CCR2002249(General Obligation Promissory Notes, Series 2002)
of Common Council Held November 26, 2002
Excerpts of Minutes of Meeting
A duly-convened meeting of the Common Council of the City of
November 26, 2002 and called to order by the Mayor at
Muskego, Waukesha County, Wisconsin, was held in open session on
The following Alderpersons were present:
P.M.
The following Alderpersons were absent:
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 Muskeso 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.
The Mayor opened the meeting by announcing that this was an
0 (Here occurred matters not pertinent to the note issue.)
QBMKn 5329326.1
0 The City Clerk read the following resolution:
Resolution No. dL/,?- dooa
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2002
OF $1,850,000
WHEREAS the City of Muskego, Waukesha County, Wisconsin
the sum of One Million Eight Hundred Fifty Thousand Dollars
(sometimes hereinafter called the "City") is presently in need of
public safety projects, public works equipment, library software,
($1,850,000) for public purposes, including paying the cost of
park and recreation projects and preparation of an economic
development plan; and
best interest of the City that the monies needed for such
WHEREAS the Common Council deems it necessary and in the
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 $1,850,000 General Obligation Promissory Notes, Series
2002 (the "Notes") as described on the bid tabulation attached
0
hereto as Exhibit A and incorporated herein by this reference
(the "Bid Tabulation") ; and - WHEREAS it has been determined that the best bid received
was that submitted by the bidder (the "Purchaser") whose bid is
attached hereto as Exhibit B and incorporated herein by this
reference (the "Proposal I) ) ;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego, Waukesha County, Wisconsin, that:
Section 1. Award. The bid of the Purchaser for the
purchase price set forth in the Proposal be and it hereby is
accepted and the Mayor and City Clerk are authorized and directed
to execute an acceptance of the offer of said successful bidder
on behalf of the City. The good faith deposit of the Purchaser
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.
Section 2. The Notes. The Mayor and City Clerk shall make,
execute and deliver the Notes to the 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
each or whole multiples thereof, numbered from R-1 uDward and
interest, in the denomination of Five Thousand Dollars ($5,000)
0 dated December 1, 2b02 The Notes shall bear interest at the
-2- QBMKE\S329316.1
@ June 1 of each year, in the years and principal amounts set forth
rates per annum set forth in the Proposal and shall mature on
in the debt service schedule attached hereto as Exhibit C and
incorporated herein by this reference (the "Schedule") .
Interest on the Notes shall be payable on June 1 and
December 1 of each year, commencing June 1, 2003. Interest shall
be computed upon the basis of a 360-day year of twelve 30-day
months and will be rounded pursuant to the rules of the Municipal
Securities Rulemaking Board.
subject to call and prior payment at the option of the City in
Notes maturing in the years 2010 through 2012 shall be
whole or from time to time in part on June 1, 2009 or on any date
of redemption. The amounts and maturities of the Notes to be
thereafter at the price of par plus accrued interest to the date
redeemed shall be selected by the City. If less than the entire
principal amount of any maturity is to be redeemed,-the Notes of
that maturity which are to be redeemed shall be selected by lot.
substantially the form attached hereto as Exhibit D and
incorporated herein by this reference.
Section 3. Form of Notes. The Notes shall be in
Section 4. Tax Provisions.
A) Direct, Annual IrreDealable Tax. For the purpose
of paying :he principal of and interest on the Notes as the same
become due, the full faith, credit and resources of the City are
hereby irrevocably pledged and there be and there hereby is
levied on all the taxable property in the City a direct, annual,
irrepealable tax in the years 2002 through 2011 for payment of
principal of and interest on the Notes in the years 2003 through
2012 in the amounts set forth in the Schedule.
(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 of the Notes, said tax shall be, from year to
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
available, which sums shall be replaced upon the collection of
requisite amounts shall be paid from other funds of the City then
the taxes herein levied.
(C) Additional Funds. If at any time there shall be on
3- QBMKE\ 5329126.1
Section 5. Debt Service Fund and Account.
