CCR1967115RESOLUTION 1,115-67
RESOLUTION FOR TEMPORARY BORROWING BY CITIES PURSUANT TO SEC. 67.12
WHEREAS, The City of Muskego of Waukesha County of the State of
Wisconsin is in temporary need of money in the amount of Five Hund-
red Thousand Dollars ($500,000.00) with which to pay its current
and ordinary expenses, and
WHEREAS, the Council of said City deems it necessary to its safety
and interest to borrow said amount, and said money is needed for
the following purposes: for the erection and construction and
establishment of a sewage disposal plant or system including the
acquisition of a site therefor,
NOW, THEEFORE, BE IT RESOLVED by the Council of the City of Muskego
of Waukesha County of the State of TJisconsin, that in order to pay
the current and ordinary expenses of said City, the Mayor and the
Clerk of said City be and they are hereby authorized and directed to
borrow from the !Jaukesha State Bank the sum of Five Hundred Thousand
and no/100 Dollars ($500,000.00) and to evidence such indebtedness
of said City, said Mayor and Clerk shall execute and deliver to the
Lender the promissory notes of said City to the total amount of Five
Hundred Thousand and no/100 Dollars ($500,000.00) which notes shall
bear interest at the rate of 3.75 per cent (3-3/4%) per annum, said
notes to be dated no later than August 31, 1969 and shall be payable
on the 30th day of August, following the next tax levy subsequent to
the dates of the notes, and signed by the sa.id Mayor and City Clerk,
and
BE IT FURTHER RESOLVED, that to provide for the payment of the prin-
cipal and interest of said notes on or before the thirtieth (30th)
day of August following the next tax levy there shall be and there
is hereby levied on all the taxable property of said City, in addi-
tion to all other taxes, a sum sufficient to pay the principal of
Five Hundred Thousand and no/100 Dollars ($500,000.00) and interest
thereon at the rate of 3.75 per cent (3-3/4%) per annum from the date
of said notes to the date of maturity of said notes as aforesaid,
which tax after the receipt of the borrowed money shall become and
continue irrepealable and shall be carried into the next tax roll of
said City and collected as other taxes are collected, as provided by
law and when said tax is so collected it shall be kept in a separate
and distinct fund and be used for the sole purpose of paying the
principal and interest on the said notes provided for in this resol-
ution.
This resolution is made by virtue of and under the provisions of
Section 67.12 of the Wisconsin Statutes.
Passed and adopted by the Common Council of the City of Muskego on
this day of August, 1967, voted in favor and voted
against .
PUBLIC SEWER COMMITTEE