Number
030247
Version
SUBSTITUTE 2
Reference
010249
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Air Wisconsin Airlines Corporation Project).
Analysis
This substitute resolution provides details relating to and authorizes the issuance of $4,275,000 principal amount of Industrial Development Revenue Bonds, Series 2003 (Air Wisconsin Airlines Corporation Project), to finance costs of the construction of an aircraft maintenance facility (including a hangar and related office, storage and parking space) in the City of Milwaukee at General Mitchell International Airport, all of which are to be owned by the County of Milwaukee and operated by Air Wisconsin Airlines Corporation, a Delaware corporation, doing business as United Express.
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 66.1103, 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; and
Whereas, Air Wisconsin Airlines Corporation (the "Borrower"), has requested the Municipality to issue industrial development revenue bonds to finance a project on behalf of ...
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