HomeMy WebLinkAboutResolution 1987 (34) RESOLUTION # SY ( e 7 )
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE
BY THE COUNTY OF ST. CROIX, WISCONSIN OF $764,546.56
GENERAL OBLIGATION MUNICIPAL INSURANCE MUTUAL PROMIS-
SORY NOTES SERIES 1987-A, FOR THE PURPOSE SPECIFIED
THEREIN; PROVIDING FOR THE FORM AND CONTENTS OF SAID
NOTES; FIXING THE RATE OF INTEREST THEREON; LEVYING
TAXES; AND PROVIDING FOR THE SALE OF SAID NOTES
WHEREAS, the County of St. Croix, Wisconsin (hereinafter
called the "Municipality ") has, together with other municipalities
of the State of Wisconsin, entered into a charter- contract pursuant
to Section 66.30 of the Wisconsin Statutes creating the Wisconsin
Municipal Mutual Insurance Company (hereinafter called the "Com-
pany"); and
WHEREAS, the Municipality has been presented with
certain amendments to said charter - contract, which this body has •
found to be in the best interests of the Municipality; and
WHEREAS, the Municipality is authorized by Section
66.30(3m) of the Wisconsin Statutes to finance the Company through
the issuance of promissory notes; and
WHEREAS, the Company has contracted to issue $13,935,000.00
principal amount of revenue bonds (the "Bonds ") pursuant to Section
66.066 of the Wisconsin Statutes; and
WHEREAS, the Municipality, together with other members
of the Company, desires to finance the Company by providing funds,
through the sale of its promissory note, for the purchase of a
letter of credit (the "Letter of Credit ") which will provide for
the timely payment of the Bonds. Additional detail on issuance of
insurance mutual promissary notes available in the County Clerk's office.
Dated this / 0 day of L i)--tW---crtie-C-) , 1987.
FINANCE,BUD TytDING AND BOND COMMITTEE
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