CCR1984234D
b
B
RESOLUTION AUTHORIZING EHLERS AND ASSOCIATES. INC.
(As Amended)
TO SOLICIT COMPETITIVE PROPOSALS
$2,300,000 GENERAL OBLIGATION PROMISSORY NOTES
FOR NOT TO EXCEED
FOR THE CITY OF MUSKEG0
WHEREAS the City of Muskego, Waukesha County, Wisconsin is
presently in need of $2,300,000 for public purposes, including
paying part of the costs of construction and improvement of storm
and sanitary sewers, road and drainage projects, park
acquisition of telephone and fire rescue equipment and other
improvements, public improvements in the industrial park,
provided for in the City's capital budgets or tax increment plan;
municipal acquisitions and improvements and related expenses
and
WHEREAS it is desirable to borrow said funds through the
issuance of promissory notes pursuant to Section 67.1202), Wis.
Stats.; and
WHEREAS it is now found by this Common Council to be in the
best interests of the City that said notes be publicly offered
made to Moody's Investors Service;
for sale and that an application for a rating on said notes be
NOW, THEREFORE, BE IT RESOLVED that:
$2,300,000 General Obligation Promissory Notes for said purposes
1. This Common Council hereby authorizes the issuance of
in accordance with the official Notice of Sale attached to this
resolution and as determined at public sale.
2. The City Clerk shall cause copies of the abbreviated
Notice of Sale attached to this resolution to be published in
such newspapers and at such times as the Clerk may determine and
pertinent data to be sent to interested bidders and published as
to cause copies of the complete official Notice of Sale and other
the Clerk may determine.
3. At a meeting to be held on November 27, 1984, the
Common Council shall consider such bids as may have been received
and take action thereon.
4. The City Clerk shall cause an Official Statement
concerning this issue to be prepared by the City's financial
consultants, Ehlers and Associates, Inc., and the appropriate
City officials shall certify said Statement, such certification
to constitute full authorization of such Statement under this
resolution. Ehlers and Associates, Inc. is also authorized to
soliciting competitive proposals for the notes.
take whatever action it deems necessary for the purpose of
Resolution #234-84
Page 2
application to Moody's Investors Service for a rating on the
5. The Common Council hereby authorized the making of an
notes and authorizes the Mayor, a Council Member, an accountant
for the City and the City's financial consultants to make a
presentation to Moody's Investors Service in connection with the
rating of said notes.
DATED THIS 13th DAY OF November 9 1984.
FINANCE COMMITTEE
Ald. Edwin P. Dude
hi, Ald. Ritche'hPenovich
ATTEST:
City Clerk
11/84
Ald. Ralph Tomczyk
8 NOTICE OF SALE
$2,300,000 General Obligation Promissory Notes
City of Muskego, Wisconsin
i NOTICE IS EEREBY GIVEN that sealed bids for the purchase of the
Clerk's office in the City Hall, Muskego, Wisconsin, until 4:OO P.M.,
above Notes of the City of Muskego, Wisconsin, will be received at the
The bids will be considered by the Common Council at its meeting to be
Central Standard Time, on November 27, 1984, when they will be opened.
held later that day. These Notes are being issued for public purposes,
including paying part of the costs of construction and improvement of
storm and sanitary sewers, road and drainage projects, park
improvements, public improvements in the industrial park, acquisition
of telephone and fire rescue equipment and other municipal acquisitions
and improvements and related expenses provided for in the City's
capital budgets or tax increment plan. $
Dates and Maturities
The Notes will be dated December 1, 1984 and will mature on
December 1 in the following years and amounts:
,
Year
1988
1989
1990
1991
1994
Amount
$ 225,000
225,000
200,000
300,000
1,350,000
D Call Provision
Notes maturing on December 1, 1991 and December 1, 1994 shall be 1 subject to call and prior payment on any interest payment date on or
after December 1, 1990 at par plus accrued interest.
) Interest
Interest on the Notes will be payable on each June 1 and December
1, commencing June 1, 1985. All Notes maturing on the same date must
bear interest from date of issue until paid at a single, uniform rate.
