NUMB:
991972
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Leader Paper Products, Inc. Project).
ANLS:
- Analysis -
This substitute resolution authorizes the issuance of $2,500,000 of industrial development revenue bonds to finance costs related to the acquisition, construction, improvement and equipping of facilities by Leader Paper Products, Inc. at 901-935 South Fifth Street.
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, 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.
(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, Leader Paper Products, Inc., a Wisconsin corporation (the "Borrower"), has heretofore requested the Municipality to issue industrial development revenue bonds to finance said project in the Municipali...
Click here for full text