CCR1999202The City Clerk read the following resolution:
Resolution No; 202-99
A RESOLUTION-AUTHORIZING THE.CITY OF MUSKEGO
GENER?L:OBLIGATION PROMISSORY NOTES PURSUANT TO
TO BORROW THE SUM OF $2;600,000 BY ISSUING
SECTION. 67-;12 (12~) OF THE-WISCONSIN 5TATUTES
AND AUTHORI-ZING THE SALE..OF THE NOTES
.. .~- - ~
WHEREAS the City of-Muskego,, Waukesha-County, Wisconsin
the sum of Two Million Six Hundred Thousand Dollars ($2,600,000)
(sometimes hereinafter called the icityllj is presently in need of
for public purposes, including paying part of the costs of the
construction of road improvements, City Hall remodeling, the
acquisition of equipment and refunding obligations of the City,
including interest on them; and I
WHEREAS the Common Council deems it~necessary and in the
best interest of the City that the monies needed for such
purposes be borrowed by issuing general obligation promissory
notes pursuant to the provisions of Section 67.12(12), Wis.
Stats., upon the terms and conditions.hereinafter provided; and
WHEREAS the City has duly received bids. for its proposed
issue of $2,600,000 General Obligation Promissory Notes (the
t'Notes") ; and
WHEREAS it has been determined that the best bid received
was that submitted by Hutchinson, Shockey, Erley & Co.;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego, Waukesha County, Wisconsin, that:
Co.. for the Durchase Drice of $2,591,730.25, be and it hereby is
Section 1. Award. The bid of Hutchinson, Shockey, Erley &
". , "~ ~~~~
accepted and ;he Mayor- and City' Clerk- are authorized and directed
on behalf of the City. The good faith deposit of the successful
to execute an acceptance of the offer of said successful bidder
bidder shall be retained by the City Treasurer until the closing
of the note issue, and any good faith deposits submitted by
unsuccessful bidders shall be promptly returned.
execute and deliver the Notes to said purchaser-; for and on
behalf of the City. The Notes shall be negotiable, general
obligation promissory notes of the City, registered as to both
principal and interest, in the denomination of F.ive Thousand
Dollars ($5,000) each, or whole multiples thereof, numbered from
R-1 upward and dated December 1, 1999. The Notes shall mature on
December 1 of each of the years and shall bear interest at the
rates per annum as follows:
Section 2. The Notes. The Mayor and City.Clerk shall make,
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- Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
Amount
$355,000
365,000
230,000 -
240,000
250,000 ~ -
265,000
280,000
300,000
315,000
Interest Rate
4.50%
4.50
4.50
4.70
~ .. 4.70
4.90
5.00
5.00
. ..
4.80
Said interest shall be payable on June 1 and December 1 of each
year, commencing June 1, 2000. Interest shall be computed upon
the basis of a 360-day year of twelve 30-day months and will be
Rulemaking Board.
rounded pursuant to the rules of the Municipal Securities
Notes maturing in the years 2007 through 2009 shall be
whole or from time to time in part on December 1, 2006 or any subject to call and prior payment at the option of the City in
date thereafter at the price of par plus accrued interest to the
date of redemption. The amounts and maturities of the Notes to
be redeemed shall.,be-selected by the City. If less than the
Notes of that maturity which are to be redeemed shall be selected
entire principal amount of any maturity is to be redeemed, the
0 by lot.
substantially the form set forth on Exhibit A.
Section 3. Form of Notes. The Notes shall be in
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 respectively falls due, the full faith, credit and
taxing powers of the City are hereby irrevocably pledged and
there be and there hereby is 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 1999
For the year 2000
For the year 2001
For the year 2003
For the year 2002
For the year 2004
For the year 2005
For the year 2007
For the year 2006
For the year 2008
$122,970
477,970
471,995
320,570
320,220
318,940.
322,190
324,470
330,750
330,750
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(B) Tax Collection. The City shall be and continue
without power to repeal such levy or obstruct the collection of
After the issuance of the Notes, said tax shall be, from year to
said tax until all such payments have been made or provided for.
year, carried into the 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.
hand insufficient funds from the aforesaid tax levy to meet
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.
(C) Additional Funds. If at any time there shall be on
Section 5. Debt Service Fund and Account. .
