CCR1969094RESOLUTION 1/94-69
RESOLUTION FOR TEMPORARY BORROWING BY
CITIES PURSUANT TO SECTION 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 Fifty
Five Thousand and no/100-------------- Dollars ($55,000.00) with
which to pay its current and ordinary expenses, and
WHEREAS, the Council of said City deems it necessary to its safety an
and interest to borrow said amount, and said money is needed for the
following purposes:
Current sewer construction expense
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Muskego of Waukesh?~ County, Wisconsin, 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 herebv authorized and directed to
borrow from The First National-Bank of Waukesha - Muskego Branch
the sum of Fifty five Thousand and no/100--------- Dollars ($55,000.00)
and to evidence such indebtedness of said City, said Mayor and Clerk
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shall execute and deliver to the Lender the promissory note in the
amount of $55,000.00, which note shall bear interest at the rate of
4.5 per cent (4.5%) per annum, said note to be dated no later than
August 4, 1969, and shall be payable on the 4th day of August and
signed by the said Mayor and City Clerk, and
BE IT FURTHER RESOLVED, that to provide for the payment of the
principal and interest of said note on or before the 4th 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 addition
to all other taxes, a sum sufficient to pay the principal of
Fifty five Thousand and no/100------------- DPollars ($55,000.00)
and interest thereon at the rate of 4.5 per cent (4.5%) per annum
from the date of said note to the date of maturity of said not
as aforesaid, which tax after receipt of the borrowed money shall
become and continue irrepealable and shall be carried into the
next 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 pay the principal and interest on the said note provided
for in this resolution.
This resolution is made by virtue of and under the provisions of
Section 67.12 of the Wisconsin Statutes.
DAED THIS 7 DAY OF
a
7.
ATTEST:
City Clerk u-