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COl\IMO~ COUNCIL - CITY OF Mt:SKEGO
RESOLUTION #082-2006
INITIAL RESOLUTION AUTHORIZING THE BORROWING OF $S,27S,OOO
AND PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2006 THEREFORE
WHEREAS, the Common Council of the City of Muskego, Waukesha County.
Wisconsin (the "City") hereby tinds and detennines that it is necessary, desirable and in
the best interest of the City to raise funds for the purpose ofpaymg the cost ofrefunding
certain outstanding obligations of the City, to wit: $6,125.000 General Obligation
Corporate Purpose Bonds, dated December I, 1997 (the" 1997 Bonds), and there are
insufficient funds on hand to pay said costs;
WHEREAS. The Common Council deems it to be necessary. desirable and in the
best interest of the City to refund the 1997 Bonds for the purpose of achieving debt
service cost savings:
WHEREAS. Cities arc authorized by the provisions of Chapter 67 of the
Wisconsin Statutes to borrow money and to issue general obligation refunding bonds to
refinance their outstanding obligations:
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section I. AuthorizatiQn of the Bonds. For the purpose of paying the cost of the
refunding, there shall be borrowed pursuant to Chapter 67 of the Wisconsin Statutes. the
principal sum of FIVE MILLION TWO HUNDRED SEVENTY-FIVE THOUSAND
DOLLARS ($5,275JlOO) from Hutchinson, Shockey. Erley & Co. (the "Purchaser") by
subsequent resolution of the Common Council.
Section 2. Sale of the Bonds. To evidence such indebtedness, the Mayor and
City Clerk are hereby authorized, empowered and directed to make, execute, issuc and
sell to the Purchaser for, on behalf of and in the name of the City, general obligation
refunding bonds aggregating the principal amount of FIVE ~v'IILLION TWO HUNDRED
SEVENTY-FIVE THOUSAl\D DOLLARS ($5,275,000) or such other amount as
necessary to accomplish said refunding (the "Bonds").
Section 3. Tenns of the Bonds. The Bonds shall be designated "General
Obligation Refunding Bonds. Series 2006":shall be in the denomination of $5,000 or any
integral multiple thereof shall be numbered I and upward: shall be dated, and shall
mature in the years and principal amounts as specified by subsequent resolution of the
Common Council.
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Resolution #082-2006 Page 2
Section 4. A\vard of the Bonds. At a subsequent meeting, the Common Council
shall consider taking further action to provide the details of the Bonds; to award the
Bonds to the Purchaser; and to levy a direct annual ilrrepealable tax sufficient to pay the
principal of and interest on the Bonds as the same becomes due as required by law.
Section 5. Cont1icting Resolutions; Severability:~rective Date. All prior
resolutions, rules or other actions of the Common Councilor any parts thereof in conflict
with the provisions hereof shall be, and the same arc, hereby rescinded insofàr as the
same may so conflict. In the event that anyone or more provisions hereof shall for any
reason be held to be illegal or invalid, such illegality or invalidity shall not affect any
other provisions hereof. The foregoing shall take c1fect immediately upon adoption and
approval in the manner provided by law.
Adopted and recorded this 25th day of April, 2006.
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Charles Damaske~
Mayor
Attest:
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Janicc Moycr
CiW Clerk .../