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ccm19770308COMMON COUNCIL CITY OF MUSKEGO MINUTES OF MEETING HELD MARCH 8, 1977 The meeting was called to order at 7 43 P.M. by Mayor Jerome J. Gottfried. Also present were Aldermen Constantineau, Colburn, Dumke, Ford, Pienkos, Schaumberg and Wallner and Deputy City Clerk June Elger. @ Ald. Schaumberg moved for the approval of the minutes of the previous meeting, as mailed. Seconded by Ald. Dumke, motion carried. Ald. Schaumberg presented the report of the Finance Committee meeting held March 3, 1977. Seconded by Ald. Colburn, motion carried. ad. Dumke presented the repor-t of the Public Works Committee meeting held March 2, 1977, and moved that the-report be-accepted and placed on file. Seconded by Ald. Wallner, motion carried. At 8:OO P.M. Mayor Gottfried declaredia recess in order that bids for the $650,000 Promissory Notes and $1;310,000 Corporate Purpose Bonds could be opened. Mr. Seegar Swanson, representing Ehlers & Associates, read the results of the bid opening to those present. 4 The meeting reconvened at 8:14 P.M. Ald. Pienkos presented the report of the Public Welfare Committee meeting held on February 23;1977, and moved that same be accepted and placed on file. Seconded by Ald. Constantineau, motion carried. - Ald. Constantineau presented the report of the Rules, Laws & Ordinance on file. Seconded by Ald. Pienkos, motion carried. Committee meeting held 2/23/77 and moved that it be accepted and placed The minutes of the Plan Commission meeting held on 3/1/77 were received and placed on file. , UNFINISHED BUSINESS Resolution #22-77 - Denial of Legal Status (Lots 3 and 4, Muskego Shores Subdivision - W. Anderson), This resolution is on the floor and was Considerable discussion took place regarding the Plan Commission's deferred until it could be further reviewed by the Plan Commission. Colburn moved to amend Resolution #22-77 by changing the words "denial" recommendation to again deny legal status to the lots in question. Ald. wherever they appear in the resolution to "approval. Upon a roll call vote to amend the resolution, Aldermen Colburn, Constantineau, Pienkos and Wallner voted "aye". Aldermen Dumke, Ford and Schaumberg voted "no". The motion to amend carried. Upon a roll call vote to adopt Resolution #22-77, As Amended, Aldermen Colburn, Constantineau, Pienkos and Wallner voted "aye". Aldermen Dumke, Ford and Schaumberg voted "no". The motion to adopt Resolution #22-77, As Amended, carried. Ordinance #322 - The Deputy Clerk gave the second reading of same, entitlec An Ordinance to Amend Various Provision of the Basic Regulations of the Zoning Ordinance Ch. 17 of the Municipal Code (Reference to minimum lot size in Business Districts in the city that are served by municipal sewers. Action was deferred on this ordinance until after the public hearing which .is scheduled for March 22, 1977, at 7:15 P.M. I Resolution #39-77 - Resolution Establishing Electrical Permit Fees. Ald. Pienkos moved for the reconsideration of same, seconded by Ald. Con- previously presented were imbertently incorrect. Upon a roll call vote stantineau, motion carried. Mayor Gottfried advised that the fees the motion to adopt Resolution #39-77, as corrected, carried unanimously, Common Council March 8, 1977 e Page 2. NEW BUSINESS Resolution #42-77 - The Deputy Clerk read same, entitled, Approval of Preliminary Plat (Ceille). Ald. Colburn moved for adoption, seconded by Ald. Wallner. Upon a roll call vote the motion carried unanimously. Resolution #43-77 - The Deputy Clerk read same, entitled, Approval of Certified Survey Map (Kammerer). Ald. Colburn moved for adoption, seconded by Ald. Wallner. Upon roll call the motion carried unanimously. Resolution #44-77 - The Deputy Clerk read same, entitled, Denial of Preliminary Plat (Heather Ridge Estates - Add'n #1 (Town of Vernon). Ald. Colburn moved for adop.tion,..seconded by Ald. Pienkos. Upon roll call the motion carried unanimously. Resolution #45-77 - The Deputy Clerk read same,-entitled, Resolution of Necessity (Beringer easement). Ald. Schaumberg moved for adoption, seconded by Ald. Constantineau. Upon roll call the motion carried unanimously. Resolution #46-77 - The Deputy Clerk read same, entitled, Resolution Expressi Opposition to Proposed Rezoning in the City of Franklin Ave., S. North Cape Rd. and Hi-View Dr. from R-2 Single Famiiy to (Parcel in question located on the northeast corner of W. Forest Home B-3 Business for purpose of building site for automobile fleet, lease, sales and servicing of motor vehicles). Ald. Colburn moved for adoption, seconded by Ald. Dumke.. Upon roll call.the motion carried unanimously. Resolution #47-77 - The Deputy Clerk read same, entitled, Authorizing the Advertising of Bids for Completion of City Hall Basement. Ald. Colburn moved for adoption, seconded by Ald. Schaumberg. Upon roll call the motion carried unanimously. Agreement Between Aero-metric and Inman Engineering of Milwaukee and Resolution #48-77 - The Deputy Clerk read same, entitled, Approval of etc. for the city). Ald. Schaumberg moved for