CCR1984246aExcerpts of Minutes of Meeting
of Common Council Held November 27, 1984
A duly-convened meeting of the Common Council of the City of
Muskego, Waukesha County, Wisconsin, was held in open session on
November 27, 1984 and called to order at& P.M. in the Council
Chambers,. City Hall. The following Aldermen were present:
The following Aldermen were absent:
The Mayor opened the meeting by announcing that this was an open
meeting of the Common Council. Notice of this meeting was given to the
public at least 24 hours in advance of the meeting by forwarding the
complete agenda to the official City newspaper, the Huskego
Sun , and to all news media who have requested the same
as well as posting. Copies of the complete agenda were available for
inspection at the City Clerk's office. Anyone desiring information as
to forthcoming meetings should contact the City Clerk's office.
0 (Here occurred matters not pertinent to the note issue.)
The City Clerk announced that 5 sealed bids had been received
for the note issue, which had been advertised for bids pursuant to the
action of the Council. The City Clerk indicated that each such bid was
details as to each bid submitted:
accompanied by a $46,000 good faith check and read the following
The City Clerk read the following I resolution:
Resolution NO. 246A-84
Resolution Awarding Notes
Of $2,300,000 General Obligation Promissory Notes; and
WHEREAS this City has duly received sealed proposals for its issue
that submitted by First Wisconsin National Bank and
associates;
WHEREAS it has been determined that the best proposal received was
B NOW, THEREFORE, BE IT RESOLVED that the proposal of First
Wi sr- and associates, be and it hereby is
accepted and the Mayor and Citv Clerk are authorized and directed to
behalf of the City;
execute an acceptance of .the o?fer of said successful purchaser on
I FURTHER RESOLVED that the check of the successEu1 purchaser be
retained by the City Treasurer until actual closing of the note issue
and checks of the unsuccessful bidders be promptly returned.
Alderman Q& moved that Resolution No.aJbfl-84 be adopted.
Motion seconded by Alderman 0,A and carried by the following
Ayes: 6 0 vote:
9
I
The City Clerk read the following resolution: B
Resolution No. 247-84
A Resolution Authorizing the City of Muskego
to Borrow the Sum of $2,300,000 Pursuant to
Section 67.12(12) of the Wisconsin Statutes
1 WHEREAS the City of Muskego, Waukesha County, Wisconsin (sometimes
Million Three Hundred Thousand Dollars ($2,300,000) for public
hereinafter called the 'City") is presently in need of the sum of TWO
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,
acquisitions and improvements and related expenses provided for in the
acquisition of telephone and fire rescue equipment and other municipal
City's capital budgets or tax increment plan; and
RESOLUTION #246-84
APPROPRIATING THE NECESSARY FUNDS FOR THE OPERATION OF THE GOVERNMENT AND
(As Amended)
ADMINISTRATION OF THE CITY OF MUSKEG0 FOR THE YEAR 1984
BE IT RESOLVED that the Common Council of the City of Muskego, upon the recommendation of
the Finance Committee, does hereby appropriate out of the receipts of the City of Muskego
for the year 1985 including monies received from the General Property Tax Levy, to the
various funds and purposes set up in the budget presented herewith for the purposes therein
stated, the following amount:
REVENUES 1984 -10 MOS. TOTAL - 1984 1985
Property Taxes $1,659,132.00 $1,659,132.00 $1,811,483.00
Intergovernmental Revenues 672,207.00 1,447,372.00 1,446,800.00
Regulation & Compliance 184,010.00 183,424.00 192,362.00
Public Charges for Service 96,551.00 94,737.00 90,685.00
Public Improvement 16,479.00 11,004.00 9,150.00
Commercial Revenue 235,637.00 103,220.00 105,880.00
Transfers from other Funds 1,076,634.00 1,249,484.00 1,512,411.00
ACTUAL ESTIMATED BUDGET
Proceeds from Borrowing
TOTAL REVENUES $3,940,650.00 $4,748,373.00 $5,168,771.00
"- "_ "_
......................................
