CCR1970055RESOLUTION # 55-70
RESOLUTION AUTHORIZING THE ISSUANCE OF PROMISSORY
NOTES OF THE CITY OF MUSKEGO, WAUKESHA COUNTY,
WISCONSIN, PROVIDING DETAILS THEREOF AND LEVYING
TAXES THEREFOR. (Foth-Scholbe Purchases)
e WHEREAS, the City of Muskego, Waukesha County, Wisconsin,
(sometimes hereinafter called the "City"), did by Resolution #143-69
and by Resolution #144-69 exercise certain options to purchase real
estate in the City of Muskego, and did authorize the Mayor, C
Clerk and City Attorney to complete the transaction on behalf
City, and to draft the necessary documents in connection with
purchases including a promissory note pursuant to Section 67.
W is. Stats.; and
WHEREAS, said lands are beinq purchased by the City
i ty
of the
sa id
l2( 12)
fnr
the purpose of acquiring sites for industrial property pursuant to
Section 66.52 Wis. Stats.
.. , -.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego, Waukesha County, Wisconsin, that:
Section I. The City of Muskego, Waukesha County, Wisconsin,
borrow the amount of $208,398.00 for the purpose of paying part of
the cost of acquiring sites for industrial purposes pursuant to Wis.
Stats. Section 66.52, being the Foth and Scholbe properties.
Section 2. To evidence such indebtedness, the Mayor and
City Clerk shall make, execute and deliver to said lenders for and
on behalf of the City, the City's general obligation promissory notes
payable to the order of said lenders as follows: The note to Melford
Foth and Mathi Ida Foth shall bear interest at the rate of 5.6 per
cent and the note to Mathilda Scholbe shall bear interest at the rate
of 5 per cent. Said principal and interest to be payable in install-
ments as follows:
Year
1971 -
1973
I972
I974
I975
I976
I977
I978
I979
em Year
I972
I973
I974
FOTH PAYMENTS:
Principal
None
15,297.57
None
I,
I,
I,
I,
,I
,I
SCHOLBE PAYMENTS:
Principal
25,328.75
I,
I,
I,
5,996.65
Interest
5,996.65
5,996.65
5,139.99
4,283.33
3,426.67
2,570.01
1,713.35
856.69
5.065.75
Interest
Tot a I
5,996.65
5,996.65
21,294.22
20,437.56
19,580.90
18,724.24
17,867.58
17,010.92
16,154.26
Tot a I
30,394.50
3,799.31 29,128.06
1,266.43 26,595.18
2,532.87 27,861 .62
Principal and interest on thesnotes shall be payable in
lawful money of the United States of America at the address of holder
hereof. The notesshall be subject to call and prior payment in whole
payment date at the price of par.
9 or from t ime to t ime in part, at the opt ion of the City on any interest
Section 3. The notes shall be delivered to the lenders
upon receipt of warranty deeds to the properties conveyed to the City
pursuant to the option exercised by the City, and shall be in sub-
stantially the form as shown by Exhibit "A" hereto attached.
Section 4. For the purpose of paying the principal and r) interest on the notes as the same respectively fall due, there hereby
e the fol lowing years and in the fol lowing amounts:
is levied on all of the taxable property of the City of Muskego,
Waukesha County, Wisconsin, a direct, annual irrepealable tax for
Year of levy
I97 I
I972
I973
I974
I975
I976
I977
I979
I 978
$36,391.15
Amount
35i124.71
49,155.84
47,032.74
19,580.90
17,867.58
17,010.92
16,154.26
18,724.24
In each of said years from
direct, annual, irrepealable tax here
into the tax roll each year and shall
and at the same time as other taxes o
collected; provided that, (I) if the
1971 to 1979,
inabove levied
be collected
f the City for
loan i spaid in
maturity, the st i I I uncoi lected port ions of the tax
..
