IMMEDIATE ADOPTION
Number
203541
Version
ORGINAL
Reference
Sponsor
Ald. Bauman
Title
Resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of Germania Historic, LLC to finance renovations and capital improvements, among other items, to its multifamily housing facility located at 135 West Wells Street, in the 4th Aldermanic District.
Analysis
The Public Finance Authority is a public body corporate and politic created by the State of Wisconsin with the authority to issue conduit revenue bonds to finance a project 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 multifamily housing facility owned by Germania Historic, LLC, located at 135 West Wells Street. 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 (the "PFA") is a unit of government and body corporate and politic of the State of Wisconsin (the "State") created pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the 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") by and among Adams County, Wisconsin; Bayfield County, Wisconsin; Marathon County, Wisconsin; Waupaca County, Wisconsin; and the City of Lancaster, Wisconsin together with any other political subdivision that may from time to time be designated as a "Member" of the PFA pursuant to the Joint Exercise Agreement (collectively, the "Members"); and
Whereas, the PFA is authorized and empowered under the Act and by the Joint Exercise Agreem...
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