ACTUAL EXPENSE ESTIMATED BUDGET
EXPENDITURES 1984 - 9 MOS. TOTAL - 1984 1985
General Government $ 705,077.00 $ 879,875.00 $ 981,868.00
Public Safety 876,931.00 1,115,566.00 1,169,807.00
Transportation 291,470.00 429,633.00 496,685.00
Education & Recreation 295,969.00 365,813.00 362,050.00
Unclassified 10.008.00 11,300.00 200,937.00
Indebtedness 1,305,869.00 1,833,625.00 1,881,197.00
Trans-to Sewer Ut.-State Sh. "_
TOTAL EXPENDITURES $3,485,324.00 $4,635,812.00 $5,168,771.00
"_ 76,227.00
The budget contains $123,000 of estimated Federal Revenue Sharing Funds which will be used
for multi-purpose and general government purposes.
BE IT FURTHER RESOLVED there is hereby levied a tax of $12.1906 per $1,000.00 upon all the
taxable property within the City of Muskego as returned by the City Assessor in the year
1985 for uses and purposes set forth in said budget.
BE IT FURTHER RESOLVED that the City Clerk be and is hereby authorized and directed to
spread the said tax upon the current tax roll of the City of Muskego.
DATED THIS 15th DAY OF November , 1984.
FINANCE COMMITTEE
Mayor Wayne G. Salentine
ATTEST:
City Clerk
11/84
jm
Ald. Mitchel- Penovich
Ald. Ralph Tomczyk
I ..
i I WHEREAS the Common Council of the City deems it necessary and in
the best interest of the City that the monies needed for such purposes
be borrowed pursuant to the provisions of Section 67.12(12), Wis.
Stats., upon the terms and conditions hereinafter provided;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City I
of Huskego, Waukesha County, Wisconsin, that:
Section 1. Sale of Notes. The City of Muskego, Waukesha County,
Wisconsin, shall sell and deliver its $2,300,000 General Obligation
Promissory Notes, issued for the purposes above stated, to
'irst Wisconsin National Bank for the purchase price of $2,265.980.50.
execute and deliver to said purchaser, for and on behalf of the City.
Section 2. The Notes. The Mayor and City Clerk shall make,
negotiable, general obligatibn promissory notes of the City, registered
Dollars ($5,000) each, or whole multiples thereof, numbered from R-1
as to both principal and interest, in the denomination of Five Thousand
mature on December 1 of each of the years and shall bear interest as
upward and dated December 1, 1984 (the "Notes"). The Notes shall
follows:
Year Amount Interest
1988
1989
$ 225,000 8.60%
1990
225,000
200,000 8.60
8.60
1994
1991 300,000 8.90
1,350,000 9.60
Said interest shall be payable on June 1 and December 1 of each year,
commencing June 1, 1985.
established.
The Notes shall be callable as provided in the note form herein
the following form:
Section 3. Form of Notes. The Notes shall be in substantially
3
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA i
CITY OF MUSKEGO
1 GENERAL OBLIGATION PROMISSORY NOTE
Number Rate Maturity Date Oriqinal Issue Amount
Date of
R- December 1, 1984 $
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
CUSIP
Wisconsin, promises to pay to
the principal amount of
on the maturity date specified above. toqether with interest thereon
, or registered assigns,
DOLLARS ($ )
from December i, 1984 or the most recent-payment date to which interest
has been paid, unless the date of authentication of this Note is after
the 15th day of the calendar month immediately preceding an interest
payment date, at the rate per annum specified above, such interest
payment date, in which case interest will be paid from such interest
being payable on the first days of June and December in each year, with
the first interest on this issue being payable on June 1, 1985.