(A) Creation and DeDosits-. There be and there hereby
already been created, a debt service fund, separate and distinct
is established in the treasury of the City, if one has not
from every other fund, which shall be maintained in accordance
with generally accepted accounting principles. Sinking funds
established for obligations previously issued by the City may be
considered as separate and distinct accounts within the debt a service fund.
Within the debt service fund, there be and there hereby is
established a separate and distinct account designated as the
"Debt Service Account for $2,600,000 General Obligation
Promissory Notes dated December 1, 1999" (the "Debt Service
Account") and such account shall be maintained until the
extinguished. The City Treasurer shall deposit in such Debt
indebtedness evidenced by the Notes is fully paid or otherwise
Service Account (i) all accrued interest received by the City at
herein levied for the specific purpose of meeting principal of
the time of delivery of and payment for the Notes; (ii) the taxes
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 when due; (iv) any premium which may be received by the
City above the par value of the Notes and accrued interest
thereon; (v) surplus monies in the Borrowed Money Fund as
may be required by Sec. 67.11, Wis. Stats. - ~
specified in Section 6 hereof; and (vi) such further deposits as
(B) Use and Investment. No money shall be withdrawn
other than the payment of principal of and interest on the Notes
from the Debt Service Account and appropriated for any purpose
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 the Notes prior to the scheduled
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receipt of taxes from the next succeeding tax collection may be
invested in direct obligations of the United States of America @ maturing in time to make such payments~ when they are due or in
other investments permitted by law; and (ii) any funds over and
Notes may be used to reduce the next succeeding tax levy, or may,
above the amount of such principal and interest payments on the
permitted by and subject to Section:~.11.(2).(a)~; Wis. Stats., in
at the option of the City, :be invested by~purchasing the Notes as
other obligations of the City or in other investments permitted
interest-bearing obligations of the United States of America, in
by law, which investments shall continue to be a part of the Debt
Service Account.
(C) Remainins Monies. When all of the Notes have been
paid in full and canceled, and all permitted investments disposed
deposited in the general fund of the.City, unless the Common
of, any money remaining in the Debt Service Account shall be
Council directs otherwise.
the City upon the delivery of the Notes to the purchaser thereof,
except for accrued interest and premium, if any, shall be
deposited by the City Treasurer into- a.special fund (the
distinct from all other funds of the City and shall be used for
"Borrowed Money Fund") which shall be maintained separate and
no purpose other than the purposes for which the Notes are
issued. Monies in the Borrowed Money Fund may be temporarily
invested as provided in Section 66.04(2), Wis. Stats. Any
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.
Section 6. Proceeds of the Notes. All monies received by
monies, including any income from permitted investments,
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 148 of the
Regulations of the Commissioner of Internal Revenue thereunder
Internal Revenue Code of 1986, as amended (the IICode'l), or the
responsibility for issuing the Notes, shall certify as to facts,
(the "Regulations"); and an officer of the City, charged with the
estimates, circumstances and reasonable expectations in existence
on the date of closing which will permit the conclusion that the
Notes are not "arbitrage bonds," within the meaning of the Code
or Regulations.
Section 7. No Arbitrase. All investments permitted by this
Section 8. Persons Treated as Owners: Transfer of Notes.
The City Clerk shall keep books for the registration and for the
be registered shall be deemed and reqarded as the absolute owner
transfer of the Notes. The person in whose name any Note shall -
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thereof for all purposes and payment of either principal or
interest on any Note shall be made only~to the registered owner 0 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~-City Clerk, duly
executed by the registered owner or his attorney duly authorized
endorsed for the transfer or accompanied by an assignment duly
execute and deliver in the name of the transferee or transferees
in writing. Upon such transfer, the Mayor and City Clerk shall
and maturity, and the City Clerk shall record the name of each
a new Note or Notes of a like aggregate principal amount, series
made to bearer. The City Clerk shall cancel any Note surrendered
transferee in the registration book. No registration shall be
for transfer.
The City shall cooperate in any such transfer, and the Mayor
and City Clerk are authorized to execute any new Note or Notes
necessary to effect any such transfer.
The fifteenth day of each calendar month next preceding each
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 City at the close of
business on the corresponding record date.
