NUMB:
991641
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution of intent to issue Industrial Development Revenue Bonds (Leader Paper Products Project). (DCD)
ANLS:
- Analysis -
This resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $4,000,000 to finance costs related to the rehabilitation, remodeling and expansion of its manufacturing facility located at 935 South Fifth Street, City of Milwaukee, and the acquisition of certain new machinery and equipment and installation of the equipment in the facilities (collectively referred to as the "Project"); 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, Leader Paper Products, 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 ...
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