NUMB:
990244
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution of intent to issue Industrial Development Revenue Bonds (Sellars Absorbent Materials, 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 $7,000,000, to finance costs related to the acquisition and renovation of manufacturing facilities at 6540 and 6600 North Industrial Road and the acquisition and installation of new machinery and equipment; 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 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; and
Whereas, Sellars Absorbent Materials, Inc., a Wisconsin corporation (the "Eligible Participant"), has been considering undertaking a project in the City and the Eligible Participant has represented to the City that it would be an encouragement and inducement for the Eligible Participant to proceed if the project could be financed with reve...
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