inclusive, the
shal I be carried
in the same manner
such years are
full prior to
levied to provide
repayment need not be carried into the tax rol I; and (2) if the holders
of the notes agree in writing to an extension of time, or the note is
refunded as permitted herein, and the appropriate refunding note has
been authorized and executed by the City, and the original note returned
and canceled, then the still uncollected portions of the tax levied
to provide the repayment of the original loan need not be carried into
the tax roll but shall be replaced by the amounts levied to provide
for the repayment of any such refunding note. So long as any part of
the principal of or interest on the note remains unpaid the proceeds
of said tax shall be segregated in the special fund established by
Section 5 of this Resolution and used solely for the payment of
principal of and interest on the notes.
If at any time there shall be on hand insufficient funds
from the aforesaid tax levy sufficient to meet principal and/or
interest payments on the noteswhen due, the requisite amounts shall
be replaced upon the collection of the taxes herein levied.
6 be paid from other funds of the City then avai lable, which sums shal I
Section 5. There is hereby established in the City Treasury
a fund separate and distinct from all other funds of the City, desiqnated
Sinking Fund for Promissory Notes dated // -1 - 70 , which fund
shall be used solely for the DurDose of Davina DrinciDal of and interest
on the notes. There sha I I be' deposited in sa id fund al I accrued interest
paid on the notes at the time it is delivered to the lenders, all money
raised by taxation pursuant to Section 4 hereof, and such other sums
as may be necessary to pay interest on the notes when the same shall
. , _I,
become due and to retire sa id notes on instal lment dates.
Section 6. The City Clerk-Comptroller, shall keep, maintain
and preserve an adequate and correct register account of the notes 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
I) in the course of authorizing and issuing the note.
Section 7. The note shall be executed as soon after
adoption of this resolution as possible except not prior to
upon receipt of warranty deeds to the properties purchased.
, 1970, and shall be delivered to the lenders thereof
Passed and adopted th is 2 y day of , 1970.
A
LLrur
Mayor
ATTEST:
Recorded th i s 24 day of A+ , 1970.
&&. City Clerk
EXH I B IT "A"
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
PROM I SSORY NOTE
$107,083.00
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to the order of Melford Foth and Mathilda
Foth, his wife, jointly and severally, the sum of One Hundred Seven
Thousand Eighty-three and no/100 ($107,083.00) Dollars, together with
interest thereon on the unpaid balance at the rate of 5.6 per cent
per annum. Said interest to be payable annually on the anniversary
date hereof with payments of principal and interest payable in in-
stallments as follows:
Year
1971 - Principal
None
I972
I973
None
15,297.57
I974
1975
I976
I977
I978
I979
I,
I,
I,
I,
I,
I,
Interest
5,996.65
5,996.65
5,996.65
5,139.99
4,283.33
3,426.67
2,570.01
1,713.35
856.69
Tot a I
5,996.65
5,996.65
21,294.22
20,437.56
19,580.90
18,724.24
17,867.58
17,010.92
16,154.26
Both principal hereof and interest hereof are hereby made
payable in lawful money of the United States of America at the address
of holder hereof, and for the prompt payment of this note, with interest
thereon as aforesaid, and the levying and collection of taxes sufficient
for that purpose, the full faith, credit and resources of the City
of Muskego are hereby irrevocably 'pledged.
This note is issued pursuant to the provisions of Section
67.12(12), Wisconsin Statutes, for the purpose of paying part of the
cost of acquiring sites for industrial purposes pursuant to Wis.
Stat. Section 66.52, and is authorized by a resolution of the Common
Council of the City, duly adopted by at least a two-thirds vote of
the members=elect of said Common Council at its meeting duly convened
on December 23, 1969, which resolution is recorded in the official
Authorizing the Exercise of an Option to Purchase Certain Real Estate
in the City of Muskego (Foth).
