City of Milwaukee - File #: 001369

• File #: 001369
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 1/16/2001
• In control: ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 2/6/2001
• Title: Resolution relating to the issuance of Industrial Development Revenue Bonds (Skyway Airlines Project). (DCD)
• Sponsors: THE CHAIR
• Indexes: INDUSTRIAL DEVELOPMENT, INDUSTRIAL DEVELOPMENT BONDS, INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
2/15/2001	0	CITY CLERK	PUBLISHED; Minutes note: A "Notice to the Electors" was published in the Daily Reporter per Jim Scherer.
2/12/2001	0	MAYOR	SIGNED
2/10/2001	0	CITY CLERK	PUBLISHED; Minutes note: A "Notice of Public Hearing" was published in the Journal Sentinel on 2/10/01 per Jim Scherer.
2/6/2001	0	COMMON COUNCIL	ADOPTED	Pass	16:0
1/29/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
1/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
1/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
1/16/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
001369
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution relating to the issuance of Industrial Development Revenue Bonds (Skyway Airlines Project). (DCD)
Analysis
This resolution sets forth the intent of the City to issue industrial development revenue bonds in an amount not to exceed $8,000,000 to finance costs related to the construction and equipping of a facility by Astral Aviation, Inc.; waives the public bidding requirement for construction work on the facility; requires that Astral Aviation, Inc. use its best efforts to utilize disadvantaged businesses in the construction of the facility; 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 66.1103, 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, re-equipping, 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.

(c) To finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement with respect to such project also relates to another project of the same eligible participant some part of which is located within such limits; and

Whereas, Astral Aviation, I...