adoption, seconded by the City of Muskego (Re' continuation of preparing topographical maps, . Ald. Dumke. Upon a roll call vote the motion carried unanimously. Resolution #49-77 - The Deputy Clerk read same, entitled, Authorizing Transfer of Funds from Recycling Fund to Little Muskego Lake Dredging Upon roll call the motion carried unanimously. Resolution #50-77 - The Deputy Clerk read same, entitled, Denial of Grievance of Muskego Professional Policeman's Association. Ald. Schaumber moved for adoption, seconded by Ald. Dumke. At this time Mr. Michael Spencer, representing Teamsters Local #695, was permitted to explain the discussion between several of the aldermen on whether or not the grievance (Re: holiday pay) to the aldermen. Following considerable grievance was justified, Aldermen Colburn, Constantineau, Pienkos and Wallner voted "no". Aldermen Dumke, Ford and Schaumberg voted "aye". The motion to adopt Resolution #50-77 did not carry. 0 Fund. Ald. Pienkos moved for adoption, seconded by Ald. Colburn. 4 Job Qualifications for the Position of Sergeant. Ald. Schaumberg moved 'Resolution #51-77 - The Deputy Clerk read same, entitled, Establishing for adoption, seconded by Ald. Colburn. Ald. Colburn moved to amend Resolution by changing the qualifications as follows: "Five years of experience as a patrolman or an Ass0ciat.e Degree and three years of experience as a patrolman". Motion seconded by Ald. Schaumberg. Upon a roll call vote to amend Resolution #51-77 the motion carried unanim- the motion carried unanimously. -6 ously. Upon a roll call vote to adopt Resolution #51=77, As Amended, Common Council March 8, 1977 Page 3. New business - cont'd. Resolution #52-77 - The Deputy Clerk read same, entitled, Authorizing Agreement Between the City of Muskego and the Auditing Firm Of COnleY. by Ald. Schaumberg. Ald. Wallner moved to defer action on Resolution McDonald, Sprague & Company. Ald. Colburn moved for adoption, seconded $52-77 for two weeks. Seconded by Ald. Pienkos. Upon roll call vote to defer, Aldermen Colburn,Constantineau, Dumke, Ford and Schaumberg voted "no". Aldermen Pienkos and Wallner voted "aye". The motion to defer did not carry. Upon a roll call vote to adopt Resolution #52-77 the motion carried unanimously. Maintenance Agreement f.pr Four IBM -Typewriters at the Police Department. Resolution #53-77 - The Deputy Clerk read same, entitled, Approval-of Ald. Schaumberg moved for adoption, seconded .by Ald. Colburn. Upon a roll call vote the motion carried-unanimously. Resolution #54-77 - The Deputy Clerk read same, entitled, Approving Amendments to the Parks and Recreation 1977 Capital Budget. Ald. Ford motion to adopt carried unanimousl~y. Resolution #55-77 - The Deputy Clerk read same, entitled, Authorizing Transfer of Funds from Contingency Fund to Account #520.0480:' Other Supplies & Expenses (Re: Police Department - Feasibility Study for Joint Communication Center with New Berlin). Ald. Schaumberg moved for adoption, seconded by Ald. Colburn. Upon roll'call the motion carried unanimously. Resolution #56-77 - Resolution Awarding Notes (Re. $650,000.00 Promissory Notes). The Deputy Clerk read the resolution. Ald. Schaum- burg moved for adoption. Seconded by Ald. Constantineau. Upon roll call the motion carried unanimously. Resolution #57-77 - The Deputy Clerk read the resolution, entitled, A Resolution Authorizing the City of Muskego to Borrow the Sum of $650,000.00 Pursuant to Section 67.12(12) of the Wisconsin Statutes by Ald. Colburn. Upon roll call the motion carried unanimously. for Corporation Purposes. Ald. Schaumberg moved for adoption. Seconded e moved for adoption, seconded by Ald. Constantineau. Upon roll call the 0 Resolution #58-77 - The Deputy Clerk read same, entitled, Resolution Awarding $1,310,000 Corporate Purpose Bonds, Levying Taxes and Providing Details. Ald. Schaumberg moved for adoption, seconded by Ald. Colburn. and upon a roll call vote the motion to adopt carried unanimously. Ordinance #323 - The Clerk gave the first reading of same, entitled, An Ordinance to Amend Ch. 24 of the Municipal Code ((Re:Registration of Snowmobiles) VOUCHER APPROVAL - Ald. Schaumberg moved to recommend approval of payment of sewer utility vouchers in the amount of $31,762.79 payable 3/8/77. Seconded by Ald. Dumke. Upon a roll call vote the motion carried unanimously. ~ ' LICENSE APPROVAL - Ald. Schaumberg moved for the approval of "Gathering" License for Mariana Henneberry, Sandra Ircink, William O'Connor, Carol Havnen and Edward DeFouw. Seconded by Ald. Pienkos, motion carried. License for St. Leonard's Home 8~ School for 3/6/77 and for Operators .. .. Common Council Page 4. March 8, 1977 CITY OFFICIAL'S REPORTS - The Deputy Clerk read the Building Report for the month of February, 1977, which indicated 10 new dwelling units Report placed on file. and total construction in the amount of $407,300.00 for that month. COMMUNICATIONS AND MISCELLANEOUS BUSINESS a Denial of Grievance of Muskego Professional Policeman's Association. Ald. Colburn moved for themsideration of Resolution #50-77, entitled, - Seconded