NUMB:
991195
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
An ordinance establishing application and issuance fees for projects financed with industrial development revenue bonds.
SECS:
81-61 cr
ANLS:
- Analysis -
This ordinance establishes a $1,000 fee for an application filed with the department of city development for financing projects through the issuance of tax-exempt industrial development revenue bonds by the city. In addition, a fee of 0.5% of the initial principal amount of the bond issue shall be charged upon issuance of the bonds.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 81-61 of the code is created to read:
81-61. Industrial Development Revenue Bond Fees. 1. APPLICATION FEE. The fee for any application filed with the department of city development to finance a project through tax-exempt industrial development revenue bonds shall be $1,000. This fee shall be non-refundable.
2. ISSUANCE FEE. A fee of 0.5% of the initial principal amount of the bond issue shall be paid to the city upon issuance of the bonds.
LRB:
APPROVED AS TO FORM
____________________________
Legislative Reference Bureau
Date: _____________________
CATT:
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
___________________________________
Office of the City Attorney
Date: _____________________
ZDPT:
DCD-Economc Development
DFTR:
99398-1
lme
11/3/99