Number
131496
Version
ORIGINAL
Reference
Sponsor
ALD. PUENTE
Title
Resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of Crown Court Prairie Haven, LLC, a Wisconsin limited liability company, to finance the acquisition, rehabilitation and equipping of a 222-unit residential rental facility for seniors of low and moderate income located at 8949 North 97th Street, in the 9th Aldermanic District, City of Milwaukee.
Analysis
The Public Finance Authority is a public body corporate and politic created by the State of Wisconsin pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304, Wisconsin Statutes, with the authority to issue conduit revenue bonds to finance projects with the approval of the political subdivision in which the project is located. This resolution constitutes City approval of the issuance of conduit revenue bonds by the Public Finance Authority for the Prairie Haven Apartments Project. City approval of the project and the issuance of the bonds shall not give rise to a debt or pecuniary liability or a legal or moral obligation of the City for any reason whatsoever.
Body
Whereas, The Public Finance Authority (“PFA”) is a unit of government and body corporate and politic of the State of Wisconsin created pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304, Wisconsin Statutes, commonly known as the “Joint Exercise of Powers Law” (as amended, the “Act”) and an Amended and Restated Joint Exercise of Powers Agreement, dated September 28, 2010 (the “Joint Exercise Agreement”); and the PFA is authorized and empowered under the Act and by the Joint Exercise Agreement to, among other things, issue bonds, notes or other evidences of indebtedness in connection with, and to make loans to assist in the financing of “projects” located inside and outside of the State of Wisconsin; and
Whereas, Crown Court Prairie Haven, LLC, (“Borrower”) wishes to finance the acquisition, rehabili...
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