by Ald. Pienkos. Upon a voice vote the motion to reconsider carried. Ald. Colburn moved to amend Resolution $50-77 by changing the word "denial" to "approval" wherever it appeared in the resolution. Seconded by Ald. Pienkos. Upon a roll call vote the motion to amend carried with Aldermen Colburn, Constantineau, Pienkos and Wallner voting "aye". Aldermen Dumke, Ford and Schaumberg voted "no". Upon a roll call vote to adopt Resolution #50-77, As Amended, Aldermen Colburn, Constantineau, Pienkos and Wallner voted "aye". Aldermen Dumke, Ford and Schaumberg voted "no" . The motion carried. ADJOURNMENT - Ald. Pienkos moved to adjourn. Seconded by Ald. Wallner, motion carried. The meeting adjourned at 10 30 P.M. i Respectfully submitted, I June E. Elger, Deputy CiGy Clerk a RESOLIJTION #22-77 (As Amended) APPROVAL OF LEGAL LOT STATUS (Will+rd Anderson) WEI;EAS, the Common Council of the City of Muskego has been petitioned by Willard Andersan for determi.nstj.on of the status for Lots 3 and 4, Nuskego Slhorcs Sub- division, and WHEREAS, m the Plan Commission has recommended denial of the request, THEREFORE, BE IT RESOLVED that the Common Council of the City of Muskego does hereby approveupon the recommendation of the City Plan Commission, t:,i request of Willard Anderson for legal status for Lots 3 and 4, Muskego Shores Subdivision. I e Ald. Charles C. Colburn ATTEST : 1 City Clerk Resolutions 856-77 & #57-77 Excerpts of Minutes of Meeting of Common Council Meld March 8, 1977 A regular meeting of the Common Council of the City of Nuskego, IJaukesha County, Wisconsin, was held in open session on March 8, 1977 and called to order by His Honor, Playor Gottfried at 8:OO P.M. in the Council Chambers, City Hall. The following Aldermen were present: Paul J. Schaumberg, Ronald J. Ford, Charles C; Colburn, Mark E. Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin P. Dumke e The following Aldermen were absent: None (Here occurred matters not pertinent to the note issue.) The City Clerk announced that bids for Promissory Notes had been received as follows: BID TABULATION $1,310,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS CITY OF MUSKEGO, WISCONSIN SALE: TUESDAY, MARCH 8, 1977 AWARO HARRIS TRUST AND SAVINGS BANK FIRST NATIONAL BANK OF CHICAGO CHICAGO, ILLINOIS e MOODY'S RATING: A NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE HARRIS TRUST AND SAVINGS BANK FIRST NATIONAL BANK OF CHICAGO Wauterlek & Brown, Inc. Reynolds Securities, Inc. American Fletcher National Bank & Chicago, Illinois Trust Company VanKampen Sauerman Inc. In napolls, Indiana Chicago, Illinois THE NORTHERN TRUST COMPANY LaSalle National Bank Robert W. Saird & Company, Inc. Channer Newan Securities Co. First National Bank of Naukesha Chicago, Illinois Milwaukee, Wisconsin Chicago, Illinois IJaukesha, Wisconsin CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY Kidder, Peabodr & Co., Inc. Bacon,~Whipple-& Co. Illinois ge Bank of Milwaukee Wisconsin 4.00%- 1979/80 $547,58725 $1,300,494.00 4.25% 1981/82 4.40% 1983 4.841 6% 4.60% 1984 4.70%- 1985 4.75% 1986 4.90% 1987 5.00% 1988 4.00% 1979/81 $578,031.75 $1,,297,897.0( 4.20% 1982 4.40% 1983 4.870917% 4.60% 1984 4.70% 1985 4.80% 1986 4.90% 1987 5.00% 1988 3.70% 1979 3.90% 1980 4.10% 1981 4.25% 1982 4.40% 1983 4.60% 1984 4.70% 1985 4.80% 1986 4.90% 1987 5.00% 1988 $578,056.24 $1,297,895.0( 4.870918% (continued on following page) Bid Tabulation Page 2 $1,310,000 G.O. Corporate Purpose Bonds Muskego, Wisconsin Sa: March 8, 1977 NAME OF BIDDER NET INTEREST COST RATES YEARS & RATE PRICE a, KALMAN & OUAIL, INC. American National Bank & Trust Co. First National Bank of Minneapolis First National Bank of Saint Paul White, Weld 8 Company, Inc. Paine, Webber, Jackson & Curtis, Inc. Minneapolis, Minnesota St. Paul, Minnesota Minneapolis, Minnesota St. Paul, Minnesota Minneapolis, Minnesota MARINE NATIONAL EXCHANGE BANK L ’ & Company, Inc. fl,aukee, Wisconsin American National Bank & Trust Chicago, Illinois Company of Chicago The First National Bank & Trust Company Oklahoma City, Oklahoma FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE Milwaukee, Wisconsin 3.60% 3.90% 4.10% 4.30% 4.50% 4.70% 4.60% 4.80% 4.90% 5.00% 3.90% 4.10% 4.25% 4.40% 4.50% 4.60% 4.70% 4.80% 4.90% 5.00% 3.75% 4.00% 4.15% 4.30% 4.50% 4.60% 4.70% 4.85% 5.00% 5.10% 1979 1980 $579,640.50 $1,297,162 00 1981 4.8842% 1982 1983 1986 1987 1988 1979 $581,052.05 19a1 4.8961 % 1980 1982 1983 $1,296,991.7G 1984 1985 1986 1987 1988 1979 1980 1981 1982 $588,576.25 $1,295,590.01 1983 1984 1985 1986 1987 1988 EHLERS AND ASSOCIATES, INC. First National-Soo Line Concourse Financial Specialists Minneapolis, Minnesota 55402 507 Marquette Avenue Telephone: (612) 339-8291 The City Clerk read the resolution to be known as Resolu- tion NO. 56-77 as follows: Resolution Awarding Notes WHEREAS this City has duly received sealed proposals for its issue of $650,000 Promissory Notes; and WHEREAS it has been determined that the best proposal re- a ceived was that submitted by * and associates; NOW, THEREFORE,BE IT RESOLVED that the proposal of * sociates, be and it hereby