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CCR1978110RESOLUTION #110-78 ,, I ,.a AUTHORIZING THE CITY OF MUSKEGO TO BORROW THE SUM OF $500,000.00 PURSUANT TO SECTION 67.12(12) OF THE WISCONSIN STATUTES FOR CORPORATE PURPOSES WHEREAS, this City is presently in need of $500,000.00 to provide public work or improvement, to-wit: storm sewer extensions, road improvements, city hall improvements, park land and improvements, and for equipment, all as set forth in the 1978 City Capital Improvement Budget, and WHEREAS, this Council intends to authorize and issue promissory notes purpuant to Section 67.12 (12), Wisconsin Statutes, to finance a part of such projects; and WHEREAS, it is now found by 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 and shall cause copies of the official invitation to be in such newspapers and at such times as she may determine forwarded to prospective bidders. DATED THIS 18 @I DAY OF , 1978. FINANCE COMMITTEE Ald. Ronald J. Ford Ald. Paul J. Schaumberg Ald. Edwin ,A,@, P. Dumke ,hlA,AL ATTEST: City Clerk Regular Meeting of Common Council Held June 13, 1978 Muskego, Waukesha County, Wisconsin, was held in open session and called to order at 8:OO P.M. on June 13, 1978 in the Council Chambers. A regular meeting of the Common Council of the City of (I Aldermen present: Aldermen absent: (Here occurred business not pertinent to the note issue.) The foliowing resolutions were thereupon duly introduced, seconded and unanimously adopted by a roll call vote of to : WHEREAS this City is presently in need of $500,000 to provide public work or improvement, to-wit: storm sewer extensions, road improvements, city hall improvements, park. land and improvements, and for equipment, all as set forth in the 1978 City Capital Improvement Budget; and WHEREAS 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 found by 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 at such times official invitation to be forwarded to prospective as she may determine and shall cause copies of the bidders. (Here occurred business not pertinent to the note issue.) Bette J. Bowyer, City Clerk i NOTICE OF SALE $500,000 PROMISSORY NOTES CITY OF MUSKEGO, WISCONSIN NOTICE IS HEREBY GIVEN that the Common Council of the City of Muskego, Waukesha County, Wisconsin, will meet at the City Hall in the Council Chambers, Muskego, Wisconsin on July 26; 1978, purchase of $500,000 negotiable coupon, general obligation promis- at 8:OO P.M., C.D.T., to receive, open and consider bids for the sory notes of the City issued to pay a part of the costs of public miscellaneous capital improvements on the following terms: work or improvements, park lands and improvements, equipment, and Dates and Maturities The notes will be dated July 1, 1978, will be in denomina- tions of $5,000 each and will mature on July 1 in the following years and amounts: Year (5) Amount 1986 1987/88 $100,000 200,000 Call Provisions Notes maturing in 1987 and 1988 shall be subject to call and prior payment in whole or from time to time in part in inverse nu- merical order at the option of the City on July l, 1986 or any in- terest payment date thereafter at 101% of par plus accrued interes t. Interest January 1 and July 1. There is no limitation on the number of rates bid, but all notes maturing on the same date must bear interest from date of issue until paid at a sYngle, uniform rate. The difference one-half per cent (1-1/2%). Each rate must be in an integral mul- between the highest and lowest rates bid shall not exceed one and tiple of 1/20 of 1% and no rate may exceed 7%. No supplemental or "B" coupons will be permitted. Interest on the notes will be payable semiannually on each Paying Agent bank in the United States designated by the successful bidder within 48 hours after award of sale, subject to approval by the City, and the City will pay the reasonable and customary paying agency charges. Principal and interest will be made payable at any suitable ,. - CUSIP Numbers The notes will be printed without CUSIP numbers unless re- quested by the purchaser who must agree in the offer for the notes due to use of the numbers. In no event will the issuer be respon- to pay the cost thereof and to waive any extension of delivery time sible for the correctness of such numbers and incorrect numbers shall not be cause for refusal to accept delivery. Delivery the office of the purchaser or, at his option, will deposit with a bank in the United States selected by him and approved by the City as its agent to permit examination by and to deliver to the pur- chaser the printed and executed notes, the unqualified opinion there- on of bond counse1,and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser but all other costs will be paid by the City. 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 date of payment. Within 40 days after sale the City will furnish and deliver at Legal Opinion An unqualified legal opinion will be furnished by Messrs. Quarles L Brady, Milwaukee, Wisconsin. The legal opinion will be printed on the notes at the request of the purchaser. The legal opinion will state that the notes are valid and binding 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 thereon as the same become due without limitation as to rate or amount. 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 $10,000, payable to the City Treasurer, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid authorizing the lowest net interest cost (total interest from date of notes to stated maturities, less any cash premium) will be deemed the most favorable. No oral bids and no bid of less than par plus accrued interest on all of the notes will be considered and the City reserves the right to reject any and all bids and to waive any in- formality in .any bid. BY ORDER OF THE COMMON COUNCIL Bette J. Bowyer, City Clerk Muskego, Wisconsin 53150 delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants to the City, First National-Soo Line Concourse, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291. Further information may be obtained from and bids may be NOTICE OF SALE $500,000 PROMISSORY NOTES CITY OF MUSKEGO, WISCONSIN These notes will be offered on July 26, 1978, at 8:OO o'clock P.M., at the City Hall, Muskego, Wisconsin. Dated July 1, 1978, the notes will mature on July 1 in the years and amounts as follows: Year (s) Amount 1986 1987pe $100,000 200,000 All notes maturing 1987 and 1988 are subject to redemption on July 1, 1986. Interest will be payable semiannually on Januzry 1 and July 1. Each rate must be in an integral nul- tiple of 1/20 of l%, and no rate may exceed. 7% per annum. An unqualified legal opinion will be furnished by Messrs. notes is to pay a part of the costs of public work or improve- Quarles & Brady, Milwaukee, Wisconsin. The purpose of the rnezlis, park lands and improvements, equipment and miscellaneous capital improvements. BY ORDER OF THE COMMON COUNCIL Bette J. Bowyer, City Clerk . Muskego, .Wisconsin 53150 be delivered to: EHLERS AND ASSOCIATES, INC., 507 Marquette Further information may be obtained from and bids may Avenue, Minneapolis, Minnesota 55402. Telephone: (612)339-8291.