NUMB:
990113
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution relating to the issuance of Industrial Development Revenue Bonds (Goodwill Industries of Southeastern Wisconsin, Inc. Project). (DCD)
ANLS:
-Analysis-
This resolution sets forth the intent of the City to issue industrial development revenue bonds in an amount not to exceed $9,200,000 to finance costs related to the acquisition, construction, improvement and equipping of facilities by Goodwill Industries of Southeastern Wisconsin, Inc. in Milwaukee and elsewhere; waives the public bidding requirement for construction work on the facilities; requires that Goodwill Industries of Southeastern Wisconsin, Inc. use its best efforts to utilize disadvantaged businesses in the construction of the Milwaukee facility; 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 Statutes, 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, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, maintaining, repairing, enlarging, extending or remodeling of a project which qualifies under the Act and the improvement of the site therefor.
(b) To enter into a revenue agreement with an eligible participant pursuant to which the eligible participant agrees to cause said project 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.
(c) To finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement with respect to s...
Click here for full text