Notes of this issue maturing in the years 1991 and 1994 shall be
subject to call and prior payment at the option of the City in whole or
from time to time in part in inverse order of maturity (but within any
maturity by lot) on December 1, 1990 or any interest payment date
thereafter at the price of par plus accrued interest to the date of
redemption. Notice of such call shall be given by mailing a notice
thereof by registered OK certified mail at least thirty (30) days prior
to the date fixed for redemption to the registered owner of each Note
to be redeemed at the address shown on the registration books.
Both principal hereof and interest hereon are hereby made payable
to the registered owner in lawful money of the United States of
America, and for the prompt payment of this Note with interest thereon
as aforesaid, and the levying and collection of taxes sufficient for
Muskego, Wisconsin are hereby irrevocably pledged. The principal of
that purpose, the full faith, credit and resources of the City of
Note at the principal office of First Bank (N.A.), Milwaukee,
this Note shall be payable only upon presentation and surrender of this
Wisconsin, the Fiscal Agent, or any successor thereto. Interest hereon
shall be payable by check or draft dated as of the applicable interest
payment date and mailed from the office of the Fiscal Agent to the
person in whose name this Note is registered at the close of business
on the fifteenth day of the calendar month next preceding each interest
payment date.
This Note is transferable only upon the books of the City kept for
that purpose at the principal office of the Fiscal Agent, or any
authorized attorney, upon surrender of this Note together with a
successor thereto, by the registered owner in person or his duly
written instrument of transfer (which may be endorsed hereon)
satisfactory to the Fiscal Agent duly executed by the registered owner
4
or his duly authorized attorney. Thereupon a new Note or Notes of the
same aggregate principal amount, series and maturity shall be issued to
deem and treat the person in whose name this Note is registered as the
the transferee in exchange therefor. The City and Fiscal Agent may
absolute owner hereof for the purpose of receiving payment of or on
The Notes are issuable solely as negotiable, fully-registered Notes
account of the principal or interest hereof and for all other purposes.
multiple thereof.
without ccupons in authorized denominations of $5,000 or any whole
This Note is issued pursuant to the provisions of Section
67.12(12), Wisconsin Statutes, 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 and is authorized by a resolution of the Common Council
of the City, duly adopted by said Common Council at its meeting duly
convened on November 27, 1984, which resolution is recorded in the
official book of its minutes for said date and is referred to as
Resolution No. in said minutes.
the Certificate of Authentication hereon shall have been signed by the
Fiscal Agent.
This Note shall not be valid or obligatory for any purpose until
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
with the issuance of this Note have been done, have existed and have
been performed in due form and time; that the aggregate indebtedness of
the City, including this Note and others authorized simultaneously
Constitution of the State of Wisconsin: and that the City has levied a
herewith, does not exceed any limitation imposed by law or the
direct, annual irrepealable tax sufficient to pay this Note, together
with interest thereon when and as payable.
No delay or omission on the part of the owner 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,
Waukesha County, Wisconsin, has caused this Note to be signed on behalf
of said City by the facsimile signatures of its duly elected Mayor and
City Clerk, and its corporate seal or a facsimile thereof to be
specified above.
impressed or imprinted hereon, all as of the date of original issue
5
Date of Authentication:
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY (facsimile) BY (facsimile) City Clerk Mayor
(Form of Certificate of Authentication)
CERTIFICATE OF AUTHENTICATION
within-mentioned resolution of the City of Muskego, Wisconsin.
This Note is one of the Notes of the issue authorized by the
FIRST BANK (N.A.)
Fiscal Agent
BY Authorized Signatory
(Form of Assignment)
0 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
Please insert Social Security or other identifying number of Assignee
Assignee)
(Please print or typewrite name and address, including zip code, of
constituting and appointing
the within Note and all rights thereunder, hereby irrevocably
Attorney to transfer said Note on the books kept for the registration
thereof with full power of substitution in the premises.
6
Dated:
1 Signature(s) guaranteed by:
NOTICE: The signature to this
assignment must correspond with
the name as it appears upon the
face of the within Note in every
particular, without alteration or
enlargement or any change whatever.
