ccm19770208bRegular Meeting of Common Council
Held February -8, 1977
Muskego, Waukesha County, Wisconsin, was held in open session
A regular meeting of the Common 'Council of the City of
Council Chambers.
and called to order at 8:00 P.M. on February 8, 1977 in the
Aldermen present: Leslie J. Constantineau, Charles C. Colburn,
Edwin P. Dumke, Xonald J. F'ord, Mark E. Pienkos, Paul J. Schaumberg
and Raymond 3. Wallner
Y Aldermen absent: None
(Here occurred business not pertinent to the note issue.)
RESOLUTION AUTHORIZING THE SALE OF PROMISSORY lJOTES 21-77
seconded and unanimously azopted by a roll call vote of
to 7-0 :
The following resolution was thereupon duly introduced,
WHEREAS this City is presently in need of $650,000 to
provide public work or improvement, to-wit: storm
sewer extensions, a well for fire protection, road
improvements, maps, city hall improvements, park land
and improvements, and for equipment, all as set forth
in the 1977 City Capital Improvement Budget: and
WHEREAS this Council intends to authorize and issue
promissory notes pursuant to Section 67.12(12), Wis.
Stats., to finance a part of such projects: and
WHEREAS it is now found by this Common Council to be
publicly offered for sale:
in the best interest of the City that said notes be
NOW, THEREFORE, BE IT RESOLVED that the City Clerk
be and hereby is directed to cause to be published
as she may determine and shall cause copies of the
an invitation in such newspapers and at such times
official invitation to be forwarded to prospective
bidders.
(Here occurred business not pertinent to the note issue.)
Y Bette J. Bowyer
City Clerk-Comptroller
NOTICE OF SALE
$650,000 PROMISSORY NOTES
CITY OF MUSKEGO, WISCONSIN
NOTICE IS HEREBY GIVEN that the Conmon Council of the
City of Muskego, Waukesha County, Wisconsin, will meet at the
City Hall in the Council Chambers, Muskego, Wisconsin, on
March 8, 1977, at 8:OO P.M., C.S.T., to receive, open and
consider bids for the purchase of $650,000 negotiable coupon,
general obligation promissory notes of the City issued to pay
a part of the costs of public work or improvements, park lands
and improvements, equipment, and miscellaneous capital improve- * ments on the following terms:
Dates and Maturities
The notes will be dated April 1, 1977, will be in de-
nominations of $5,000 each and will nature on April l in the
following years and amounts:
Year (s) Amount
1983 $175.006
1984
1905
,150; 000
25,000
1906 135,000
1987 165,000
Call Provisions
Notes maturing in 1986 and 1957 shall be subject to call
verse nunerical order at the option of the City on April 1, 1985
and prior payment in whole or from tine to time in part in in-
or any interest payment date thereafter at 101% of par plus
accrued interest.
Interest
Interest on the notes will be payable semiannually on each
April 1 and October 1, conunencing October 1, 1977. There is no
limitation on the nunber of rates bid, but all notes naturing on
the same date must bear interest from date of issue until paid
at a single, uniform rate. The difference between the highest
and lowest rates bid shall not exceed one and one-half per cent
(1-1/2%). Each rate must be in an integral multiple of 1/20 of
1% and no rate may exceed 7%. No supplemental or "E" coupons
will be permitted.
Paying Agent
bank in.the United States designated by the successful bidder
within 48 hours after award of sale, subject to approval by the
City, and the City will pay the reasonable and customary paying
agency charges.
Principal and interest will be made payable at any suitable
e
CUSIP Numbers
The notes will be printed without CUSIP nunbers unless re-
quested by the purchaser who must agree in the offer for the notes
to pay the cost thereof and to waive any extension of delivery
nurnbers shall not be cause for refusal to accept delivery.
responsible for the correctness of such nunbers and incorrect
* time due to use of the numbers. In no event will the issuer be
Delivery
Within 40 days after sale the City will furnish and deliver
with a bank in the United States selected by him and approved by
at the office of the purchaser or, at his option, will deposit
the City as its agent to permit examination by and to deliver to
opinion thereon of bond counsel and a certificate stating that
the purchaser the printed and executed notes, the unqualified
no litigation in any manner questioning their validity is then
threatened or pending. The charge of the delivery agent must be
paid by the purchaser but all other costs will be paid by the City.
The purchase price must be paid upon delivery of the notes or
within five days after deposit with the delivery agent in funds
available for expenditure by the City on the date of payment.
Legal Opinion
An unqualified legal opinion will be furnished by Kessrs.
Quarles & Brady, Milwaukee, %isconsin. The legal opinion will
be printed on the notes at the request of the purchaser. The
legal opinion will state that the notes are valid and binding
obligations of the City, and all the taxable property in the City
is subject to the levy of a tax for the principal and interest
thereon as the same become due without limitation as to rate or
amount.
9pe of Bid - Amount
a. and nust be received prior to the time of said meeting. Each bid
Sealed bids must be mailed or delivered to the undersigned
nust be unconditional and must be accompanied by a cashier's or
certified check or bank draft in the amount of $13,000, payable
to the City Treasurer, to be retained by the City as liquidated
damaqes if the bid is accepted and the bidder fails to comply
therewith. The bid authorizing the lowest net interest cost
(total interest from date of notes to stated naturities, less any
cash preniun) will be deemed the most favorable. No oral bids
and no bid of less than par plus accrued interest on all of the
notes will be considered and the City reserves the right to re-
ject any and all bids and to waive any informality in any bid.
e
BY ORDER OF THE COPQlON COUNCIL
Bette J. Bowyer, City Clerk-Conptroller
Muskego, Wisconsin 53150
delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants
to the City, First National-Soo Line Concourse, 507 Marquette
Avenue, Ilinneapolis, Hinnesota 55402.
Telephone: (612) 339-8291
Further information may be obtained from and bids may be
tJOTICE OF SALE
$650,000 PROMISSORY 'NOTES
CITY OF MUSKEGO, WISCOIISIN
These notes will be offered on.Tuesday, March 8, 1977,
at 8:OO o'clock P.M., at the City Hall, Muskego, Wisconsin.
Dated April 1, 1977, the notes will mature on April 1 in the
years and amounts as follows:
Year (s) Amount
_. 1983 $175,000
1904 150,000
1985 25,000
1986 135,000
1987 165,000
All notes maturing 1986 and 1907 are subject to redenption
on April 1, 1985. Interest will be payable on October 1, 1977,
and seniannually thereafter. Each rate must be in an integral
multiple of 1/20 of 1%, and no rate may exceed 7% per annum.
An unqualified legal opinion will be furnished by Messrs. Quarles
& Brady, Milwaukee, Wisconsin. The purpose of the notes is to
pay a part of the costs of public work or inprovenents, park
lands and improvements, equipment and miscellaneous capital im-.
provenents.
BY ORDER OF THE COPClON COWICIL
Bette J. Bowyer, City Clerk-Com?troller
Muskego, Wisconsin 53150
delivered to: EHLERS AND ASSOCIATES, INC., 507 Marquette Avenue,
Minneapolis, Minnesota 55402. Telephone: (612) 339-8291.
Further information may be obtained from and bids nay be