Title
Resolution Authorizing Amendments to the Terms of Variable Rate Demand Revenue Bonds, Series 2001 (State Fair Park Exposition Center, Inc. Project) and Execution of Amended and Restated Indenture of Trust, Amended and Restated Loan Agreement and Collateral Documents Relating to such Bonds.
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WHEREAS, the City of West Allis, Wisconsin (the “City”) has issued $44,895,000 original principal amount of its Variable Rate Demand Revenue Bonds, Series 2001 (State Fair Park Exposition Center, Inc. Project) (the “Bonds”) on August 1, 2001, of which $40,795,000 remains outstanding; and
WHEREAS, the Bonds were issued under the authority of Section 66.1103 Wisconsin Statutes (the “Act”) pursuant to an Indenture of Trust (the “Indenture”), dated as of August 1, 2001, from the City to Firstar Bank, National Association (now known as U.S. Bank National Association), as trustee (the “Trustee”); and
WHEREAS, the proceeds of the Bonds were loaned to State Fair Park Exposition Center, Inc. (the “Borrower”) pursuant to a Loan Agreement dated as of August 1, 2001, between the City and the Borrower, and the Borrower has used the proceeds of the Bonds to finance the construction and equipping of an exposition center at State Fair Park (the “Project”); and
WHEREAS, this body has heretofore found and determined that the Project is a qualified “project” within the meaning of the Act and that the Borrower is an “eligible participant” within the meaning of the Act; and
WHEREAS, the Bonds are currently secured by a letter of credit issued by U.S. Bank National Association (the “Bank”); and
WHEREAS, by their terms, the Bonds are subject to redemption or, at the option of the Bank, purchase in lieu of redemption, on any business day; and
WHEREAS, the Bank has indicated its intention to exercise its option to purchase the Bonds in lieu of redemption; and
WHEREAS, the Borrower has now requested various amendments (the “Amendments”) to the terms of the Bonds, th...
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