is accepted and the I4ayor and City Clerk are authorized and directed to execute an acceptance of the offer of said successful purchaser on behalf of the City; and as- 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 returned. Alderman Schaumbers moved that Resolution No. 56-77 be a adopted. Motion seconded-by Alderman Constantineauand carried by the following vote: Ayes: Paul J. Schaumberg, Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin ~oes: None P. Dumke The City Clerk read the following resolution, to be known as Resolution No. 57-77 : "A Resolution Authorizing the City of Muskego to Borrow the Sum of $650,000 Pursuant to Section 67.12 (12) of the Wisconsin Statutes for Corporate Purposes WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes hereinafter called the "City"), is presently in need of the sum of Six Hundred Fifty Thousand Dollars ($650,000) for provements and equipment; and the purpose of paying part of the costs of public work or im- e WHEREAS the Common Council of the City deems it necessary and in the best interest of the City that said sum be borrowed upon the terms and conditions hereinafter provided; pursuant to the provisions of Section 67.12(12), Wis. Stats., *Harris Trust and Savings Bank and First National Bank Of Chicago, Chicago, Illinois (co-managers) NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Muskego, IJaukesha County, Wisconsin, that: borrow the amount of $650,000 from Section 1. The City of flluskego, Waukesha County, Wisconsin, * for the purpose above stated. Section 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 130 general obligation promissory notes of the City in the denomination of Five Thousand Dollars ($5,000) each, numbered from l'through 130, and dated April 1, 1977. Said Notes shall mature serially on A'$ril 1-of each of the years and shall bear interest as follows: _- .Year Amount Interest - 1984 150,000 4.80% 4.755 25,000 4.75% 1987 135,000 165,000 4.75% 4.90% 1983 $175,000 1985 1986 Said interest shall be payable October 1, 1977 and semiannually with, thereafter on April 1 and October 1 of each year in accordance pons to be attached thereto. The Notes shall be callable as and upon presentation and surrender of, the interest cou- provided in the note form herein established. Principal of and interest on these Notes shall be payable A in lawful money of the United States of America at ** Section 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 be in substantially the following form: *Harris Trust and Savings 'Bank and First National Bank of Chicago, Chicago, Illinois (co-managers) **First National Bank of Waukesha, in Waukesha, Wisconsin and Harris Trust and Savings Bank, in Chicago, Illinois STATE OF WISCONSIII COUNTY OF VIAUKESHA CITY OF MUSKEG0 PROMISSORY NOTE No. $5,000 FOR VALUE RECEIVED, the City of ~uskego, Waukesha County, DOLLARS ($5,000) on the first day of April, 19 , together with interest thereon, at the rate of per cent the first days of April and October in each year, commencing October 1, 1977, in accordance with, and upon presentation and surrender of, the interest coupons attached hereto as they sev- erally become due'. Wisconsin, promises to pay.to bearer the sum of FIVE THOUSAND ( %) per annum, said interest to be payable semiannually on Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at * 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 I , , of Muskego, Wisconsin are hereby irrevocably pledged. Notes of this issue maturing in the years 1986 and 1987 to time in part in inverse numerical order at the option of'the shall be subject to call and prior payment in whole or from tine City on April 1, 1985, or on any interest payment date thereafter at the price of'l01% of par plus' accrued interest. Not less than thirty (30) days' notice of such call shall be given by the pub- lication of a notice thereof once in a newspaper published in Chicago, Illinois, which customarily publishes like notices as a part of its regular service. This Note is issued pursuant to the provisions of Section the costs of public work and improvements and equipment and is au- 67.12(12), Wisconsin Statutes, for the purposes of paying part of Muskego, duly adopted by at least a two-thirds vote of the members- thorized by a resolution of the Common Council of the City of elect of said Common Council at its meeting duly convened on March 8, 1977, which resolution is recorded in the official book of its minutes for said date and is referred to as Resolution No. 57-77 in said minutes. thinqs 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 It is hereby certified and recited that all conditions, *First National Bank of Waukesha, in Waukesha, Wisconsin and Harris Trust and Savings Bank, in Chicago, Illinois .. . the aggregate indebtedness of the City, including this Note and others authorized simultaneously herewith, does not exceed any Wisconsin; and that the said City has levied a direct, annual limitation imposed by law or the Constitution of the State of irrepealable tax suff’icient to pay this Note, together with in- terest thereon when and as