ccm19750226. .
Excerpts of Minutes of Special Meeting
of Common Council Held February 26, 1975
A special meeting of the Common Council of the City of hluske::o, Waukcsha
County, Wisconsin, was held in open session on Wednesday, February 26, 1975, in the
Council Chambers, City Hall. The Mayor called the meeting to order at 8:00 PA!., C.S.T
The following Members were present: Charles Foldy, Paul Schaumberg,
Ronald Ford, Charles Colburn, Raymond Wallner and Edwin Dumke
The following Members were absent: Richard Knudsen
The Mayor announced that the first order of business was to receive proposals for
the City’s $910,000 Promissory Notes.
The Clerk announced that 8 sealed proposals had been received, each
accompanied by the requisite good faith check in the amount of 518,200. The Clerk then
read the following details as to each proposal submitted:
B I D TABULATION
$910,000 PROMISSORY NOTES
CITY OF MUSKEGO, WISCONSIN
SALE: WEDNESDAY, FEBRUARY 26, 1975
AWARD: DAIN, KALMAN & QUAIL, INC., MINNEAPOLIS, MINNESOTA
& ASSOCIATES
MOODY'S RATING "A"
NAME OF BIDDER
NET INTEREST COST
RATES YEARS & RATE PRICE
DAIN, KALMAN & QUAIL, INC.
First National Bank of Minneapolis
Minneapolis, Minnesota
First National Bank of St. Paul
St. Paul, Minnesota
Paine, Webber, Jackson & Curtis
Minneapolis, Minnesota
T& ORTHERN TRUST COMPANY
Chicago, Illinois
Robert W. Baird & Co,. Inc.
Milwaukee, Wisconsin
BANC NORTHWEST 6.10%
Chicago, Illinois 5.60%
VAN KAMPEN, WAIJTERLEK & BROWN, INC.
Chicago, Illinois
FIRST WISCONSIN NATIONAL BANK OF 6.20%
MILWAUKEE 5.65%
The Milwaukee Company
Milwaukee, Wisconsin
Piper, Jaffray & Hopwood Inc
1' a ieapolis, Minnesota
LA SALLE NATIONAL BANK
Channer Newman Securities Company
Chicago, Illinois
Glenn W. Caan
Milwaukee, Wisconsin
0
5.60%
5.70%
6.10%
5.60%
5.65%
6.10%
5.65%
6.10%
5.70%
1983184 $495,655.00
1985
5.6452%
1983184 $503,602.00
1985
5.7357%
1983184 b504,330.00
1985
5.7440%
1983 $506,195.00
1984
1985 5.7653%
1983/84
1985
$509,105.00
5.7984%
1983184
1985
$510,503.15
5.8143%
EHLERS AND ASSOCIATES, INC.
Financial Consultants to the City
(continued on following page)
$912,275.00
$910,728.00
$910,000.00
$910,000.00
$910,879.49
$910,076.85
.
B+d Tabulation
age 2
4 10,000 Promissory Notes
Wisconsin
Wednesday, February 26, 1975
NAME OF BIDDER RATES
NET INTEREST COST
YEARS & RATE PRICE
MARINE NATIONAL EXCHANGE BANK
Loewi & Company, Inc.
Milwaukee, Wisconsin
5.80% 1983 $517,740.00 $910,000.00
5 90% 1984/85
5.8968%
CONTINENTAL ILLINOIS NATIONAL BANK
& TRUST COMPANY OF CHICAGO
Chicago, Illinois
5.50% 1983 $525,370.50 $910,029.50
6.00% 1984185
5.9837%
, EHLERS AND ASSOCIATES, INC.
Financial Consultants to the City
First National-So0 Line Concourse
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone: 339-8291
Area Code: 612
The Council determined, upon examination of the foreg,oinz details of proposals,
that the best proposal was that submitted by Dain, Kalman & Quail, Inc., Minneapolis,
Minnesota , and associates, at a net interest rate of
6.6452%.
Upon motion madt: and duly seconded, the following resolution was adopted
upon roll call by a vote of 6 to 0
Resolution No. 57
WHEREAS this City has duly received sealed proposals for its issue of
$910,000 Promissory Notes; and
WHEREAS it has been determined that the best proposal received was
that submitted by Dain, Kalman & Quail, Inc., Minneapolis,
Minnesota , and associates;
NOW, THEREFORE, BE IT RESOLVED that the proposal of Da i n , Ka I man
& Quail, Inc., Minneapolis, Minnesota , and associates, be and it
hereby is accepted and the hlayor and City Clerk are authorized and
directed to execute an acceptance of the offer of said successf~d purchaser
on behalf of the City;
FURTHER RESOLVED that the check of the successful purchaser be
retained by the City Treasurer until actual closing: of the note issue and
checks of the unsuccessful bidders be promptly rctamed.
