Number
031162
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the amendment of City of Milwaukee Industrial Development Revenue Bonds (Accurate Metal Products, Inc. Project) Series 1999.
Analysis
In 1999, the City issued $1,000,000 of tax-exempt industrial development revenue bonds to provide financing for the acquisition, renovation and equipping of an industrial facility located at 8165 West Tower Avenue. The bonds were issued on behalf of AMP Properties LLC, which owns the facility and leases it to Accurate Metal Products, Inc. This substitute resolution makes certain technical changes to the terms of the bond issue, including the amortization schedule and the interest rate. As with all industrial development revenue bonds, the City serves as a conduit for this form of lower-cost financing, but does not guarantee payment on the debt.
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 66.1101, 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, reequipping, 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, Pursuant to a Resolution (the "Bond Authorizing Resolution") adopted by the Com...
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