CCR1976248RESOLUTION #248-76
RESOLUTION PROPORTIONING 1976 NOTE ISSUE
WHEREAS, the City of Muskego has issued $930,000
Promissory Notes dated October 1, 1976;
WHEREAS, $730,000 of this Note issue is to finance
other city projects;
sanitary sewer extensions and $200,000 is to finance various
WHEREAS, $500,000 of the sewer portion of this Note
issue is intended to finance costs of sewer extensions for
projects MSS-1-76; MSS-2-76; MSS-1-77; and possibly MSS-2-77,
with the remaining $230,000 intended to finance non-assessable
costs related to the same sewer extensions;
assessed and benefitted properties have been allowed to pay
the assessments in ten installments with interes-t at 8% per
annum;
WHEREAS, MSS-1-76 and MSS-2-76 have been specially
NOW, THEREFORE, BE IT RESOLVED That the annual debt
accordance with the attached table;
service requirement for these notes shall be apportioned in
BE IT FURTHER RESOLVED That $420,000 from the
proceeds of the 1976 assessments be designated to pay the
Costs of MSS-1 & 2-76;
BE IT FURTHER RESOLVED That all prepayments and
installment payments on special assessments for MSS-1 & 2-76
be transferred to the debt service sinking fund for these
Promissory Notes and prepayments and installment payments of
no less than $310,000 of proposed special assessments for
Projects MSS-1 & 2-77 be transferred to the debt service
sinking fund for this Note issue; and
BE IT FURTHER RESOLVED That, to the extent available
from depreciation allowances and operating margins of the
sewer utility after debt service on Mortgage Revenue Bonds has
been paid, funds be transferred to the sinking fund for these
notes as outlined in the table attached.
DATED THIS&? DAY OF bQYhdSd -a
> 1976.
FINANCE COMMITTEE
Paul J. Schaumberg
Edwin, P . Dumke
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