Number
010351
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing execution of the First Supplemental Indenture of Trust and the First Amendment to Loan Agreement relating to Industrial Development Revenue Bonds, Series 1998 (Service Heat Treating, Inc. Project). (DCD)
Analysis
This resolution approves an amendment to the amortization schedule for the industrial revenue bonds issued for Service Heat Treating, Inc. in 1998.
Body
Whereas, Pursuant to an Indenture of Trust, dated as of May 1, 1998 (the "Indenture"), between the City of Milwaukee, Wisconsin (the "City"), and M&I National Trust Company, West Bend, Wisconsin, as trustee (the "Trustee"), the City issued $3,000,000 principal amount of its Industrial Development Revenue Bonds, Series 1998 (Service Heat Treating, Inc. Project) (the "Bonds") as authorized by Section 66.1103, Wisconsin Statutes, of which $2,600,000 principal amount remains outstanding on the date of this resolution; and
Whereas, Pursuant to a Loan Agreement dated as of May 1, 1998 (the "Loan Agreement") between the City and Service Heat Treating, Inc., a Wisconsin corporation, and Service Continuous, Inc., a Wisconsin corporation (the "Borrowers"), the City loaned the proceeds of the Bonds to the Borrowers, and the Borrowers agreed to provide the City with funds sufficient to pay the principal of and interest on the Bonds when due; and
Whereas, The Borrowers have requested a change to the principal maturity schedule to defer the principal payment due on June 1, 2001 over the remaining principal payment dates; and
Whereas, The Borrowers have presented the Common Council of the City of Milwaukee with a form of a First Supplemental Indenture of Trust (the "First Supplemental Indenture") and a First Amendment to Loan Agreement (the "First Amendment to Loan Agreement"), copies of which are attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the C...
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