Each rate must be in an integral multiple of 1/20 of 1%, and no rate
previous maturity.
applicable to any maturity shall be lower than that applicable to any
Fiscal Aqent
The Notes shall be distributed to the owners in fully-registered
form in any authorized whole multiple of $5,000 each by the fiscal
agent for the Notes. Such fiscal agent shall be First Bank (N.A.),
.:
I. i
Milwaukee, Wisconsin. The Notes shall he payable as to interest by @ check or draft mailed to the registered :owner by the fiscal agent and
as to principal by presentation of the Notes at the office of the
of the Notes.
fiscal agent. The City will pay all costs relating to the registration
I
Delivery
Within 40 days after sale, the City will furnish and deliver at
the office of the purchaser or, at the purchaser's option, will deposit
with a bank in the United States selected by the purchaser and approved
by the City as its agent to permit examination by and to deliver to the
successful purchaser the printed and executed Notes (one each in the
principal amount for each maturity), the unqualified opinion thereon of
bond counsel 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 upon delivery by the purchaser but
paid upon delivery of the Notes or within five days after deposit with
all other costs will be paid by the City. The purchase price must be
the delivery agent in funds available for expenditure by the City on
the day of payment.
Legal Opinion
Messrs. Quarles h Brady, Milwaukee, Wisconsin. The legal opinion Will
An unqualified legal opinion on the Notes will be furnished by
be printed on the Notes at the request of the purchaser. The legal
obligations of the City, and all the taxable property in the City is
subject to the levy of a tax to pay the principal of and interest on
the Notes as the same become due without limitation as to rate or
amount .
opinion will state that the Notes are valid and binding general
Type of Bid - Amount v Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time established above for the opening of
bids. Each bid must be unconditional and must be accompanied by a
cashier's or certified check or bank draft in the amount $46,000,
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 authorlzing the lowest net interest cost (total
interest from date of Notes to stated maturities less any cash premium
and no bid of less than $2,265,500 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.
l or plus any discount) will be deemed the most favorable. No oral bid l
BY ORDER OF THE COMMON COUNCIL
Charlotte Stewart
City Clerk
City Ball
Muskego, Wisconsin 53150
2
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.
3
. .- 1, (Form of Published Notice)
I I
NOTICE OF NOTE SALE
General Obligation Promissory Notes
City of Muskego, Wisconsin
Until November 27, 1984, at 4:OO P.M., Central Standard Time,
sealed bids only will be received at the Clerk's office in the City
Hall, Muskego, Wisconsin, for the above issue to be dated December 1,
1984, and to mature December 1,
Year Amount
1988
1990
1989
1991
1994
$ 225,000
225,000
300,000
200,000
1,350,000
The Notes constitute the general obligation of the issuer, issued
for public purposes. No rate applicable to any maturity shall be lower
than that applicable to any previous maturity. Legal opinion: Quarles
6 Brady. Additional information and a copy of the Official Statement
and Notice of Sale, which set 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 Stewart
City Clerk
City Hall
Muskego, Wisconsin 53150
4
D
RESOLUTION #234-84
TO SOLICIT COMPETITIVE PROPOSALS
FOR NOT TO EXCEED
FOR THE CITY OF MUSKEGO
RESOLUTION AUTHORIZING EHLERS AND ASSOCIATES, INC
$2,300,000 GENERAL OBLIGATION PROMISSORY NO
WHEREAS the City of Muskeg
presently in need of $2,300,000
paying part of the costs of con
and sanitary sewers, road and drainage projec
improvements, public improvemen
acquisition of telephone and fi
provided for in the City's capital budgets
municipal acquisitions and impr ated expenses
ax increment plan;
and
WHEREAS it is desirable to
S tats. ; and
issuance of promissory notes pu
WHEREAS it is now found by
best interests of the City that
for sale and that an applicatio
made to Moody's Investors Service'
NOW, THEREFORE, BE IT RES0
1 the issuance of
1
a
1 to cause copies of Sale and other
for said purposes attached to this
resolution and as
2. The City of the abbreviated
Notice of Sale be published in
such newspapers may determine and
pertinent data and published as
3. At a g to be held on November 27, 1984, the
Common Council consider such bids as may have been received
1
the Clerk may determine. i
and take action thereon.
3 4. The City Clerk shall cause an Official Statement
consultants, Ehlers and Associates, Inc., and the appropriate
concerning this issue to be prepared by the City's financial
City officials shall certify said Statement, such certification
resolution. Ehlers and Associates, Inc. is also authorized to
to constitute full authorization of such Statement under this
take whatever action it deems necessary for the purpose of 0 soliciting competitive proposals for the notes.
,
e
a
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a
Resolution #234-84
Page 2
5. The Common Counc
application to ~oody
notes and authorizes
the Citv's financial
e ma il hereby authoriz
s Investors S
the Mayor, any accounta
consultants t
I
Moody'sd Investors Service in connection wit
notes.
DATED THIS DAY OF
^'"" M tc e Penovich
ATTEST :