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
City are hereby irrevocably pledged and there be and there hereby is
respectively falls due, the full faith, credit and taxing powers of the
levied on all of the taxable property in the City a direct, annual
irrepealable tax in an amount and at the times sufficient for said
purpose, such tax to be for the following years and in the following
minimum amounts:
For the year 1984 $ 212,200
For the year 1985 212,200
For the year 1986 212,200
For the year 1987 437,200
For the year 1988 417,850
For the year 1989 373,500
For the year 1990 456,300
For the year 1991 129,600
For the year 1992
For the year 1993 1,479,600
129,600
(9) Tax Collection. The City shall be and continue without
power to repeal such levy or obstruct the collection of said tax until
of the Notes, said tax shall be, from year to year, carried into the
all such payments have been made or provided for. After the issuance
tax rolls of the City and collected as other taxes are collected,
provided that the amount of tax carried into said tax rolls may be
reduced in any year by the amount of any surplus money in the Debt
Service Account created in Section 5(A) hereof.
(C) Additional Funds. If at any time there shall be on hand
insufficient funds from the aforesaid tax levy to meet principal and/or
be paid from other funds of the City then available, which sums shall
interest payments on said Notes when due, the requisite amounts shall
be replaced upon the collection of the taxes herein levied.
Section 5. Debt Service Fund and Account.
established in the treasury of the City, if one has not already been
(A) Creation and Deposits. There be and there hereby is
created, a debt service fund, separate-and distinct from every~other
accounting principles. Sinking funds established for obligations
fund, which shall be maintained in accordance with generally accepted
distinct accounts within the debt service fund.
previously issued by the City may be considered as separate and
Within the debt service fund, there be and there hereby is
Service Account for $2,300,000 'General Obligation Promissory Notes'
established a separate and distinct account designated as the "Debt
dated December 1, 1984," (the "Debt Service Account") and such account
fully paid or otherwise extinguished. The City Treasurer shall deposit
shall be maintained until the indebtedness evidenced by the Notes is
in such Debt Service Account (i) all accrued interest received by the
City at the time of delivery of and payment for the Notes; (ii) the
"
taxes herein levied for the specific purpose of meeting principal of 0 and interest on the Notes when due; (iii) such other sums as may be
necessary at any time to pay principal of and interest on the Notes
par value of the Notes and accrued interest thereon; (v) surplus monies
when due;;(iv) any premium which may be received by the City above the
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.
(B) Use and Investment. No money shall be withdrawn from
.I .
the Debt Service Account and appropriated for any purpose other than
principal and interest has been paid in full and canceled; provided (i)
the payment of principal of and interest on the Notes until all such
the funds to provide €OK each payment of principal of and interest on.
the Notes prior to the scheduled receipt of taxes from the next
United States of America maturing in time to make such payments when
succeeding tax collection may be invested in direct obligations of the
principal and interest payments on the Notes may be used to reduce the
they are due; and (ii) any funds over and above the amount of such
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. Stats., in interest-bearing obligations of the United
States of America, or in other obligations of the City, which
investments shall continue a part of the Debt Service Account.
in full and canceled, and all permitted investments disposed of, any
general fund of the City, unless the Common Council directs otherwise.
(C) Remaining Monies. When all of the Notes have been paid
money remaining in the Debt Service Account shall be deposited in the
City upon the delivery of the Noies to the purchaser thereof, except
Section 6. Proceeds of the Sotes. All. monies received by the
City Treasurer into a special fund which shall be maintained separate
for-accrued interest and premium, if any, shall be deposited by the
and distinct from all other funds of the City and shall be used for no
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
needed, whichever is earlier, OK in bonds or securities issued or
guaranteed as to principal and interest of the United States Government
or of a commission, board or other instrumentality of the United States
Government. Any monies including any income from permitted investments,
remaining 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 Debt Service
Account .