(A) Creation and DeDosits. There be and there hereby
is established in the treasury of the City, if one has not
already been created, a debt service fund, separate and distinct
with generally accepted accounting principles. Sinking funds
from every other fund, which shall be maintained in accordance
established for obligations previously issued by the City may be
considered as separate and distinct accounts within the debt
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 $1,850,000 'General Obligation
Promissory Notes, Series 2002' dated December 1, 2002" (the "Debt
Service Account") and such account shall be maintained until the
indebtedness evidenced by the Notes is fully paid or otherwise
Service Account (i) all accrued interest received by the City at
extinguished. The City Treasurer shall deposit in such Debt
herein levied for the specific purpose of meeting principal of
the time of delivery of and payment for the Notes; (ii) the taxes
be necessary at any time to pay principal of and interest on the
and interest on the Notes when due; (iii) such other sums as may
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
specified in Section 6 hereof; and (vi) such further deposits as @ may be required by Sec. 67.11, Wis. Stats.
1B) Use and Investment. No money shall be withdrawn
from the Debt Service Account and appropriated for any purpose
until all such principal and interest has been paid in full and
other than the payment of principal of and interest on the Notes
canceled; provided (i) the funds to provide for each payment of
principal of and interest on the Notes prior to the scheduled
receipt of taxes from the next succeeding tax collection may be
maturing in time to make such payments when they are due or in
invested in direct obligations of the United States of America
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 67.11(2) (a), Wis. Stats., in
at the option of the City, be invested by purchasing the Notes as
interest-bearing obligations of the United States of America, in
by law, which investments shall continue to be a part of the Debt
other obligations of the City or in other investments permitted
Service Account
(C) Remainins Monies. When all of the Notes have been
paid in full and canceled, and all permitted investments disposed
of, any money remaining in the Debt Service Account shall be
-4- QL" 5319116.1
Council directs otherwise.
deposited in the general fund of the City, unless the Common
Section 6. Proceeds of the Notes. All monies received by
the City upon the delivery of the Notes to the purchaser thereof,
deposited by the City Treasurer into a special fund (the
except for accrued interest and premium, if any, shall be
"Borrowed Money Fund") which shall be maintained separate 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 in the Borrowed Money Fund may be temporarily
invested as provided in Section 66.0603 (lm) , Wis. Stats. 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
cannot be needed for such purposes shall be deposited in the Debt
time, any monies as are not needed and which obviously thereafter
Service Account.
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 "Code"), or the
(the "Regulations"); and an officer of the City, charged with the
responsibility for 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 are not "arbitrage bonds," within the meaning of the Code
or Regulations
Section 7. No Arbitrase. All investments permitted by this
Q
The City Clerk shall keep books for the registration and for the
transfer of the Notes. 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
thereof. All such payments shall be valid and effectual to
interest on any Note shall be made only to the registered owner
of the sum or sums so paid,
satisfy and discharge the liability upon such Note to the extent
Section 8. Persons Treated as Owners: Transfer of Notes.
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
transferee in the registration book. No registration shall be
-5- QBMKH5329326.I
I 0 for transfer.
made to bearer. The City Clerk shall cancel any Note surrendered
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.
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.
The fifteenth day of each calendar month next preceding each
represents and covenants that the projects financed by the Notes
and their ownership, management and use will not cause the Notes
to be "private activity bonds" within the meaning of Section 141
with the provisions of the Code to the extent necessary to
of the Code. The City further covenants that it shall comply
maintain the tax-exempt status of the interest on the Notes
148(f) of the Code. The City further covenants that it will not
including, if applicable, the rebate requirements of Section
omission of any action within its control (including, without
take any action, omit to take any action or permit the taking or
limitation, making or permitting any use of the proceeds of the
Notes) if taking, permitting or omitting to take such action e would cause any of the Notes to be an arbitrage bond or a private
activity bond within the meaning of the Code or would otherwise
cause interest on the Notes to be included in the gross income of
the recipients thereof for federal income tax purposes. 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.
Section 9. ComDliance with Federal Tax Laws. (a) The City
(b) The City also covenants to use its best efforts to meet
the requirements and restrictions of any different or additional
federal legislation which may be made applicable to the Notes
provided that in meeting such requirements the City will do so
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.
