Number
110332
Version
SUBSTITUTE 1
Reference
010325
Sponsor
ALD. PUENTE
Title
Substitute resolution authorizing Industrial Development Revenue Refunding Bonds on behalf of R&B Wagner, Inc., in the 9th Aldermanic District.
Analysis
This substitute resolution provides details relating to and authorizes the issuance of industrial development revenue bonds, i.e., $2,675,000 principal amount of Industrial Development Revenue Refunding Bonds, Series 2011 (R&B Wagner, Inc. Project) (referred to herein as the “Bonds”) to finance costs relating to the refunding of the remaining outstanding 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 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, The Issuer has issued its $5,000,000 City of Milwaukee, Wisconsin Variable Rate Demand Industrial Development Revenue Bonds, Series 2001 (R&B Wagner, Inc. Project), dated July 26, 2001 (the “Series 2001 Bonds”); and
Whereas, The Series...
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