City of Milwaukee - File #: 160313

• File #: 160313
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 6/14/2016
• In control: COMMON COUNCIL
• Final action: 7/6/2016
• Title: Resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of Hyrule LLC and BHP, Inc. d/b/a Global Power Components to finance the acquisition, expansion, and equipping of an existing industrial facility located at 2300 South 51st Street, in the 11th Aldermanic District.
• Sponsors: ALD. BORKOWSKI
• Indexes: BONDS, GOVERNMENT

Date	Ver.	Action By	Action	Result	Tally
7/14/2016	0	MAYOR	SIGNED
7/6/2016	0	COMMON COUNCIL	ADOPTED	Pass	15:0
6/22/2016	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals present: Ald. Mark Borkowski Jeremy McKenzie - Assistant City Attorney Tom Gartner - Michael Best & Freidrich Anthony McIntosh - CEO of Global Power Components	Pass	5:0
6/14/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160313
Version
ORGINAL
Reference

Sponsor
ALD. BORKOWSKI
Title
Resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of Hyrule LLC and BHP, Inc. d/b/a Global Power Components to finance the acquisition, expansion, and equipping of an existing industrial facility located at 2300 South 51st Street, in the 11th Aldermanic District.
Analysis
The Public Finance Authority is a public body corporate and politic created by the State of Wisconsin with the authority to issue conduit revenue bonds to finance a project with the approval of the political subdivision in which the project is located. This resolution constitutes City approval of the issuance of conduit revenue bonds by the Public Finance Authority for the Global Power Components project, located at 2300 South 51st Street. City approval of the project and the issuance of the bonds shall not give rise to a debt or pecuniary liability or a legal or moral obligation of the City for any reason whatsoever.
Body
Whereas, The Public Finance Authority (“PFA”) is a unit of government and body corporate and politic of the State of Wisconsin created pursuant to the provisions of ss. 66.0303 and 66.0304, Wis. Stats., commonly known as the “Joint Exercise of Powers Law” (as amended, the “Act”) and an Amended and Restated Joint Exercise of Powers Agreement, dated September 20, 2010, (the “Joint Exercise Agreement”); and

Whereas, The PFA is authorized and empowered under the Act and by the Joint Exercise Agreement to, among other things, issue bonds, notes or other evidences of indebtedness in connection with, and to make loans to assist in the financing of, “projects” located inside and outside of the State of Wisconsin; and

Whereas, Hyrule LLC and BHP, Inc. d/b/a Global Power Components (collectively the “Borrower”) wishes to finance the acquisition, expansion, and equipping of land and buildings located at 2300 South 51st Street in the City of Milwaukee (the “...