CCR1975058aRESOLUTION KO. 58
A RESOLUTIOP! Authoriziug tlle City of Muskct:o to
orr row the Sum of $910,000 Pursumt to Szction G7 12(12)
of the Wisconsin Statutes for Various Corporate P’urpossj
WHEREAS the City of k!t~skego, Waukesha County, \‘)isconsin (sometimes
hereinafter called the “City”), is prcscntly in need of the snm of Nine Hundred Ten
Thousand Dollars (S910,OOO) for the purpose of paying part of thi: costs of the following
public projects: $229,000 for street construction, including hard surfacing of roads;
$160,601 for equipment; S93,950 for park development; $400,000 for sewer
construction, and $26,449 for capitalized interest; .and
WHEREAS the Cornmon Council of the City deems it necessary and in the best
interest of the City that said sum be borrowed pursuant to the provisions of Section
67,12(12), Ms. 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:
Secfion l’, The City of Muskego, Waukesha County, Wisconsin, borrow t!le
amount of Nine Hundred Ten Thousand Dollars ($910,000) from Dain, Kalrnan
& Quail, Inc., Minneapolis, Minnesota
for the purpose of paying part of the costs for public work or improvement and the
enlargement or extension thereof, and for equipment.
.< Section 2. To evidence such indebtedness, the Mayor and City Clerk shall make,
execute and deliver to said lcnder, for and on behalf of the City, 182 general oblisation
promissory notes of the City in the denomination of Five Thousand Dollars (S5,OOO)
each, numbered from 1 through 182, and dated April 1, 1975. Said Notes ~1~111 mature
serially on April 1 of each of the ycars and shall bear interest as follows:
~ Year Arnotwzf
1983
1984
1985
$ 35,000
250,000
625,000
Said interest shall be payable semiannually on April 1 and October 1 of ex11 ycar in
accordance with, and upon presentation and sunentler of, the intersst coupons to bc
attached thercto.
e
Principal of and intercst on thdsc Notes shall be payzblc i!l la\.ihI money of thc
Unitcd St;lteS Of Alnerica at The First National Bank of Saint Paul, in
St. Paul, Minnesota.
Secfion 3. The Notcs Si1:lll be payablz to bzarer, slmll be delivered to the lender
upon rcceipt of the price thcreof, plus accrued interest to dAte of ddivzry and shall be in
substantially the fallowing form:
STATE OF WISCONSIN
COUNTY OF \‘/AUI<ESHA
CITY OF MUSKEGO
NO.
PROMISSORY NOTE
s5,ooo
FOR VALUE RECEIVED, the City of Milusltego, Waukesha County, Wisconsin,
proniises to pay to bearer the sum of FIVE TXOUSAND DOLLARS ($5,000) on the
first day of April, 19 , together with interest thereon at the rate of
per cent ( ’%) per annum, said interest to be payable
semiannually on the first days of April and October in each year, commencing October 1,
1975, in accordancc with, and upon presentation and stmender of, the interest coupons
attached hereto as they severally bzcome due.
Both principal hereof and interest hcreon are hereby made payable in lawful
money of the United States Of America at The First National Bank
of Saint Paul, in St. Paul, Minnesota , and for the prompt payment of
this Note, with interest thereon 2s aforesaid, and the levying and collection of taxes
sufficient for that purpose, the full faith, credit and rzsources of the City of Muskego,
\Visconsin, are hereby irrevocably pldged.
Notes of this issue maturing in the years 1984 and 1985 shall be subject to call
and prior payment in whole or from time to time in part in inverse nl~~nerical order at
the option of the District on April 1, 1983, or on any interest payment date thereafter at
the price of 101% of par plus accruzd interest. Not less than thirty (30) days’ notice of
such call shall be given by the publication Ff a notics thereof once in a newspaper
published in Cl-icago, Illinois, which customarily publishes like notices as a part of its
regular service.
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 public work or improvement and
the enlargement or extension thzreof, and for equipment, and is authorized by a
resolution of the Common Council of the City of hluskcgo, duly adoptcd by at least a
two-thirds vote of thz members-elect of said Common Council at its meeting duly
convened on February 26, 1975, which resolution is recordcd in the official book of its e minutes for said date and is referred to as Resolution No. 58 in snid minutes.