0
Section 9. ComDliance with Federal Tax Laws. (a) The City
represents and covenants that the projects financed by the Notes
and the Refunded Obligations defined in Section 12 hereof and
their ownership, management and use will not cause the Notes or
the Refunded Obligations to be "private activity bonds" within
the meaning of Section 141 of the Code, and that the City shall
comply with the provisions of the Code to the extent necessary to
maintain the tax-exempt status of the interest on the Notes
including, if applicable, the rebate requirements of Section
148(f) of the Code. The City Clerk or other officer of the City
charged with the responsibility of issuing the Notes shall
provide an appropriate certificate of the City certifying that
the City can and covenanting that it will comply with the
provisions of the Code and Regulations.
the requirements and restrictions of any different or additional
provided that in meeting such requirements the City will do so
federal legislation which may be made applicable to the Notes
only to the extent consistent with the proceedings authorizing
the Notes and the laws of Wisconsin and to the extent that there
is a reasonable period of time in which to comply.
(b) The City also covenants to use its best efforts to meet
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Oblisations. The Notes are hereby designated as "qualified
Section 10. Desiqnation as Oualified Tax-Exempt 0 tax-exempt obligations" for purposes of Section 265 of the
ability of financial institutions to deduct from income for
InternaPRewnu&:Code -of 1986.. .as"amended, re1,ating .t~o the
federal income tax purposes, interest expense that is allocable
to carrying .. and acquiring ~ tax-exempt obligations~..
. . ~~ ~ .. ~~~ . -.
.. ~~ ~- .. ~ "."
" .. .. .- ~ - ..
-~ ~~ "
Section 11. Utilization of The DeDositorY Trust ComDany
..
p. In order to make the Notes eligible for
New York, the City agrees to the applicable provisions set forth
the services provided by The Depository Trust Company, New York,
executed on behalf of the City and on file in the City Clerk's
in the Blanket Issuer Letter of Representations previously
office.
Section 12. RedemDtion of Refunded Oblisations. The City
has outstanding its General Obligation Promissory Notes, Series
1995, dated March 1, 1995 (the "1995 Notes"). The 1995 Notes
maturing in the years 2001 and 2002 (the "Refunded Obligations")
are called for prior payment on March 1, 2000 at the price of par
plus accrued interest to the date of redemption. The City Clerk
shall cause timely notice of the call of the Refunded Obligations
to be redeemed to be given by mailing a notice thereof, in
substantially the form attached hereto as Exhibit B, by
registered or certified mail, no later than January 29, 2000, to
the registered owner of each Refunded Obligation to be redeemed
at the address shown on the registration books. 0
for above, the City Clerk shall cause further notice of the
redemption of the Refunded Obligations to be given on behalf of
depositories in the business of holding substantial amounts of
the City to The Bond Buyer, to all registered securities
obligations of types such as the Refunded Obligations (such
depositories being Depository Trust Company of New York, New
York) and to one or more national information services that
disseminate notices of redemption of obligations such as the
Refunded Obligations. Each further notice of redemption shall be
sent by registered or certified mail or overnight delivery
official notice of redemption provided on Exhibit B.
service and shall contain the information set forth in the
In addition to the official notice of redemption provided
Section 13. Pavment of Issuance ExDenses. The City
allocable to the payment of issuance expenses to Resource Bank &
authorizes the purchaser to forward the amount of Note proceeds
Trust Company, Minneapolis, Minnesota on the closing date for
Ehlers and Associates, Inc.
further distribution as directed by the City's financial advisor,
t. The Common Council hereby
approves the Official Statement with respect to the Notes
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Official Statement and addenda as "final" for purposes of SEC
including addenda submitted at this meeting and deems the
Rule 15~2-12. All actions taken by officers of the City in
connection with the preparation of such Official Statement and
addenda are hereby ratified and approved. In connection with the
closing for the Notes, the appropriate City official shall
cause copies of the Official Statement and addenda to be
certify the Official Statement and addenda. The City Clerk shall
distributed to the purchaser of the Notes.
The City covenants and agrees, for the benefit of the holders of
the Notes, to enter into a written undertaking (the "Under-
taking") required by SEC Rule 15c2-12 promulgated by the
Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934 (the "Rule") to provide continuing
disclosure of certain financial information and operating data
and timely notices of the occurrence of certain events in
accordance with the Rule. The Undertaking shall be enforceable
by the holders of the Notes or by the original purchaser(s) of
the Notes on behalf of such holders (provided that the rights of
the holders and the purchaser(s) to enforce the Undertaking shall
be limited to a right to obtain specific performance of the
obligations thereunder and any failure by the. City to comply with
default with respect to the Notes).
the provisions of the Undertaking shall not be an event of
Section 15. Undertakinq to Provide Continuins Disclosure.
