NUMB:
980120
VERS:
SUBSTITUTE 1
REF:
971449
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing Industrial Development Revenue Bonds (Service Heat Treating, Inc. Project).
ANLS:
- Analysis -
This substitute resolution provides details relating to and authorizes the issuance of industrial development revenue bonds, i.e., $3,000,000 principal amount of Industrial Development Revenue Bonds, Series 1998 (Service Heat Treating, Inc. Project), to finance costs related to a building addition and the acquisition and installation of heat treating equipment in the City of Milwaukee at 9320 North 107 Street and 10536 West Glenbrook Court, all of which are to be owned and operated by Service Heat Treating, Inc., a Wisconsin corporation and Service Continuous, Inc., a Wisconsin corporation.
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") to:
a. To issue industrial development 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, 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, Service Heat Treating, Inc. and Service Continuous, Inc. (collectively, the "Borrowers"), have heretofore requested the Municipality to issue industrial development revenu...
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