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...
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