CCR1968181RESOLUIXON #181-68 I AS AMENDED
CHASE $ 320,000.00 SEWER SYSTEM MORTGAGE REVENUE
ACCEPTING OFFER OF THE MILWAUKEE COMPANY TO PUR-
BONDS OF THE CITY OF MUSKEG0
WHEREAS the City of Muskego is involved in the construction of a
sanitary sewerage system, the same being a public utility under
Wisconsin law, and
WHEREAS it is necessary that a portion of the system about to be
constructed be financed by the issuance of Mortgage Revenue Bonds
in the amount of $ 320,000.00 , and
WHEREAS such bonds may be sold under Sec. 66.066, Wisconsin Statutes,
in such manner as shall be deemed proper by the Common Council of
the City of Muskego,
NOW, THEREFORE BE IT RESOLVED that the offer of The Milwaukee Comp-
any of Milwaukee, Wisconsin, to purchase $ 320,000.00 Sanitary
Sewer Mortgage Revenue Bonds on the terms and conditions set forth
in the proposal hereto attached as Exhibit "A" be and it here with
is accepted.
Adopted this 2 day
of@&, 1968
ATTEST :
CITY CLERK /
THE MILWA~E COMEANY
INVESTMENT SECURITIES
MEMBERS:
NEW YORK STOCK EXCHANGE
MIDWEST STOCK EXCHUlGE
AMERICAN STOCK EXCHANGE
ASSOCIATE MEMBER:
MILWAUKEE 1. WISCONSIN
207 E. YICHIOAN STREET
BRO1OWhY 6.6075
October 22, 1968
City of Muskego
Waukesha County, Wisconsin
Gentlemen:
It is our understanding that the City of Muskego is prepared to proceed with the Revenue
Bond financing necessary for the first phase of its Sewerage System Construction project.
mately $1,760,000. The funds are to be provided for by the issuance of these Revenue
Based on reports from the consulting engineers, the cost of the project totals approxi-
Bonds, a General Obligation Note, a Federal Grant and by Special Assessments.
We understand a Rate Ordinance has not been passed as yet, but that the specific rates
will produce approximately $52,500. annually to the sewer utility.
Therefore, we are prepared to make the following proposal: e For all or none of three hundred and twenty thousand dollars ($320,000.) par value
and legally issued and properly executed Sewerage System Mortgage Revenue Bonds of the
City of Muskego, Waukesha County, Wisconsin, to be issued for the purpose of constructing
a Sewerage System for the City, to be dated November 1, 1968 and to mature
$ 5.000 annually November 1, 1971 to November 1, 1977, inclusive
10,000 annually November 1, 1978 to November 1, 1983, inclusive
20,000 annually November 1, 1989 to November 1, 1993, inclusive
15,000 annually November 1, 1984 to November 1, 1988, inclusive
25,000 annually November 1, 1994 to November 1, 1995, inclusive
5 1/2% for bonds due November 1, 1971 to November 1, 1986, inclusive
5 3/4% for bonds due November 1, 1987 to November 1, 1991, inclusive
5.80% for bonds due Novmber 1, 1992 to November 1, 1995, inclusive
to bear interest at the rate of
with bonds maturing November 1, 1984 and thereafter callable on or after November 1, 1983
premium of 4% of the principal amount so called, we will pay the par value ($320,000.)
in inverse numerical order, on 30 days notice at par value and accrued interest plus a
less a discount of $12,800. We compute the net interest cost to the City on this bid to
be $350,902.50.. equal to a net interest rate of 5.9124%.
made payable at a bank or banks to be mutually agreed upon by the City and the undersigned.
Principal and interest (first coupon May 1, 1969 and semi-annually thereafter) is to be
It is further agreed that we will furnish blank bonds ready for signature and will psy the
cost of obtaining the full and unqualified legal opinion of Messrs. Quarles, Herriott,
Clemons, Teschner and Noelke, Attorneys, Milwaukee, Wisconsin.
This proposal is made subject to the aforesaid legal opinion, the passage of a rate ordinance
that will produce approximately $52,500. annually, the ordinance providing for the issuance
of these $320,000. bonds which among other things will include a tax support clause, the
placing of the special assessments on the tax roll, to prompt acceptance, to delivery of
properly executed bonds within 45 days and to being furnished at the time of delivery, a
full transcript of all proceedings relative to the authorization and issuance of said bonds. a~ Respectfully submitted,-
THE MILWAUKEE COMPANY
HARLEY, HAYDON AND COMPANY
J
Ro ert C. Brussa'
Vice-president
THE MILWAUKEE COMPANY
The above proposal is hereby accepted for and on behalf of the City of Muskego, Wisconsin, &
ly authorized officials.
BY &.l i4 dAJ- Mayor