payable. NO delay or omission on the part of the holder hereof to exercise any right hereunder shall impai’r such right or be con- sidered as a waiver thereof or as a waiver of or acquiescence in any default hereunder. IN WITNESS WHEREOF, the Common Council of the City of Muskego, Waukesha County, Wisconsin, has caused this Note to be signed on behalf 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 signa- day of April, 1977. ture as and for his own proper signature, all as of this first CITY OF PIUSISEGO WAUKESHA COUNTY, WISCONSIN B~ /s/ Bette J. Bowyer BY /s/ Jerome J. Gottfried City Clerk Hayor (Form of Coupon) - NO. $ On the first day of , 19 , the City of Muskego, Waukesha County, Wisconsin, promises to pay to bearer the amount stown hereon in lawful money of the United States of America at for interest due that day on its.Pronissory Note dated April 1, 1977, No. , I , WAUKESHA COUNTY, WISCONSIN CITY OF MUSKEGO BY (facsimile) BY (facsimile) City ClerX Mayor ’ (Clause to be added to coupons numbered 17 and up on Notes 71/130) “Unless the Note to which this coupon is attached shall have been called for prior redemption . . -” Harris Trust and Savings Bank, in Chicago, Illinois *First National Bank of Waukesha, in Waukesha, Wisconsin and -. _. - I Section 4. For the purpose of paying the principal of and interest on each of said Notes as the same respectively Ealls 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 irrepealable tax for the followinq years and in the fol- lowing amounts: For the year For the year For the year For the .year For the year .. For the year For the year For the year For the year For the year 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 $ 46,815..00 31,210.00 31,210.00 31,21;0.00 31,210.00 169,247.50 202,010.00 40,091.25 146,291.25 169,042.50 In each of said years from 1977 to 1986, inclusive, the direct, annual irrepealable tax hereinzbove 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 long as any part of the principal of or interest segregated in the special fund established by Section 5 of this resolution and used solely for the payment of principal of and in- terest on said Notes. i on 'said Notes remains unpaid, the proceeds of said tax shall be j A I There hereby is appropriated from funds of the City on hand the sum of $15,605.00 to be deoosited in the Sinking Fund herein- after created to be used solely to meet interest paynents due on October 1, 1977, which sum may be returned to the general fund upon collection of the taxes herein levied for the year 1977. i , I If at any time there shall be on hand insufficient funds i from the aforesaid tax levy sufficient to meet principal and/or interest paynents 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. Section 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, 1977," whlch fund shall be used solely for the purpose of paying principal of and interest on said Kotes. There shall be deposited in said fund the premium, if any, and all accrued interest paid on said Notes at the time said Notes are delivered to the lenders, all 0 .' money raised by taxation or appropriated pursuant to Section 4 hereof or Section 67.11(1)(e), TJis. Stats., and such other sums as nay be necessary to pay interest on said Notes when the same shall become due and to retire said Notes on their respective maturity dates. Section 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 invested until needed in legal investments provided that no such for the purposes for which they are issued, but may be temporarily be "arbitrage bonds" within the meaning of Section 103.(c) (2). of investment shall be in such a manner as would cause the Notes to of the Comissioner of Internal Revenue thereunder; and an officer the Internal Revenue Code of 1954, as arnended, or the Regulations Notes shall certify that on the basis of the facts, estimates and of the City charged with the responsibility for issuing these pecked that the "proceeds" will be used in a manner that would circumstances in existence on the date of closing, it is not ex- cause the Notes to be "arbitrage bonds." tion of this resolution as possible and shall be delivered t6'the lender upon receipt of the price thereof and accrued interest to date of delivery." . Section 8. Said Notes shall be exncuted as soon after adop- Alderman Schaumberg moved that Resolution No. 57-27 be adopted. Motion seconded by Aldenan Colburn and carried by the following vote: Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin P. Dumke Ayes: Paul J. Schaumberg, Ronald J. Ford, Charles C. Colburn, Mark E Noes: None in o2en meeting. The Xayor declared the resolutions adopted and signed same 0 City Clerk signed attest 05 resolution. (Here occurred business not pertinent to the note issue.) i I ! ! t ! I j i i I 1 I i I I ! ! i r ,i Resolution #58-77 Excerpts of Minutes of Open bieeting of the Common Council oE the City of Muskego A regular meeting of the Common Council of the City of - Muskego, Waukesha County, Wisconsin, was held in open session .