CCR1972115RESOLUTION NO. "" 115
City of Muskego, Wisconsin
A RESOLUTION
authorizing the City of Muskego to
borrow the sum of $800.000 pursuant
to Section 67. 12(12) of the Wisconsin
Statutes for various corporate purposes.
WHEREAS, the City of Muskego. Waukesha County, Wisconsin
(sometimes hereinafter called the "City"), is presently in need of the a sum of Eight Hundred Thousand Dollars ($800,000) for the purpose of paying
part of the costs of the following public projects:
$190,000 to construct street improvements in accordance
with plans on file;
$350,000 to construct sanitary sewers in accordance with
plans on file;
$ 80,000 to purchase equipment;
$ 30.000 to improve parks of the City;
' $190,000 to construct City buildings;
and
e WHEREAS. the Common Council of the Ci.ty deems it necessary
and in the best interest of the City that said sum be borrowed pursuant to
the provisions of Sation 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 Eight Hundred Thousand Dollars 6800.000) from the
First Wisconsin National Bank of Milwaukee for the purpose of paying
1.
a part of the costs of purchasing equipment; for permanent improvements of
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
PROMISSORY NOTE
No. $5.000
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to bearer the sum of FIVE THOUSAND
DOLLARS ($5,000) on the 1st day of May, 19 - , together with interest
thereon at the rate of per cent ( %)per annum, said interest
to be payable May 1, 1973 and semiannually thereafter on the 1st days of
November and May in each year, in accordance with, and upon presentation
and surrender of, the interest coupons attached hereto as they severally
bec0r.e due.
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Both principal hereof and interest hereon are hereby made payable
in lawful money of the United States of America at the First Wisconsin Trust
e sufficient for that purpose, the full faith credit and resources of the City of
Muskego, Wisconsin, are hereby irrevocably pledged.
This note is issued pursuant to the provisions of Section 67. 12(12).
Wisconsin Statutes, for the purposes of paying part of the costs of purchasing
equipment; for permanent improvements of lands, to-wit: improvements to
the public parks of the City and construction of City buildings; and for public
a work or improvement and the enlargement or extension thereof, toTwit:
construction of street and sanitary sewer improvements; and is authorized
a by a Resolution of the Common Council of the City of Muskego. duly adopted
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by at least a two-thirds vote of the members-elect of said Common Council
at its meeting duly convened on June 1, 1972, which Resolution is recorded
in the official book of its minutes for said date and is referred to as 0 ~ ~~~ .
Resolution No. 115 in said minutes.
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, 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 not exceed
any limitation imposed by law or the Constitution of t+e State of Wisconsin;
and that the said City has levied a direct, annual, irrepealable tax sufficient
to pay this note, together with interest thereon when and as payable.
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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 behalf of said City by its duly elected Mayor and City Clerk, its corporate
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 aforesaid
facsimile signature as and for his own proper signature, all as of this first
day of May, 1972.
e
CITY OF MUSKEG0
e WATJKESHA COUNTY, WISCONSIN
BY BY
City Clerk Mayor
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'>
(Form of Coupon)
No.
On the first day of . 19- , the City of
Muskego, Waukesha County, Wisconsin, promises to pay to bearer the
amount shown hereon in lawful money of the United States of America at
the First Wisconiin Trust Company, in Milwaukee, Wisconsin,
for interest due that day on its Promissory
Note dated May 1, 1972, No.
CITY OF MUSKEG0
WAUKESHA COUNTY, WISCONSIN
BY (Facsimile) BY (Facsimile)
City Clerk Mayor
Section 4. For the purpose of paying the principal and interest
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.
a direct, annual, irrpealable tax for the following years and in the following
amounts:
For the year 1972
For the year 1973
For the year 1974
For the year 1975
For the year 1976
For the year 1977
For the year 1978
For the year 1979
For the year 1980
For the year 1981
$ 74,012.50
56,675.00
55,675.00
103,675.00
125,175.00
121,175.00
92,600.00
113,925.00
207,525.00
76,612.50
In each of said years from 1972 to 1981, 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. So long as
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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.
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 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 "Sink-
ing Fund for Promissory Notes dated May 1, 1972,'' 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 the premium and 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, any
surplus sewer utility funds which may lawfully be transferred annually to
this fund and the City Clerk is hereby directed to make such determination
and transfer annually, 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 pre-
serve 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 remrd a full ana correct
statement of every step or proceeding had or taken in the course of autho-
rizing and issuing these notes.
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Section 7. Said notes shall be executed as soon after adoption
of this Resolution as possible and shall be delivered to the lender upon
receifl of the price thereof and accrued interest to date of delivery. -e
Adopted this 1st day of June, 1972.
Attest:
e~ City Clerk, city of Muskego
Recorded this 1st day of June, 1972.
City Clerk, Cityof Muskego
Approved this I ,+$-day of
June, 1972.
c
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