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CCR1980203RESOLUTION #203-80 TO BORROW THE SUM OF $1,225,000 PURSUANT TO SECTION A RESOLUTION AUTHORIZING THE CITY OF MUSKEG0 67.12 (12) OF THE WISCONSIN STATUTES WHEREAS the City of Muskego, Waukesha County, Wisconsin (some- times hereinafter called the "City"), is presently in need of the sum of One Million Two Hundred Twenty-five Thousand Dollars ($1,225,000) for the purpose of paying part of the costs of public work or improvement and equipment consisting of the 1981 capital projects and additional streets, storm sewers and a new well, and the best interest of the City that said sum be borrowed pursuant to the provisions of Section 67.12 (12), Wis. Stats., upon the terms and conditions hereinafter provided, I WHEREAS the Common Council of the City deems it necessary and in , NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City f Muskego, Waukesha County, Wisconsin, that Section 1. The Loan. The City of Muskego, Waukesha County, Wisconsin, borrow the amount of $1,225,000 from The vn T1-gct Comaany for the purpose above staw and City Clerk shall make, execute and deliver to said lender, for and Section 2. The Notes. To evidence such indebtedness, the Mayor on behaif of the City 245. general obligation promissory notes~ of the City, payable to bearer, in the denomination of Five Thousand Dollars ($5,000) each, numbered from 1 through 245, and dated December 1, 1980 (the "Notes"). The Notes shall mature serially on December 1 of each of the years and shall bear interest as follows: Year 1983 1984 1986 1985 1987 1988 1989 1990 Amount $25,000 50,000 75,000 125,000 150,000 150,000 300,000 350,000 Interest 9.40% 10.00 10.00 10.00 8.90 8.60 9.00 8.80 Said interest shall be payable on June 1 and December 1 of each year, commencing June 1, 1981, in accordance with, and upon presentation and surrender of, the interest coupons to be attached thereto. established. The Notes shall be callable as provided in the note form herein Section 3. Form of Notes and Coupons. The Notes and coupons to attached thereto shall be in substantially the following form. UNITED STATES OF AMERICA STATE OF WISCONSIN COUNTY OF WAUKESHA CITY OF MUSKEG0 PROMISSORY NOTE No .I $5,000 1) 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 first day of December, 19 , together with interest thereon atthe rate of annum, said interest to be payable semiannually on.the first days of June and December in each year, commencing June I, 1981, in accordance with, and upon presentation and surrender of, the interest coupons attached hereto as they severally become due. - per cent .(-%I per Notes of this issue maturing in the year 1990 shall be subject to call and prior payment in whole or from time to time in part by lot at the option OF the City on December I, 1989 or any interest payment date thereafter at the price of 101% of par plus accrued interest. Not less than thirty (30) days' notice of such call shall be given by the publication of a notice thereof once in a newspaper published in Chicago, Illinois, which customarily publishes like notices as a part (c its regular service. in lawfuI money of the United States of America at DromDt wavment of this Note with interest thereon as aforesaid, and the Both principal hereof and interest hereon are hereby made pay able^ , , , and for the " ievying and collection of taxes sufficient for that purpose, the full hereby irrevocably pledged. faith, credit and resources of the City of Muskego, Wisconsin are 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 and .improvements and is authorized by a resolution of the Common Council of the City of Muskego, duly adopted by at le'ast a two-thirds vote of the members-elect of said Common Council at its meeting duly convened on December 9, 1980, which resolution is recorded Resolution No. in the official book of its minutes for said date and is referred to as 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 th the issuance of this Note have been done, have existed and have en performed in due form and time: that the aggregate indebtedness of ,@ herewith, does not exceed any limitation imposed by law or the the City, including this Note and others authorized simultaneously Constitution of the State of Wisconsin: and that the City has levied a direct, annual irrepealable tax sufficient to pay this Note, together with Interest thereon when and as payable. 4 i. 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, e- Waukesha County, Wisconsin, has caused this Note to be signed on behalf of said City by its duly elected Mayor and City Clerk, the former by his facsimile signature, its corporate seal or a facsimile thereof to 8 be impressed or imprinted hereon, and the attached coupons to be signe3 by the facsimile signatures of its Mayor and City Clerk, each of whom in his respective capacity by the manual execution of this Note, by the City Clerk, does adopt his aforesaid facsimile signature as and for his own proper signature, all as of this first day of December, 1980. WAUKESHA COUNTY, WISCONSIN CITY OF MUSKEGO, BY ~~ ~~ BY (facsimile) dity Clerk Mayor (Form of Coupon) No. $ a On the first day of , 19 , the City of Muskego, Waukesha I I , for interest due County, Wisconsin, promises to pay toTearer the amount shown hereon in lawful money of the United States of America at th-at day on its Promissory Note dated December 1, 1980, No. -. - CITY OF MUSKEGO, NAUKESHA COUNTY, WISCONSIN ._ By:. (facsimile) BY (facsimile) '=City Clerk Ma yo r numbered 19 and up on Notes 176/245) (Clause to be added to coupons "Unless the Note to which this coupon is attached shall have been called for prior redemption . . . n 5 ,. . ' Section 4. Tax Provisions. (A) Direct, Annual Irrepealable Tax. For the purpose of paying the principal of and interest on each of said Notes as the same .,a S " spectively falls due, the full faith, credit and taxing powers of the ty are hereby.irr.ev.ocably pledged and there be and there hereby is levied on all of the taxable property in the City of Muskego a direct, '" anKual irrepealable tax in an amount and at the times sufficient for id purpose, such tax to be for the following years and in the llowing minimum amounts: For the For the For the For the For the For the For