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ccm19780726of Common Council Held July 26, 1978 Excerpts of Minutes of Meeting Muskego, Waukesha County, Wisconsin, was held in open session on July 26, 1978 and called to order by His Honor, Mayor Gottfried at 8:OO P.M. in the Council Chambers, City Hall. The following Aldermen were present: Paul J. Schaumberg, Mark E. Pienkos, Thomas J. Van Lanen, Ralph Tomczyk, Raymond Wallner and Edwin P. Dumke A special meeting of the Common Council of the City of b The following Aldermen were absent: Ronald J. Ford b The Deputy City Clerk announced that bids for Promissory Notes had been received as follows: BID TABULATION $500,000 GENERAL OBLIGATION PROMISSORY NOTES e CITY OF MUSKEGO, WISCONSIN x: WEDNESDAY, JULY 26, 1978 e AWARD: THE NORTHERN TRUST COMPANY, CHICAGO, ILLINOIS MOODY'S RATING: "A" 8 NAME OF BIDDER NET INTEREST COST RATES YEARS & RATE PRICE THE NORTHERN TRUST COMPANY Chicago, Illinois 5.75% 5.30% 5.35% 'FIRST NATIONAL BANK OF MINNEAPOLIS 5.60% 5.50% 5.40% M. H. Novick & Co., Inc. Minneapolis, Minnesota FI fl WISCONSIN NATIONAL BANK OF MILWAUKEE 5.90% Milwaukee, Wisconsin 5.40% '0 1 )BANC NORTHWEST Chicago, Illinois 5.90% 5.40% b FIRST NATIONAL BANK OF CHICAGO 6.00% 1 Chicago, Illinois 5.40% 5.45% I MARINE NATIONAL EXCHANGE BANK Blunt Ellis Loewi & Co., Inc. Milwaukee, Wisconsin CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO 5.75% 5.50% 6.00% 5.40% Chicago, Illinois 5.50% LLE NATIONAL BANK Chicago, Illinois 5.75% 5.60% 5.50% 1986 1987 1988 1986 1987 1988 1986 1987/88 1986 1987/88 1986 1988 1987 1986 1987171 1986 1987 1988 1986 1987 1988 $248,156.00 5.3946% $251,800.00 5.4739% $252,375.00 5.4864% .$252,395.00 5.4868% $254,194.00 5.5259% $254,957.00 5.5425% $255,100.00 5.5456% $256,800.00 5.5687% $500,244.00 $500,000.00 $500,025.00 $500,005.00 $500,006.00 $500,043.00 $500,100.00 $500,639.00 0 e (continued on following page) . . Bid Tabulation Page 2 0 Promissory Notes NAME OF BIDDER RATES YEARS & RATE PRICE NET INTEREST COST CHANNER NEWMAN SECURITIES COMPANY , 5.75% 1986 $256,800.00 $500,000.00 Chicago, Illinois 5.60% 1987 5.50% 1988 b 5.5826% FRANK HENJES & COMPANY, INC. 6.50% 1986 $260,034.00 5.45% $500,066.00 1987 Milwaukee, Wisconsin 1 5.50% 1988 5.6529% DAIN, KALMAN & QUAIL, INC. 5.60% 1986 $260,908.00 $500,492.00 Minneapolis, Minnesota 5.70% 1987/88 an National Bank & Trust Co. Minnesota 5.6719% EHLERS AND ASSOCIATES, INC. Financial Specialists First National-Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: (612) 339-8291 The Deputy City Clerk read the resolution to be known as Resolution No. 162-78 as follows: e Resolution Awarding Notes WHEREAS this City has duly received sealed proposals for its issue of $500,000 Promissory Notes; and WHEREAS it has been determined that the best proposal re- ceived was that submitted by The Northern Trust Company, Chicago, Illinois: b NOW, THEREFORE, BE IT RESOLVED that the proposal of The Northern Trust Company, Chicago, Illinois, be and it hereby is accepted and the Mayor and Deputy City Clerk are authorized and directed to execute an acceptance of the offer of said success- ful purchaser on behalf of the City; FURTHER RESOLVED that the check of the successful purchaser 0 a be retained by the City Treasurer until actual closing of the note issue and checks of the unsuccessful bidders be promptly returned. Alderman Schaumberg moved that Resolution No. 162-78 be adopted. Motion seconded by Alderman Tomczyk and carried by the following vote: Ayes: Schaumberg, Pienkos, Van Lanen, Tomczyk, Wallner and Dumke Noes: None The Deputy City Clerk read the following resolution, to be known as Resolution No. 163-78: "A Resolution Authorizing the City of Muskego to Borrow the Sum of $500,000 Pursuant to .Section 67.12 (12) of the Wisconsin Statutes for Corporate Purposes (sometimes hereinafter called the "City") , is presently in need of the sun of Five Hundred Thousand Dollars ($500,000) for the purpose of paying part of the costs of public work. or improvements and equipment; and' WHEREAS the City of Muskeqo, Waukesha County, Wisconsin a 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; WHEREAS the Common Council of the City deems it necessary 2 NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Muskego, Waukesha borrow the amount .of $500,000 Section 1. The City of Chicago, Illinois, County, Wisconsin , that: Muskego, blaukesha County, Wisconsin, from The Northern Trust Company, for the purpose above stated. Clerk shall make, execute and deliver to said lender, for and on behalf of the City 100 general obligation promissory .notes of the City in the denomination of Five Thousand Dollars ($5,000) each, numbered from 1 through 100, and dated July 1, 1978. Said Notes shall mature serially on July 1 of each of the years and shall bear interest as follows: Section 2. To evidence such indebtedness, the Mayor and City Year Amount Interest 1986 $100,000 5.75 % 1987 200,000 1988 5.30 % 200,000 5.35 % - Said interest shall be payable semiannually on January 1 and July 1 of each year in accordance with, and upon presentation and surrender of, the interest coupons to be attached thereto. The Notes shall be callable as provided in the note form herein established. Principal of and interest on these Notes shall be payable in lawful money of the United States of America at The Northern Trust Company, in Chicago, Illinois 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: 3 STATE OF bIISCOtJSIIJ COUNTY OF WAUKESHA CITY OF MUSKEG0 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 DOL- LARS ($5,000) on the first day of July, 19 , together with inter- est thereon at the rate of per cent ( %) per annum, said interest to be payable semiannually on the first days of January with, and upon presentation and surrender