Obliqations The Notes are hereby designated as "qualified
Section 10. Desisnation as Oualified Tax-ExemDt
tax-exempt obligations" for purposes of Section 265 of the
ability of financial institutions to deduct from income for
Internal Revenue Code of 1986, as amended, relating to the
federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
-6- QBMKE\ 5329326. I
Book-Entrv-Onlv System. In order to make the Notes eligible for
the services provided by The Depository Trust Company, New York,
New York, the City agrees to the applicable provisions set forth
in the Blanket Issuer Letter of Representations previously
executed on behalf of the City and on file in the City Clerk's
office.
Section 11. Utilization of The DeDositorv Trust ComDany
Section 12. Payment of Issuance ExDenses. The City
authorizes the Purchaser to forward the amount of Note proceeds
allocable to the payment of issuance expenses to U.S. Trust
Company, Minneapolis, Minnesota on the closing date for further
distribution as directed by the City's financial advisor,
Ehlers & Associates, Inc.
Section 13. Official Statement. The Common Council hereby
approves the Preliminary Official Statement with respect to the
Notes and deems the Preliminary Official Statement as "final" for
purposes of SEC Rule 15~2-12. All actions taken by officers of
Official Statement and addenda to it are hereby ratified and
the City in connection with the preparation of such Preliminary
approved. In connection with the closing for the Notes, the
appropriate City official shall certify the Preliminary Official
Statement and addenda. The City Clerk shall cause copies of the
Preliminary Official Statement and addenda to be 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 15~2-12 promulgated by the
Securities and Exchange Commission pursuant to the Securities and
disclosure of certain financial information and operating data
Exchange Act of 1934 (the "Rule") to provide continuing
accordance with the Rule. The Undertaking shall be enforceable
and timely notices of the occurrence of certain events in
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
the provisions of the Undertaking shall not be an event of
default with respect to the Notes).
Section 14. Undertakins to Provide Continuins Disclosure.
the responsibility for issuing the Notes, shall provide a
Continuing Disclosure Certificate for inclusion in the transcript
of proceedings, setting forth the details and terms of the City's
Undertaking.
The City Clerk, or other officer of the City charged with
e Section 15. Records. The City Clerk shall provide and keep
a separate record book and shall record a full and correct
-7- QBMKE\5329316.1
9 of authorizing and issuing these Notes.
statement of every step or proceeding had or taken in the course
Section 16. Bond Insurance. If the purchaser of the Notes
determines to obtain municipal bond insurance with respect to the
Notes, the officers of the City are authorized to take all
actions necessary to obtain such municipal bond insurance. The
provisions as the bond insurer may reasonably request and which
Mayor and City Clerk are authorized to agree to such additional
are acceptable to the Mayor and City Clerk including provisions
regarding restrictions on investment of Note proceeds, the
payment procedure under the municipal bond insurance policy, the
rights of the bond insurer in the event of default and payment of
the Notes by the bond insurer and notices to be given to the bond
bond insurance policy shall be made in the form of Note provided
insurer. In addition, appropriate reference to the municipal
herein.
Section 17. Closinq. The Mayor and City Clerk of the City
Notes to the purchaser thereof upon receipt of the borrowed
are hereby authorized and directed to execute and deliver the
The Mayor and City Clerk may execute the Notes by manual or
funds, accrued interest to date of delivery and premium, if any.
facsimile signature, but at least one of said officers shall sign
the Notes manually.
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.
Adopted, approved and recorded November 26, 2002
Mayor
(SEAL)
Attest:
City Clerk
-8-
Alderperson moved that Resolution No. be
adopted. Motion seconded by Alderperson and carried
by the following vote:
Ayes :
NOS :
The Mavor declare dt :he resc
the Mayor and City Clerk signed same in the appropriate manner in
open meeting
Lution adopted and approved and
(Here occurred business not pertinent to the note issue.)
the meeting adjourned.