0 the responsibility for issuing the Notes, shall provide a
Continuing Disclosure Certificate for inclusion in the transcript
Undertaking.
of proceedings, setting forth the details and terms of the City's
The City Clerk, or other officer of the City charged with
State law, the Notes are designated as being issued to pay and
discharge the debts incurred by the City through the issuance of
the Refunded Obligations and the obligations refunded by the
Refunded Obligations in the order in which those debts were
incurred, so that the Notes of the earliest maturities are
considered to be issued to discharge the debts which were
incurred first
Section 16. Desiqnation of Maturities. For purposes of
Section 17. Records. The City Clerk shall provide and keep
a separate record book and shall record a full and correct
of authorizing and issuing these Notes.
statement of every step or proceeding had or taken in the course
are hereby authorized and directed to execute and deliver the
Notes to the purchaser thereof upon receipt of the borrowed
The Mayor and City Clerk may execute the Notes by manual or
funds, accrued interest to date of delivery and premium, if any.
Section 18. Closing. The Mayor and City Clerk of the City
-
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the Notes manually.
facsimile signature, but at least one of said officers shall sign
The officers of the City are hereby directed and authorized
soon as practicable hereafter, in accordance with the terms of
to take all steps necessary or convenient to close this issue as
directed to execute and deliver such documents, certificates and
sale thereof; and said officers are hereby authorized and
acknowledgments as may be necessary or convenient in accordance
therewith.
Adopted. approved and recorded November 23,
’~ ,”- .
Mayor David L. De Angelis
Attest:
Alderperson Salentine moved that Resolution No. 202-99 be 0 adopted. Motion seconded by Alderperson Sanders and carried
by the following ‘vote:
Ayes : Slocomb, Chiaverotti, Le Cow, Patterson, Pionek,
Salentine and Sanders
Nos : None
The Mayor declared the resolution adopted and approved and
the Mayor and City Clerk signed same in the appropriate manner in
open meeting.
(Here occurred business not pertinent to the note issue.)
There being no further business to come before the meeting,
the meeting adjourned.
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EXHIBIT A
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEGO
GENERAL OBLIGATION PROMISSORY NOTE
. ~. .
Date of
Number Rate Maturitv Date Oricrinal Issue Amount CUSIP
R- % December 1, 1999 $
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to , or registered
assigns, the principal amount of
DOLLARS ($
together with interest thereon from December 1, 1999 or the most
recent payment date to which interest has been paid, unless the
date of registration of this Note is after the 15th day of the
calendar month immediately preceding an interest payment date, in
which case interest will be paid from such interest payment date,
payable on June 1 and December 1 of each year, with the first
at the rate per annum.specified above, such interest being
interest on this issue being payable on June 1, 2000.
) on the maturity date specified above,
0 Notes of this issue maturing in the years 2007 through 2009
shall be subject to call and prior payment at the option of the
City in whole or from time to time in part on December 1, 2006 or
any date thereafter at the price of par plus accrued interest to
the date of redemption. The amounts and maturities of the Notes
to be redeemed shall be selected by the City. If less than the
Notes of that maturity which are to be redeemed shall be selected
entire principal amount of any maturity is to be redeemed, the
by lot. Notice of such call shall be given by mailing a notice
thereof by registered or 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.
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 that purpose, the full faith, credit and
resources of the City of Muskego, Wisconsin, are hereby
only upon presentation and surrender of this Note at the office
irrevocably pledged. The principal of this Note shall be payable
of the City Treasurer. Interest hereon shall be payable by check
or draft dated as of the applicable interest payment date and
Both principal hereof and interest hereon are hereby made
whose name this Note is registered at the close of business on
mailed from the office of the City Treasurer to the person in
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 office of the City Clerk, by the
registered owner in person or his duly authorized attorney, upon
surrender of this Note together with a .written instrument of
Clerk duly executed by the registered owner or his duly transfer (which may be endorsed hereon) satisfactory to the City
aggregate principal amount, series and maturity shall be issued
authorized attorney. Thereupon a new Note or Notes of the same
to the transferee in exchange therefor. The City may deem and
treat the person in whose name this Note is registered as the
absolute owner hereof for the purpose of receiving payment of or
on account of the principal or interest hereof and for all other
purposes. The Notes are issuable solely as negotiable,
fully-registered Notes without coupons in authorized
denominations of $5.000 or any whole multiple thereof.
