CCR1970088RESOLUTION # @-7o
RESOLUTION AUTHORIZING THE ISSUANCE OF A $57,000.00
PROMISSORY NOTE OF THE CITY OF MUSKEGO, WAUKESHA
COUNTY, WISCONSIN, PROVIDING DETAILS THEREOF
AND LEVYING TAXES THEREFOR.
WHEREAS, the City of Muskego, Waukesha County, Wisconsin,
(sometimes here inafter ca I led the "City"), did authorize the purchase
of certain lands from Adel ia Bluhm for the sum of Seventy-six
Thousand ($76,000.00) Dollars, a portion of which is to be financed
by the issuance of a promissory note pursuant to Section 67.12(12),
Wis. Stats.; and
WHEREAS, said lands are being purchased by the City for
a public purpose, to-wit: The extension of sanitary sewer facili.ties
in the City of Muskego.
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,
evidence its indebtedness to Adelia Bluhm in the sum of Fifty-seven
thousand ($57,000.00) Dollars by the execution of a promissory note
in ten (IO) annual installments and shall bear interest at the rate
of five (5) per cent per annum, payable semi-annually from the date
of said note which shall be ADril 30, 1970.
payable to the order of Adel ia Bluhm. Sa id note shal I be payable
Section 2. Principal and interest on this note shall be
payable in lawful money of the United SGtes of America to AWTa
Bluhm, Muskego, Wisconsin. The note shall be subject to call and
prior payment in whole or from time to time in part, at the option
of the City on any interest payment date at the price of par.
Section 3. The note shall be delivered to the lender upon
receipt of the par value thereof, plus accrued interest to the date
of delivery, and shall be in the form hereto attached:
Section 4. For the purpose of paying the principal and
interest on the note as the same respectively falls due, there be
and there hereby is levied on all of the taxable property of the
City of Muskego, Waukesha County, Wisconsin, a direct, annual 0 irrepealable tax for the following years and in the fol lowing amounts:
Year Principal Interest Tota I
1971
I972
I973
I974
I975
I976
I977
I978
I979
I980
$5,700.00
5.700.00
5,700.00
5,700.00
5,700.00
5,700.00
5,700.00
5,700.00
5,700.00
5,700.00
$2,850.00
2,565.00
1,995.00
1,710.00
1,425.00
I, 140.00
855.00
570.00
285.00
2,280.00
$8,550.00
8,265.00
7,980.00
7,695.00
7,410.00
7,125.00
6,840.00
6,555.00
6,270.00
5,985.00
In each of said years from 1971 to 1980, 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 ar?
collected; provided that, (I) if the loan is paid in full prior to 6 maturity, the stil I uncollected portions of the tax levied to provide
i
repayment need not be carried into the tax ro
of the Note agrees in writing to an extension
refunded as permitted herein, and the appropr
been authorized and executed by the City, and
returned and canceled, then the still uncolle
tax levied to provide the repayment of the or
be carried into the tax roll but shall be rep
r I; and (2) if the holde
of time, or the note is
ate refunding note lhas
the original note
ted portions of the
ginal loan need not
aced by the amounts
C
i
I
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 note.
If at any time there shall be on hand insufficient funds
from the aforesaid tax levy sufficient to meet principal and/or inter-
est payments on the note when due, the requisite amounts shall be
paid from other funds of the City then available, which sums shall
be repi aced upon the col lect ion of the taxes here in levied.
Section 5. There is he&y established in the City Treasury
a fund separate and distinct from all other funds of the City,
designated Sinking Fund for Promissory Note dated April 30, 1970,
which fund shall be used solely for the purpose of paying principal
of and intereston the note. There shall be deposited in said fund
all accrued interest paid on the note at the time it is delivered
to the lender, all money raised by taxation pursuant to Section 4
hereof, and such other sums as may be necessary to pay interest
on the note when the same shall become due and to retire said note
on its installment dates.
Section 6. The City Clerk-Comptroller shall keep, maintain
and preserve an adequate and correct register account of the note
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 ofwery step or proceeding had
or taken in the course of authorizing and issuing the note.
ATTEST:
Passed and Adopted this 18 day of Apr i I, 1970.
Recorded th is 24 day of -, 1970.
STATE OF WISCONSIN
WAUKESHA COUNTY
CITY OF MUSKEG0
April 30, 1970 $57,000.00
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to the order of ADELIA BLUHM, Muskego,
Wisconsin, the sum of Fifty-seven Thousand ($57,000.00) Dollars,
(5) per cent per annum. Said interest shall
together with interest thereon from date here
I annual ly on the 30th day of October and Apr i
commencing on October 30, 1970.
Both principal hereof and interest
payable in lawful money of the United States
Bluhm, Muskego, Wisconsin,, and for the promp
with interest thereon as aforesaid, and the
of taxes sufficient for that purpose, the fu
resources of the City of Muskego are hereby
of at the rate of five
be payable semi-
in each year,
This note is subject to prepayment
hereof are hereby made
of America to Adelia
payment of this note,
evying and collection
I faith, credit and
rrevocably pledged.
in whole, or from
time to time in part, at any time at the option of the City at the
price of the par value of the prepayment then being made.
67. I2( 12) Wisconsin Statutes, for the purpose of extensbn of sanitary
sewer facilities in the City of Muskego, and is authorized by a
resolution of the Common Council of the City duly adopted by a
two-thirds vote of the members elect of said Common Council at
its meeting duly convened on April 28, 1970, which resolution was
recorded in the official book of its minutes for said date and is
entitled, Resolution Authorizing the. Issuance of a $57,000.00
Promissory Note of the City of Muskego, Waukesha County, Wisconsin,
Providing Details Thereof and Levying Taxes Therefor.
This note is issued pursuant to the provisions of Section
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 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 t,o
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 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 the behalf of said City by its duly elected Mayor and
City Clerk, and its corporate seal to be hereto affixed, as of the
30th day of April, 1970.