0 book of its minutes for said date and is entitled, Resolution
It is hereby certified and recited that all conditions,
things 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 aggre-
gate indebtedness of the City does not exceed any limitations imposed
by law or the Constitution of the State of Wisconsin; and that the 0 City has levied a direct, annual, irrepealable tax sufficient to pay
this note, together with interest thereon 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 waiver thereof or as a waiver of or acquiescence in day default
This note is also authorized by Resol~ution #55-70 of
- the Common Council of the City, duly adopted by at least a two-
thirds vote of the members-elect of said Common Council at its meet-
ing duly convened on March 24, 1970, which resolution is recorded
in the official book of its minutes for said date and is entitled,
Resolution Authorizing the Issuance of Promissory Notes of the City
of Muskego, Waukesha County, Wisconsin, Providing Details Thereof
and Levying Taxes Therefor. (Foth-Scholbe Purchases)
&
IN WITNESS WHEREOF, the Common Council of the City of
Muskego, Waukesha County, Wisconsin, has caused this note to be
signed on the behalf f said City by its duly elected Mayor and
C7$rkia;n2, iqzyte seal hereto affixed, as of the
CITY OF MUSKEG0
BY:
EXH I B I T "A"
STATE OF WISCONSIN
COUNTYOF WAUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
$101,315.00
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to the order of Mathi Ida Scholbe, the
sum of One Hundred One Thousand Three Hundred Fifteen and no/lOO
($101,315.00) Dollars, together with interest thereon on the unpaid
balance at the rate of 5 per cent per annum. Said interest to be
payable annually on the anniversary date hereof with payments of
principal and interest payable in installments as follows:
Year
1971
Principal
25,328.75
Interest
5,065.75
I972 I, 3,799.31
Tota I
30,394.50
29,128.06
I973
I974
I, 2,532.87 27,861 .62
e I, 1,266.43 26,595.18
Both principal hereof and interest hereof are hereby made
payable in lawful money of the UniM States of America at the address
of holder hereof, and for the prompt payment of this note, with
interest thereon as aforesaid, and the levying and collection of taxes
sufficient for that purpose, the full faith, credit and resources
of the City of Muskego are hereby irrevocably pledged.
This note is issued pursuant to the provisions of Section
67.12(12), Wisconsin Statutes, for the purpose of paying part of
the cost of acquiring sites for industrial purposes pursuant to wis.
Stat. Section 66.52, and is authorized by a resolution of the Common
Council of the City, duly adopted by at least a two-thirds vote of
the members-elect of said Common Council at its meeting duly convened
on December 23, 1969, which resolution is recorded in the official
book of its minutes for said date and is entitled, Resolution
Authorizing the Exercise of an Option to Purchase Certain Real Estate
in the City of Muskego (Scholbe).
It is hereby certified and recited that all conditions,
th ings and acts required by I aw 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 agge-
gate indebtedness of the City does not exceed any limitation imposed
by law or the Constitution of the State of Wisconsin; and that the
City has levied a direct, annual, irrepealable tax sufficient to pay
I this note, together with interest thereon 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
hereunder.
as a waiver thereof or as a waiver of or acquiescence in day defau I t
This note is also authorized by Resolution #55-70 of the
Common Council of the City, duly adopted by at least a two-thirds
vote of the members-elect of said Common Council at its meeting
duly convened on March 24, 1970, which resolution is recorded in
the official book of its minutes for said date and is entitled,
Resolution Authorizing the Issuance of Promissor!y Notes of the City
and Levying Taxes Therefor (Foth-Scholbe Purchases)
of Muskego, Waukesha County, Wisconsin, Providing Deta i Is Thereof
IN WITNESS WHEREOF, the Common Council of the City of
Muskego, Waukesha County, Wisconsin, has caused this note to be
signed on the behalf of the City by its duly elected Mayor and
lerk, and its rpor te seal to be hereto affixed, as of the , 1970.
c I TY~ MUSKEGO
BY:
Aa %,
ity Clerk