This Note is issued pursuant to the provisions of Section
paying part of the costs of the construction of road
67.12(12), Wisconsin Statutes, for public purposes, including
and refunding obligations of the City, including interest on
improvements, City Hall remodeling, the acquisition of equipment
them, and is authorized by a resolution of the Common Council of
convened on November 23, 1999, which resolution is recorded in
the official book of its minutes for said date.
the City, duly adopted by said Common Council at its meeting duly
This Note has been designated by the City as a "qualified
tax-exempt obligation" for purposes of Section 265 of the
Internal Revenue Code of 1986, as amended.
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
others authorized simultaneously herewith, does not exceed any
the aggregate indebtedness of the City, including this Note and
Wisconsin; and that the City has levied a direct, annual
limitation imposed by law or the Constitution of the State of
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.
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IN WITNESS WHEREOF, the Common Council of the City of
signed~ on behalf -of. said City~.by--it-s-~duly qualified and acting
Mayor and City Clerk, and its corporate seal to be impressed
hereon, all as of the date of original issue . specified above.
Muskego, Waukesha County, Wisconsin, has caused this Note to be
. - ~"
(SEAL)
CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
BY City Clerk BY Mayor
-3-
0 om of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
. - ... . . ,~ ,~ ~- ~~
." - .
(please print or typewrite name and address, including zip code,
of Assignee)
Please insert Social Security or other
identifying number of Assignee
the within Note, and all rights thereunder, hereby irrevocably
constituting and appointing
Attorney to transfer said Note on the books kept for the
registration thereof with full power of substitution in the
premises.
Dated:
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.
Signature(s) guaranteed by:
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EXHIBIT B
, 2000
Call Notification Department
The Depository Trust Company
711 Stewart Avenue
Garden City, NY 11530-4719
Re: City of Muskego, Wisconsin
General Obligation Promissory Notes, Series 1995
Date of Original Issue - March 1, 1995
Notice is hereby given that the Notes of the above-described
issue, which mature on the dates and bear interest at the rates set
the price of par plus accrued interest to the redemption date.
forth below, have been called for prior payment on March 1, 2000 at
Maturity
Date
March 1, 2001
March 1, 2002
Interest
Rate CUSIP No.
5.40% 627636LA9
5.40 621636LB7
The Notes to be redeemed should be presented for payment at
the office of the City Clerk-Treasurer, W182 58200 Racine Avenue,
Muskego, Wisconsin 53150. The City will deposit federal or other
immediately available funds sufficient for such redemption at the
office of The Depository Trust Company on or before March 1,
2000.
The Notes will cease to bear interest on March 1, 2000
CITY OF MUSKEGO
BY ORDER OF THE COMMON COUNCIL
City Clerk .~
cc: Moody's Municipal & Government Information Service
The Bond Buyer
Standard & Poor's J.J. Kenny Called Bond Record
(General Obligation Promissory Notes)
of Common Council Held November 23, 1999
Excerpts of Minutes .of. Meeting
A duly-convened meeting of the-Common Council of the City of
Muskego, Waukesha County, Wisconsin, was held in open session on
November 23, 1999 and called to order by the Mayor at 7:33 P.M.
The following Alderpersons were present:
Slocomb, Chiaverotti, Le Doux, Patterson, Pionek, Salentine and Sanders
The following Alderpersons were absent:
None
given to the public at least 24 hours in advance of the meeting open meeting of the Common Council. Notice of this meeting was
by forwarding the complete agenda to ... the official City newspaper,
the Muskeso Sun, and to all news media-whmhave requested the
same as well as posting. Copies of the complete agenda were
available for inspection at the City Clerk's office. Anyone
the City Clerk's office.
The Mayor opened the meeting-by announcing that this was an
0 desiring information as to forthcoming meetings should contact
(Here occurred matters not pertinent to the note issue.)
The City Clerk announced that 11 bids had been received for
the note issue, which had been advertised for bids pursuant to
the action of the Common Council. The City Clerk indicated that
a $52,000 good faith deposit was provided with respect to each
such bid and read the following details as to each bid submitted:
(SEE ATTACHED)
0 l3Emuma
. . .~ ~.. ~$2,600,000 General Obligation Promissory Nores ..
City of Muskego, WI
- SALE November23.1999
AWARD: HUTCHINSON.SHOCKEY. ERLN & co.
..
