CCR1983212Council Member Id rLssohJ introduced the following
resolution and moved its adoption:
RESOLUTION NO. 2 lL-83
RESOLUTION REGARDING PROMISSORY NOTE ISSUE
WHEREAS, Wisconsin Statutes, Section 67.12(12) authorizes
the City to issue general obligation promissory notes; and
WHEREAS, the City needs to finance sewer improvements and
other public works and wishes to refund prior indebtedness:
specialists for the City of Muskego:
WHEREAS, Ehlers and Associates, Inc. are the financial
NOW, THEREFORE, BE IT RESOLVED By the Common Council of the
Associates, Inc. is authorized to solicit competitive proposals
City of Muskego, Waukesha County, Wisconsin, that Ehlers and
for the purchase of the above promissory notes of the City of
Muskego.
The motion for the adoption of the foregoing resolution was
duly seconded by Council Member PEtJ0VlC.H and upon a
vote being taken, the following voted in favor thereof:
ALD QEA~OY~CH ALO. DUMCE nin. CoLl3onh) ALD GaErZrE
ALb. bEAHGELl5 0. AJlLSSO N
and the following voted against the same:
bVNE
whereupon said resolution was declared passed and adopted.
Adopted this & day of JULV , 1983.
City Clerk
NOTICE OF SALE
$5,390,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
above notes of the City of Muskego, Wisconsin, will be received at the
Clerk's office in the City Hall, Muskego, Wisconsin, until 8:~ o'clock
P.M., Central Time, on August 23, 1983, when they will be opened. The
later that day. These notes are being issued for the purposes of (i)
bids will be considered by the Common Council at its meeting to be held
refunding original promissory notes of the City: (ii) acquiring
permanent improvements of lands, and public work or improvement, and
equipment; and (iii) acquisition of lands for public purposes,
the enlargement or extension thereof, including, without limitation,
sewers, street improvements and park improvements. The terms of the
notes will be as follows:
Dates and Maturities
The notes will be initially dated September 1, 1983 and will
mature on June 1 in the following years and amounts:
Year (s)
1985/86
1987/88
1989/90
1991
1992
1993
Amount
S 50.000
175,000
275,000
1,965,000
400,000
2,025,000
Call Provision
Notes maturing on and after June 1, 1991 shall be subject to call
and prior payment on any interest payment date on or after June I, 1990
at par plus accrued interest. The notes will be issued in fully
registered form.
Interest
Interest on the notes will be payable semiannually on each June 1
and December 1, commencing June 1, 1984. All notes maturing on the
uniform rate. Each rate must be in an integral multiple of 1/20 of 1%,
same date must bear interest from date of issue until paid at a single,
no rate may exceed 11% per annum and no rate applicable to any maturity
shall be lower than that applicable to any previous maturity.
Fiscal Aqent
form in any authorized whole multiple of $5,000 each by the fiscal
The notes shall be distributed to the owners in fully.registered
shall be payable as to both principal and interest by check or draft
agent for the City, First Bank (N.A.), Milwaukee, Wisconsin. The notes
mailed to the registered owner by the fiscal agent. The City will pay
all costs relating to the registration of the notes.
Delivery
Within 40 days after sale, the City will furnish and deliver at
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 successful bidder
each maturity), the unqualified opinion thereon of bond counsel and a the printed and executed notes, (one each in the principal amount for
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 upon delivery by the purchaser but all other costs
delivery of the notes or within five davs after deDosit with the
will be paid by the City. The purchase price must be paid upon
delivery agent in funds available for expenditure by the City on th
day of payment.
Legal Opinion
An unqualified legal opinion on the notes will be furnished by
Messrs. Quarles & Brady, Milwaukee, Wisconsin. The legal opinion w
be printed on the notes at the request of the purchaser. The legal
opinion will state that the notes are valid and bindins seneral
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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
must be received prior to the time of said meeting. Each bid must be
Sealed bids must be mailed or delivered to the undersigned and
unconditional and must be accompanied by a cashier's or certified check
or bank draft in the amount of $107,800, 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
maturities, less any cash premium or plus any discount) will be deemed
lowest net interest cost (total interest from date of bonds to stated
the most favorable. No oral bid and no bid of less than $5,308,200
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
informality in any bid.
BY ORDER OF THE COMMON COUNCIL
Charlotte L. Stewart
Citv Clerk
Cit; Hall
Muskego, Wisconsin 53150
EHLERS AND ASSOCIATES, INC., Financial Specialists, 507 Marquette
Further information may be obtained from and bids may be delivered to:
Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291.
2
(Form of Published Notice)
NOTICE OF NOTE SALE
$5,390,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
Until August 23, 1983, at ~:OO P.M., C.D.T., sealed bids only will
be received for the above issue to be dated September 1, 1983, and to
mature June 1,
-
Year (s)
1985/86
1987/aa
1989/90
1991
1992
1993
Amount
$ 50,000
175,000
275,000
1,965,000
400,000
2,025,000
The notes constitute the general obligation of the issuer, issued
for the purposes of (i) refunding original promissory notes of the
City: (ii) acquiring equipment; and (iii) acquisition of lands for
public purposes, permanent improvements of lands, and public work or
improvement, and the enlargement or extension thereof, including,
without limitation, sewers, street improvements and park improvements,
and will bear interest not exceeding 11% per annum. Legal opinion:
Quarles ti Brady. Additional information and a copy of the Official
Statement and Notice of Sale, which sets forth additional details
concerning the issue and limitations on the bids to be received, may be
obtained from: Ehlers and Associates, Inc., 507 Marquette Avenue,
Minneapolis, Minnesota 55402, financial consultants to the City, or
the undersigned.
Charlotte L. Stewart
City Clerk
Muskego, Wisconsin 53150
3
EHLERS AND ASSOCIATES, INC.
FINANCIAL SPECIALISTS
FIRST NATIONAL-SO0 LINE CONCOURSE 507 MARQUETTE AVE. MINNEAPOLIS. MINNESOTA 55402 339-0297 IAREA CODE 61:
e
'*
July 26, 1983
City of Muskego, Wisconsin
1983 General Obligation Promissory Note Issue
Sewer project costs
Plus: Capitalized interest
Note discount
Finance and legal fees
Total
Other capital projects and equipment
Plus: Capitalized interest
Note discount
Finance and legal fees
Total
1982 Note Extension:
Principal
Plus: Interest 10/1/83 and
4/1/84
Finance and legal fees
Less: Funds on hand
Interest earned investing
note proceeds
Total
Note issue
$2,265,998
536,202
57,800
30,000
$2,890,000
$955,750
202,250
24,000
18,000
$1,200,000
$1,415,000
137,592
10,849
$1.563.441
.190;104
73,337
$1,300,000
$5,390,000