resolution shall be legal invesbents, but no such investment shall be
made in such a manner as would cause the Notes to be "arbitrage bonds'
1954, as amended, or the Regulations of the Commissioner of Internal
Revenue thereunder; and an officer of the City, charged with the
Section 7. No Arbitrage. All investments permitted by this
within the meaning of Section 103(c) (2) of the Internal Revenue Code of
"
estimates, circumstances and reasonable expectations in existence on
responsibility for issuing the Notes, shall certify as to facts,
the date of closing which will permit the conclusion that the Notes ar
not "arbitrage bonds," within the meaning of said Code or Regulations.
e
with First Bank (N.A.), Milwaukee, Wisconsin, to serve as its fiscal
Section 8. Fiscal Agent. The City will enter into a contract
which contract shall be in substantially the form attached hereto as
agent with respect to the Notes pursuant to Wis. Stats. Sec. 67.10(2),
Exhibit A. The Mayor and City Clerk are hereby authorized to enter into
other things, for the performance by the fiscal agent of the functions
such contract on the City's behalf. Such contract may provide, among
respect to the Notes.
listed in Wis. Stats. Sec. 67.10(2)(a) to (j), where applicable, with
City shall cause books for the reaistration and for the transfer of the
Section 9. Persons Treated as Owners; " Transfer of Notes. The
Notes to be kept by the fiscal agent. The person in whose name any
Note shall be registered shall be deemed and regarded as the absolute
owner thereof for all purposes and payment of either principal or
interest on any Note shall be made only to the registered owner
thereof. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums
so paid.
Any Note may be transferred by the registered owner thereof by
surrender of the Note at the office of the fiscal agent, duly endorsed
registered owner or his attorney duly authorized in writing. Upon such
transfer, the fiscal agent shall execute and deliver in the name of the
transferee or transferees a new Note or Notes of a like aggregate
principal amount, series and maturity and shall record the name of each
transferee in the registration book. No registration shall be made to
bearer. The fiscal agent shall cancel any Note surrendered for
transfer.
0 for the transfer or accompanied by an assignment duly executed by the
interest payment date shall be the record dates for the Notes. Payment
of interest on the Notes on any interest payment date shall be made to
the registered owners of the Notes as they appear on the registration
book of the fiscal agent on the corresponding record date.
The fifteenth day of each calendar month next preceding each
Section 10. Records. The City Clerk shall provide and keep a
separate record book and shall record a full and correct statement of
every step or proceeding had or taken in the course of authorizing and
issuing these Notes.
Section 11. Closing. The Mayor and City Clerk of the City are
hereby authorized and directed to execute and deliver the Notes to the
purchaser thereof upon receipt of the borrowed funds, accrued interest
execute the Notes by manual or facsimile signature , but, unless the
to date of delivery and premium, if any. The Mayor and City Clerk may
least one of said officers shall sign the Notes manually.
m City has contracted with the fiscal agent to authenticate the Notes, at
0 The officers of the City are hereby directed and authorized to
take all steps necessary or 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.
i
Adopted, approved and recorded November -, 1984.
Mayor
(SEAL)
Attest:
I City Clerk
Alderman N\CSsod moved that Resolution No.afl,hY be adopted.
Motion seconded by Alderman c\ ILr and carried by the following
vote:
Nos : 0
Mayor and City Clerk signed same in the appropriate manner in open
The Mayor declared the resolution adopted and approved and the
meeting.
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting, the
meeting adjourned.
City Clerk
0 EXHIBIT A
FISCAL AGENCY AGREEMENT
THIS AGREEMENT, made as of this 1st day of December, 1984, between -
the City of Muskego, Wisconsin ("Municipality"), and First Bank (N.A.),
Milwaukee, Wisconsin ("Bank" or "Fiscal Agent").