RATING: Moody's Investor's Service "Aa3' BBI: 5.84%
NAME OF BIDDER RATE YEAR PRICE IN'r%Sr TRUE INTERESl COST RATE
HUTCHINSON, SHOCKEY. ERLEY 6 CO. 4.50% 2001-2003 52.591.730.25 5749,094.75 4.8740%
Milwaukee, WI 4.70% 20062005
4.90% 2007- ,~f
5.00% 2008-2009.
ao% 2006~ ..
4.40% 2001
4.45% 2002
4.50%
4.60% 2004
2003
4.70% 2005
4.80% 2006
4.90% 2007
5.00% 2008
5.05% 2009
.. . .
~$2.589.600.00 $750.342.50 4.882a% BANKERS'BANK
Madison, WI
U. S. BANCORP PIPER JAFFRAY
Minneapohs. MN
CRONIN PX COMPAKY. INC.
SALOMON SMITH BARNEY
Minneapolis, MN
Chicago, IL ~ ~-
MORGAN STANLEY DEAN WliTER
PAINEWEEBER INC
ClBC WORLD MARKETS
Chicago, IL
Chicago, IL
New York. NY
4.50% 2001
4.60% 2002
4.65% 2003-2006
4.70% 2005.2006
4.75% 2007
4.80% 2008
4.875% 2009
4.50% 2001
4.60% 2002
4.65% 2003
4.70% 2004-2006
4.75% 2007
5.00% 2008-2009
S2.580.571.95 5747.569.45 4.8829%
$2.586.784.55 $751 300.35 4.8964%
EHLERS
b ASSOClA1C.S INC
NOV 23 '99 11:38Ap1 EHLERS 8 ASSOCIATES
52.600.000 General Obligation Promissow Notes .. -
@ty of Muskego, WI
P .3/4
Page 2
B - - ~.
NAME OF BIDDER .. RATE -YEAR . . - . . . . NET TRUE
COST RATE PmcE INTEREST INTEREST
ROBERT W. EAIRD b COMPANY, INC. 4.509'. '2001. ~ s2,588,s47.55 $751.607.45 4.8987%
Kirlin Securities. Inc.
Milwaukse. WI 4.55% 2002 . -
4.65% 20032004 :
4.15% 20052006
4.859: 2007
4.90% 2008
5.001: 2009
,-. ~.
MILLER, JOHNSON & KUEHN, INC
Minneapolis. MN
HARRIS TRUST a SAVINGS BANK
Chocsgo. IL
4.50% 2001
4.60% 2002
4.65% 2003,
4.75% 2004-2005
4.80% 2006
A.85X 2007
4.90% 2008
4.95% 2009
4.20% 2001
4.400,: 2002
4.50% 2003
4.600,; 2004
4.65% 2005
4.75% 2006
4.875% 2007
4.95% 2008
5.00% 2009
$2.597.416.00 a751 .moo 4.9005%
$2,581,255.00 $751,557.50 4.9008%
GRIFFlh'. KUBIK. STEPHENS & THOMPSON INC. 4.40% 2001 $2.580.600.00 $757,261.32 4.9442%
Chicago. IL 4.60% 2002.2003
4.70% 2004
4.75% 2005
4.875% 2006-2007
4.90% 2008-2009
612 336 4520 pat€ a3
NOV 23 '99 N:~BAM EHLERS a RSSOCIRTES
P. 4/4
52,6M),OOO General Obligation Promissory Notes
.City of Muskego, WI .~ .~ . .. .~ Page 3
~- ~ - NAME OF BIDDER RATE^ YEAR- ~- NET TRUE INTEREST INTEREST COST RATE - ~ PRICE
FRST UNION SECURITIES. INC. ~ ~ ~ - 4.50%
Chicago, IL 4.55%
4.65%
4.70%
4.80%
4.85%
4.95%
5.05%
~. -.
.~
'2001 -2002
2003
2ML" ."
20.65
2006
2007
2000
2009
DAlN RAUSCHER, INC.
Memphis. TN
~ -4.503: ~~ 2001 -?003"-.... :
4.60% 2004 .'
4.75% 2005
4 85% 2006
4.95% 2007
5.000.: 2ooa.2009
BANC ONE CAPITAL MARKETS, INC. 4.70% 2001-2004
4.90% 2006
4.80% 2005
5.00% 2007
5.10% 2009
5.05% 2008
$2,580.500.00 6759.290.00
52,580.500.00 $761.822.50
$2.580.500.00 S775.870.00
4.9546%
4.97150:.
5.0648%
612 336 4520 PRGE .04