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ccm19790221RESOLUTIONS #34-79 and i135-79 of Common Council Held February 21, 1979 Excerpts of Minutes of Meeting Waukesha County, Wisconsin, was held in open session on February 21, A regular meeting of the Common Council of the City of Muskego, 1979 and called to order by Paul J. Schaumberg, the Council President, at 8:OO P.M. in the Council Chambers, City Hall. The following Aldermen were present: Paul J. Schaumberg, Mark E. Pienkos, Edwin P. Dumke Ronald J. Ford, Thomas J. Van Lanen, Ralph Tomczyk, Raymond Wallner and The following Aldermen were absent: None (Mayor Jerome J. Gottfried was absent) (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 $670,000 GENERAL OBLIGATION PROMISSORY NOTES CITY OF MUSKEGO, WISCONSIN SALE: WEDNESDAY, FEBRUARY 21, 1979 AWARD: THE NORTHERN TRUST COMPANY, CHICAGO, ILLINOIS MOODY'S RATING: "A" NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE THE NORTHERN TRUST COMPANY Chicago, Illinois NATIONAL BANK OF MINNEAPOLIS M. H. Novick & Company, Inc. Mi nneapol is , Minnesota DAIN, KALMAN & QUAIL, INC. American National Bank & Trust Co. Minneapolis, Minnesota St. Paul, Minnesota MARINE NATIONAL EXCHANGE BANK Blunt, Ellis & Loewi Inc. Milwaukee, Wisconsin FIRST NATIONAL BANK OF SAINT PAUL St. Paul, Minnesota a WAUTERLEK & BROWN, INC. Chicago, Illinois TRUST COMPANY OF CHICAGO !ENTAL. ILLINOIS NATIONAL BANK Chicago, Illinois 6.20% 6.10% 5.40% 6.00% 5.90% 5.40% 6.00% 5.70% 5.45%' 5.50% 6.50% 5.50% 5.40% 5.50% 5.30% 5.40% 5.65% 6.20% 6.00% 5.45% 5.50% 6.70% 6.75% 5.50% 5.60% 1983184 1985 1986/88 1985186 1983/84 1987188 1983/85 1986 1987 1988 1983/84 1985 1986 1987188 1983184 1985186 1987/88 1984186 1983 1987 1988 1983 1984 1985 1986/88 $307,899.00 5.5080% $308,225.00 5.5138% $31 1,786.24 5.5775% $31 1,850.00 5.5787% $312,413.75 5.5887% $313,317.50 5.6049% $313,640.84 5.6107% $670,056.00 $670,00D.00 $670,001 .26 $670,000.00 $670,000.OC $670,000.0( $670,001.6( EHLERS AND ASSOCIATES, INC. Financial Specialists (continued on following page) Bid Tabulation Page 2 $670,000 PROMISSORY NOTES CITY OF MUSKEGO, WISCONSIN NET INTEREST COST NAME OF BIDDER RATES YEARS ti RATE PRICE CHANNER NEWMAN SECURITIES COMPANY Chicago, Illinois HARRIS TRUST AND SAVINGS BANK Chicago, Illinois ‘WuKEE WISCONSIN NATIONAL BANK OF Carleton D. Beh CO. Milwaukee, Wisconsin Des Moi nes , .Iowa ROBERT W. BAIRO & COMPANY, INC. The First National Bank of Chicago Milwaukee, Wisconsin Chicago, Illinois LA SALLE NATIONAL BANK Chicago, Illinois 6.25% 6.00% 5.50% 6.00% 5.50% 5.60% 7.00% 5.95% 5.50% 5.55% 5.60% 5.65% 6.90% 5.40% 5.50% 6.25% 5.70% 5.60% 1983/84 1985/86 1987188 1983/86 1987 1988 1983 1984 1985 1986 1987 1988 1983/85 1986 1987188 1986 1983/85 1987188 $314,531.25 5.6266% $316,890.00 5.6688% $318,310.00 5.6942% $318,359.70 5.6951% $670,000.00 $670,010.00 $670,009.80 $670,000.0C $670,271.5! EHLERS AND ASSOCIATES, INC. Financial Specialists First National-Soo Line Concourse Mi nneapol is, Minnesota 55402 507 Marquette Avenue Telephone: (612) 339-8291 e 34-79 as follows: l'lle City Clerk read the resolution to be known as Hesolution NO. Resolution Awarding Notes WHEREAS this City has duly received sealed proposals for its issue of $670,000 Promissory Notes; and WHEREAS it has been determined that the best proposal received .was that submitted by The Northern Trust Company, Chicago, .Illinois, and associates; NOW, THEREFORE, BE IT RESOLVED that the proposal of The Northern Trust Company, Chicago, Illinois, and associates, be and it hereby is accepted and the Council President and City Clerk are authorized and directed to execute an acceptance of the offer of said successful purchaser on behalf of the City; FURTHER ESOLVED 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. e Alderman Ford moved that Resolution No. 34-79 be adopted. Motion seconded by Alderman Tomczyk and Carrie- the following vo te : Ayes: Aldermen Schaumberg, Pienkos, Ford, Van Lanen, Tomczyk, NOS : None Wallner and Dude lution No. 35-79: The City Clerk read the