There being no further business to come before the meeting,
City Clerk
-9- QBMKE\ 5329326.1
EXHIBIT A
BID TABULATION
(SEE ATTACHED)
QBMKE\ 5129326.1
a BID TABULATION
$1,850,000 General Obligation Promissory Notes, Series 2002
CITY OF MUSKEGO, WISCONSIN
SALE: November 26,2002
AWARD: ROBERT W. BAlRD 8 COMPANY, INC.
RATING, Moody's hveston Service 'Aa3" BBI: 5.00%
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
-
NET TRUE
(June I) nEm COST RATE
ROBERT W. BAlRD h COMPANY, INC. 2005 Milwaukee. Wisconsin 2006
2007
2009
2008
2010
201 1
2012
US BANCORP PIPER JAFFRAY
Minneapolis, Minnesota
GRIFFIN, KUBIK. STEPHENS
&THOMPSON, INC.
Chicago, Ilhnois
2005
2006
2007
2009
2008
2010
2011
2012
2005
2006
2007
2009
2010
201 1
2012
2008
2005
2006
2007
2009
2010
201 1
2012
2008
2.500%
2.750%
3.000%
3.250%
3.300%
3.550%
3.750%
3.850%
2.000%
2.900%
3.125%
3.400%
3.500%
3.500%
3.700%
3.800%
3.000%
3.000%
3.000%
3 100%
3.375%
3.550%
3.800%
4.000%
3.000%
3.000%
3.250%
3.500%
3.500%
3.625%
3.800%
3.900%
$1,8.?4.551.00 $4473,042.75 3.6649%
$1.841,880.00 5483,990.00 3.7459.A
1 ~,SsO,OOO Gensral Obllgation Promissory Notes, Series 2002
City of Muskego, Wisconsin
Page 2
NAh% OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
NET TRUE
(June 1) YIELD COST RATE
L
STIFEL. NICOUUS & CO., INC.
Brookfield, Wisconsin
2005 2.550% Sl.836.184.00 5488.866.00 3.78279(
2006
2007
2.80055
2008
2.800%
2009
3200%
2010
3.450%
201 1
3.70%
3.900%
2012 4.000%
e
NOU 26 '82 10:4E
0 EXHIBIT B
PURCHASE PROPOSAL
(SEE ATTACHED)
QBMKE\5329326.1
""""" "" "1""- """ """"l ""
By: By.
Title: TiLk:
EXHIBIT C
DEBT SERVICE SCHEDULE AND IRREPEALABLE TAX LEVIES
(SEE ATTACHED)
QBMKE\5329326.1
NOV. 26. 2032 10,lGANi
City qfMus&o, WI
$1,850.000 General Obligation Promissory Notes
Dated December 1,2002
DEBT SERVICE SCHEDULE
O* Prindpsl Coupon inleren Total P+I FISCAL TOTAL
12/12noo2
6101/2003 31.675.00 31.675.00
6/01RoOo
31.675.00 31.675.00 g3.350.00
31.675.00
12/01/2M)4
31,675.00
8101~005 150,000.00 2.500): 31.875.00 181.675.00
31,675.00 31,575.00 €3,950.00
12/01/2005
5/01/2006 15o.ow.w 2.750%
29.8W.W 29..3M.00
z9,eoo.w 179.800.00
21 1,475.00
12/01/2W6
6/01/2007 150.0w.w 3.000%
27.737.50 27.73?50
27,737.50
207.537.50
177.737.50
12/01/2007 25,407.50 25.487.50 2mw.00
WOlR000 150.000.w 3.250% 25.407.60
12/01/2008
175.487.50
6/01/2009 I50.GO3.00 3.300% 23.050.00 173,otrO.w W.050.00 198557.50
12/01/2009 20.575.00
6/01R010 300.000.00
20.575.w 193.62500
12/01/2010
3.550% 20.575.00 320.575.00
15.25o.w 15.250.00
6/01/2011 3oo.ow.00 3.750% 15.250.00
335.02S.W
12/01/2011
315.250.00
9.625.00 8,625.00
W01R012 500.wo.00 3.850% 9.625.00 509,625.00
324.875.00
12101/2012
lzmlnocu
23.050.W
509.625.00
Total 1 .&o,ooo.oo 461.425.00 2,311.U5.00
YIELD STATISTICS
Accrued Interen from 12/01R00210 lZ12R002. ... ... .....
