Title
A Resolution Determining the Necessity of and Authorizing the Issuance and Sale of Variable Rate Demand Limited Obligation Revenue Bonds, Series 2010 (Cleveland Gear Company, Inc., Milwaukee Machine Works Division Project) of the City of West Allis, Wisconsin, in an Aggregate Principal Amount not to Exceed $6,000,000; Authorizing the Execution and Delivery of a Loan Agreement in Connection Therewith; Authorizing the Execution and Delivery of a Trust Indenture to Secure Such Series 2010 Bonds; Authorizing Execution of a Tax Regulatory Agreement and a Bond Placement Agreement with Respect to said Series 2010 Bonds; and Authorizing a Private Placement Memorandum and Other Documents in Connection with the Issuance of the Series 2010 Bonds.
Body
WHEREAS, the City of West Allis, Wisconsin (the "City"), a city and political subdivision in and of the State of Wisconsin (the "State"), is authorized and empowered by virtue of the laws of the State, including without limitation, Section 66.1103 of the Wisconsin Statutes (the "Act"), to, among other things: (i) issue and sell revenue bonds to construct, equip, re-equip, acquire by gift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, extend or remodel industrial projects, which include, without limitation, the facilities comprising the Project (as herein defined); (ii) enter into revenue agreements with eligible participants with respect to the Project whereby eligible participants agree 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 and interest on said revenue bonds; (iii) mortgage all or part of the Project or assign the revenue agreements in favor of the holders of the Series 2010 Bonds issued for the Project, (iv) finance the Project which is located entirely within the geographic limits of the municipality, (v) secure those revenue bon...
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