CCR1972070RESOLUTION 870-72
AUTHORIZING THE CITY OF MUSKEGO TO BORROW
MONEY TEMPORARILY
($350,000.00)
WHEREAS, the City of Muskego of Waukesha County of the State of Wisconsin,
is in need of money in the amount of Three Hundred Fifty Thousand and
ordinary expenses , and
WHEREAS, the Council of said City deems it necessary to its safety
and interest to borrow said amount, and said money is needed for the
following purposes :
no/100------- Dollars ($350,000.00) with which to pay its current and
Current Sewer Construction Expense
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Muskego of Waukesha County, Wisconsin, that in order to pay the current
and ordinary expenses of said City, the Mayor and Clerk of said City be
and they are hereby authorized and directed to borrow from
the sum of Three Hundred Fifty
Thousand and no/100 --------- Dollars ($350,000.00) and to evidence such
indebtedness of said City, said Mayor and Clerk shall execute and deliver
to the Lender the promissory note in the amount of $350,000.00, which note
shall bear interest at the rate of per cent ( ) per annum, said
note to be dated no later than April 24, 1972, and shall be payable on the
24th day of May, 1972, 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 24th day of May 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 Three Hunred Fifty Thousand and no/100
per cent ( %) per annum from the date of said note to the date of
maturity of said note 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 paying the principal and interest on the said note provided
for in this resolution.
-""- Dollars ($350,000.00) and interest thereon at the rate of
DATED THIS /3 DAY OF 1972.
Jerome J. Gottfried, Mayor
City Clerk
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