Number
010249
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to the issuance of Airport Facility Revenue Bonds (Air Wisconsin Airlines Corporation Project).
Analysis
This substitute resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $6,000,000 to finance costs related to the construction and equipping of a facility by Air Wisconsin Airlines Corporation; waives the public bidding requirement for construction work on the facility; requires that Air Wisconsin Airlines Corporation use its best efforts to utilize disadvantaged businesses in the construction of the 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 66.1103, 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 therefore.
(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, Air Wisconsin Airlines Corporation, a Delaware 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 an ...
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