- - on March 8, 1977, and called to order by His Honor Hayor Gottfried at 8:OO P.N., C.S.T. The following Aldermen were presen~t: Paul J. Schaumberg, Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin P. Dumke The following Aldermen were absent: None (Here occurred business not pertinent to the bond au- thorization.) The Mayor announced that the next order of business was to act upon the bids received for the $1,310,000 bond issue. e The Clerk announced that 6 sealed bids had been re- ceived and read the following 2etails 'as to each bid submitted: BID TABULATION $1,310,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS CITY OF MUSKEGO, WISCONSIN - SALE: TUESDAY, MARCH 8, 1977 AWARD FIRST NATIONAL BANK OF CHICAGO HARRIS TRUST AND SAVINGS BANK CHICAGO, ILLINOIS a MOODY'S RATING: A NAME OF BIDDER RATES YEARS & RATE PRICE NU INTtKtSI COS1 HARRIS TRUST AND SAVINGS BANK FIRST NATIONAL BANK OF CHICAGO Wauterlek !I Brown, Inc. Re-wolds Securities, Inc. mago, Illinois A I ,can Fletcher National Bank & a. Trust Company In napolis, Indiana VanKampen Sauerman Inc Chicago, Illinois THE NORTHERN TRUST COMPANY LaSalle National Bank Robert W. Baird & Company, Inc. Channer Newman Securities Co. First National Bank of Waukesha Chicago, Illinois Milwaukee, Wisconsin Chicago, Illinois Waukesha, Wisconsin CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY Kidder. Peabodv & Co.. Inc. -Whipple-& Co. , Illinois ge Bank of Milwaukee ukee, Wisconsin 4.00% 4.25% 4.40% 4.70% 4.60% 4.90% 4.75% 5.00% 4.00% 4.20% 4.40% 4.60% 4.70% 4.80% 4.90% 5.00% 3.70% 3.90% 4.10% 4.40% 4.25% 4.60% 4.70"A 4.80% 4.90% 5.00% 1979180 1981 182 $547,587.25 $1,300,494.00 1983 4.8416% 1986 1988 1937 1979/81 $578,031.75 1982 1983 1984 1985 1986 4.87091 7% 1979 $578,056.24 1980 1981 4.87091 8% 1982 1987 1988 $1,297,897.00 $1,297,895.00 (continued on following page) Bid Tabulation Page 2 Mu> a'@ ego, Wisconsin Sal;: March 8, 1977 0,000 G.O. Corporate Purpose Bonds NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE DAq KALMAN & QUAIL, INC. American National Bank & Trust Co. MI eapolis, Minnesota First National Bank of Minneapolis First National Bank of Saint Paul Paine, Webber, Jackson & Curtis, Inc. klhite, Weld & Company, Inc. St. Paul, Minnesota Minneapolis, Minnesota St. Paul, Minnesota Minneapolis, Minnesota MA !R E NATIONAL EXCHANGE BANK Loew Company, Inc. Mi ukee, Wisconsin American National Bank & Trust Company of Chicago The First National Bank & Trust Company Chicago, Illinois Oklahoma City, Oklahoma FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE Milwaukee, Wisconsin 3.60% 4.10% 3.90% 4.30% 4.50% 4.60% 4.70% 4.80% 4.90% 5.00% 3.90% 4.10% 4.25% 4.50% 4.40% 4.60% 4.70% 4.80% 4.90% 5.00% 3.75% 4.00% 4.15% 4.50% 4.30% 4.60% 4.70% 4.85% 5.00% 5.10% 1979 1980 $579,640.50 $1,297,162.00 1981 4.8842% 1982 1983 1984 1985 1986 1987 1988 1979 $581,052.05 1980 1981 4.8961 % 1982 1983 1984 1985 1986 ~~ 1987 1988 1979 $588,576.25 1980 1991 1982 1983 1985 1986 1987 1988 19a4 $1,296,991.70 $1,295,590.00 EHLERS AND ASSOCIATES, INC. Financial Specialists First National-So0 Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: (612) 339-8291 The Common Council determined upon examination of the fore- @ mitted by going details of bids, that the best bid received was that sub- and associates. * r and seconded by Alderman Colburn The following resolution was noved by Alderman Schaumberg w Resolution No. 58-77 Resolution Awarding $1,310,000 Corporate Purpose Bonds, Levying Taxes and Providing Details WHEREAS the City of Muskego has duly received sealed Purpose Bonds" (the "Bonds") ; and bids for its proposed issue of $1,310,000 "Corporate WHEREAS it has been determined that the best bid re- ceived was that submitted by * and associates; NOW, THEPEFORE, BE IT RESOLVED that the bid of sociates, be and it hereby is accepted and the Mayor and as- and City Clerk are authorized and directed to execute an acceptance of the offer of said successful pur- chaser on behalf of the City; FURTHER RESOLVED that the check of the successful pur- chaser be retained by the City Treasurer until actual bidders be promptly returned; closing of the bond issue and checks of the unsuccessful FURTHER RESOLVED that the Bonds shall bear interest as follows: * J Bonds Maturing In the Years Interest Rate 1970/80 1981/82 1983 1984 1985 1986 1987 1988 4.00% 4.25% 4.40% 4.60% 4.70% 4.75% 4.90% 5.00% Chicago, Chicago, Illinois (co-managers) *Harris Trust and Savings Bank and First National Bank of FURTHER RESOLVED that the Bonds shall be in substan- tially the following form: (Form of Bond) UNITED STATES OF AXERICA COUNTY OF V7AUKESHd STATE OF WISCONSIN CITY OF MUSKEGO COWOMTE PURPOSE EOND No. $5,000 KNOW ALL PIEN BY THESE PRESENTS: That the City of Muskego, Waukesha County, Wisconsin, hereby acknowledges itself to owe and for value received promises to pay to bearer on December 1, 19 , the principal sm of FIVE THOUSAND DOLLARS ($5,000), together with interest thereon at the rate of per cent of each year, in accordance with and only upon presentation and and semiannually thereafter on the first days of June and December surrender of, the interest coupons hereto attached