City of Milwaukee - File #: 971449

• File #: 971449
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 12/16/1997
• In control: ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 1/20/1998
• Title: Substitute resolution amending the Initial Resolution relating to the issuance of Industrial Development Revenue Bonds (Service Heat Treating, Inc. Project).
• Sponsors: ALD. NARDELLI
• Indexes: INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
1/27/1998	2	MAYOR	SIGNED
1/20/1998	2	COMMON COUNCIL	ADOPTED	Pass	17:0
1/13/1998	2	CITY CLERK	DRAFT SUBMITTED
1/12/1998	2	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Substitute 2 to include: "1(g) The Eligible Participant shall enter into an agreement with the City to use its "best efforts", as defined in such agreement, to use certified disadvantaged business in the construction of the Project."
12/16/1997	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
971449
VERS:
SUBSTITUTE 2
REF:

XXBY:
ALD. NARDELLI
TITL:
Substitute resolution amending the Initial Resolution relating to the issuance of Industrial Development Revenue Bonds (Service Heat Treating, Inc. Project).
ANLS:
-Analysis-

This substitute resolution sets forth the intent of the City to issue industrial development revenue bonds in an amount not to exceed $5,000,000 to finance costs related to the construction of an addition to an existing manufacturing facility and the acquisition of heat treating equipment and related improvements by Glenbrook Company, Service Heat Treating, Inc. and Service Continuous, Inc.; waives the public bidding requirement for construction work on the facilities; requires that the eligible participant use its best efforts to utilize disadvantaged businesses in the construction of the project; and authorizes a public hearing on the bonds.
BODY:
Whereas, The City of Milwaukee, Wisconsin (the "City") 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 (hereinafter sometimes referred to as the "Act"):

(a) To issue revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, 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 City an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said revenue bonds; and

Whereas, Service Heat Treating, Inc. and Service Continuous, Inc., each a Wisconsin corporation and ...