Upon motion made and duly seconded, the following resolution was adopted,
upon roll call by a vote of 6 to 0 :
RESOLUTION NO. 58
A RESOLUTIOIS Authorizing the City of l:;uskego to
Borrow the Sum of $910,000 Pursuant to Szition 67 12( 12)
of the Wisconsin Statutes for Various Corporate Purposes
WHEREAS the City of Muskego, K’aukesha County, Wisconsin (sometimes
hereinafter called the “City”), is presently in need of the SW% of Nine Hundred Ten
Thousand Dollars (S910,OOO) for the purpose of paying part of the costs of the following
public projects: S229,OOO for street construction, including hard surfacing of roads;
$160,601 for equipment; $93,950 for park development; S400,OOO for sewer
construction; and $26,449 for capitalized interest; and
WHEREAS the Common Council of the City deems it necessary and in the best
interest of the City that said sum be borrowed pursuant to the provisions of Section
67.12(12), Wis. Stats., upon the terms and conditions hereinafter provided;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Muskego, Waukesha County, Wisconsin, that:
Sectiorl I The City of Muskego, Watkesha County, \Visconsin, borrow the
amount of Nine Hundred Ten Thousand Dollars (S910,OOO) from Da i n , Kal man
& Quail, Inc , Minneapolis, Minnesota
for the purpose of paying part of the costs for public work or improvement and the
enlargement or extension thereof, and for equipment.
Secfion 2. To evidence such indebtedness, the Mayor and City Clerk shall make,
execute and deliver to said lender, for and on behalf of the City, 182 general obligation
promissory notes of the City in the denomination of Five Thousand Dollars ($5,000)
each, numbered from 1 through 182, and dated April 1, 1975. Said Notes shall mature
serially on April 1 of each of the years and shall bear interest as follows:
1983 s 35,000
1984 250,000
1985 625,000
Said interest shall be payable semiannually on April 1 and October 1 of each year in
accordance with, and upon presentation and surrender of, the inicrest coupons to be
attached thereto.
a Principal of and interest on these h’otes shall be paya3le in lawful money of the
United States OfAmericaat The First National Bank of Saint Paul, in
l St. Paul, Minnesota.
Secfion 3. The Notes shall be payable to bearer, shall be delivered to the lender
upon receipt of the price thereof, plus accrued interest to date of delivery and shall bc in
substantially the following form.
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEGO
PROMISSORY NOTE
NO. $5,000
FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wisconsin,
promises to pay to bearer the sum of FIVE THOUSAND DOLLARS ($5,000) on the
first day of April, 19 , together with interest thereon at the rate of
per cent ( %) per annum, said interest to be payable
semiannually on the first days of April and October in each year, commencing October 1,
0 1975, in accordance with, and upon presentation and surrender of, the interest coupons
attached hereto as they severally become due.
Both principa3 hereof and interest hereon are hereby made payable in lawful
money of the United States of America at The First National Bank
of Saint Paul, in St. Paul, Minnesota , 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.
Notes of this issue maturing in the years 1984 and 1985 shall be subject to call
and prior payment in whole or from time to time in part in inverse numerical order at
the option of the District on April 1, 1983, or on any interest payment date thereafter at
the price of 101% of par plus accrued interest. Not less than thirty (30) days’ notice of
such call shall be given by the publication of a notice thereof once in a newspaper ?. published in Clrrcago,~ Illinois, which customarily publishes like notice& a part of its a regular service.
This Note is issued pursuant to the provisions of Section 67.12(12), Wisconsin
Statutes, for the purposes of paying part of the costs of public work or improvement and
the enlargement or extension thereof, and for equipment, and is aut!rorized by a
resolution of the Common Council of the City of Xuskego, duly adopted by at least a
a two-thirds vote of the members-elect of said Common Council at its meeting duly
convened on February 26, 1975, wiiich resolution is recorded in the oflicial book of its
0 minutes for said date and is referred to as Resolution No. 58 in said minutes.
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 said 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 holder 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 WITh’ESS WHEREOF, the Common Council of the City of Muskego,
a
Waukesha County, Wisconsin, has caused this Note to be signed on behaif.of said City by
its duly elected Mayor and City Clerk, its corporate seal to be hereto affixed, and the
attached coupons to be signed by the facsimile signatures of its Mayor and City Clerk,
each of whom in his respective capacity by the execution of this Note, does adopt his
aforesaid facsimile &nature as and for his own proper signature, all as of this first day of
April, 1975.