as they sev- erally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at For the prompt payment of this bond with interest hereon as afore- and are hereby irrevocably 'pledged. said, the full faith, credit and resources of said City have been ( %) per annum, such interest being payable Decembzr 1, 1977 * , , . This bond is one of an issue aggregating $1,310,000, each of which is of like date and tenor except as to numbers, interest rates, redemption privileges and maturities issued $910,000 to con- struct sewers, and $400,000 to construct police facilities pursuznt the Common Council of the City by at least a two-thirds vote of to initial resolutions duly adopted at open regular meetings of all of the Aldermen of the City and in full conformity with the Constitution and laws of the State of Wisconsin thereunto enabling. Bonds of this issue maturing in the years 1986 through 1988 shall be subject to call and prior papent, in whole or from time maturity) at the option of the City of December 1, 1985, or on to time in part in inverse numerical order (or by lot within any any interest payment date thereafter at the price of 101% of par plus accrued interest. Not less than thirty (30) days' notice of once in a newspaper published in Chicago, Illinois, which custom- such call shall be given by the publication of a notice thereof arily publishes like notices as a part of its regular service. *First National Bank of Waukesha, in Waukesha, Wisconsin and Harris Trust and Savings Bank, in Chicago, Illinois and things required by law to be done precedent to and in the is- performed in regular and due form, time and manner; that the value suance of this bond have been done, have happened and have been of all the taxable property in said City according to the last preceding assessment for state and county taxes as equalized for state purposes is $189,342,200; that the aggregate amount of ex- not exceed $6,182,200; that a direct, annual, irrepealable tax has isting bonded indebtedness of said City, including this issue, does been levied in an amount sufficient to pay the interest on this bond when it falls due and also to pay and discharge the principal hereof at maturity; and that this bond, together with all other existing indebtedness of said City, does not exceed any constitu- tional or statutory limitation of indebtedness. It is hereby recited and certified that all acts, conditions Wisconsin has caused this bond to be.executed in its behalf by its Mayor and City Clerk, the former by his facsimile^ signature, its corporate seal to be hereto affixed and has caused the attached interest coupons to be signed by said officers by their respective of this bond by the City Clerk, do adopt as and for their own facsimile signatures; and said officers, by the manual execution proper signatures their respective facsimile signatures appearing on this bond and said coupons, all as of the first day of March, 1977. IN WITNESS WHEREOF, the City of Muskego, Waukesha .County, B~ /s/ Bette J. Bowyer City Clerk CITY OF MUSKEG0 WAUKESHA COUNTY, WISCONSIN BY (facsimile) Mayor (Form of Coupon) No. $ On the first day 'of , 19 , the City of Huskego, Waukesha County, Wisconsin, promises to pay to bearer the amount shown hereon at * I lawful noney of the United States of P--erica, for interest due that day on its "Corporate Purpose Bond," dated March 1, 1977, No. , upon presentation and surrender of this coupon,' in I WAUKESHA COUNTY, WISCONSIN CITY OF MUSEGO BY (facsimile) BY (facsimile) City Clerk Mayor Harris Trust and Savings Bank, in Chicago, Illinois *First National Bank of Waukesha, in Waukesha, Wisconsin and numbered 18 and up on Bonds 103/262) (Clause to be added to coupons "Unless the Bond to which this coupon is attached shall have been called for prior redemption . ." FURTHER ESOLVED that for the purpose of paying the principal of and interest on the Bonds as the same becomes due, the full faith, credit and resources of the City are hereby irrevocably pledged and there be and there hereby is levied on all the taxable prop- erty in the City a direct, annual, irrepealable tax in such years and in such amounts as are sufficient due; said tax is hereby levied in the following years to meet such principal and interest payments when and in the following minimum anounts: Year of Levy 1977 1978 1979 1380 1981 1982 1983 1984 1985 1986 1987 Amount $107,581.67 91,475.00 95,275.00 88,875.00 147,600.00 153,775.00 193,375.00 117,475.00 338,950.0.0 210,000.00 324,700.00 FURTHER RESOLVED that the City shall be and continue without power to repeal such levy or obstruct the collection of said tax until all such payments have been made or provided for. After the issuance of the Bonds, said tax shall be from year to year, carried into the tax rolls of the City and collected as other taxes are collected, provided that the amount of tax year by the amount of any surplus money in the Sinking carried into said tax rolls may be reduced in any Fund hereinafter created; FURTRER RESOLVED that there be and there hereby is of $46,106.67 to be deposited in the Sinking Fund