NUMB:
980330
VERS:
ORIGINAL
REF:
XXBY:
ALD. NARDELLI AND HENNINGSEN
TITL:
Resolution relating to the issuance of Industrial Development Revenue Bonds (YMCA of Metropolitan Milwaukee, Inc. Project). (DCD)
ANLS:
- Analysis -
This resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $15,000,000 to finance costs related to the construction and equipping of recreational and related facilities and related improvements by The Young Men's Christian Association of Metropolitan Milwaukee, Inc.; waives the public bidding requirement for construction work on the facilities; and authorizes a public hearing on the bonds.
BODY:
Whereas, The City of Milwaukee, Wisconsin (the "City") is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.521, Wisconsin Statues, as amended (hereinafter sometimes referred to as the "Act"):
(a) To issue revenue bonds to finance all or any part of the costs of the construction, equipping re-equipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, maintaining, repairing, enlarging, extending or remodeling of projects which qualify under the Act and the improvement of the sites therefor.
(b) To enter into a revenue agreement with an eligible participant pursuant to which the eligible participant agrees to cause said projects to be constructed and to pay the City an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said revenue bonds; and
Whereas, The Young Men's Christian Association of Metropolitan Milwaukee, Inc., a Wisconsin nonprofit corporation (the "Eligible Participant"), has considered undertaking projects at 161 West Wisconsin Avenue, and in the vicinity of North 91st Street and West Brown Deer Road in the City and the Eli...
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