CITY OF MUSKEGO, ’ .? WAUKESHA COUNTY, WISCONSIN
By . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _... . . . By . . . . . . . . . . . . . . . . . . .._... _.. ,._...,..........
City Clerk Mayor
No.
(Form of Coupon)
s
On the first day of >I9 I the City of Muskego,
Waukesha County, Wisconsin, promises to pay to bearer the amount shown hereon in l lawful money of the United States of America at The First National Bank
of Saint Paul, in St. Paul, Minnesota , for interest clue that day on
its Promissory Note dated April 1, 1975, No. .
CITY OF MUSKEGO,
WAUKESIIA COUNTY, WISCONSIN
By . . . . .(c!csimi!e)... . By . . . . . SWirni!~~_!. . . . . . ._.
City Clerk MLLyOr
(Clause to be added to coupons numbered 16
and up on Notes S/182)
“Unless the Note to which this coupon is attached shall have been called for prior
redemption ”
Sectior~ 4. 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 of Muskego a direct, annual irrepealab!e tax for the
following years and in the following amounts:
For the year 1975
For the year 1976
For the year 1977
For the year 1978
For the year 1979
For the year 1980
For the year 1981
For the year 1982
For the year 1983
For the year 1984
s 77,377.50
51,585.OO
51,585.00
51,585.OO
51,585.m
51,585.00
51,585.OO
85,605.OO
292,625.00
642,812.50
In each of said years from 1975 to 1984, inclusive, the direct, annual irrepealable
tax hereinabove levied shall be carried into the tax roll each year and collected in the
same manner and at the same time as other taxes of the City for such years are collected.
So l@ng as any part of the principal of or interest on said Notes remains unpaid, the
proceeds of said tax shall be segregated in the special fund established by Section 5 of
this resolution and used solely for the payment of principal of and interest on said Notes.
If at any time there shall be on hand insufficient ,funds from the aforesaid tax
levy sufficient 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 suns
shall be replaced upon the collection of the taxes herein levied. There is hereby
appropriated the sum of $ 25,792.50 ’ to ,be deposited in thi Sinking Fund
hereinafter created to be used solely for interest due through October 1, 1975 and to be
returned to the general fund upon collection of the taxes levied for the year 1975.
Secfion 5. There is hereby established in the City Treasury a fund separate and
distinct from all other funds of the City, designated “Sinking Fund for Promissory Notes
dated April 1, 1975,” which Fund shall be used solely for the pu~ose of paying
principal of and interest on said Notes. There shall be deposited in said Fund the
a premium, if any, and all accrued interest paid on said Notes at the time said Notes are
e
delivered to the lenders, all money raised by taxation or appropriated pursuant to Section
4 hereof or Section 67,l l(l)(e), Wis. Stats., and such other sums as may be necessary to
pay interest on said Notes when the same shall become due and. to retire said hrotes on
their respective maturity dates.
Sectiorz 6. The City Comptroller shall keep, maintain and preserve an adequate
and correct register account of all Notes issued and all payments and other transactions
relating thereto; and 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.
Section 7. The “proceeds” of the Notes shall be used solely for the purposes for
which they are issued, but may, be temporarily invested until needed in legal investments
provided that no such investment shall be in such a manner as would cause the Notes to
be “arbitrage bonds” within the meaning of Section 103(d)(2) of the Internal Revenue
Code of 1954, as amended, or the Regulations of the Commissioner of Internal Revenue
thereunder; and an officer of the City charged with the responsibility for issuing these
Notes, shall certify that on the basis of the facts, estimates and circumstances in
existence on the date of closing, it is not expected that the “proceeds” will be used in a
manner that would cause the Notes to be “arbitrage bonds.”
Section 8. Said Notes shall be executed as soon after adoption of this resolution
as possible and shall be delivered to the lender upon receipt of the price thereof
and accrued interest to date of delivery.
; Adopted this 26th day of February, 1975.
ww-
Attest:
. . . . . . . . . . . . . . . +f!Ts?@ .+ . . . . . . . .
City Clerk, lty of Muskego ~,
l Recorded this 26th day of February, 1975.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
City Clerk, City of Muskego
Approved this & L day of Fe
,
(Here occurred business not pertinent to the note issue.) . . . . . . . . .
City Clerk
c