NUMB:
990245
VERS:
SUBSTITUTE 2
REF:
981590
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing issuance of Industrial Development Revenue Bonds (SEMCO, Inc. Project).
ANLS:
- Analysis -
This substitute resolution authorizes the issuance of up to $3,500,000 of Industrial Development Revenue Bonds, Series 1999 (SEMCO, Inc. Project), to finance costs related to the acquisition of a nine-acre site in the Towne Corporate Park (107th and West Brown Deer Road) and the construction and equipping of an 82,000 square foot manufacturing facility to be owned and operated by SEMCO, Inc., a manufacturer of custom paper filing products.
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 (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 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, SEMCO, Inc., a Wisconsin corporation (the "Borrower"), has heretofore requested the City to issue industrial development revenue bonds to finance a project on behalf of the Borrower as the eligible participant (the "Eligible Participant") under the Act; and
Whereas, The Common Council of the City of Milwaukee (the "Common Council") has heretofore found and determined that said...
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