STATE OF WISCONSIN
Town of ________
________ County
Resolution No. ____, of the Town of ________, ________ County, Wisconsin, adopted by a majority of the town board on a roll call vote with a quorum present and voting and proper notice having been given, on _________ ___, 20__, at a meeting held at ________________ [state place of meeting].
Whereas, the initial resolution No. ____, to bond the Town of ________, ________ County, Wisconsin, for $________ for the purpose of ________, was approved by the electors of the town at a special election held on ________ ___, 20__;
Now, therefore, be it resolved:
1. That the bonds, called ________, shall be in the denomination of $1,000 each, shall be numbered consecutively from ________ to ________, inclusive, and shall mature as follows:
Bonds numbered ____ to ____, inclusive, aggregating $________ on ________ ___, 20__.
Bonds numbered ____ to ____, inclusive, aggregating $________ on ________ ___, 20__.
Note: Complete schedule for all bonds.
2. That the bonds shall bear interest at the rate of ____% per annum, payable on ________ ___, 20__, and [semiannually thereafter on the ________ day of ________ and the ________ day of ________ in each year or annually thereafter on the _____ day of ________ in each year], and both principal and interest shall be payable in lawful money of the United States of America, at ________, in the City of ________, Wisconsin.
3. That the bonds shall be signed by the chairperson and clerk of the Town of ________, in their official capacities, [if applicable and that the interest accruing on the bonds be evidenced by coupons thereto attached, signed with the facsimile signatures of the officers].
4. That the authorized bonds [if applicable and coupons] shall be in substantially the following form:
[Signatures of town board]
Attest: [Signature of town clerk]
STATE OF WISCONSIN
________ COUNTY
TOWN OF ________
[state name of bond]
Know all by these presents, that the Town of ________, ________ County, Wisconsin, hereby acknowledges itself to owe, and for value received promises to pay, [if applicable to the bearer hereof,] the sum of One Thousand Dollars ($1,000.00) on the ____ day of ________, 20__, together with interest thereon at the rate of ________ percent (___%) per annum from the date hereof until paid, [payable semiannually on the ___ day of ___ and the ___ day of ___ each year or annually on the ___ day of ___ in each year] [if applicable upon presentation and surrender of the interest coupons hereto attached as they severally become due]. Both the principal hereof and the interest hereon are hereby made payable in lawful money of the United States of America at ________ in the City of ________, Wisconsin.
For the prompt payment of this bond, both principal and interest, and for the levy of taxes sufficient in amount for that purpose, the full faith, credit, and resources of the Town of ________, ________ County, Wisconsin, are hereby irrevocably pledged.
This bond is one of a series of ________ bonds of like date and tenor, except maturity, issued by the Town of ________ for the purpose of ________ pursuant to an initial resolution properly adopted by the Town Board of the Town of ________ and approved by a majority of the electors of the town voting thereon at a special election held on the ____ day of ________, 20__.
Note: Section
67.06 authorizes the bond form to include a provision that would permit calling the bonds “with or without premium on conditions prescribed on it.” If the town board adopts a resolution making the bonds callable, the bond form should include a statement of the call terms as a separate paragraph at this point.
It is hereby certified and recited that all acts, conditions, and things required by law to be, or to be done, precedent to, and in the issuing of this bond, did exist, have happened, and have been done and performed in regular and due time and form as required by law; that the indebtedness of the Town of ________, including the issue of which this bond is one, does not exceed any limitation imposed by law; and that a direct, annual, irrepealable tax has been levied by the town sufficient to pay the interest on this bond as it falls due and also to pay and discharge the principal hereof at maturity.
In testimony whereof, the town, by its town board, has caused this bond to be signed by its chairperson and by its clerk, in their official capacities, [if applicable and the coupons hereto attached to be signed by the officers by their facsimile signatures,] which officers do by the execution hereof, adopt as and for their respective proper signatures, [if applicable their respective facsimile signatures appearing on the coupons,] this ____ of ________, 20__.
TOWN OF ________, ________ COUNTY, WISCONSIN
By: [Signature of town chairperson]
Attest: [Signature of town clerk]
Coupon
On the ____ of ________, 20__, the Town of ________, ________ County, Wisconsin, will pay to bearer $________, at ________ in the City of ________, Wisconsin, for interest due that day on its ________ Bond, in the amount of $1,000.00, dated ________ ___, 20__, No. ________.