of, the interest coupons and July in each year, commencing January 1, 1979, in accordance attached hereto as they severally become due. payable in lawful money of the United States of America at The Northern Trust Company the prompt payment of this Note with interest thereon as aforesaid, ,in Chicago , Illinois , and for and the levying and collection of taxes sufficient for that purpose, the full faith, credit and resources of the City of Muskego, Wis- consin are hereby irrevocably pledged. Both principal hereof and interest hereon are hereby made Notes of this issue maturing in the years 1987 and 1988 shall be subject to call and prior payment in whole or from time to time July 1, 1966, or on any interest payment date thereafter at the in part in inverse numerical order at the option of the City on 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 Chicago, Illinois, which customarily publishes like notices as a part of its regular service. 67.12(12), Wisconsin Statutes, for the purposes of paying part of the costs of public work and improvements and equipment and is au- thorized by a resolution of the Common Council of the City of mskego, duly adopted by at least a two-thirds vote of the nembers- elect of said Common Council at its meeting duly convened on July 26, 1978, which resolution is recorded in the official book of its minutes. for said date and is referred to as Resolution No. 163-78 in said minutes. This Note is issued pursuant to the provisions of Section It is hercby certified and recited that all conditions, things and acts required by law to exist or to be done prior to and in con- nection 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 4 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. a No delay or omission on the part of the holder hereof to ex- ercise any right hereunder shall impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any de- fault 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, Note, does adopt his aforesaid facsimile signature as and for his each of whom in his respective capacity by the execution of this own proper signature, all as of this first day of July, 1978. EGO, WAUKESHA (Form of Coupon) $ On the first day of , 19 , the City of Muskego, Waukesha County, Wisconsin, promises to pay to bearer the amount shown hereon in lawful money of the United States of America at The Northern Trust Company , in Chicago , Illinois I for interest due that day on its Promissory Note dated July 1, 1979, NO. COUNTY , WISCONSIN CITY OF MUSKEGO, WAUKESHA BY (facsimile) BY City Clerk (facsimile) Mayor (Clause to be added to coupons numbered 18 and up on Notes 21/100) e "Unless the Note to which this coupon is attached shall have been called for prior redemption . . ." Section 4. For the purpose interest on each of said EJotes as the full faith, credit and taxino Of Payins the principal of and the- same-respectivel; falls due, ~ 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 bluskego a direct, annual irrepealable tax for the following years and in the following amounts: For the year 1978 For the year 1979 For the year 1980 For the year 1951 For the year 1982 For the yea,r 1984 For the year 1983 For the year 1985 For the year 1986 For tne year 1987 $ 40,575 27,050 27,050 27,050 27,050 27,050 27,050 124,175 216,000 205,350 In each of said years from 1978 to 1987, inclusive, the di- rect, annual irrepealable tax hereinabove levied shall be carried into the tax roll each year and collected in the same manner and at the same tine as other taxes of the City for such years are collected. So long as any part of the principal of or interest on said Notes remains unpaid, the proceeds of said tax shall be seg- regated in the special fund established by Section 5 of this resolu- tion and used solely for the payment of principal of and interest on' said Notes. There hereby is appropriated fron funds of the City on hand the sum of $ 13,525.00 to be deposited in the Sinking Fund herein- January 1, 1979, which sum nay be returned to the general fund after created to be used solely to meet interest payments due on upon collection of the taxes herein levied for the year 1978. 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 sums 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, de- signated "Sinking Fund for Promissory Notes dated July l, 1978," which fund shall be used solely for the purpose of paying principal of and interest on said Notes. There shall he deposited in said Notes at the time said Notes are delivered to the lenders, all fund the premium, if any, and all accrued interest paid on said money raised by taxation or appropriated pursuant to Section 4 hereof or Section 67.11(1) (e), Wis. Stats., and such other suns 6 as may be necessary to pay interest on said Notes when the same shall become due and to retire said Notes on their respective ma- turity dates. 0 Section 6. The City Comptroller shall keep, maintain and preserve an adequate and correct register account of all Notes and the City Clerk shall provide and keep a separate record book issued and all payments and other transactions relating thereto; and shall record a full and correct statement of every step or pro- ceeding 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 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 circum- stances 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 adop- tion 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." Alderman Schaumberg moved that Resolution No. 163-78be adopted. Motion seconded by Alderman Tomczyk and carried by the following vote: Ayes: Schaumberg, Pienkos, Van Lanen, Tomczyk, Wallner and Dumke Noes: None The Mayor declared the resolution adopted and signed same in open meeting. City Clerk signed attest of resolution. City Clerk 7