It is hereby ccrtified and recited that all conditior?s, t1Unl:s aid 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 bcen performd in due form and time; that the
aggregate indebtedness of the City, including this Note and others authorized
simdtaneously herewith, does not exceed any limitation imposcd by law or the
Constitution of the State of \‘/isconsin; and that the said City has levied a dircct, 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 BS a waiver of or
acquiescence in any default hereunder.
IN WITNESS \VHEREOF, the Common Council of the City of hiuskego,
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 h4ayor and City Clerk,
each of whom in his respective capacity by the c.xecution of this Note, does adopt his
aforesaid facsimile sigature as and for his own proper signature, all as of this first day of
April, 1975.
CITY OF MUSKEGO,
WAUKESIIA COUNTY, IVISCONSIX
By ................................................... By ......................................................
City Clcrk Mayor
NO.
(Form of Coupon) s.
On the first day of , 19 , the City of h4us:ce:o.
Waukesha County, Wisconsin, promises to pay to bearer the amount shown hereon in
lawful money of the Uniied States of herica at The First National Bank
of Saint Paul, in St. Paul, Minnesota , for interest due that day on
its Promissory Note dated April 1, 1975, No. .
(Clause to be added to coupons numbered 16
and up on Xotrs 8/182)
e “Unless. the Note to which tllij cot!;)on is attacl1etl shall have been called for prior
rcdemption ”
Section 4. For the purgose of paying the principal of and interest on each of said
Notes as the same respectively falls due, the full faith, credit and taxing powers of the
City are hercby irrevocably pledged and thare be and thcre hcreby is levied on all of the
taxable property in the City of h:uskego a direct, annual irrepealable tax for the
following years and in the fol1o:vinZ amounts:
For the year 1975
For the year 1976
For the year 1977
For the year 1978
For the year 1979
For the year 1380
For the year 198 1
For the year 1982
For the year 1983
For the year 1984
$ 77,377.50
51,585.00
51,585.00
51,585.00
51 ,585.00
51 ,585.00
51,585.00
85,605.00
292,625.00
642,812.50
In each of s;lid years from 3975 to 1954, inclusive, the direct, annual irrepedable
tax hereinabove levied shall be carried into the tax roll each year and collected in the
same manner and at the same time as other taxes of the City for such years are collected.
So loj~g 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 of arc1 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 hzrein levied. There is hereby
appropriated the sum of S 25,732.50 to he deposited in the Sinking Fund
hereinafter created to be used solely for interest due through October 1, 1975 and to be
returned to the general fund upon collxtion of the taxes levied for the year 1975.
Section 5. There is hercby established in the City Treasury a fund szparate and
distinct from a11 other funds of the City, designated “Sinking Fund for Promissory Notes
dated April 1, 1975,” which Fund shall be used solely for the purpose of paying
principal of and interest on said A’otes. Therc shall he deposited in said Fund thc
premium, if any, 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 or Section 67.1 1( ])(e), Wis. Stats., 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.
e
b
b 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. The “proceeds” of the Notes shall be used solely for the purposes for
which they are issued, but may be temporarily invested until needed in legal investments
provided that no such investment shall be in such a manner as would cause the Notes to
be “arbitrage bonds” within the meaning of Section 103(d)(2) of the Internal Revenue
Code of 1954, as amended, or the Regulations of the Commissioner of Internal Revenue
thereunder; and an officer of the City charged with the responsibility for issuing these
Notes, shall certify that on the basis of the facts, estimates and circumstances in
existence on the date of closing, it is not expected that the “proceeds” will be used in a
manner that would cause the Notes to be “arbitrage bonds.’’
Section 8. Said Notes shall be executed as soon after adoption of this resolution
as possible and shall be delivered to the lender upon receipt of the price thereof
and accrued interest to date of delivery.
<
yor, Cfi of Muskego
Attest:
City Clerk, City of Muskego ,
Recorded this 26th day of February, 1975.
........ ..................................................... A@+
City Clerk, City of Muskego
Approved this 2 d day of
(Elere occurred business not pertinent to the note issue.)
4 . . . . . . . . . . &9l+ . . . . . . . . . . . . . . . . . . . . . . . .
7
City Clerk
r
EHLERS AND ASSOCIATES, INC.
