City of Milwaukee - File #: 980467

• File #: 980467
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/7/1998
• In control: ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 7/24/1998
• Title: Substitute resolution authorizing Variable Rate Demand Industrial Development Revenue Bonds (Midwest Express Airlines, Inc. Project).
• Sponsors: THE CHAIR
• Indexes: INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
7/31/1998	2	MAYOR	SIGNED
7/24/1998	2	COMMON COUNCIL	ADOPTED	Pass	15:0
7/24/1998	1	COMMON COUNCIL	AMENDED; Minutes note: Amend the resolution to reduce the amount of bond issue from $9, 500,000 to $8,300,000. 9,500,000 appears in 4 places in the resoluiton -replace with "8,300,000". 1. page 3 - 3rd complete "Whereas" clause. 2. page 4 - "Resolved" clause-item "1.d" 3. page 5 - "Resolved" clause - item "2". 4. page 5 - "Resolved" clause - "item "3". (also change text of analysis from $9,500,000 to $8,300,000)	Pass	15:0
7/20/1998	1	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/14/1998	1	CITY CLERK	DRAFT SUBMITTED
7/9/1998	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/9/1998	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/7/1998	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
980467
VERS:
SUBSTITUTE 2
REF:
971449
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing Variable Rate Demand Industrial Development Revenue Bonds (Midwest Express Airlines, Inc. Project).
ANLS:
- Analysis -

This substitute resolution provides details relating to and authorizes the issuance of industrial development revenue bonds, i.e., $8,300,000 principal amount of Variable Rate Demand Industrial Development Revenue Bonds, Series 1998 (Midwest Express Airlines, Inc. Project), to finance costs of the construction of an aircraft repair hangar, connecting building, and any necessary related improvements in the City of Milwaukee at General Mitchell International Airport, all of which are to be owned by the County of Milwaukee and operated by Midwest Express Airlines, Inc., a Wisconsin corporation.
BODY:
Whereas, The City of Milwaukee, Wisconsin (the "Municipality"), 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, (the "Act"):

a. To issue industrial development revenue bonds to finance all or any part of the costs of the construction, equipping, re-equipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, 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 Municipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said industrial development revenue bonds; and

Whereas, Midwest Express Airlines, Inc. (the "Borrower"), has heretofore requested the Municipality to issue industrial development revenue bonds to finance a...