conflict with the provisions
hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the
event that any one or more provisions hereof shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take
effect immediately upon adoption and approval in the manner provided by law.
Adopted, approved and recorded November 28, 2017.
Kathy Chiaverotti
Mayor
ATTEST:
Sharon Mueller
City Clerk
(SEAL)
-7-
QB\\49111045.1
EXHIBIT A
Note Purchase Proposal
To be provided by the Purchaser and incorporated into the Resolution.
(See Attached)
QB\\49111045.1
EXHIBIT B
Debt Service Schedule
To be provided by the Purchaser and incorporated into the Resolution.
(See Attached)
QB\\49111045.1
EXHIBIT C
(Form of Note)
UNITED STATES OF AMERICA
REGISTERED STATE OF WISCONSIN DOLLARS
WAUKESHA COUNTY
NO. R-___ CITY OF MUSKEGO $_______
NOTE ANTICIPATION NOTE, SERIES 2017A
MATURITY DATE: ORIGINAL DATE OF ISSUE: INTEREST RATE: CUSIP:
September 1, _____ December 27, 2017 ____% ______
DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO.
PRINCIPAL AMOUNT: _______________________ THOUSAND DOLLARS
($__________)
FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wisconsin (the
"City"), hereby acknowledges itself to owe and promises to pay to the Depository or its Nominee
Name (the "Depository") identified above (or to registered assigns), on the maturity date
identified above, the principal amount identified above, and to pay interest thereon at the rate of
interest per annum identified above, all subject to the provisions set forth herein regarding
redemption prior to maturity. Interest is payable at maturity. Both the principal of and interest
on this Note are payable to the registered owner in lawful money of the United States. Interest
payable on any interest payment date shall be paid by wire transfer to the Depository in whose
name this Note is registered on the Bond Register maintained by Associated Trust Company,
National Association, Green Bay, Wisconsin (the "Fiscal Agent") or any successor thereto at the
close of business on the fifteenth day of the calendar month next preceding the interest payment
date (the "Record Date"). This Note is payable as to principal upon presentation and surrender
hereof at the office of the Fiscal Agent.
This Note is one of an issue of Notes aggregating the principal amount of $18,000,000,
all of which are of like tenor, except as to denomination, issued by the City pursuant to the
provisions of Section 67.12(1)(b), Wisconsin Statutes, in anticipation of the sale of general
obligation promissory notes (the "Securities"), to provide interim financing for public purposes,
including paying the cost of construction and remodeling of a Police Station and Public Works
building, street improvement projects, acquisition of equipment for the fire department and other
projects included in the City's capital improvement plan (the "Project"), as authorized by a
resolution adopted on November 28, 2017. Said resolution is recorded in the official minutes of
the Common Council for said date.
This Note shall be payable only from (a) any proceeds of the Notes set aside for payment
of interest on the Notes as it becomes due and (b) proceeds to be derived from the issuance and
QB\\49111045.1
sale of the Securities, which proceeds have been declared to constitute a special trust fund to be
held by the City Treasurer and expended solely for the payment of the principal of and interest
on the Notes until paid. The City has authorized the issuance of the Securities and has
covenanted to issue the Securities in an amount sufficient to repay the Notes pursuant to said
resolution. THE NOTES ARE NOT A GENERAL OBLIGATION OF THE CITY AND
DO NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE MEANING
OF ANY CONSTITUTIONAL OR STATUTORY LIMITATION OR PROVISION NOR
A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWER. NO LIEN IS
CREATED UPON THE PROJECT OR ANY OTHER PROPERTY OF THE CITY AS A
RESULT OF THE ISSUANCE OF THE NOTES.
This Note is not subject to optional redemption.
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. The City has covenanted to issue and
sell the Securities, the sale of which this Note anticipates, as soon as practicable and to set aside
the proceeds of the Securities into a special trust fund for the payment of the principal of and
interest on this Note.
This Note is transferable only upon the books of the City kept for that purpose at the
office of the Fiscal Agent, only in the event that the Depository does not continue to act as
depository for the Notes, and the City appoints another depository, upon surrender of the Note to
the Fiscal Agent, by the registered owner in person or his duly authorized attorney, together with
a written instrument of transfer (which may be endorsed hereon) satisfactory to the Fiscal Agent
duly executed by the registered owner or his duly authorized attorney. Thereupon a new fully
registered Note in the same aggregate principal amount shall be issued to the new depository in
exchange therefor and upon the payment of a charge sufficient to reimburse the City for any tax,
fee or other governmental charge required to be paid with respect to such registration. The
Fiscal Agent shall not be obliged to make any transfer of the Notes after the Record Date. The
Fiscal Agent and City may treat and consider the Depository 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 redemption price hereof and interest due hereon and for all other purposes
whatsoever. The Notes are issuable solely as negotiable, fully-registered Notes without coupons
in the denomination of $5,000 or any integral multiple thereof.
This Note shall not be valid or obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Fiscal Agent.
-2-
QB\\49111045.1
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.
IN WITNESS WHEREOF, the City of Muskego, Waukesha County, Wisconsin, by its
governing body, has caused this Note to be executed for it and in its name by the manual or
facsimile signatures of its duly qualified Mayor and City Clerk; and to be sealed with its official
or corporate seal, if any, all as of the original date of issue specified above.
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
By: ______________________________
Kathy Chiaverotti
Mayor
(SEAL)
By: ______________________________
Sharon Mueller
City Clerk
Date of Authentication: _______________, ______
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue authorized by the within-mentioned resolution
of the City of Muskego, Wisconsin.
ASSOCIATED TRUST COMPANY,
NATIONAL ASSOCIATION,
GREEN BAY, WISCONSIN
By____________________________
Authorized Signatory
-3-
QB\\49111045.1
ASSIGNMENT
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 constitutes and appoints
______________________________________, Legal Representative, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.
Dated: _____________________
Signature Guaranteed:
_____________________________ ________________________________
(e.g. Bank, Trust Company (Depository or Nominee Name)
or Securities Firm)
NOTICE: This signature must correspond with the
name of the Depository or Nominee Name as it
appears upon the face of the within Note in every
particular, without alteration or enlargement or any
change whatever.
____________________________
(Authorized Officer)
-4-
QB\\49111045.1