City of Milwaukee - File #: 010824

• File #: 010824
• Version: 3
• Type: Resolution
• Status: Passed
• File created: 10/12/2001
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 11/27/2001
• Title: Substitute resolution relating to the issuance of Industrial Development Revenue Bonds (Waste Management of Wisconsin, Inc. Project).
• Indexes: INDUSTRIAL DEVELOPMENT, INDUSTRIAL DEVELOPMENT BONDS, INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
12/5/2001	3	MAYOR	SIGNED
11/27/2001	3	COMMON COUNCIL	ADOPTED; Minutes note: Ald. Hines moved to amend by inserting the word "documented" in 1. g before the words "best efforts" and suspend the rules to allow the amendment to be verbal and not in writing. The motion prevailed. Ald. Henningsen moved to futher amend by inserting in the third, Whereas clause the dollar number "$100,000,000" in lieu of "$30,000,000". The motion prevailed.	Pass	17:0
11/21/2001	2	CITY CLERK	DRAFT SUBMITTED
11/6/2001	1	COMMON COUNCIL	HELD IN COUNCIL; Minutes note: (Until the next Regular Scheduled Common Council Meeting 11/27/01)	Pass	16:0
10/29/2001	1	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Amended file to $30,000,000	Pass	5:0
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/19/2001	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/12/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
010824
Version
SUBSTITUTE 3
Reference

Sponsor
ALD. HINES
Title
Substitute resolution relating to the issuance of Industrial Development Revenue Bonds (Waste Management of Wisconsin, Inc. Project).
Analysis
This substitute resolution sets forth the intent of the City to issue Industrial Development Revenue Bonds in an amount not to exceed $100,000,000 to finance costs related to the acquisition of land and the acquisition, construction and equipping of landfill sites and other waste disposal facilities within and at several other locations throughout the State of Wisconsin by Waste Management of Wisconsin, Inc.; waives the public bidding requirement for construction work on the facility; 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 66.1103, 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 therefore.

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.

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 par...