WITNESSETH:
WHEREAS, Municipality has borrowed the sum of Two Million Three
Hundred Thousand Dollars ($2,300,000) pursuant to a Resolution adopted
by the Municipality on the 27th day of November, 1984, and proposes to
execute and sell its General Obligation Promissory Notes, dated
December 1, 1984 (the "Obligations"), which Obligations mature on 0 December 1 of each of the years and in the amounts set forth on
Schedule A hereto, and bear interest at the rates per annum set forth
on said Schedule A, with such interest payable on June 1 and December 1
of each year commencing June 1, 1985; and
WHEREAS, the Municipality is issuing the Obligations in registered
form pursuant to Section 103 of the Internal Revenue Code- of 1954, as
amended, and applicable Treasury Regulations promulgated thereunder;
and
WHEREAS, pursuant to said Resolution and Sec. 67.10(2) Wis. Stats.
the Municipality has authorized the appointment of the Bank as Fiscal
Agent of the Municipality for payment of principal and interest on,
registering, transferring and authenticating the Obligations as well as
other applicable responsibiities permitted by Sec. 67.10(2) Wis. Stats. a NOW, THEREFORE, the Municipality and the Bank hereby agree as
I. APPOINTMENT
Bank is hereby appointed Fiscal Agent of the Municipality with
respect to the Obligations for the purpose of performing such of the
responsibilities stated in Sec. 67.10(2) Wis. Stats. as are delegated
herein or as may be otherwise specifically delegated in writing to the
Fiscal Agent by the Municipality.
11. INVESTMENT RESPONSIBILITY
The Fiscal Agent shall not be under any obligation to invest funds
I held for the payment of interest or principal on the Obligations.
111. PAYMENTS
I
! At least one day before each interest payment date (commencing
! with the interest payment date of June 1, 1985 and continuing
thereafter until the principal of and interest on the Obligations
should have been fully paid or prepaid in accordance with their terms)
the Municipality agrees to and shall pay to the Fiscal Agent, in good
funds available to the Fiscal Agent on the interest payment date, a Sum
equal to the amount payable as principal of and the premium, if any,
and interest on the Obligations on such interest payment date. Said
interest and/or principal payment dates and amounts are outlined on
! Schedule A.
2
IV.! CANCELLATION
In every case of the surrender of any Obligation for the purpose
of payment, the Fiscal Agent shall cancel and destroy the same and
deliver to the Municipality a certificate regarding such cancellation.
The Fiscal Agent shall be permitted to microfilm or otherwise photocopy
and record said Obligations.
V. REGISTRATION BOOK
Fiscal Agent shall maintain in the name of the Municipality a
Registration Book containing the names and addresses of all owners of
the Obligations and the following information as to each Obligation:
its number, date, purpose, amount, rate of interest and when payable.
The Fiscal Agent shall keep confidential said information in accordance
with applicable banking and governmental regulations. 0
VI. INTEREST PAYMENT
Payment of each installment of interest on each Obligation shall
be made to the registered owner of such Obligation whose name shall
appear on the Registration Book at the close of business on the 15th
day of the calendar month next preceding the interest payment date and
shall be paid by check or draft of the Fiscal Agent mailed to such
registered ovner at his address as it appears in such Registration
Books or at such other address as may be furnished in writing by such
registered ovner to the Fiscal Agent.
3
VII. PAYMENT OF PRINCIPAL,
Principa1:shall be paid to the registered owner of an Obligation
upon surrender.of the Obligation on or after its redemption or maturity
date.
I
-
In the event the Municipality exercises its option to redeem any
of the Obligations, the Municipality shall direct the Fiscal Agent to
give notice of such redemption by mailing a notice thereof by
registered or certified mail at least 30 days prior to the date fixed
for redemption to the registered owner of each Obligation to be
redeemed in whole or in part at the address shown in the Registration
Book. Such direction shall be given at least 45 days prior to such
redemption date. The Obligations to be redeemed shall be redeemed in
inverse order of maturity and, within any maturity, shall be selected
by lot by the Fiscal Agent in such manner as the Fiscal Agent may
determine.