the For the For the For the year year year year year year year year year year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 s (B) Tax Collection'. The City shall be and continue without power to repeal such levy or obstruct the collection of said tax until all such payments have .been made or provided for. After the issuance the- Notes, said tax' shall be; from year- to year., carried into the a- x rolls of the City and collected as other taxes are collected, provided that the amount of tax carried into said tax rolls may be Fund created in Section 5(A) hereof. reduced in any-year by the amount of any surplus money in the Sinking insufficient funds from the aforesaid tax levv sufficient to meet (C) Additional Funds. If at any time there shall be on hand 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. Sinking Fund. established in the treasury:of the City a fund separate and distinct (A) Creation and Deposits. There be and there hereby is ~ ~ from every other fund, desig~nated as "The Sinking Fund for $1,225,000 'Promissory Notes' dated December I, 1980," and such fund shall be maintained until the indebtedness evidenced by the Notes ?s fully paid ratherwise extinguished. The City Treasurer shall deposit in such nking Fund (i) all accrued interest received by the City at the time of delivery of and payment for the Notes; (ii) the taxes herein levied Notes when due; (iii) such other sums as may be necessary at any time for the specific purpose of meeting principal of and interest on the to pay principal of and interest on the Notes when due; (iv) any premium which may be received by the City over and above the par value of the Notes and accrued interest thereon; (v) surplus monies in the Borrowed Money Fund as specified in Section 6 hereof; and (vi) such further deposits as may be required by Sec. 67.11, Wis. Stats. Q 6 the Sinkinq Fund and appropriated for any purpose other than the (B) Use and Investment. No money shall be withdrawn from payment of-principal of-and interest on the Notes until all such principal and interest has been paid in full and canceled; provided (i) the funds to provide for each payment of principal of and interest on a the Notes may be invested in direct obligations of the United States of America maturing no later than ten days prior to the time such payments are due; and (ii) any funds over and above the next succeeding annual 8 requirement for principal and interest on the Notes may be used to reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing the Notes as permitted by and subject to Section 67.11(2) (a), Wis. Sta-ts.; interest-bearing bonds of the United States of America; or in other obligations of the City, which investments shall continue a part of the Sinking Fund. - in full and canceled, and all permitted investments disposed of, any (C) Remaining Monies. When all of the Notes have been paid money remaining in the Sinking Fund shall be deposited in the general fund of the City. Section 6. Proceeds of the Notes. All monies received by the City upon the delivery of the Notes to the purchaser-thereof, except f0.r accrued interest and premium, if any, shall be deposited by the City Treasurer into a special fund .which- sha~ll be -maintained separate and distinct from all other funds of the City and shall be used for no 0 purpose other than the purposes for which the Notes are issued. Monies not immediately needed for such purposes may be invested in time deposits in any bank, trust company or savings and loan association - licensed to do business in Wisconsin, such deposits to mature within one year of the date of investment or the date such deposits are ne’eded, whichever is earlier, or in bonds or securities issued or guaranteed as to principal and interest of the United States Government oryo€ a commission, board or other instrumentality of the United States Goiirernment. Any monies including any income from permitted investments, reiiaining in the Borrowed Money Fund after the purposes for which the Notes have been issued have been accomplished, and, at any time, any monies as are not needed and which obviously thereafter cannot be needed for such purposes shall be deposited in the Sinking Fund. Section 7. No Arbitrage. All investments permitted by this resolution-shaLl be -legal investments,~ but no such. investment-shall be made in such a manner as would cause the Notes to be “arbitrage bonds“ within the meaning of Section 103(c)(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 €or issuing the Notes, shall certify as to facts, estimates, circumstances and reasonable expectations in existence on the date of closing which will permit the conclusion that the Notes ace not “arbitrage bonds,” within the meaning of said Code or Regulations. Section 8. Paying Aqent. Principal oE and interest on the Notes shall be payable in lawful money of the United States of America at 7 t" Section 9. Account and Records. 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 all record a full and correct statement of every step or proceeding d or taken in the course of authorizing and issuing these Notes. - Section 10. Closing. The Mayor and City Clerk of the City are r'eby authorized and directed to execute and deliver the Notes to the chaser thereof upon receipt of the borrowed funds, accrued interest 6 c& hereby directed and authorized to take all steps necessary or to date of delivery and premium, if any; the officers of the City are convenient to close this issue as soon as practicable hereafter, in accordance with. the terms.of.sale.~thereof; and said officers are hereby authorized and directed to execute and deliver such documents, certificates and acknowledgments as may be necessary or convenient in accordance therewith ." Adopted, approved and recorded December 9, 1980. Mayor (SEAL) atest: City Clerk Alderman moved that Resolution No. 203-h be adopted. Motion seconded by Alderman and carried by the following vote: Ayes : Nos : The Mayor declared Mayor and City Clerk s meeting. - (Here occurred bus the resolution adopted and approved and the igned same in the appropriate manner in open iness not pertinent to the note issue.) There being no further business to come before the meeting, the meeting adjourned. Charlotte L. Stewart, City Clerk a