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CCR1976166$930,000.00 Promissory Notes RESOLUTION #16G-76 (As Amended) Regular bleetinq of COlnmOn COUllCil 1leld August 24, 1376 A reyular meeting of t!le Common Council of the City Of Muskego, Woukesha County, Wisconsin, was held in open session and called to order at 7:gO P.M. on August 24, 1976 in the .Council Chambers. Aldermen present: Leslie J. Constantineau, Charles C. Coiburn, Edwin P. Dumke, Ronald J. Ford, Mark E. Pienkos, Paul J. Schaum- berg and Raymond R. Wallner Aldermen absent: None (Here occurred business not pertinent to the note issue.) The following resolutions were thel-eupon duly introduced, seconded and unanimously adopted by a roll call vote of 7 to 0 : WHEREAS this City is presently in need of $930,000 to provide public work or improvement, to-wit: ordered by the State and to build streets, a sur- sewer extensions in.the amount of$729,009.00 as veying monument, maps, library improvements, parks and equipment, all under contracts or commitments entered int rior to June 1, 1976 in the aggregate amount of $ h8,991.09; and WHEWAS this Council intends to authorize and issue promissory notes pursuant to Section 67.12 (12), Wis. Stats'., to finance a part of such projects; and WHEREAS it is now founr3 11y this Common Council to be in the best interest of the City that said notes be publicly offered for sale; NOW, THEREFORE, BE IT RESOLVED that the City Clerk be and hereby is directed to cause to be published an invitation in such newspapers and a't such times official invitation to he forwarded to prospective as she may determine and shall cause copies of the bidders ; (Here occurred business not pertinent to the note issue.) City Clerk NOTICE IS HERECY GI\!ZN thbt t11s Co.nmon Council of the City of Muskego, Maukesha Cou:-jty, !<isco:>sin, will meet at the September 21, 1976, at 8:OO P.M., C.D.T., to receive, open and consider bids for tlie purcli-sc of $93,000 negotiable cou- ,pon, general obligation promissory notes of the City issued to pay a part of the costs OT pub1 ic work or improvements and equipment on the following terms: .Ciky Hall in the Council Chaml~crs, Muskcyo, Wisconsin, on - Dates and i4aturities The notes will be dated Octoler 1, 1976, will be in de- nominations of $5,000 eat!] and will macure on April l in the following years and amounts: Year (s) Amount 1977/78 $ 50,000 1979/80 75,000 1981 1982 80,000 1903 i50,OOO 150,000 1984/85 1986 50,000 200,000 Call Provisions Notes maturing in 1982 through 1986 shall be subject to ca,ll and prior payment in whole or from time to time in part in.inverse numerical order at the option of the City on April 1, 1981 or any interest paym?nt date thereafter at 101% of par plus accrued interest. Interest - April 1 and October 1, commencing April 1, 1977. There is no Interest on the notes will be pzyable semiannually on each - limitation on the number of rates bid, but all notes maturing - at a single, uniform rate. The difference between the highest on the same date must bear interest froin Sate of issue until paid and lowest rates bid shall not exceed one and one-half ,per cent (1-1/2%). Each rate must be in an ir.terJra1 multiple of 1/20 of will be permitted. 1% and no rate may exceed 72. ?lo supplemental or "B" coupons Payiny Aqr211t Principal and interest will be nadc payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of szlc, subject to approval by the agency charges. - City, and the City will pay the reasonable and customary paying - CUSIP Numbers quested by the purchaser who must agree in the offer for the notes to pay the cost thereof and to waive any extension of delivery time due to use of the numbers. In no event will the issuer be responsible for the correctness of such numbers and incorrect numbers shall not be cause for refusal to accept delivery. The notes will be printed without CUSIP numbers unless re- Delivery Within 40 days after sale the City will furnish and deliver with a bank in the United States selected by him and approved by at the office of the purchaser or, at his option, will deposit the City as its agent to permit examination by and to deliver to the purchaser the printed and executed notes, the unqualified opinion thereon of bond counsel aid a certificate stating that no litigation in any manner questioning their validity is then paid by the purchaser but all other costs will be paid by the City. threatened or pending. The charge of the delivery agent must be The purchase price must be paid upon delivery of the notes or within five days after deposit with the delivery agent in funds available for expenditure by the City on the day of payment. Leg'al Opinion a An unqualified legal opinion will be furnished by Messrs. Quarles & Brady, Milwaukee, Wisconsin. The legal opinion will be printed on the notes at the request of the purchaser. The obligations of the City, and all the taxable property in the City is subject to the levy of a tax for the principal and interest amount. . legal opinion will state that the notes are valid and binding - - thereon as the same become due without limitation as to rate or - Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or ! certified check or bank draft in the .amount of $18,600, payable damages if the bid is accepted and the bidder fails to comply to the City Treasurer, to be retained by the City as liquidated therewith. The bid authorizing the lowest net interest cost (total i,lterest from.date of notes to stated maturities, less any and no bid of less than par plus accrued interest on all of the any and all bids and to waive any informality in any bid. - cash premium) will be deemed the most favorable. No oral bids .notes' will be considered and the City reserves the right to reject BY ORDER OF THE COMMON COUNCIL Muskego, Wisconsin 53150 Bette J. Bowyer, City Clerk delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants Avenue, Minneapolis., Minnesota 55402. to the City, First National-Soo Line Concourse, 507 Flarquette Telephone: (612) 339-8291 Further information may be obtained from and bids may be ! NOTICE OF SALE $g.U 000 PROllISSORY NOTES CITY OR HUSKECO, WISCONSIN These notes will be offered on Tuesday, September 21, 1976, at 8:OO o'clock P.M., at the City Hall, Huskogo, Wis- consin. Dated October 1, 1976, the notes will mature on April 1 in the years and amounts as follows: Year (8) munt 1977/78 $ 50,000 1979/80 1981 75,000 1982 1984/85 1983 150,000 1986 200,000 50,000 All notes maturing 1982 through 1986 are subject to redemption on..:'.April 1, 1981. Interest will be payable on April 1, 1977, and semiannually thereafter. Each rate must be in an integral multiple of 1/20 of 1%, and no rate may exceed 7% per annum. An unqualified legaL opinion will be furnished by Messrs. Quarles pay a part of the costs of public work or improvements and equip- & Brady, Milwaukee, Wisconsin. The purpose of the notes is to ment. a ,000 15. 8 ,000 a BY ORDER OF THE COMMON COUNCIL Bette Bowyer, City Clerk Muskego, Wisconsin 53150 livered to: EHLERS AND ASSOCIATES, INC., 507 Harquette Avenue, Further information may be obtained from and bids may be de- - Minneapolis, Minnesota 55492. - Telephone: (612) 339-8291 e DATED THIS 24th DAY OF August 1976.