City of Milwaukee - File #: 150919

• File #: 150919
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/13/2015
• In control: COMMON COUNCIL
• Final action: 11/2/2015
• Title: Substitute resolution authorizing amendments to the terms of $2,615,000 City of Milwaukee, Wisconsin Industrial Development Revenue Refunding Bonds, Series 2011, R&B Wagner, Inc. Project, and related amendments to the Bond Financing Agreement.
• Sponsors: ALD. PUENTE

Date	Ver.	Action By	Action	Result	Tally
11/11/2015	1	MAYOR	SIGNED
11/2/2015	1	COMMON COUNCIL	ADOPTED	Pass	15:0
10/26/2015	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Chris Cwiklinski -aide to Ald. Puente David Schroeder and Dave Beam - Dept. of City Development William Payquin - CEO of R&B Wagner	Pass	3:0
10/13/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150919
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. PUENTE
Title
Substitute resolution authorizing amendments to the terms of $2,615,000 City of Milwaukee, Wisconsin Industrial Development Revenue Refunding Bonds, Series 2011, R&B Wagner, Inc. Project, and related amendments to the Bond Financing Agreement.
Analysis
This substitute resolution approves certain amendments to the terms of $2,615,000 principal amount of Industrial Development Revenue Refunding Bonds, Series 2011, R&B Wagner, Inc. Project, issued by the City in 2011 to refund the outstanding principal amount of the $5,000,000 City of Milwaukee, Wisconsin Variable Rate Demand Industrial Development Revenue Bonds, Series 2001, R&B Wagner, Inc. Project.
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 (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 industrial projects and the improvement of sites for industrial projects.

b. To fund the whole or part of any revenue bonds issued by the City.

c. To enter into a revenue agreement with an Borrower pursuant to which the Borrower 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, The City has issued its $2,615,000 principal amount of Industrial Development Revenue Refunding Bonds, Series 2011, R&B Wagner, Inc. Project, dated September 23, 2011 (the “Bonds”); and

Whereas, The Bonds were issued to refund a prior bond issue that was issued to fin...