ccm19850605COMMON COUNCIL
CITY OF MUSKEGO
MINUTES OF SPECIAL MEETING HELD JUNE 5, 1985
Called to order in open session by Chairman Salentine at 7:07
P.M. Also present were Aldermen DeAngelis, Dumke, Hilt, Nilsson,
Penovich, Taube and Tomczyk and Clerk Stewart.
The Mayor opened the meeting by announcing that this was an open
meeting of the Common Council. Notice of this meeting was given
to the public at least 24 hours in advance of the meeting by
forwarding the complete agenda to the official City newspaper,
the Muskego Sun, and to all news media who have requested the
same as well as posting. Copies of the complete agenda were
available for inspection at the City Clerk's office. Anyone
desiring information as to forthcoming meetings should contact
the City Clerk's office.
NEW BUSINESS
Financial Consultant Seegar Swanson explained the bidding process
discussed the rating process and explained our Moody rating would
for the borrowing and reviewed the bids received. He also
remain at Baa-1 at this time.
Reso.11115-85 - Resolution Awarding Notes (First Wisconsin
National Bank). Penovich moved for adoption. Tomczyk seconded,
carried 7-0.
Reso.#116-85 - A Resolution Authorizing the City of Muskego to
Wisconsin Statutes. Tomczyk moved for adoption. Penovich
seconded. The Clerk announced that 5 sealed bids had been
received for the note issue, which had been advertised for bids
pursuant to the action of the Council. The City Clerk indicated
that each such bid was accompanied by a $50,000 good faith check
and read the followinz details as to each bid submitted:
0 Borrow the Sum of $2,500,000 Pursuant to Section 67.12(12) of the
Account Manager
First Wis.Natl.Bank $1,677,550.00 8.1831%
- Net Interest Cost Net Interest Rate
Dain Bosworth, Inc. 1,678,000.00 8.1853%
Continental 111.Natl. 1,713,175.00 8.3569%
Northern Trust Co. 1,737,300.00 8.47463%
Harris Trust & Savings 1,771,750.00 a ,64268~
The motion to adopt Reso. 11116-85 authorizing the sale of its
$2,500,000 General Obligation Promissory Notes to First Wisconsin
National Bank for the purchase price of $2,471,250 carried with 7
ayes and 0 nos. The Mayor declared the resolution adopted and
approved, and the Mayor and City Clerk signed same in the
appropriate manner in open meeting.
There being no further business to come before the meeting,
Tomczyk moved to adjourn at 7:30 P.M. Dumke seconded, carried.
City Clerk