NUMB:
990676
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Sellars Absorbent Materials, Inc. Project Series 1999).
ANLS:
- Analysis -
This substitute resolution authorizes the issuance of $5,000,000 of in finance costs related to the acquisition, construction, improvement and equipping of facilities by Sellars Absorbent Materials, Inc. The project will be at 6540 North Industrial Road and another location to be determined in the City.
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, Sellars Absorbent Materials, Inc., a Wisconsin corporation (the "Borrower"), has heretofore requested the Municipality to issue industrial devel...
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