TOWN OF ________, ________ COUNTY, WISCONSIN
By: [Signature of town chairperson]
[Face of bond when folded]
No. ________
UNITED STATES OF AMERICA
State of Wisconsin
COUNTY OF ________, Town of ________
$1,000.00
[state name of bond]
________ Percent
Principal Due
________ ________, ________.
Interest Payable on the ____ of ________ and ________
Principal and Interest
Payable at ________, Wisconsin
CERTIFICATE OF [ATTORNEY G
ENERAL or ATTORNEY]
As [attorney general of Wisconsin or an attorney under
s. 67.10 (7), Wis. stats.], I hereby certify that I have examined a certified copy of all the proceedings preliminary to the issue of ________ Bonds of the Town of ________, ________ County, Wisconsin, of the denomination of $1,000.00 each, numbered from ________ to ________, inclusive, aggregating $________ for the purpose of ________, of which issue this bond is one; that I find the proceedings regular and valid; that this bond is incontestable except for constitutional reasons, unless an action making such contest shall be brought in a court having jurisdiction of the action within 30 days of the recording of this certificate in the office of the clerk of the municipality issuing the same.
[Signature of attorney general of Wisconsin or signature of attorney]
Recorded ________ ___, 20__.
[Signature of town clerk]
5. That for the purpose of paying the interest on the bonds as it falls due and also to pay and discharge the principal thereof at maturity, there is hereby levied a direct, annual, irrepealable tax on all of the taxable property, both real and personal, in the Town of ________, ________ County, Wisconsin, in the following amounts for the following years:
For the year 20__, a tax sufficient to raise the sum of $________, being $________ to pay interest coming due ________ ___, 20__, $________ to pay interest coming due ________ ___, 20__, and $________ to pay principal maturing ________ ___, 20__.
For the year 20__, [continue as above].
Note: Complete the tax levy for each year. Be sure that the tax levy is such that it will produce the money to pay principal and interest by the time they become due.
6. Whenever there are insufficient funds on hand from the taxes hereby levied to pay interest as it becomes due or any principal as it matures, the interest shall be promptly paid from the general fund of the Town of ________, ________ County, Wisconsin.
7.
That the town clerk shall submit a certified copy of all of the proceedings preliminary to the issuance of the aforesaid bonds and the unsigned bonds to [the attorney general of Wisconsin or an attorney under
s. 67.10 (7), Wis. stats.] for examination and certification.
8. That the town clerk is hereby authorized and directed to advertise for sealed bids for the sale of the bond issue in the sum of $________.
9. That all resolutions in conflict herewith are hereby repealed and all resolutions and proceedings in conformity herewith are hereby affirmed.
Note: It is not necessary to the validity of the bonds that the proceedings be submitted to the attorney general or to an attorney under
s. 67.10 (7), Wis. stats., but it is desirable because if the attorney general or the attorney certifies to the bonds, they become incontestable, except for constitutional reasons, after 30 days from the recording of the attorney general's or the attorney's certificate in the clerk's office; submission to the attorney general or an attorney under
s. 67.10 (7), Wis. stats., is optional with the town, but if submitted, as provided for in the above form, the clerk should prepare an exact copy of the entire record of the proceedings and certify it to the attorney general or the attorney. The clerk should not send the original papers, but should send a copy of so much of the town bond record book as relates to the particular bond issue. The following is the form of certificate that is suggested by the attorney general:
Town Clerk's Certificate of Copy of Proceedings
STATE OF WISCONSIN
Town of ________
________ County
As clerk of the Town of ________, ________ County, Wisconsin, I certify that I have compared the foregoing copy of the record of the proceedings preliminary to the issue of ________ bonds by the town, and that the same is a true and correct copy of the proceedings had in connection with the proposed bond issue as initiated by resolution of the town board of the town of ________, passed on the ____ day of ________, 20__.
Dated this ______ day of ________, 20__.
[Signature of town clerk]
Note:
Section 67.05 (13), Wis. stats., provides that bonds authorized under various initial resolutions may in the discretion of the town board be combined into one issue and designated as “corporate purpose bonds.” If bonds authorized under 2 or more initial resolutions are to be combined into one issue, a resolution similar to the following one should be adopted by the town board and one resolution fixing details and specifying the form of the corporate purpose bond should be adopted for the combined issue instead of one such resolution for each initial resolution. The form of the bond fixed in such resolution, however, should separately itemize the amount of bonds being issued for each of the purposes provided in the underlying initial resolutions.