following resolution, to be known as Reso- - "A Resolution Authorizing the City of Muskego Section 67.12(12) of the Wisconsin Statutes to Borrow the Sum of $670,000 Pursuant to 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 part of the costs of public work or improvements and equipment; and 0 Hundred Seventy Thousand Dollars ($670,000) for the purpose of paying I.JI1EP.EAS the Common Council of thc City deems it necessary and in the best interest of the City that said sum be borrowed pursuant to conditions hereinafter provided; the provisions of Section 67.12(12), Wis. Stats., upon the terms and NOW, TllEREFORE, BE IT RESOLVED by the Common Council of the City of Muskego, Naukesha County, Wisconsin, that: e row the amount qf'$670,000 from for the purpose above stated. Section 1. The City of Muskego, Waukesha County, Wisconsin, bor- * Clerk shall make, execute and deliver to said lender, for and on be- half of the City 134 general obligation promissory notes of the City in the denomination of Five Thousand Dollars ($5,000) each, numbered from 1 through 134, and dated March 1, 1979. Said Notes shall mature serially on September 1 of each of the years and shall bear interest as follows: Section 2. To evidence such indebtedness, the Mayor and City Year 1984 1983 1985 1986 1987 1988 I_ Amoun t $ 45,080 50,000 50,000 100,000 50,000 375,000 Interest 6.20 % 6 -20 5.40 6.10 5.40 5.40 Said interest shall be payable semiannually on March 1 and September 1 of each year, commencing September 1, 1979, in accordance with, and upon presentation and surrender of, the interest coupons to be attached there to. ful money of the United States of America at The Northern Trust company, in Chicago, Illinois Principal of and interest on these Notes shall be payable in law- Section 3. The Notes shall be payable to bearer, shall be cle- livered to the lender upon receipt of the price thereof, plus accrued interest to date of delivery and shall be in substantially the following form : *The Northern Trust Company, Chicago, Illinois STATE OF WISCONSIN COUNTY OF WAUKESIIA CITY OF MUSKEG0 PROMISSORY NOTE No. $5,000 sin, promises to pay to bearer the sum of FIVE THOUSAND DOLLARS ($5,000) FOR VALUE RECEIVED, the City of Muskego, Waukesha County, Wiscon- on the first day of September, 19 , together with interest thereon at the rate of per cent ( %) per annum, said in- terest to be payable semiannually on the first days of March and Septem- ber in each year, commencing September 1, 1979, in accordance with, and upon presentation and surrender of, the interest coupons attached hereto as they severally become due. in lawful money of the United States of America at The Northern Trust Company , in Chicago , Illinois , and for the levying and collection of taxes sufficient for that purpose, the full prompt payment of this Note with interest thereon as aforesaid, and the by irrevocably pledged. faith, credit and resources of the City of Muskego, Wisconsin are here- Both principal hereof and interest hereon are hereby made payable This Note is issued pursuant to the provis.ions of Section 67.12(12), Wisconsin Statutes, for the purposes of paying part of the costs of public work and improvements and equipment and is authorized by a reso- lution of the Common Council of the City of Muskego, m duly adopted by at least a two-thirds vote of the members-elect of said Common Council at its meeting duly convened on February 21, 1979, which resolution is re- corded in the official book of its minutes for said date and is referred to as Resolution No. 35-79in said minutes. - It is hereby certified and recited that all conditions, ttiings 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 Constitu- tion of the State of Wisconsin; and that the said City has levied a di- e rect, annual irrepealable tax sufficient to pay this Note, together with Interest therein 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 waiv- er thereof or as a waiver' of or acquiescence in any default hereunder. IN WITIJESS WflEricOF', 