NUMB:
991069
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution establishing application and issuance fees for projects financed with Industrial Development Revenue Bonds. (DCD)
ANLS:
- Analysis -
This resolution establishes a $1,000 application fee and an issuance fee of .5 percent of the amount of the bonds to be charged to firms or organizations financing projects through the issuance of tax-exempt Industrial Development Revenue Bonds by the City of Milwaukee.
BODY:
Whereas, Pursuant to Wisconsin Statutes, Section 66.521, the City of Milwaukee ("City") may finance industrial and manufacturing facilities, and certain other projects, through the issuance of tax-exempt Industrial Development Revenue Bonds; and
Whereas, The City believes it is appropriate to charge the users of this financing program an appropriate application and issuance fee, the proceeds of which would be applied to defer staff, legal, and publishing costs associated with the issue and also contribute to the cost of the City's general economic development programs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the following fees shall be charged for all projects financed with Industrial Development Revenue Bonds pursuant to Wisconsin Statutes, Section 66.521:
A. A $1,000 application fee shall be paid prior to consideration of any initial resolution by the Common Council of the City of Milwaukee.
B. A one-time issuance fee equal to .5 percent of the initial principal amount of the bond issue shall be paid to the City upon issuance of the bonds; and, be it
Further Resolved, That this fee schedule shall apply to any and all projects financed with Industrial Development Revenue Bonds for which an initial resolution is adopted on or after the date of adoption of this resolution.
ZDPT:
DFTR:
DCD:JS:arj
10/19/99/A