Bond Year Dollars. $12,925.00
Average Coupon.
6.908 Years
... 3.57001%3%
Trun Intersat Cost TIC).
Ne1 lnlerezt CM (NIC). 3.5799728.A
Bond Yleld for Arbitrage Purposes.
95696944%
All lncluslve Cost IAIC).
3,53571939.
...... 3.5702668%
IRS FORM 8038
Net Inleresl Corn. ............ ... .........
Weighled Average MaIurily.,
3.503J4B37b
....................... 6.941 Years
1.ss.m
... ... ............ .........
Average Life. ........ ........ ...
... ...........
.......................
............ ........ ......
.........
....
...
Ehterr d AP5ocinIs. Inc. F110 5 MuskewsfmIZ $1850 GO Nmes Dee SINGLE PURPOSE
Leaders In Public Finance 11/26/20021013AM
EXHIBIT D
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WAUKESHA
CITY OF MUSKEG0
GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2002
Date of
Number Rate Maturitv Date Orisinal Issue Amount CUsIp
R- % December 1, 2002 $
FOR VALUE RECEIVED, the City of Muskego, Waukesha County,
Wisconsin, promises to pay to , or registered
DOLLARS ($
assigns, the principal amount of
tosether with interest thereon from December 1. 2002 or the most
) on the maturity date specified above,
recent payment date to which interest has been’paid, unless the
calendar month immediately preceding an interest payment date, in
date of registration of this Note is after the 15th day of the
which case interest will be paid from such interest payment date,
at the rate per annum specified above, such interest being
payable on June 1 and December 1 of each year, with the first
interest on this issue being payable on June I, 2003.
~ ~~
shall be subject to call and prior payment at the option of the
Notes of this issue maturing in the years 2010 through 2012
City in whole or from time to time in part on June 1, 2009 or on
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
entire principal amount of any maturity is to be redeemed, the
Notes of that maturity which are to be redeemed shall be selected
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
books.
each Note to be redeemed at the address shown on the registration
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 that purpose, the full faith, credit and
OBMKE\ 5329326.1
resources of the City of Muskego, Wisconsin, are hereby
irrevocably pledged. The principal of this Note shall be payable
only upon presentation and surrender of this Note at the office
of the City Treasurer. Interest hereon shall be payable by check
or draft dated as of the applicable interest payment date and
mailed from the office of the City Treasurer 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.
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
authorized attorney. Thereupon a new Note or Notes of the same
aggregate principal amount, series and maturity shall be issued
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
purposes. The Notes are issuable solely as negotiable,
on account of the principal or interest hereof and for all other
fully-registered Notes without coupons in authorized
This Note is transferable only upon the books of the City
denominations of $5,000 or any whole multiple thereof.
This Note is issued pursuant to the provisions of Section
67.12(12), Wisconsin Statutes, for public purposes, including
paying the cost of public safety projects, public works
preparation of an economic development plan, and is authorized by
equipment, library software, park and recreation projects and
a resolution of the Common Council of the City, duly adopted by
said Common Council at its meeting duly convened on November 26,
minutes for said date.
2002, which resolution is recorded in the official book of its
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
have existed and have been performed in due form and time; that
and in connection with the issuance of this Note have been done,
the aggregate indebtedness of the City, including this Note and
others authorized simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of
Wisconsin; and that the City has levied a direct, annual
-2- OBMKE\5319326.I
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
considered as a waiver thereof or as a waiver of or acquiescence
exercise any right hereunder shall impair such right or be
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 its 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.
(SEAL )
CITY OF MUSKEGO,
WAUKESHA COUNTY. WISCONSIN
BY City Clerk BY Mayor
-3. QBMKE\ 5319326.1
b
(Form of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
of Assignee)
(Please print or typewrite name and address, including zip code,
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
whatever.
or enlargement or any change
Signature (s) guaranteed by
-4- QBMKE\ 5129326.1