CCR1970064. ,.
RESOLUTION # 64-70
A RESOLUTION authorizing and providing for the
borrowing of $1,050,000 by the City of Muskego,
Wisconsin, from Marine National Exchange Bank
of Milwaukee, for the purpose of paying general
and current municipal expenses and for the issuance
of promissory notes to evidence said borrowing.
WHEREAS, the City of Muskego, Waukesha County, Wisconsin
(sometimes hereinafter called the "City"), is presently in need of the sum
of One Million Fifty Thousand Dollars ($1,050,000) for the purpose of
paying general and current municipal expenses consisting of contractors'
statements for road, water and sewer work; and
WHEREAS, the Common Council of the City deems it necessary
and in the best interest of the City that the sum of $.l. 050,000 be borrowed
pursuant to the provisions of Section 67. 12 (12), Wis. Stats., upon the
terms and conditions hereinafter provided;
NOW, THEREFORE, BE IT RESOLVED by the Common Council
of the City of Muskego, Waukesha County. Wisconsin, that:
Section 1. The City of Muskego. Waukesha County, Wisconsin,
borrow the amount of One Million Fifty Thousand Dollars ($1,050,000)
from the Marine National Exchange Bank of Milwaukee for the purpose of
paying general and current municipal expenses.
Section 2. To evidence such indebtedness, the Mayor and City
Clerk shall make, execute and deliver to said lender, for and on behalf
of the City one hundred and five (105) general obligation promissory
notes of the City in the denomination of Ten Thousand Dollars ($10,000)
each, numbered from 1 to 105. inclusive, and dated May 1. 1970. Said
notes shall mature on March 1, 1974 and shall bear interest at the rate
of six and one-quarter per cent (6-1/4%) per annum, said interest to be
payable March 1, 1971 and semiannually thereafter on September 1 and
March 1 of each year, in accordance with. and upon presentation and
surrender of, the interest coupons to be attached thereto. The notes
shall be callable in accordance with the terms set forth on the form of
note established in Section 3 hereof.
Principal and interest on these notes shall be payable in lawful
money of the United States of America at the Marine National Exchange
Bank of Milwaukee, Wisconsin.
Section 3. The notes shall be payable to bearer, shall be
delivered to the lender upon receipt of the borrowed funds, plus accrued
interest to date of delivery and shall be in substantially the following
form:
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(Form of Note)
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
No. $10,000
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin. promises to pay to bearer the sum of Ten Thousand Dollars
($10,000) on the 1st day of March, 1974, together with interest thereon
at the rate of six and one-quarter per cent (6-1/4%) per annum, said
interest to be payable March 1, 1971 and semiannually thereafter on the
. 1st days of September and March in each year, in accordance with, and
upon presentation and surrender of, the interest coupons attached hereto
as they severally become due.
Both principal hereof and interest hereon are hereby made pay-
able in lawful money of the United States of America at the Marine National
Exchange Bank of Milwaukee, Milwaukee, Wisconsin, 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, Waukesha County, Wisconsin, are
hereby irrevocably pledged.
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This note is callable, at the option of the City, on September 1.
1973 at the price of par plus accrued interest. Not less than thirty (30)
days’ notice of such call shall be given by the publication of a notice
thereof in the newspaper which shall then constitute the official newspaper
of the State of Wisconsin.
This note is issued pursuant to the provisions of Section 67.12(12),
Wisconsin Statutes, for the purpose of paying general and current municipal
expenses and is authorized by a resolution of the Common Council of the
City of Muskego. duly adopted by at least a two-thirds vote of the members-
elect of said Common Council at its meeting duly convened on April 14. 1970,
which resolution is recorded in the official book of its minutes for said date
and is entitled, “A RESOLUTION authorizing and providing for the borrow-
ing of $1,050.000 by the City of Muskego, Wisconsin, from Marine National
Exchange Bank of Milwaukee, for the purpose of paying general and current
municipal expenses and for the issuance of promissbry notes to evidence
said borrowing. II
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 aggregate indebtedness of the City,
including this note and others authorized simultaneously herewith, does
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not exceed any limitation imposed by law or the Constitution of the State
of Wisconsin; and the said 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 exer-
cise any right hereunder shall impair such right or be considered as a
waiver thereof or as a waiver of or acquiescence in any default hereunder.
IN WITNESS WHEREOF, the Common Council of the City of
Muskego, Waukesha County. Wisconsin, has caused this note to be signed
on behalf of said City by its duly elected Mayor and City Clerk. its cor-
porate seal to be hereto affixed, and the attached coupons to be signed by
the facsimile signatures of its Mayor and City Clerk, each of whom, in
his respective capacity by the execution of this note, does adopt his afore-
said facsimile signature as and for his own proper signature. all as of
this first day of May, 1970.
CITY OF MUSKEGO
WAUKESHA COUNTY, WISCONSIN
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(Form of Coupons)
No. $
On the first day of , 19 - , the City of Muskego.
Waukesha County, Wisconsin, promises to pay to bearer the amount shown
herein in lawful money of the United States of America at the Marine
National Exchange Bank of Milwaukee, Milwaukee. Wisconsin, for interest
due that day on its Promissory Note dated May 1. 1970, No.
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
(Facsimile) (Facsimile)
(Clause to be added to
Coupon No. 7)
“Unless the note to which this coupon is attached shall have been
called for prior payment, . . . II
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Section 4. For the purpose of paying the principal and interest e
0
on each of said notes as the same respectively falls due, there be and
there hereby is levied on all of the taxable property in the City of Muskego,
Waukesha County. Wisconsin, a direct, annual, irrepealable tax for the
following years and in the following amounts:
For the year 1970 $ 87,500.70
For the year 1971 65,625.00
For the year 1972 65,625.00
For the year 1973 1.082, 812. 50
In each of said years from 1970 to 1973. inclusive, the direct,
annual, irrepealable tax hereinabove levied shall be carried into the tax
roll each year and shall be collected in the same manner and at the same
time as other taxes of the City for such years are collected, provided that
said tax need not be carried into the tax roll at any time when (a) the notes
have been paid in full, or (b) there are funds in the Sinking Fund hereinafter
created sufficient to pay principal and interest due on the notes in the next
year. So long as any part of the principal of or interest on said notes
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 and interest on said notes.
e 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
said notes when due. the requisite amounts shall be paid from other funds of
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the City then available, which sums shall be replaced upon the collection
of the taxes herein levied.
Section 5. There is hereby established in the City Treasury
a fund separate and distinct from all other funds of the City, designated
Sinking Fund for $1,050,000 Promissory Notes dated May 1, 1970. " I!
which fund shall be used solely for the purpose of paying principal of and
interest on said notes. There shall be deposited in said fund all accrued
interest paid on said notes at the time said notes are delivered to the
lenders, all money raised by taxation or appropriated pursuant to Section. 4
hereof, and such other sums as may be necessary to pay interest on said
notes when the same shall become due and to retire said notes on their
respective maturity dates.
Section 6. The City Comptroller shall keep, maintain, and
preserve an adequate and correct register account of all notes issued 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 in the course
of authorizing and issuing these notes.
Section 7. Said notes shall be executed as soon after adoption
of this resolution as possible and shall be delivered to the lender upon
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receipt of the borrowed funds and accrued interest to date of delivery.
Adopted this 14th day of April, 1970.
Attest:
Aj /A
City Clefk of the C& omuskego
Recorded this 14th day of April, 1970
City '" Clerk, "Xskego City -
Approved this 14th day of April, 1970
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