appropriated from funds of the City on hand the sum hereinafter created to be used solely to meet interest payments due on Decsmber 1, 1977, which sum may be returned to the general fund upon.collection of the taxes herein levied for the year 1977;. FURTHER RESOLVED that if in any year there shall be insufficient funds from the tax levy to pay the prin- r- cipal of or interest on the Bonds when due, the said -? principal or interest shall be paid from other funds of the City on hand, said amounts to be returned when said taxes have been collected; FURTHER RESOLVED that there be, and there hereby is, established in the treasury of the City a fund sepa- rate and distinct from every other fund, designated as "Th2 Sinking Fund for $1,310,000 'Corporate Pur- pose Bonds', dated March l, 1977" and such fund shall be maintained until the indebtedness evidenced by the Bonds is fully paid or otherwise extinguished. The City Treasurer shall deposit in such Sinking Fund (a) all accrued interest received.by the City at the time of delivery of and payment for the Bonds; (b) the . taxes herein levied for the specific purpose of meeting principal of and interest on the Bonds when due; (c) such. other sums as may be necessary at any time to pay principal of and intersst on the Bonds when due; and (d) any premimn which may be received by the City over and above the par value of the Bonds and accrued interest thereon; FURTHER RESOLVED that no money shall be withdrawn purpose other than the payr;..ent of principal of and from the said Sinking Fund and appropriated for any interest has been paid in full and canceled; pro- interest on the Bonds until all such principal and vided (a) the funds to provide for each payment of vested in direct obligations of the United States principal of and interest on the Bonds may be in- of America maturing no later than ten days prior to over and above the next succeeding annual require- the time such payments are due; and (b) any funds ment for principal and interest on the Bonds may be used to reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing the Bonds as permitted by Section 67.11 (2) (a) , Wis. of America, or in other obligations of the, City; Stats., interest-bearing bonds of the United States FURTHER. RESOLVED that when all of the Bonds have been paid in full and canceled, any money remaining in the SinkingFundshall be deposited in the general fund of the City; FURTHER RESOLVED that none.of the money in any of the funds herein established shall be used in'such manner as to cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c)(2) of the Internal Revenue Code of 1954, as amended; FURTHER RESOLVED that all monies received by the thereof except for accrued interest and premium, if City upon the delivery of the Bonds to the purchaser a Borrowed Money Fund and such fund shall be main- any, shall be deposited by the City Treasurer into tained separate and distinct from all other funds of the City and shall be used for no purpose other than the purposes for which the Bonds are issued; pro- vided (a) such monies as are not immediately needed for such purposes may be invested in time deposits in any bank or trust company licensed to do business of the date of investment or the date such deposits in Wisconsin, such deposits to mature within one year are needed, whichever is earlier, or in bonds or . securities issued or guaranteed as to principal and interest of the United States Governiient or of a commission, board or other instruqantality of tne United States Government; and (b) such monies, in- mitted, as may remain in the Borrowed Honey Fund cluding any income fron investments as herein per- after the purposes for which the Bonds have been are not needed and which obviously thereafter cannot issued have been accomplished, and such monies as be needed for such purposes shall be deposited in the Sinking Fund heretofore created; FURTHER RESOLVED that the Bonds shal1,be payable as to principal and interest at * FURTHER RESOLVED that the Mayor and City Clerk, the thorized and directed to execute and deliver the former by his facsimile signature, are hereby au- Bonds to the purchaser thereof upon receipt of the purchase price therefor and the officers of the City hereby are directed and authorized to take all neces- practicable hereafter, in accordance with the terms sary steps to close said issue of Bonds a,s soon as of sale thereof, and said officers are hereby au- documents, certificates and acknowledgments as may thorized and directed to execute and deliver such be necessary or convenient in accordance therewith. *First National Bank of Waukesha, in Waukesha, Wisconsin and Harris Trust and Savings Bank, in Chicago, Illinois . Upon roll call vo.te, the following voted Aye: Paul J. Schaurnberg, Ronald J. Ford, Charles C. Colburn, Mark E. Pienkos, Raymond Waller, Leslie J. Constantineau and Edwin P. Durnke r / and the following voted No: None e e The Mayor thereupon declared said resolution adopted. (Here occurred business not pertinent to the bond issue.) Upon motion made and seconded, the meeting was adjourned.