FINANCIAL CONSULTANTS
FIRST NATIONAL-SO0 LINE CONCOURSE 507 MARQUETTE AVE. MINNEAPOLIS. MINNESOTA 55402 338-8281 (AREA CODE 6121
March 3, 1975
Mrs. Bette J. Bowyer
City Clerk-Comptroller
City Hall
Muskego, Wisconsin 53150
RE: $910,000 Promissory Notes
Dear Mrs. Bowyer:
the February 26 minutes of the Common Council awarding the sale
Enclosed for your files on the above note issue are two copies of
and setting the form and details of the notes.
We will notify you as soon as printing has been completed so that
arrangements can be made for the signing and delivery of the
notes.
Sincerely,
EHLERS AND ASSOCIATES, INC.
Seegar Swanson, Jr.
SS:sh
Exccrpts of hhutcs of Special Meeting
of Colnmon Council Held February 26, 1975
A specid meeting of the Common Council of the City of h?us!tezo, Wnukcsha
County, Wisconsin, was held in opx session on ‘A’ednesdap, Fcbrttary 26, 1975, in the
Council Clyantbers, City Eall. The hlayor called thc meetin:: to order at 8:OO ?.a!., C.S.T
The following Members were preseut: Charles Foldy, Paul Schaumberg,
Ronald Ford, Charles Colburn, Raymond Wallner and Edwin Dumke
The following Members were absent: Richard Knudsen
The Mayor announced that the first order of business was to receive proposals for
the City’s S910,OOO Promissory Notes.
The Clerk announced that 8 sealed proposals hnd been reccived, cach
accompanied by the requisite good faith check ix the amount of $1 8,200. The Clerk then
read the following details as to each proposal submitied
BID TABULATION
$910,000 PROI.IISSORY NOTES
CITY OF MUSKEGO, WISCONSIN
SALE: WEDNESDAY, FEBRUARY 26, 1975 __
~ AWARD: DAIN, KALMAN & QUAIL, INC., MINNEAPOLIS, MINNESOTA
& ASSOCIATES
B MOODY ' S RAT1 NG "A"
1 NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
DAIN, KALMAN & QUAIL, INC. 5.60% 1983/84 $495,655.00 $912,275.00
First National Bank of Minneapolis 5.70% 1985
First National Bank of St. Paul
Paine, Webber, Jackson & Curtis
Minneapolis, Minnesota 5.6452%
St. Paul, Minnesota
Minneapolis, Minnesota
THE NORTHERN TRUST COMPANY 6.10% 1983/84 $503,602.00 $910,728.00
Robert W. Baird & Co , Inc. 5.7357%
Chicago, Illinois 5.60% 1985
Milwaukee, Wisconsin
BANC NORTHWEST
Chicago, Illinois
6.10% 1983/84 $504,330.00 $910,000.00
5.60% 1985
5.7440%
VAN KANPEN, WAUTERLEK & BROWN, INC. 5.65% 1983 $506,195.00 $91 0,000.00
Chicago, Illinois 6.10% 1984
5.65% 1985 5.7653%
FIRST WISCONSIN NATIONAL BANK OF 6.20% 1983/84 $509,105.00 $910,879 49
The Milwaukee Company 5.7984%
Piper, Jaffray & Hopwood Inc.
MILWAUKEE 5.65% 1985
Milwaukee, Wisconsin
Minneapol is, Flinnesota
LA SALLE NATIONAL BANK 6.10% 1983/84 $510,503.15 $910,076.85
Channer Newman Securities Company 5 70% 1985
Glenn W. Caan
Chicago, Illinois 5.81 43%
Milwaukee, Wisconsin
EHLERS AND ASSOCIATES, INC.
Financial Consultants to the City
(continued on following page)
I
Bid Tabulation
Page 2
$910,000 Promissory Notes
Muskego, Wisconsin
'@e: Wednesday, February 26, 1975
' NAME OF BIDDER RATES YEARS & RATE PRICE
NET INTEREST COST
MARINE NATIONAL EXCHANGE BANK 5.80% 1983 $517,740.00
Milwaukee, Wisconsin 5.8968%
D Loewi & Company, Inc. 5.90% 1984185 $910,000.00
CONTINENTAL ILLINOIS NATIONAL BANK 5.50% 1933 $525,370.50 $910,029.50
& TRUST COMPANY OF CHICAGO 6.00% 1984/85
Chicago, Illinois 5.9837%
EtlLERS AND ASSOCIATES, INC.
Financial Consultants to the City
First National-Soo Line Concourse
507 Marquette Avenue
Minneapolis, Minnesota 55402
Area Code: 612 Telephone: 339-8291