City of Milwaukee - File #: 130653

• File #: 130653
• Version: 3
• Type: Resolution
• Status: Passed
• File created: 9/4/2013
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 10/15/2013
• Title: Substitute resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of HOPE Christian Schools to finance a project consisting of 3 elementary schools located in the City of Milwaukee in the 15th, 1st and 6th Aldermanic Districts.
• Sponsors: ALD. HINES JR.
• Indexes: REVENUE BONDS, SCHOOLS

Date	Ver.	Action By	Action	Result	Tally
10/24/2013	2	MAYOR	SIGNED
10/15/2013	2	COMMON COUNCIL	SUBSTITUTED; Minutes note: Proposed Substitute A accepted.	Pass	15:0
10/15/2013	2	COMMON COUNCIL	ADOPTED	Pass	15:0
10/7/2013	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Individuals appearing: President Willie Hines, 15th Aldermanic District Thomas Gartner, City Attorney's Office Jim Scherer, Department of City Development Ald. Zielinski moved substitution of the file with Proposed Substitute A. (Prevailed 3-0)	Pass	3:0
10/7/2013	2	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
10/1/2013	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/1/2013	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/17/2013	1	CITY CLERK	DRAFT SUBMITTED
9/4/2013	0	COMMON COUNCIL	ASSIGNED TO

Number
130653
Version
SUBSTITUTE 3
Reference

Sponsor
ALD. HINES
Title
Substitute resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of HOPE Christian Schools to finance a project consisting of 3 elementary schools located in the City of Milwaukee in the 15th, 1st and 6th Aldermanic Districts.
Analysis
The Public Finance Authority is a public body corporate and politic created by the State of Wisconsin pursuant to the provisions of ss. 66.0301, 66.0303 and 66.0304, Wis. Stats., with the authority to issue conduit revenue bonds to finance projects 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 HOPE Christian Schools project. 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 (“PFA”) is a unit of government and body corporate and politic of the State of Wisconsin created pursuant to the provisions of ss. 66.0301, 66.0303 and 66.0304, Wis. Stats., 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”); and the PFA is authorized and empowered under the Act and by the Joint Exercise Agreement to, among other things, issue bonds, notes or other evidences of indebtedness in connection with, and to make loans to assist in the financing of, “projects” located inside and outside of the State of Wisconsin; and

Whereas, Educational Enterprises, Inc. (“EEI”) is a Wisconsin nonprofit corporation and the sole member of EEI Real Estate Holdings: Prima, LLC, EEI Real Estate Holdings: Fortis, LLC and EEI Real Estate Holdings: Semper, LLC, each of whi...