NUMB:
970780
VERS:
SUBSTITUTE 1
REF:
970471
XXBY:
THE CHAIR
TITL:
Substitute resolution amending the terms of Industrial Development Revenue Bonds (Signature Flight Support Corporation Project).
ANLS:
- Analysis -
On July 25, 1997 the Common Council authorized the issuance of $2,000,000 of tax exempt industrial development revenue bonds to finance the construction of a new terminal facility for Signature Flight Support Corporation, construct a fuel farm and upgrade hangars, all at 923 East Layton Avenue. Costs have increased beyond the initial estimate of $2,000,000. This substitute resolution increases the amount of the bond issue up to $3,000,000 to cover these additional expenses.
BODY:
Whereas, In Common Council File No. 970471 adopted on July 25, 1997 (the "Bond Resolution") the Common Council authorized the issuance of $2,000,000 principal amount of industrial development revenue bonds for facilities to be operated by Signature Flight Support Corporation (the "Eligible Participant"); and
Whereas, The Eligible Participant now desires to increase the scope of the project to be financed and has requested that the authorized amount of bonds be increased to any amount not to exceed $3,000,000; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Bond Resolution be amended to change the figure "$2,000,000" and the phrase "not to exceed $2,000,000" in each place that they appear to read "not to exceed $3,000,000."
ZDPT:
DFTR:
DCD/JS/jml
09/08/97