VIII. OBLIGATION TRANSFER & EXCHANGE
The Municipality will supply the Fiscal Agent with - printed
Obligations no less than five business days prior to the closing which
are to be complete except for:
1. Name of registered owner
2. Pace principal amount
3. Interest rate
4. Maturity date
5. Date of Authentication
6. Authenticating signature
4
7. CUSIP Number
The Fiscal Agent will prepare one Obligation in the full amount of
each maturity in the name of a purchaser designated by the Municipality
. so as to be available for authentication by the Fiscal Agent in
connection with the closing for the Obligations, said purchaser to
become the first registered owner of the full issue upon the closing.
The Fiscal Agent shall transfer Obligations upon presentation of a
written assignment duly executed by the registered owner or by such
owner's duly authorized representative. Upon such a transfer, new
registered Obligation(s) of the same maturity, in authorized
denomination or denominations in the same aggregate principal amount
for each maturity shall be issued to the transferee in exchange
therefor, and the name of such transferee shall be entered as the new
registered owner in the Registration Book. No Obligation may be
registered to bearer. The Fiscal Agent may exchange Obligations of the
issue for a like aggregate principal amount of Obligations of the same
maturity in authorized whole multiples of $5,000.
0
The Obligations shall be numbered R-1 and upward. Upon any
transfer or exchange, the Obligation or Obligations issued shall bear
the next highest consecutive unused number or numbers.
IX. AUTHENTICATION
The Fiscal Agent shall sign and date the Certificate of
Authentication on each Obligation on the date of delivery, transfer or
exchange of such Obligation. The Fiscal Agent shall distribute the
.ions in accordance with the direction of the registered owners
5
X. STATEMENTS
The Fiscal Agent shall furnish the Municipality with an accounting
of interest and funds annually beginning December 15, 1985.
The Municipality agrees to pay the Fiscal Agent fees for its
services hereunder in the amounts set forth on Schedule B hereto.
XII. MISCELLANEOUS
(a) In the event the check or draft mailed by the Fiscal Agent to
the registered owner is not presented for payment within six years of
its date, then the monies representing such nonpayment shall be
areturned to the Xunicipality or to such board, oEEicer OK body as may
then be entitled by law to receive the same together with the name of
the registered owner of the Obligation and the last mailing address of
record and the Fiscal Agent shall no longer be responsible for the
same.
(b) Resignations; Successor Fiscal Aqent. Fiscal Agent may at any
time resign by giving not less than 60 days written notice to
Municipality. Upon receiving such notice of resignation, Municipality
shall promptly appoint a successor Fiscal Agent by an instrument in
writing executed by order of its governing body. If no successor
Fiscal Agent shall have been so appointed and have accepted appointment
within 60 days after such notice of resignation, the resigning Fiscal
Agent may petition any court of competent jurisdiction for the
appointment of a successor fiscal agent. Such court may thereupon, 0
6
after such notice, if any, as it may deem proper and prescribes,
appoint a successor fiscal agent.
Any successor fiscal agent shall be qualified pursuant to Sec.
67.10(2) Wis. Stats., as amended.
Any successor fiscal agent shall execute, acknowledge and deliver
to Issuer and to its predecessor fiscal agent an instrument accepting
such appointment hereunder, and thereupon the resignation of the
predecessor fiscal agent shall become effective and such successor
fiscal agent, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts, duties and obligations of
its predecessor, with like effect as if originally named as fiscal
agent herein; but nevertheless, on written request of Municipality, or
on the request of the successor, the fiscal agent ceasing to act shall
execute and deliver an instrument transferring to such successor fiscal
agent, all the rights, powers, and trusts of the fiscal agent so
ceasing to act. Upon the request of any such successor trustee,
Municipality shall execute any and all instruments in writing for more
fully and certainly vesting in and confirming to such,successor fiscal
agent all such rights, powers and duties. Any predecessor fiscal agent
shall pay over to its successor fiscal agent any funds of the
Municipality.