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 4 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 signature as and for his own proper signature, all as of this first day of March, 1979. CITY OF EIUSKEGO, WAUKESHA COUNTY, WISCONSIN ./ BY /’ /& .. BY I/ Cith.Clerk Mayor (Form of Coupon) No. $ 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 , for interest due that day on its Promissory Note dated March 1, 1979, No. CITY OF MUSKEGO, WAUKESHA COUNTY, WISCONSIN BY (facsimile] BY (facsimile) City Clerk Mayor est on each of said Notes as the same respectively falls due, the full Section 4. For the purpose of paying the principal of and inter- pledged and there be and there hereby is levied on all of the taxable faith, credit and taxing powers of the City are hereby irrevocably property in the City of Muskego a direct, annual irrepealable tax for the following years and in the following amounts: For For For For For For For For For the year 1979 the year 1980 the year 1981 the year 1982 the year 1983 the year 1984 the year 1905 the year 1986 the year 1987 $ 55,935 37,290 37,290 84,500 82,290 81,400 125,650 78,350 395,250 annual irrepealable tax hereinabove levied shall be carried into.the In each of said years from 1979 to 1987, inclusive, the direct, 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 on said Notes remains,un- paid, the proceeds of said tax shall be segre~ated in the special fund established by Section 5 of this resolution and used solely for the payment of principal of and interest on said Votes. sum of $ 18,645 There hereby is appropriated from funds of the City on hand the ated to be used solely to meet interest paymer'ts due on September 1, to be deposited in the Sinking Fund hereinafter cre- 1979, which sum may be returned to the general fund upon collection of the taxes herein levied for the year 1979. If at any time there shall be on hand insufficient funds from the ments on said Notes when due, the requisite amounts shall be paid from aforesaid tax levy sufficient to meet principal and/or interest pay- 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, designated "Sinking Fund for Promissory Notes dated March 1, 1979," which fund shall be used solely for the purpose of paying principal of and inter- est on said Notes. 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 money raised by taxation or appropriated pursuant to Section 4 hereof or. Section 67.11(1) (31, \$is. 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. The provisions of Section 67.11, Wis. Stats., relating to investments and use of surplus shall, insofar as applicable, govern the management of such Sinking Fund. 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. 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(c)(2) of the Internal Revenue Code of 1954, as amended, or the Regulations of the Commissioner of Internal sibility for issuing these Notes shall certify as to facts, estimates Revenue thereunder; and an officer of the City charged.with the respon- and circumstances in existence on the date of closing, which will per- mit the conclusion that the "proceeds" will not be used in a manner Section 7. The "proceeds" of the Notes shall be used solely for that would cause the Notes to be "arbitrage bonds." Section 8. Said Notes shall be executed as soon after adoption of receipt of the price thereof and accrued interest to date of delivery." this resolution as possible and shall be delivered to the lender upon Attest: Approved February 21, 1979. Recorded February 21, 1979. Mayor Mayor Alderman Ford moved that llesolution No. 35-79 ___ be adopted. Notion seconded by Alderman Tomczyk and carried by the following vote : Ayes: Aldermen Schaumberg, Pienkos, Ford, Van Lanen, Tomczyk, NOS : None Wallner and Dumke . The Council President declared the resolution adopted and signed same in open meeting. City Clerk signed the attest of resolution. (Here occurred business not pertinent to the note issue.) There being no further business to come before the meeting, the meeting adjourned.