(c) Termination. This Agreement shall terminate six years after
(i) the last principal payment on the Obligations is due (whether by
maturity or earlier redemption) or (ii) the Municipality's
responsibilities for payment of the Obligations are fully discharged,
whichever is later. The parties realize that any funds hereunder as
shall remain upon termination shall be turned over to the Municipality
\ after deduction of any unpaid fees and disbursements of Fisca1,Agent.
Termination of this Agreement shall not, of itself, have any effect on
Municipality's obligation to pay the outstanding Obligations in full in
accordance with the terms thereof.
I
(d) Execution in Counterparts. This Agreement may be
simultaneously executed in several counterparts, each of which shall be
an original and all of which shall constitute but one and the same
instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement,
being duly authorized so to do, each in the manner most appropriate to
it, on the date first above written.
CITY OF MUSKEG0
BY Mayor
City Clerk
FIRST BANK (N.A.)
Fiscal Agent
BY Title
Attest
Title
.
SCHEDULE A
Debt Service Schedule
$2,300,000 City of Muskego, Wisconsin General Obligation
Promissory Notes dated December 1, 1984
Interest
Payment Date Principal Rate Interest Total
9
4/ 84
SCHEDULE B
FISCAL AGENCY FEES
ACCEPTANCE FEE
Base charge per issue
plus: charge per bondholder charge per certificate issued
ANNUAL FEE
Up to 100 holders
over 100 holders
Uinimum plus: Issuance of Certificate
Cancellation of Certificate
$ 500.00
1.00 each
1.50
600.00
600.00
2.50 each
1.25 .so
OUT-OF-POCKET EXPENSES
All of the above fees do not include out-of-pocket expenses.
All out-of-pocket expenses including postage, su plies,
telephone, publication costs, legal fees, vire c K arges, Brinks,
billed in addition to the charges listed io this schedule. travel, shredding and any other out-of-pocket expenses vi11 be
In the event that due to a change in lavs and practices, our
duties and responsibilities entail considerably more hours
expended than is presently the case, or if conditions of the
economy so warrant, reasonable adjustments may be incorporated
into this schedule of fees.
I' / r RESOLUTION #246-84
APPROPRIATING THE NECESSARY FUNDS FOR THE OPERATION OF THE GOVERNMENT AND
ADMINISTRATION OF THE CITY OF MUSKEGO FOR THE YEAR 1984 i
BE IT RESOLVED that the Common Council of the City of Muskego, upon the recomme
the Finance Committee, does hereb
for the year 1985 including monies recei
various funds and purposes set up in the budget presented herewith for the
stated, the following amount:
oses therein
REVENUES 1984 -10 Mos. TOTAL - 1984
Property Taxes $1,659,132.00
Intergovernmental Revenues 672,207.00
Regulation h Compliance 184,010.00
Public Charges for Service 96,551.00
Public Improvement 16,479.00
Commercial Revenue 235,637.00 105,880.00
Transfers from other Funds 1,076,634.00
Proceeds from Borrowing
1,512,411.00
TOTAL REVENUES $3,940,650.00 $5,159,130.00
ACTUAL EXPENSE
1984 - 9 Mos.
ACTUAL ESTIMATED
"_ "_
""""""_"""""""""" """""""""
EXPENDITURES
General Government $ 705,077.00 $ 980,368.00
Public Safety 1,146,666.00
Transportation
Education 6 Recreation
511,685.00
Unclassified
365,813.00 362,050.00
11,300.00 200,937.00
Indebtedness 1.833.625.00 1.881.197.00
BUDGET
w Trans-to Sewer Ut.-State Sh. -"
TOTAL EXPENDITURES
' 76j227.00
$4,635,812.00 $5,159,130.00
The budget contain era1 Revenue Sharing Funds which will be used
for multi-purpose
BE IT FURTHER RES0 x of $12.1409 per $1,000.00 upon all the
taxable property w urned by the City Assessor in the year
1985 for uses and
BE IT FURTHER RESO hereby authorized and directed to
spread the said ta City of Muskego.
DATED THIS
FINANCE COMMITTEE
/ Mayor Wayne G. Salentine